Do you need a loan to finance life expenses? A personal loan is an excellent way to get the cash you need fast. Get a loan for home improvements, debt consolidation, emergency expenses or other major purchases. No matter where you live you can borrow up to $35,000.

We’ve looked at a handful of lenders, and established partnerships with industry leading lenders for finding a low interest rate personal loan. While rates and terms vary depending on your credit score, all levels of credit can apply for a personal loan.

As with any financial transaction, we advise all consumers to carefully read the terms of their loans before accepting any loan offers. Understand the terms and all details before you sign any paperwork for any loan.

Why Use An Online Personal Loan?

It’s easy to find yourself needing extra cash to finance life’s needs. Maybe you need to improve your home, take a vacation or just need to lower the interest rate by consolidating your debt. There are many ways you can get a loan, but personal loans give you the freedom to finance most of life’s needs at great interest rates.

Personal loans can provide both short-term (less than two years) and longer-term (up to 5 years) financing and normally have no prepayment penalties.

There are several ways to apply for a personal loan. Most local banks and credit unions have personal loan options for customers. In addition, as shown above there are many options for securing a personal loan online.

Here are a few reasons people apply for personal loans online:

Save Time: Instead of searching the yellow pages or driving around town, online you can spend about 5 to 10 minutes and find a personal loan lender that meets your need. Some online services even work with multiple lenders and with one application can refer you to find the best interest rate.

More Options: By walking into one bank and getting a loan quote, you limit your options and flexibility. Many online personal loans evaluate your situation with multiple lenders to find you the best terms to meet your needs.

Save Face: For those that have had credit problems in the past, it can be embarrassing to walk into a bank and get declined. By submitted a personal loan application online you don’t need to worry about rejection and unlike banks there are many lenders online that specialize in bad credit loans.

What to Look for in an Online Personal Loan

We highly recommend you use only a reputable personal loan service that host a secure website. You should be careful not to confuse personal loans with payday loans which are sometimes referred to as “loan sharks”.

If you visit a website and it does not clearly represent itself as a personal loan lender, you may want to consider finding another source. In general, personal loans have the following characteristics:

• Used for financing larger items like home improvement, debt consolidation, vacation, car repair, medical bills, weddings, etc..
• Loan amounts will normally be from $1,000 up to $35,000.
• Will have longer durations from 1 year to 5 years.
• Will have no prepayment penalty.
• No application fee.
• Will offer secured and unsecured options.
• Reasonable interest rate.

A payday loan on the other hand, will normally have a sky high interest rate as such as 30% or higher, many fees, a short very term (1 or 2 months) and will be for very small amounts like $500.

Be aware there are some payday loan companies that try to represent themselves as personal loan lenders.

Don’t make the mistake of selecting the wrong loan company. It is highly recommend you use a secure and reputable personal loan company that is a member of the Better Business Bureau and has a VeriSign Secure website.

This is why we highly recommend you check out lenders we have partnered with.