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What is a personal loan?

Sometimes you need to pay for an unexpected event, like a leaky roof, car repair, or medical bill. If you don’t have enough money set aside, these situations can be stressful. Fortunately, if you need fast cash, you can apply for a personal loan. These loans give you access to money that you can use for a variety of personal expenses. Key takeaways A personal loan is an amount of money that you borrow for personal expenses. The money can be used for home repairs, medical bills, large purchases, and other household expenses. A lender will typically look at your...

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How to get a personal loan with no credit history

Having no credit history can make it difficult for you to get a personal loan. And if you don’t have a credit score, you’re not alone. In the United States, 26 million people are credit invisible, which means they haven’t yet built up their credit history. You could be credit invisible for any of these reasons: You’re young and haven’t had time to build credit You recently moved to the United States You pay for things with cash or debit cards, instead of credit cards Fortunately, none of these things mean you’re bad with money. In fact, you may be...

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What documentation do you need for a personal loan?

Before a lender can finalize your application, they may request that you provide personal documentation. Your lender will need to see important pieces of financial and personal information that determine if you prequalify for a loan. Key takeaways To take out a personal loan, you’ll need to provide your lender with financial and personal information. There are four sets of documents you’ll usually need to prove your identity, address, income, and monthly expenses. Applications also require your credit score and the purpose for the loan. If you aren’t approved for a loan at first, you can try to apply with...

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Payday loans versus traditional personal loans

Do you need money to cover an unexpected expense? Maybe you just received a medical bill that you can’t afford. Or maybe you need to pay for a car repair right away. In these urgent situations, taking out a loan can help. But not all loans are the same. When you need cash fast, you might turn to either a personal loan or a payday loan. Both give you money for personal expenses, but they’re different in many important ways. Key takeaways If you need money right away, two popular options are payday loans and personal loans. The differences between...

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