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A personal loan is as another form of credit you can use to make a big purchase or consolidate your debts. Personal loans usually come with lower interest rates than credit cards, so they often can be used to consolidate multiple debts into a single, affordable monthly payment. While the total personal loan debt is much smaller than other consumer categories, personal loan originatios have grown steadily for the last five years. (If you feel a personal loan is right for you, check out Experian CreditMatch.)

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Personal loans versus credit cards According to Paul Gentile, president of Cooperative Credit Union Association, there are definitely times where a credit card may be better than a personal loan. “A credit card can be used to purchase something, so that can offer more flexibility,” he says. Credit cards can also be a great deal if you pay them off monthly, he notes, since you have the potential to earn rewards. Lastly, credit cards can be beneficial for certain short-term purchases since many offer 0 percent APR for 12 to 21 months. On the flip side, “a personal loan may be better for someone who wants to make a large, intentional purchase that they planned for.” Personal loans also offer the benefit of a fixed payment and payoff date, whereas credit cards can literally tether you to payments indefinitely if you keep using them for purchases.

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Wait for a reply : Once the lender has all of the necessary information, they’ll carry out the underwriting process. This is where they calculate your level of risk in order to decide whether to give you the loan and what rates and terms to offer. Most online lenders will give you an initial response within a few minutes, but you’ll have to wait a little bit longer for final approval. Thanks to their advanced algorithm, most online lenders will let you know if you’ve been approved within a couple of hours, or at least by the next business day.

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If you’re considering a personal loan, here’s what you’ll need to qualify: Good or excellent credit – Some personal loan companies will approve you with a credit score as low as 580, according to MagnifyMoney’s parent company, LendingTree. But having very good credit (a FICO score over 740) will put you in a position to qualify for a personal loan with the best interest rate and terms. Proof of ability to repay – You need to be able to show your ability to repay your loan, usually with pay stubs or other evidence of employment. Low debt-to-income ratio – Lenders may be hesitant to lend you money if your debt-to-income ratio is high. This ratio is determined by taking your total monthly recurring debt and dividing it by your monthly income. Discover Personal Loans notes that borrowers with a debt-to-income ratio below 36 percent may qualify for the best terms and rates on loans and mortgages. Co-signer – If your credit score is poor, you may need a co-signer with good credit to help you qualify for a personal loan.

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