Have you ever found yourself in need of some quick cash? So You may need it to pay unexpected bills or may get through the rest of the month. Whatever your reason, you may be considering applying for a personal loan. However, as with any kind of loan, applying is only the first step—the next will be choosing which company to work with and what kind of loan they can offer you. That’s why we’ve compiled this list of the best personal loan rates right here so that you can easily compare companies and find one that suits your needs best.

What is a personal loan?
A personal loan is a form of short-term debt that allows you to access funds upfront. They are ideal for projects and purchases where you need cash quickly. Best personal loan rates: A personal loan rate is also known as an APR, which is short for Annual Percentage Rate. It’s essentially how much interest will be added to your initial outlay. The higher a loan’s APR, and consequently its interest, means more money paid back in total over time—and vice versa.

What are different types of personal loans?
There are a number of different types of personal loans, depending on your credit score and financial situation. Some common types include unsecured loans, collateral-based loans, secured loans and pre-paid cards. If you want to get a better understanding of all these different options, here is a list of some popular options: • Unsecured personal loans: These are typically non-collateralized loans that you may receive without having to put up any asset as collateral or security.

Tips for choosing your personal loans wisely
The best personal loans are usually those that have a low interest rate, low monthly payments and easy repayment plans. Paying close attention to these factors can save you hundreds of dollars over time. To find great personal loan options, shop around for lenders with good rates and benefits—many companies offer lower interest rates if you apply directly through their websites. It may also be a good idea to use an online marketplace that allows users to compare a number of loan offers side-by-side.

Is it easier to get approved if I have a credit card from my bank?
Yes. Banks and credit unions will often give preferential rates to card holders, making it easier to obtain a personal loan from them. Keep in mind that many banks do not offer low interest personal loans—this is more of a perk for those who already bank with them. If you don’t have a credit card from your bank, don’t worry—you can still qualify with other lenders.

What types of credit checks do lenders run?
When you apply for a personal loan, lenders will do their due diligence to make sure you are creditworthy. In general, they will run a hard credit check to assess your overall financial health. Lenders look at factors such as how long you have held your current job and what type of accounts you have (mortgage, credit card). They will also take note of your history with previous lenders and whether or not you have paid off previous loans in full and on time.

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