By Keira Collin
If you have too many pending bills, unpaid small debts, or simple need money to finance a decision in waiting, you can consider personal loans. The online loan marketplace is a competitive one, and many lenders are vying for attention. Most of them promise guaranteed loan approval no credit check, so even if you don’t have an incredible credit rating, you can still get the loan. The process is also pretty fast – Approval is often offered in one day, and money is transferred within two business days. In this post, we are suggesting all you need to know about applying for an online personal loan.
- Find a reliable lender. There are many websites that have detailed reviews of the best lenders in business, and you can find considerable information on pros and cons. While you can apply for as high $15,000, not all lenders have that kind of lending choices, and terms & conditions may vary.
- Know the APR. APR is the short for annual percentage rate, which basically refers to the interest paid each year, represented as a percentage of the principal. For example, if you borrow $1,000 with annual percentage rate of 36%, you will pay $360 in interest for a year. There are detailed guides on understanding APR, and we recommend that you do some research.
- Check credit score requirements. While lenders do offer personal loans with no credit check, some may be interested in the number. There is usually a minimum credit score that matters for approval. Lenders may not consider this as a big factor in some cases, especially when the applicant has a high monthly income that’s stable.
- Understand the final cost. Besides interest, you are expected to pay a processing fee for the application process, and that is nonrefundable and adds to the cost. When you take a personal installment loan, don’t just look at the interest rate. Instead, consider the final amount that you are paying for every $100 you take.
- Stick to responsible borrowing. Just because you can get a loan doesn’t mean you should get one. Bad credit personal loans with no collateral can be expensive, and while this is a better choice than your standard payday loan, it’s important to borrow only when you need it.
Do your homework, figure out how you can repay the installments effectively without impacting your regular expenses, and apply online. Getting the loan amount often takes as less as 24 hours.
