Usually require a credit check to assess your ability to repay the loan. If you have bad credit and need money quickly, explore other low-cost options first. High-interest loans with APRs above 36% that are more affordable than payday loans. Debt consolidation loan is a good idea if the new interest rate is lower than the combined rate on the debts you’re consolidating. Small loans with APRs below 36% — the maximum rate that consumer advocates say is affordable — but others charge rates well above that and may put borrowers at risk of defaulting.
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Some high-interest lenders offer no-credit-check loans, which can mean they’ll lend to you without considering whether you can pay the loan off. Lenders try not to provide loans that are too large for the borrower to repay. A lender may decide you qualify for a smaller installment loan than you requested. If you can combine a smaller loan with borrowing alternatives to cover your expense, you may have a better chance of approval. OneMain prioritizes a borrower’s ability to repay on a loan application. Rates are high, but this lender provides fast funding to borrowers with low credit scores.
One of the hallmarks of personal loan scams is giving you an immediate deadline to sign on for a loan because the offer expires quickly — like within a day. Or the lender could communicate that something bad is about to happen, like revoking your driver’s license or a lawsuit filing, if you hang up without acting fast. Every lender you’re interested in should provide a physical location.
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Some businesses running personal loan scams will list addresses that are actually vacant lots, so it’s important to verify this. Look at your income and expenses to see how much you can afford to pay toward the loan each month. Then, use an installment loan calculator to determine what APR and repayment term you’d need to get affordable monthly payments. The best installment loan is usually the one with the lowest APR and affordable monthly payments. Compare lenders’ APR ranges and pre-qualify with multiple lenders to see which one makes you the best offer.