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Promoting The Responsible Use of Unsecured Personal Loans
Home Personal Loans Online With No Collateral, Bad Credit OK
Personal Loans Are Easy To Qualify For!
Traditional banks are tightening their credit standards and rejecting more personal loan applications. However, scores of online lenders have lined up to fill this void in the credit market. Getting personal loans online is faster and easier than getting a traditional bank loan, and now there are more options than ever. For those who just need a few hundred dollars to get through a tight spot, short term personal loans of $100 to $1,500 are available. Those who need a little more cash and want to pay back their loans with multiple payments instead of a lump sum can apply for personal loans between $1,500 and $2,500. For even larger financial needs, some borrowers can qualify for loans from $2,500 to $25,000 and get an interest rate of less than 6 percent.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency and is not limited to any of the three (3) major rating agencies Equifax, Experian, or Transunion. Generally, the borrower doesn t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Short term personal loans
Customers who need to borrow an amount between $100 and $1,500 can have money deposited directly into their bank accounts, making the process very convenient. Short term personal loans can be paid back all at once with the borrowers next paycheck. Borrowers who need to make multiple, smaller payments can apply for installment loans. For these small, short term personal loans, there are usually minimal credit checks. Once you verify your employment and income, you ll receive detailed offers from lenders indicating the amount they re willing to lend, fees you ll be responsible for upon repayment and the date or dates of repayment. If you need cash today, this is the right option for you.
For these small, short-term personal loans, fees can be $15 per $100 borrowed or more, so this type of loan should only be used for necessities. When deciding how much to borrow, be sure to factor in the fees, which will be due when the loan is due. For example, if you borrow $100 and theres a $15 fee, you ll need to pay back $115 when you get your next paycheck. Fees vary from lender to lender, and they can change based on your state of residence or the amount borrowed.
Personal installment loans
If you re looking to borrow $1,000 to $2,500, the process is similar to getting short term loans up to $1,000. The application is short and the approval process is fast; you ll know within minutes how much you can borrow. Some lenders do check credit, but customers with bad credit or no credit can still qualify, depending on the amount they re looking to borrow and the fees they are willing to pay. Its often more expensive to borrow money for those who have bad credit, but personal installment loans can ultimately save customers money. Bank overdraft fees almost always end up costing more because the bank charges a separate fee for each transaction and those bank fees are only getting higher.
Personal installment loans can be a lifesaver if you re trying to keep your power from being shut off, avoid eviction, keep your car running or cover an emergency medical expense. If you re using personal installment loans to try to save money by avoiding late fees or bank overdraft charges, do the math to make sure your loan fees are low enough to justify borrowing it.
Unsecured personal loans up to $25,000
If you need a large loan of up to $25,000, peer-to-peer lending is here to help. Unlike car title loans or pawn shop loans, you can borrow an unsecured personal loan, meaning you don t need to have collateral. You can avoid the hassle of borrowing from a large bank, and you likely will save money. Most peer-to-peer lenders charge lower interest rates than large banks, and they are more willing to work with peers who have lower credit scores. Lenders who participate in peer-to-peer lending do usually check the credit score of the borrower. Because you ll be borrowing from another individual rather than a bank or financial institution, there is more room for negotiation regarding terms of repayment.
Peer-to-peer lenders will lend money for many reasons to many types of people. Over the past few years, the banking industry and its practices have been repeatedly called into question. Many borrowers are looking to peer-to-peer lending simply because they like having the choice of borrowing from an individual rather than a financial institution. Individual lenders who don t have the overhead or investor pressure that banks have can afford to charge lower interest rates.
Online loans versus credit cards
Interest rates on credit cards can be up to six times the interest rates you could qualify for through peer-to-peer lending. If you already have a credit card and you take out a cash advance against your credit, most credit card companies charge an even higher interest rate on cash advances than they charge for purchases. The real catch is that most credit cards won t allow you to pay off your cash advance until you ve paid the rest of your balance. For example, if your usual credit card interest rate is 20 percent, your credit card company might charge you 30 percent interest for a cash advance. Furthermore, the company won t allow you to pay off that cash advance until you have paid off the full balance for which you are paying 20 percent interest. This means your cash advance will sit and collect interest at a much higher rate until you can pay off all of the charges on your card that are not from cash advances.
Your personal information is safe
Regardless of which route you take to getting the money you need, your personal information will stay secure. and all its affiliates use secure sites, so the information you share with your lender will not fall into the wrong hands. You can also rest assured that you are under no obligation whatsoever until you and your lender agree to specific loan terms. If at any point during the application process you change your mind, you can walk away. There are no upfront fees; you won t have to pay anything until the date of your first scheduled payment.
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