Getting a loan has never been easier with our expert advice on the best personal loans tailored to your needs
Finding the right loan can be a daunting task, but at LendMeMoney, we make it easy. Our platform is dedicated to scouring the market for the best loan offers, whether it’s for a personal loan, home equity loan, student loan, or car loan.
With our expert guidance and comprehensive resources, you can find the right loan solution for your financial needs. By continuously monitoring the market, we ensure you have access to the most competitive interest rates, favorable loan terms, and the best long term and short-term lenders online, enabling you to make informed decisions and secure financing.
Getting a loan has never been easier with our expert advice on the best personal loans tailored to your needs.
Learn about different types of personal loans
A personal loan is money borrowed from a bank, online lenders, or credit union, typically repaid in fixed monthly installments over short-term and longer-term options, typically from one to seven years. A personal loan has many types and can be used for almost any purpose including debt consolidation, large purchases, home improvements or urgent expenses.
Personal loans come with either a fixed or variable annual percentage rate (APR), typically ranging from 6% to 36%. This APR, calculated yearly, includes the interest rate and any additional lender fees, such as an origination fee, which usually falls between 1% to 10% of the loan amount and is typically deducted from the loan funds disbursed to you.
Your APR is determined by factors such as your credit score and debt-to-income ratio. Those with excellent credit scores, typically 690 or above, a steady income, and a low debt-to-income ratio, usually qualify for the lowest interest rates and have a wider range of loan options available to them. You can use our free Personal Loan Calculator to understand how different APRs and repayment terms impact your monthly payments.
Repayment terms don't directly affect APR, but they can indirectly impact the total loan cost. Longer terms usually mean lower monthly payments but higher overall interest costs, while shorter terms may result in higher monthly payments but less interest paid overall. Hence, borrowers should carefully consider their choice between short-term and long-term lenders online.
We recommend that you carefully follow the steps below to ensure that you pick the right loan option for you:
Some lenders disburse funds as quickly as one day after approval, while others may take a week or longer. Seek out online lenders with short-term waiting times for funding.
Personal loans can serve as a vital resource for individuals with lower credit scores, typically ranging from 350 to 579. These loans offer an opportunity to consolidate debts, including credit card balances, and begin rebuilding credit. LendMeMoney collaborates with specialized lenders catering to customers with low credit scores.
Typically, these short-term lenders online provide smaller loan amounts, shorter repayment terms, and higher interest rates. Another option is to consider a co-applicant with a good credit history, which may lead to a better rate. In this scenario, the co-applicant assumes responsibility for loan payments if the primary borrower fails to do so.
Personal loan refinancing is the process of replacing your current loan with a new one, ideally with lower personal loan interest rates and better terms. The potential benefits of personal loan refinancing include saving money with low-interest personal loans, securing the best loan rates, and reducing your monthly payments.
You can use the free Personal Loan Calculator to understand how refinancing could impact your monthly payments and overall savings. A good credit score can help you qualify for more favorable terms from short-term lenders online, including lower interest rates and more flexible loan options.
A decrease in interest rates can significantly impact loan refinancing by allowing you to secure a new loan with a lower interest rate than your current one. This can result in lower monthly payments and long-term savings, making it an attractive option for borrowers seeking good APR for personal loans.
Yes, personal loans can be refinanced multiple times. As your financial situation changes, you can explore loan refinancing to better align with your needs and goals.
Lenders typically have specific criteria for approving refinancing, considering factors such as your credit score, income, employment history, and debt-to-income ratio.
However, if you have a low credit score or don't meet these qualifications, LendMeMoney partners with specialized lenders, such as short-term lenders online, for customers with poor credit.
Paying down the initial loan balance is crucial for refinancing, as it can improve your loan-to-value ratio. A lower loan-to-value ratio often leads to more favorable loan terms, including lower interest rates.
Home equity loans, also referred to as equity loans or second mortgages, enable you to access cash by leveraging the equity accumulated in your home. The amount available for this type of personal loan is determined by the difference between your home's current market value and the remaining balance on your mortgage. Typically, home equity loans feature fixed-rate interest, meaning the interest rate remains constant throughout the loan's duration.
