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Securing a loan for purchasing a home or vehicle is fairly straightforward. Even though many lenders are ready to make loans for those purchases, what about all the other things you wish you could buy? Can you get a loan to purchase jewelry? How about a sailboat? Or a timeshare? Or a tiny home?
Interest Rates and Fees on Personal Loans
Right now, interest rates on personal loans are favorable, leading many to invest in land, classic cars, boats, and other things. The length of these loans (also called the term) may range from 2 years to 7 years. Below is a current sample of a few personal loan rates for people with excellent credit (please note that while we try to present relevant examples, the following numbers may be very different from the rates you experience):
If you have considered borrowing from $1,000 to $10,000 and are able to receive an excellent credit personal loan, you will usually benefit from the lowest interest rates. The actual interest rate you receive for your personal loan depends on a number of factors including the lender, the amount you borrow, your credit score, the loan term (length of the loan), and other things. Some lenders may also charge processing fees or origination fees.
By comparison, interest rates on credit cards are currently averaging about 17 percent. According to BankRate.com, the current average credit card interest rate is 16.81 percent, higher than the rate some may receive on a personal loan. Certain cards come with rates a little over 13 percent, while other cards have interest rates over 21 percent. The actual rate depends on the type of card you have along with other factors.
Credit card companies frequently entice new customers with zero percent on balance transfers or zero percent on purchases for a certain amount of time (usually from a few months to over a year). However, after this introductory period, the rate increases. This would likely never happen with a fixed-rate personal loan. Once you and a lender agree to a rate, that is the interest rate one would expect to pay.
FICO credit scores are the standard for gauging a potential borrower’s ability to repay a loan. A score of 720 and above is considered Excellent credit. This score shows lenders that you have low debts, pay your bills on time, and that you are financially responsible.
In addition to your FICO score, lenders also review your credit history. For most of these lenders, excellent credit also means the following:
People with excellent credit may an easier time qualifying for personal loans. Another advantage of having a high score is you also typically get lower interest rates on loans. In the long run, these people can save money on loans because they pay less interest.
If your score is lower than you would like, below are a few simple strategies to improve your credit score. The factors that affect your score are also the things you should focus on when working to raise your credit score.
With time, effort, and discipline on your part, you can achieve an excellent credit score. If it is too hard to do these things on your own, credit counseling might be a solution. Some businesses and non-profits even offer free or low-cost credit counseling.
Personal loans are meant to be personal, meaning they can be used for numerous purposes. Below are uses for financing and a brief description of each one.
Covering all types of motor vehicles, there are a number of ways you can use personal loans for cars or trucks.
Home Improvement Loans
The family home is the single biggest purchase most people will ever make. You can use personal loans to update your home, make it more energy efficient, make it more livable, and transform it into everything you want it to be.
Personal loans can be used to cover many of the things you want out of life but haven’t invested in yet.
You can take out personal loans online to cover family costs of such as education and medical needs or important events in the life of your family.
Some purchases on your wish list don’t easily fall into any category. Below are some other ways to use a personal loan.
Excellent credit opens doors to great financial products. Traditional bank loans are one good option and credit cards are another. However, personal loans, like those offered by or through our lending partners, are also a great option.
If you have been considering a personal loan to finance education, purchase an RV or a boat, to remodel your kitchen, or for any other reason, you can request a loan today. Simply request one now through our secure online form and we will attempt to connect you with an affiliate lender.
Our partner lenders work with customers with all types of credit scores. These lenders offer 61-day to 84-month personal loans with competitive rates. Expect an APR range of 4.84% to 35.99%, but keep in mind that actual interest rates and loan terms depend on your lending actual agreement.