Wednesday, August 15, 2007

Personal Loans - How to Apply Online

Personal Loans - How to Apply Online

Recent changes have encouraged a growing number of consumers to use different sources for financing. Whether they need money for Debt Consolidation, Home Improvements, Vacations, Education, Cars, or other expenses; more consumers are using Personal Loans to get cash.

Instead of using other financial products to get smaller amounts of cash (Like using Home Equity Loans, Mortgage Refinances or High Interest Credit Cards) borrowers are now turning more frequently to online personal loans.

The two basic reasons why people are using personal loans.

Lower Fees and Rates
Rates for personal loans normally range anywhere from 5 to 20% APR depending on credit scores and other underwriting factors. Personal loan fees are usually less then 50.00 compared with possibly thousands of dollars in fees for a Mortgage Loan.

Faster Transactions
Speed. Personal loans are much faster then a Mortgage Home Equity Loans. You can get money by applying online as fast as 24 hours. Many Personal Loan Lenders loan up to 20,000 Unsecured.

How to Apply Online for a Personal Loan
First a Word of Caution. There are websites that will try and charge a fee in Advance to find you a lender. In many cases they are simply selling you a list of banks that you could get for free anyway. Never pay in advance any fees at all to get a loan. This is not only unethical, it is illegal in many states. I will list some free trusted websites below that you can use to obtain a person loan.

Good /Excellent Credit Personal Loans to 30,000

You can go to Prosper and make a loan profile, and wait to see if your loan gets funded. Prosper is not a bank, it is a new concept called person to person lending. Investors bid on the chance to loan you money in a e-bay style format. This is a great website.... but you may need be patient. The process can take a while. If your loan funds the first time, it can take 7-15 days to get your money. The better your credit and lower your debt ratios, the more likely you are to get money. If you need money in 2 weeks or less or have Bad/Fair Credit this website may not be the best option. Prosper will may take a little more work then just filling out a online loan application, however it is a wonderful new concept.

Bad / Fair/ Good Credit Personal Loans to 15,000

If you have Less then perfect credit and do not need more then $15,000 You can go to MoneyNowUsa. Like prosper these are unsecured loans and no collateral is required. Unlike prosper these are consumer bank loans for the most part. Bad Credit is OK, and normally you can get money quickly, many times in less then 72 hours. The disadvantage to using this site is if your credit score is less then 580 you will not be approved without a co-signer, but normally you will find this out right away. If you need more then 10,000 and do not own a home, this site may not be the best option. If you need a smaller loan (500 to 15,000) and have Bad Credit / Fair Credit then this site will work just fine, the rates and payments are generally low.

These No Collateral Loans can be good financial tools if used correctly. Remember to always consider fees and processing times when considering a personal loan.

58 comments:

sdf said...

Hats off for Blue Global! I am really impressed by your information. It was a wonderful guide on how to apply for online personal loans. Keep up the good work.

Susan
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Anonymous said...

i am realy impressed by your information.it is a true note about the personal loans online.no credit check loans is another type of loans slightly similar to personal loans available at simple term and condition.

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Anonymous said...

We can find you lenders that provide the most competitive interest rates on unsecured loans. unsecured business loans can be of great help if someone is trying to start a new business or expand the current one.unsecured business loans, consider all your circumstances. Even people with bad credit history can avail Business Loans from the lenders. We try to find the best loan for you, irrespective of your financial stature.

Anonymous said...

Unsecured loans can be availed without the requirement for the borrower to place any asset as collateral against the loan amount. These loans can be borrowed by both the tenant and the homeowner. An unsecured loans will carry a slightly higher rate of interest in the absence of collateral. This is the lender’s way of keeping a cushion against a potential repayment default.

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Anonymous said...

Its very easy to apply for a personal loans. Just click on an application form on any online site thta provide personal loans, fill it and and submit it, They will cal you now. A personal loan is a loan taken against an existing security such as home, vehicle or property. The lender in consideration for the security, grants this loan to the borrower for a definite period at a predefined interest rate.

cindylove said...

HI! i am trying to get a cash loan.please let me know if you can help with a cash loan.please let me know. somebody told me you are great with loans.thank you.cindy.

cindylove said...

HI! I am trying to get a 2,000 to 10,000 cash loan for my girl and i for oil for home and food to eat and some bills.If anybody can help me please let me know.It is 2 of usthat is it. I get 10.00 in food stampes.please help me with a cash loan. thank you all.cindy.

Unknown said...

Loans are definitely on and people who are seeking to break free from the financial glitches that may have affected them they remain as the only option. I was incidentally also thinking about the grants but do not know the proper ways to write Grant applications what do you think is it possible to get them nowadays!

Anonymous said...

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Unknown said...

Well this is helpful indeed. At least coming to see these information makes me glad for one of my friend who has been trying long to get Grants as he has been refused for loans from many financial institutions due to his bad credit score. At least there is some ray of hope for him now.

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donnamoore01 said...
This comment has been removed by the author.
Unknown said...

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Harry William said...

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Leah Edwards said...

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Ric RAT said...

Is the loan application lengthy and how long before I get an answer?

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Unknown said...

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waynedeer said...

Thank you for posting this information on personal loans. Loans can be very helpful but also very dangerous. What are the different type of personal loans in chicago? I really enjoyed reading your blog. Keep on writing!

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