Statistics show that the number of Americans looking for a Personal Loan to fulfill some type of financial gap in their budget is on the rise, the main reason why is because of the current interest rates for Personal Loans. But what most people do not know is that qualifying for a Personal Loan is not that easy. Many factors play a role in the approval process for a Personal Loan, the main one is the individual's credit score.
Demand for unsecured personal loans at credit unions, for instance, was up 4% in June compared with a year ago, according to Perc Pineda, a senior economist with the Credit Union National Association, or CUNA. That comes after a dramatic drop in interest rates since 2013. The average interest rate on a Personal Loan has fallen 9.37 percentage points since the end of 2013 and 2.68 percentage points since October 2014 to 10.34%.
An unsecured Personal Loan is a viable option if you are looking for a way to pay for an unexpected emergency, make home improvements, or pay for unexpected bills. Loans can range from $500 to $100,000, and collateral usually isn't required to cover them.
Personal loans can be attained by a huge array of nationwide personal lenders. Though the application process borrowers should be ready provide the lender with personal information.
Most Personal Lenders take about 24-48 hours to either approve a borrower or fund the approved loan. If you want to get pre-qualified for your Personal Loan today please fill out our short form and provide us with a little bit of information about yourself.
The borrower's credit score is the determining factor of the interest rate for the Personal Loan. Before applying for a Personal Loan be sure to check your credit score here. Some lenders will require that the borrow show proof of income, these lenders are typically willing to accept a lesser credit score for the approval, but want the last two paystubs in order to approve the Personal Loan.