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• By columbuslutheran

How to Get Personal Loans Online

When you need money, personal loans online can help you meet your financial goals. Many different types of lenders offer them, including banks, credit unions, and online lenders. However, they can come with a variety of fees and terms. Carefully consider your options to find a loan that’s right for your circumstances.

Before you apply, check your credit score and report from each of the three credit bureaus: Equifax(r), Experian(tm) and TransUnion(r). Doing this allows you to narrow your search for lenders by focusing on those that will work with your credit profile.

Convenience at Your Fingertips: Accessing Personal Loans Online

Most lenders require a minimum credit score of at least 660 to approve you for a personal loan. Your debt-to-income ratio, which is the amount of your total monthly debt payments compared to your gross monthly income, will also be considered.

Once you’re approved, the lender will deposit your funds — minus any origination fee — into your bank account within a few days. You’ll then begin making fixed, monthly payments.

Some lenders will allow you to link your checking or savings accounts so the lender can automatically pay your creditors as soon as your loan is funded. This option is especially useful for debt consolidation. Lenders may also offer special perks, like interest rate discounts for autopay, to attract new customers. But, before you decide to work with an online lender, ask around for recommendations and read customer reviews.