Where Can You Look for a Personal Loan?
Personal loans are available in the following locations:
Your financial institution or credit union
A peer-to-peer lending platform
An online loan company
A recommendation from a friend or family member
An investor’s private loan
Is it Possible to Get Prequalified for a Personal Loan?
Yes, you can usually get prequalified for a personal loan online in a matter of minutes. First, you provide personal information, such as the size of the loan you require, your income, residence, and other details. Next, you can check which loans you are likely to qualify for and compare rates and terms. Remember that a prequalification indicates that you are likely to qualify for the loan, but it is not promised.
Are personal loans secured?
Personal loans are not usually secured. This means you don’t need to put up any collateral, such as your house or car, to obtain the loan. Instead, the loan is granted based on your financial history, which includes your Fico score, income, and any other lender standards you must meet.