Getting a loan is not complicated, but deciding where to get a personal loan is another matter. A personal loan can help you remodel your house, consolidate your debts, go on vacation, and so much more.
In this article, you’ll discover where to get a personal loan, how to access one without a credit history, and how to get it quickly.
A personal loan is a borrowed amount of money that you can use to cover different expenses and that you must repay, with interest, through monthly payments.
Where to Get a Personal Loan? Types of Lenders
To apply for a personal loan, you can go to:
- traditional banks
- credit unions
- online lenders
Each type of personal lender has different requirements (collateral, minimum credit score, monthly income, etc.) and can offer different amounts of money.
Let’s answer the question “where to get a personal loan?” by understanding each type of lender:
Banks are the most common type of personal lender.
Most banks require you to apply in person, but some others do allow their members to apply online.
Banks have very stringent requirements: you will need an outstanding credit report to qualify. The better your credit score, the better interest rates you can get.
If you are already a customer, you could have some extra benefits or a faster process.
The bank loan
With these types of lenders, you can access from $3,000 to $100,000, but it all depends on your credit history, the size of the bank, or if you are a customer. Terms can range from one to seven years.
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Let’s review the other options to answer the initial question: where to get a personal loan?
2. Credit Unions
Unlike banks, credit unions are non-profit financial institutions.
Because they operate in specific areas and serve small communities, it’s easier to access their services in person.
Even without an outstanding credit history, these financial institutions might be willing to lend you, but, in most cases, you have to be a member to apply for a personal loan.
Interest rates are lower than banks’.
The credit union loan
If you don’t need a lot of capital, a credit union is your best choice. You can get a loan from $500 to $50,000 with terms of up to five years.
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3. Online Lenders
The application processes of online lenders are usually very quick and simple.
You can get your cash in a couple of days.
Some specialize in lending to people with low credit scores.
Because they’re online, they save on infrastructure costs. This allows them to offer lower interest rates than banks and credit unions.
The online loan
With these types of lenders, you can get from 1,000 to $100,000, or sometimes even more. The payment terms can range from 1 to 12 years.
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Apply with Camino Financial, an online lender with minimum requirements and affordable fees:
Where to Get a Personal Loan: Other Considerations to Keep in Mind
If you were wondering where to get a personal loan, you already know the best three options. So let’s focus on other aspects that you should take into consideration when choosing the right lender:
Secured or Unsecured?
Personal loans can be either secured or unsecured.
- A secured loan requires collateral, which can be a property or assets. If you don’t pay, you could lose the collateral.
- An unsecured loan doesn’t need collateral.
Banks, credit unions, and online lenders can offer both types of personal loans.
Camino Financial doesn’t require collateral.
Compare and Contrast your Options
Check different lenders and compare their offerings:
- Interest rates
- Loan amount (minimum and maximum)
- Minimum credit score
After selecting the personal loan that best fits your needs, you must submit the required information and documents, physically or virtually, according to the nature of the lender. In general, in the loan application process, you’ll be asked to include:
- Personal identification
- Information about your employment
- Social Security number
- Financial information
Learn more about personal loan applications
Are you ready to discover where is the best place to get a personal loan?
Where to get a personal loan with no credit?
Now that you know where to get a personal loan, you might want to know which lenders offer personal loans with no credit history. If that’s your case, you have two options:
Some think payday loans are great alternatives for people with no credit, but they are not as beneficial as you might think.
Finding payday lenders is easy, and they will most likely approve your loan (no more than a few hundred dollars, though).
But you should know that the interest rates they charge are extremely high. These could cost you between 200% and 300% annually. Or even up to 700%!
This option is not very convenient.
An Online Lender
There is a more convenient, faster, and cheaper alternative available to people without a previous credit history.
Where to get a personal loan with no credit? At Camino Financial! With us, you don’t need a credit history to get approved for a loan. In addition, we have very competitive interest rates that’ll help you reach your goals without drowning in debt.
Where to get a personal loan with bad credit?
Depending on your situation, at Camino Financial we can also approve your loan if you have a bad credit score. We want to help you achieve financial independence!
Keep reading to learn more about our loans.
Where is the Best Place to Get a Personal Loan? Camino Financial!
If you wanted to know where to get a personal loan, you already have several options. But, of course, sometimes you need cash fast, so…
Where to get a personal loan fast?
At Camino Financial, we can transfer your fund in as fast as 2 days!
We have a financial product called the Solopreneur loan, which can be used to finance small businesses but also as a personal loan. Just complete a quick application, securely link your bank account, and verify your identity to be approved.
Best of all, we have minimum requirements:
- ITIN or SSN
- monthly income of at least $1,500
- a bank account older than six months
The best part is that you do not need a previous credit history or collateral.
At Camino Financial, we want to help you achieve your goals! So check how easy, fast, and safe it is to apply for a personal loan.