A home equity loan functions much like a traditional mortgage, often referred to as a second mortgage. Your home equity serves as collateral for the loan. The amount you can borrow is determined in part by your CLTV, or combined loan-to-value ratio, typically ranging from 80% to 90% of your home's appraised value. Your loan amount and the interest rate you'll pay are primarily influenced by your payment history and credit score. LendMeMoney provides a list of short-term lenders online that you can choose from when getting this type of personal loan.
Getting a home equity loan is the best way of converting the equity you have built up in your home into ready cash. You can invest the cash for home improvements, which will in turn also enhance the market value of your property. However, be aware that if the overall real estate values drop, you may find yourself owing more money on your home than the subsequent reduced value of your home.
There are several options available from short-term lenders online to fund essential repairs, renovations, and to add value to your cherished home.
Complete the Free Application for Federal Student Aid, or FAFSA. After completing it, you will receive a Student Aid Report detailing the federal loans available to you, along with opportunities for free federal aid such as grants and work-study programs. Federal student loans generally feature lower interest rates compared to private loans and offer benefits like income-driven repayment plans and student loan forgiveness programs.
Whether you need short-term or long-term financing, LendMeMoney has carefully curated several lenders online for you to explore. Private student loans are often sought after if you've reached the maximum limit for federal loans or if a co-signer can secure a better interest rate with a private loan. While federal student loans offer more advantages, private loans can be a viable alternative in certain situations.
If you find it challenging to meet your student loan payments, you have options to look into. Consider requesting forbearance or deferment, providing you with additional time to meet payment deadlines. In certain circumstances, programs like the Teacher Student Loan Forgiveness offer the possibility of complete waiver of federal student loan debt.
Alternatively, you may opt to use a loan from a short-term lender online to refinance your student loan for a better interest rate and reduced monthly payments. However, it's essential to note that refinancing a federal student loan converts it into a private loan, forfeiting the benefits associated with federal loans. Utilizing our free Personal Loan Calculator and/or Student Loan Payoff calculator can assist you in understanding how these changes may impact your finances.
Before you refinance your student loan, you should look at the various student loan repayment plans. These plans are available to students who face hardships in meeting their required payments on time. Such methods include changing your standard 10-year repayment plan to a different one, for example, an income-based one, where your payment is based on your income. The graduated plan offers you a gradual increase in your repayment schedule or the extended program, which has a longer repayment term.
To qualify for student loan refinancing, you must meet the following criteria:
Refinancing can be a good approach for reducing your costs and improving your chances of getting debt-free faster. By refinancing your student loan, you can find another loan with lower interest rates.
Repayment options vary from lender to lender. The options are typically dependent on 5, 10, or 20 years. You can use our free Student Loan Calculator as your personal tool to determine the right repayment amount and term for you.
Yes, student loan consolidation is certainly possible. Students often refinance their student loans and combine them into one single loan, thus reducing their number of payments, interest rates, while also extending their term.
Car loan refinancing involves obtaining a new loan to replace your current car loan, aimed at securing a lower interest rate or reducing your monthly payments. This process allows car owners to potentially save money over the life of the loan.
Refinancing your car loan offers several benefits. Firstly, it provides the opportunity to secure a lower interest rate, resulting in smaller loan payments. Additionally, extending the term of your short-term payment plan, such as from 48 to 60 months, can also decrease your monthly installments to online lenders.
You may encounter various costs associated with car loan refinancing, including the Administrative Fee (also known as the Application Fee) for terminating your previous car loan, Transfer of Lien Holder Fees, and State Re-Registration Fees. The exact amount of these fees can vary depending on several factors. Our free Car Refinance Calculator can assist you in calculating your used car loan rates and other relevant factors tailored to your personal needs.
When refinancing your car loan, be cautious of the "Upside-down" type of car loan, where you owe more to the lender than your vehicle's book value. This often happens when refinancing over a longer loan period, leading to potential financial strain as your car's value depreciates.
Additionally, some car loan agreements include clauses for early loan termination, imposing prepayment penalties if you pay off the loan before its scheduled end. Hence, it's crucial to consider these factors when exploring your vehicle financing options from short-term online lenders.
The basic eligibility criteria for car loan financing are listed below:
Follow the steps below:
Yes, you can consolidate multiple car loans into one, although this process differs from refinancing. By consolidating loans into a single payment, applicants can better budget, reduce payments, obtain lower interest rates, expedite payoffs, and enhance credit scores.