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.