What is a Personal Loan?
An unsecured personal loan is a fixed-rate loan that is not backed by collateral and is repaid in monthly instalments over a specific term. This term can usually range from two to seven years depending on what you are looking for.
To qualify you, lenders look at factors including your credit score, credit report, and debt-to-income ratio. You can get a personal loan from some major banks, credit unions, and online lenders. View Related articles
How it works
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Tell us about yourself and how much you want to borrow
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Compare rates, terms, and payments among competing lending partners.
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Receive new loan proceeds and take care of your expenses.
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What can a personal loan be used for?
To Consolidate High Interest Debt
Consolidating your high-interest debt into a single, manageable loan with lower rates can save you money in the long run.
For a Home Renovation or Large Purchases
Personal loan can be used for large purchases and big projects like a home renovation that can increase the value of your property.
For Financial Emergencies
If unexpected expenses like medical bills or car repair fees arise and your emergency fund isn't enough to cover it all, personal loan can be a way to get some quick cash.
Just About Anything
Personal loans are flexible credit options available for borrowers. It can be used for anything from weddings and vacations to trade school education.
HOW DO I GET A LOAN IF I'M SELF EMPLOYED?
Since you don't receive pay stubs or W-2s from an employer proving you generate enough money to make monthly payments, being self-employed can make applying for a loan a little more challenging. Learn all you need to know about loans for the self-employed in this article.
PREDATORY PAYDAY LENDERS TARGET BLACK COMMUNITIES
We should be scandalized by the growing wealth gap and the racial correlation in payday lending. Financial rescue superheroes, you say? That’s just what payday lenders look like. But It’s all a facade... Disguise! At least, here in the black community.
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