Rates That Matter: Best Personal Loan Rates For Good Credit – Written by Heidi Rivera Written by Heidi Rivera Arrow Right Author, Personal Debt Heidi Rivera is a financial writer and journalist. His areas of expertise include personal loans, student loans and debt consolidation, as well as data collection and analysis. Connect with Heidi Rivera on Twitter Twitter Connect with Heidi Rivera on LinkedIn Linkedin Email Connect with Heidi Rivera by Email Heidi Rivera
Edited by: Hannah Smith Edited by: Hannah SmithArrow Editor-in-Chief, Personal Credit Hannah has been editing since late 2022. They aim to provide the most up-to-date information to help people deal with credit problems and make the best financial decisions. Hannah Smith
Rates That Matter: Best Personal Loan Rates For Good Credit
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Personal loans are a type of installment loan that usually have lower interest rates than most credit cards and offer the same flexibility. You can use your loan for just about anything: from consolidating high-interest loans to financing home improvement projects.
While a loan can be a useful tool for getting the cash you need in a variety of situations, it may not be the right solution for everyone. Evaluate your specific situation and needs and decide if applying for one is the right move for you.
It is always important to consider your financial situation and creditworthiness before taking out any type of loan. However, sometimes a personal loan is the best way to finance a large purchase or project that you cannot afford upfront.
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Debt consolidation is one of the most common reasons for taking out a personal loan. When you apply for a loan and use it to pay off multiple debts or credit cards, you consolidate all outstanding balances into one monthly payment. This debt collection makes it easy to set up a schedule to pay off your balance without stress.
One of the main benefits of using a personal loan to consolidate your credit card debt is that not only does it have a fixed interest rate (protecting you from market fluctuations), but the interest rates are also generally low. The average personal loan has an interest rate of just over 11%. Meanwhile, the average interest rate on credit cards is close to 21 percent.
With a lower rate, you can reduce the amount of interest you pay over time; Not only will this help you save money, but it can also help you get out of debt faster. To secure the best rates, you’ll need to have excellent credit, a stable source of income, or a co-signer who meets these criteria.
By using a payday loan to pay off high-interest debt, such as credit card debt, you can consolidate multiple payments into one payment, potentially with a lower interest rate.
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If you need extra cash to make ends meet, using a personal loan instead of a payday loan can save you hundreds of dollars in interest costs. The average APR for a payday loan can be over 600 percent, depending on your situation. The highest interest rate for personal loans is usually 36 percent.
Payday loans have short repayment terms, usually between two and four weeks, until the next payday. This quick turnaround time often makes it difficult for borrowers to repay the loan on the due date. Borrowers often have to renew the loan, causing accrued interest to be added to the principal. This increases the amount of interest owed.
On the other hand, personal loan repayments are between 12 and 84 months, giving you more freedom to pay off your balance without incurring additional fees.
Homeowners can use the loan to renovate their home or complete necessary repairs, such as plumbing or rewiring.
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A personal loan is a good choice for people who do not have equity in their home or who do not want to take out a home equity line of credit (HELOC) or home equity line of credit. Unlike home equity products, personal loans do not require you to use your home as collateral because it is usually unsecured. Plus, personal loan financing terms are often faster and can be a better option than a HELOC or home loan if you’re looking to do a small repair or renovation.
If you don’t have equity in your home or just need a small loan, a personal loan can help you finance a home improvement project.
According to Angi, the average cost of local transportation is between $882 and $2,544, while the cost of long-distance travel ranges from $2,700 to $10,000. If you don’t have that much cash on hand, you may need to take out a loan to cover the travel costs.
Personal loans can help you move your household goods from one place to another, buy new furniture, move your car across the country and cover any additional expenses. Taking out a moving loan can also help you stay afloat if you are unemployed. This way you can prevent your savings or emergency fund from being looted.
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If you can’t quickly cover all the expenses associated with moving a long distance, a personal loan can help you cover those expenses.
Urgent emergencies (such as unexpected medical bills) are another common reason to take out a loan, especially if your doctor requires payment in full. After consulting with the hospital, doctor and insurance company, you may need an emergency loan to cover unexpected medical expenses.
Emergencies such as burst pipes around the home may also require immediate financing while waiting for an insurance payout. If you are refunded, note that there are no prepayment penalties.
Personal loans are a great way to cover urgent or unexpected expenses because they can be paid very quickly.
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A personal loan allows you to pay for major car repairs or buy large appliances and electronics quickly.
