Personal Loans &
Short-Term Online Lenders

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:

• Check your credit score: Start by checking your credit score to understand your loan options. You can obtain a free annual credit report at AnnualCreditReport.com.
• Identify the type of personal loan you need:  Determine the purpose of the loan, whether it's for debt consolidation, home improvements, large purchases, or urgent expenses. Understanding your specific needs helps in selecting the most suitable loan type.
• Search for loan offers:  Look for loan offers from various lenders, considering your credit score. Identify lenders offering the lowest APRs.
• Pre-qualification:  Pre-qualify with multiple short-term or long-term lenders online to compare interest rates and fees without affecting your credit score.
• Calculate monthly payments:  Utilize our free Personal Loan Calculator to determine monthly payments based on APRs, loan amounts, and repayment terms.
• Read loan offer reviews: Before finalizing any offer, read reviews from other borrowers to assess the pros and cons.
• Apply for a loan: Once you've chosen a suitable offer, apply for the loan. Be prepared for a hard credit check, which may temporarily lower your credit score. You'll typically need to provide proof of income and a government-issued ID.

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.