We’ve all been there before — we have an emergency come up and need some extra cash quickly, but don’t want to burden our friends and family with requests for loans. It can be hard to find the right lenders online, but thankfully, some websites allow you to apply for a personal loan quickly and easily. LoanSolution can help you get the money you need fast, so you can get back on your feet as soon as possible. Apply today!
Personal loans can be used to pay off credit card debt, make home improvements, consolidate debt or purchase a car. Personal loans have lower interest rates than credit cards and are secured by collateral such as a vehicle or real estate. Loans range from $5,000 to $35,000 with terms up to 7 years depending on your lender. Monthly payments are generally between $200-$400 per month depending on your terms and credit score. Personal loans from Loan Solution are only available in certain states. You will need access to a computer and Internet connection to apply for one of our personal loans.
» COMPARE: High Risk Personal Loans
Personal loans can come in handy when you need a little extra cash to pay off bills, remodel your kitchen or do some home repairs. If you have good credit and are looking for an easy way to borrow money, then a personal loan is probably your best bet. Personal loans can usually be paid back over time and don’t carry all of the penalties that come with other types of loans, such as late fees. This can make it easier to repay without feeling like everything else in your life is on hold while your debt builds up. However, if approved, keep in mind that most online personal loans have higher interest rates than mortgages or credit cards, so read through all of the fine print before applying.
The amount of money that you receive from a personal loan depends on how much money you want to borrow and how long you need to pay it back. You can determine monthly payments by taking your monthly interest rate and multiplying it by your length of repayment time, then adding in principal repayment. For example, if you’re borrowing $1,000 at a 3% interest rate with 48 monthly payments, your total paid is going to be approximately $951 ($1000 x 0.03 x 48 months). If these numbers confuse you or don’t make sense, take some time to research exactly how annual percentage rates (APRs) work and how they affect small-dollar loans like these.
An application typically requires your Social Security number and other identifying information, such as your name, address, phone number, and employer details. You’ll also be asked to provide bank statements, pay stubs, or tax returns to verify income. And while a co-signer isn’t necessarily required to secure a loan, having one can increase your chances of qualifying in some cases. If you have bad credit or no credit history — which is common among younger borrowers — you may need someone who already has a solid financial record on board as a co-signer. Otherwise, most banks will require evidence that you have enough money in your bank account to cover monthly payments without issue.
Unlike other online lenders, we don’t require any paperwork or documentation. You can get a decision and a loan offer in minutes – no matter where you live. And, since your info is confidential and secure, you can apply without having to worry about credit checks or bad credit.
What Credit Score Is Good Enough for a Personal Loan?
So, what credit score do you need to get a loan from us? There’s no one-size-fits-all answer; it varies depending on your income, expenses, and existing debt. The easiest way to know if a lender will approve your application is to check out our rates page. Use our real-time rate estimator tool to see what kind of deal is possible with your specific income and current financial situation. The good news: Our rates are quite competitive (we’re an industry leader!) and we don’t apply any hard credit inquiries as part of your application, which means they won’t ding your credit score in any way.
If you’re worried about getting a credit score bump, don’t be. Personal loans, unlike some other types of lending, do not affect your credit score at all. This means that whether or not you have any debt on your current credit card isn’t going to have any impact on your ability to get a personal loan from LoanSolution — or anywhere else for that matter. The same goes for your history with mortgages and other types of loans; in fact, paying off existing loans can sometimes make it easier to get approved for new ones! So what does affect your credit score?
There are a number of personal loan options available to borrowers, and the easiest loan to get approved for will vary from person to person. Factors that will affect your Personal Loan eligibility include your credit score, employment history, and annual income.
If you have good credit and a steady job, you should be able to qualify for a variety of personal loans with competitive interest rates. Many lenders specialize in bad credit loans, so even if your credit is less than perfect, you may still be able to get a loan. The best way to find out what kind of loan you qualify for is to shop around and compare offers from multiple lenders.
Yes, personal loans can affect your credit score. A personal loan is considered a "hard inquiry" on your credit report, which could temporarily lower your score by a few points. However, if you make on-time payments and manage your loan responsibly, it can actually improve your credit score over time by demonstrating responsible borrowing behavior.
Additionally, the impact of a personal loan on your credit score will depend on several factors, such as your overall credit history and utilization rate. So if you have strong credit and low outstanding balances relative to your credit limit, a personal loan may only have a minimal effect on your score.
It depends on the lender, but typically, personal loans will stay on your credit report for seven years. This is because personal loans are considered to be a form of installment debt. An installment debt is a debt that is repaid over time in fixed monthly payments, and it's generally considered to be riskier for lenders than revolving debt (like credit cards). As a result, installment debt usually has a longer repayment term and higher interest rates.
The good news is that you can improve your credit score by making on-time payments on your personal loan. You should also aim to keep your credit utilization low (the amount of credit you're using compared to the total amount of credit available to you).
Applying does NOT affect your credit score!
No credit check to apply.