How do you get personal loans with good credit? Personal loans are designed to give you quick access to cash that you can use for any purpose, whether it’s to buy something expensive or just fix your car when it breaks down. As long as you have good credit, getting a personal loan will not be too difficult or time-consuming – and in fact, it might be very easy if you take these three steps in order.
Most lenders will set a minimum credit score requirement of 640 to issue a personal loan. The lower your score, however, could mean higher interest rates and other terms you may not find favorable. For example, a borrower with an average credit score of 700 or above might qualify for a 5 percent fixed-rate loan at an 11 percent annual percentage rate (APR). A borrower with slightly below-average credit may be offered a variable-rate loan at 12 percent APR. As you can see from these examples, there’s room for negotiation if your credit isn’t in tip-top shape. Find out what specific numbers are needed for loans with good credit by reading through personal loan reviews — or just browse through our listings!
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Personal loans come with very reasonable interest rates, especially in comparison to other types of loans. The interest rate you’ll pay on a personal loan is based on how much you borrow, your credit score, and your repayment method. Typically, people with good credit will get very low-interest rates and there are even some lenders that offer a 0% interest rate personal loan for good credit customers. It’s important to compare personal loan offers from different providers so you can find one that fits within your budget and doesn’t cost too much over time.
Because your credit history is a good indication of how responsible you are with money, lenders often require borrowers to have good credit scores to get personal loans. It’s also a good idea to maintain a steady source of income. If you have both a solid income and excellent credit, then you may have a better chance at securing a loan than those with low or bad credit scores or who lack regular income. However, even if your credit score isn’t top-notch, there are still ways that you can get personal loans with less-than-stellar scores and still be eligible for low-interest rates.
The application process is simple and usually takes around 15 minutes, so most loan requests can be approved and processed in less than 24 hours. Loan applications with bad credit can take a bit longer to process but nothing close to seven days like many other providers. The first step to getting a personal loan is determining your lending options, which will help you narrow down what loans are available and whether they’re suited to your needs. This also gives you an idea of how much money you’re looking at getting (both dollar amount and APR) and how long it might take you to pay back that amount over time. Start by researching online or through any relevant documents. Once you’ve narrowed down your list of potential lenders, go ahead and apply online. Many companies will ask for standard information such as employment status, income levels, and monthly expenses while others may require proof of income or assets such as a copy of last year’s tax return. When all your information has been submitted, it’ll either be accepted or rejected. If it’s accepted, expect to receive approval notifications via email within 24 hours.
To ensure that you find a personal loan that fits your needs, it’s best to look online. LoanSolution is an established direct lender with over 20 years of experience helping people just like you get loans from $1,000 up to $40,000. You can apply online or by phone at any time, and we accept all types of credit: good or bad.
Before you apply for a personal loan, it’s important to understand how loans work. There are certain pros and cons of personal loans that you should be aware of before applying. For example, there are interest rate costs and fees associated with any loan that is paid back over time. Depending on your credit score, you might qualify for better interest rates or worse interest rates — this can have an impact on your monthly budgeting needs. You also need to consider whether or not it makes sense financially to take out a loan in general; even if you meet all of the qualifications, there might be other options that make more sense depending on your financial situation. A cash advance may be cheaper and faster than a personal loan with less red tape involved.
Yes. A good credit score can help you qualify for a loan with better terms and interest rates.
Your credit score is a representation of your credit risk or the likelihood that you will default on your loan. A good or excellent credit score indicates that you are a low-risk borrower, which means you are more likely to be approved for a loan and less likely to have to pay high-interest rates.
If you have a good credit score, you may be able to get a loan with no down payment, lower monthly payments, or a shorter repayment period. It's important to shop around for the best interest rates and terms when taking out a loan, so be sure to compare offers from multiple lenders.
The definition of good credit for a personal loan can vary from lender to lender, but in general, good credit means having a history of on-time payments and maintaining a relatively high credit score.
Many lenders will also look at other factors such as your income and debt-to-income ratio when considering you for a personal loan. So if you're looking for a personal loan, it's important to maintain good credit as well as keep track of your overall financial health.
There's no one-size-fits-all answer to this question since the maximum loan amount you can qualify for will depend on several factors - including your credit score, income, debts, and assets. However, if you have good credit (typically defined as a FICO score of 700 or higher), you should be able to qualify for a fairly sizable loan.
For example, if you're looking to take out a mortgage, the maximum loan amount you could get with good credit would likely be in the hundreds of thousands of dollars. The same goes for auto loans and personal loans - though the exact loan amounts will vary depending on the lender and your financial situation.
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