Americans looking for a quick loan often turn to a personal loan, as some personal loans fund in as little as a day. These loans also often don’t require collateral, like a home or a car, to secure them, and sometimes offer lower rates than credit cards (see some of the best personal loan rates here). “Personal loans have the benefit of fixed interest rates, faster approval times and fewer fees,” LendingTree’s senior economist Jacob Channel told MarketWatch Picks previously.
If you’re in the market for a personal loan, we have analyzed personal loan reviews on 10 of the leading financial sites in America — including The Ascent/Motley Fool, Bankrate, Business Insider, CNBC, CNET, Forbes, Investopedia, Money, NerdWallet and WalletHub — to deliver the most recommended personal loan providers on the market today. Our ranking, which we will update every month, will include accounts with the best annual percentage rates (APR), terms and loan amounts.
What can personal loans be used for? Personal loans can be used for everything from home improvements to medical bills to vacations or other personal expenses. They can also be used for debt consolidation purposes. However many lenders may include their own set of restrictions for how the funds can be used. headtopics.com
How do I apply for a personal loan? Depending on the financial institution, applying for a personal loan can include several steps. This MarketWatch Picks guide walks you through what you will need to apply for a personal loan.
Once you’ve found the terms and APR favorable to you and your financial situation, the next step you’ll need to take is to pull together your financial documents, review the terms and fill out an online loan application. This process may include the loan company running a credit check; this can impact your current credit score, so be sure to read all of the fine print. headtopics.com
What documents do I need to apply for a personal loan? Before applying for a loan, you will likely need to pull together a lot of paperwork and financial documents to prove your financial standing. These can include everything from bank statements; personal identification, such as a diverse license or passport; proof of income such as pay stubs and tax returns; and proof of address, such as utility bills or a lease or mortgage statement.