What Is A Personal Loan? How & Where To Get Approved (Fast!)

➡ Best Personal Loans – https://www.thesimpledollar.com/loans/personal/best-personal-loans/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=WTQcK_UsGkw

➡ Balance Transfer Credit Cards – https://www.creditcards.com/balance-transfer/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=WTQcK_UsGkw

This video mainly covers the following topics: what is a personal loan and how / where you can get approved. We are not at all suggesting for you to get a personal loan, but we do want to lay out some of the things that you should be considering in the process.

In terms of what a personal loan is, well, it’s fairly simple. A personal loan is a private loan to pay for something. Oftentimes, people will get a personal loan to make a larger purchase, to consolidate debt, or to make some sort of home improvement. Traditionally, in order to get a personal loan, you would go into your local bank or credit union, however, nowadays you also have the option to go with an online lender such as Payoff, Lending Club, SoFi, Lightstream, and others. These online lenders typically offer faster and easier approvals, but you do lose the personal touch of getting a loan through a traditional lender.

While online lenders are making personal loans more accessible, you always have to be careful with whom you borrow money from. There are plenty of predatory lenders online and bad actors. For a lot of the reputable lenders, your personal loan rates are typically between 6% and 25% with the midpoint around 8-12%. That said, the interest rate you’ll pay on a personal loan heavily relies on your credit score, debt to income ratio, job status, ages, and other factors. We have a full guide on the best personal loan rates.

As for the different types of personal loans, you can get specific loans for debt consolidation, or you can go with a balance transfer credit card. For a home improvement loan, you also have the option of going with a home equity loan (aka second mortgage) and home equity line of credit (aka HELOC).

Best Debt Consolidation Loans:

Best Personal Loans For Bad Credit:

The Best Bad Credit Loans of April 2021

Best Home Improvement Loans:

The Best Home Improvement Loans of 2021

Home Equity Line of Credit vs Personal Loan:

Home Equity Line of Credit vs Personal Loan

Home Equity Line of Credit vs Home Equity Loan:

Home Equity Loan vs HELOC

Secured vs Unsecured Personal Loan:

Secured Personal Loans vs. Unsecured Personal Loans

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0:00 – Video Overview
0:48 – What Is A Personal Loan?
1:25 – Fees & Rates
2:02 – Balance Transfer Credit Card
2:48 – Home Improvement Loan
3:38 – Where To Get A Personal Loan
5:08 – Closing Thoughts

Much of the footage in this video has been provided by Storyblocks and Getty Images.