- Borrowing money from friends or family: If you have friends or family members in stable financial condition, consider asking them for a loan to cover your emergency expense. While it could feel embarrassing to ask for help, your loved ones might be able to lend you the cash quickly at little to no interest, which could cost you less than a fast personal loan. Just be sure to repay the loan so your relationships aren’t strained down the road.
All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender
A fast personal loan could be a good choice for covering emergency expenses. However, there are a few things to keep in mind before getting one:
- Compare multiple lenders. Shop around and consider as many lenders as possible to find the right loan for you. Compare not only rates but also repayment terms and any fees charged by the lender.
- Make sure you can afford the loan. Your monthly payments and overall loan cost should fit comfortably within your budget. While most personal loans are unsecured and your assets won’t be at risk if you default on the loan, missing payments could severely damage your credit.
- Consider a cosigner. If you have less-than-stellar credit, having a creditworthy cosigner could help you get approved for a loan. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to take out a personal loan, remember to compare as many lenders as you can to find a loan that fits your needs.
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of %, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,. As of , none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.