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Emergency Personal loans

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Perhaps your car broke down and you need the money to get it fixed. Or maybe your child broke his leg and you have a pile of hospital bills. Whatever the reason, you need extra funds to cover your expenses. But with so many loan products on the market, how do you choose which is the best for you? Find out the difference between personal loans and payday loans to determine which best suits your short-term financial needs.

Personal Loans
Personal loans are generally obtained through financial institutions like banks and credit unions, though there are many online lenders available, too. These loans offer a fixed interest rate with a set repayment period, usually lasting one year or more. Lenders perform a full-scale credit check with the major credit bureaus when you apply, negatively impacting your score with each loan application.

Credit score affects the interest rate
Your credit score also affects your interest rate, so the higher your score, the better rate you’ll receive. However, if you default on your loan, the major credit bureaus are quickly notified of your delinquency. For borrowers with strong credit and the ability to repay their debt, a personal loan may be a good option.

Best Personal loans (2019)

Personal loans are larger loans up to $35,000 with repayment terms up to 6 years. A good option when you need to consolidate debt, or just need longer repayment time.

1
Loan amount
Min
$100
Max
$35,000
Loan terms
Min
2 months
Max
7 years
Min credit score
550
APR
From 6.90%?
States
49
Features
  • Bad Credit allowed
  • High approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?
2
Loan amount
Min
$100
Max
$40,000
Loan terms
Min
2 months
Max
5 years
Min credit score
580
APR
From 5.99%?
States
46
Features
  • Bad Credit allowed
  • High approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?
3
Loan amount
Min
$500
Max
$35,000
Loan terms
Min
3 months
Max
6 years
Min credit score
580
APR
From 5.99%?
States
50
Features
  • Bad Credit allowed
  • High approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?
4
Loan amount
Min
$1,000
Max
$5,000
Loan terms
Min
9 months
Max
3 years
APR
From 99%
States
19
Features
  • Bad Credit allowed
  • Low approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Direct Lender
5
Loan amount
Min
$1,000
Max
$5,000
Loan terms
Min
14 days
Max
1 year
Min credit score
580
APR
From 7%?
States
45
Features
  • Bad Credit allowed
  • High approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?
6
Loan amount
Min
$100
Max
$5,000
Loan terms
Min
3 months
Max
2 years
APR
Individual rates
States
37
Features
  • Bad Credit allowed
  • High approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?
7
Loan amount
Min
$1,000
Max
$40,000
Loan terms
Min
2 months
Max
7 years
Min credit score
580
APR
From 4.84%?
States
50
Features
  • Bad Credit allowed
  • Medium approval rates?
  • Deposits as fast as next business day
  • Time for decision: 1.5 min
  • Service?

Personal Loans vs. Payday Loans

Unlike personal loans, payday loans have a set fee for the amount borrowed, typically around $15 for every $100. The loan repayment period is also much shorter, usually lasting two weeks. Rather than consulting the major credit reporting agencies, payday lenders instead check your credit with a specialty bureau, which does not affect your credit score.

The loan itself also does not affect your credit score (positively or negatively) unless you default and the loan is sold to a debt collection agency. If you are building up your credit score and just need a quick advance for a couple of weeks, consider applying for a payday loan.

There are always pros and cons to each type of loan available. Shop around with lenders of both types to see the kind of rates you are eligible for. To help get personalized offers without filling out an actual application, get a free credit score check to use as a reference when negotiating with lenders.

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