The Importance of Comparison Loan Shopping Explained

Loans help consumers every day in a variety of ways. They help consumers to make investments, to start their own businesses. They help the consumer to cover expenses or purchase a home or vehicle. At one time or another, most individuals will take out a loan to make their financial goals a reality.

Borrowing is commonplace in our economy. However, a consumer should never borrow without conducting adequate research. Loan shopping is essential to finding the best borrowing offer available. Consumers need to compare the offers of different lenders. Agreeing to a particular loan offer without adequate research is never a good idea.

We encourage consumers to learn as much as possible about loan shopping before they get started. Loan shopping is an essential part of the borrowing process. The following is some essential information to help you shop for the best loan out there.

Importance of Comparing Offers Between Lenders

A loan is just like any other product. You have numerous options to choose from. This means you need to shop around to find the best option. It’s good to frequent loan places where different offers are available. These offers can be found both online and offline. Loan shopping is essential before borrowing to optimize your finances.

The terms of the loan you take out should be in line with your goals. They should also be in line with your long-term financial plans. This is why loan shopping is so important. There are a lot of loan products out there that are not going to put you ahead. They may even set you back.

Find the loan that best matches your situation. Do the best you can. Over the long term, your efforts will pay off. If you’re devoted to borrowing smart and paying off your loan on time, your credit score will improve. This will lead to improving loan terms for you in the future as lenders vie for your business.

It’s now time to get started with your loan shopping. You can use the information provided below to find the best borrowing option out there. There are a lot of loans out there. However, they can vary widely in terms of key factors like interest rate and monthly payment. For example, personal loan cost depends on if he is a secured or unsecured loan type. Evaluating all these factors is important.

Understanding the Terminology

If you want to comparison shop for a loan, you need to understand significant loan terms. There are some key vocabulary terms that go along with borrowing a loan. You’ll struggle to effectively compare loan offers if you don’t understand these terms.

You might already understand what these key loan terms mean. However, it never hurts to freshen up your vocab and go over some key concepts of borrowing again. The following are 12 terms to familiarize yourself with before you get started.

Amortization is a simple term that sounds more complicated than it is. You might hear the term amortization when you’re shopping for a loan. The term simply refers to repayment where payments are equally divided up according to how much the borrower owes. Amortization spaces these equal payments out over a certain period of time.

The annual percentage rate is a term that refers to the interest rate on the loan in question. This term is used by basically every lender. It describes the expense of a loan. The APR is one of the number one factors in evaluating a loan. You need to know what the APR on a loan is before deciding whether to borrow.

An application fee is a fee you have to pay just for applying for a loan. Application fees can be expensive. You may still have to pay them even if you’re not approved. Ideally, you want to find a loan that doesn’t involve an application fee.

Collateral is any item of value you use to secure a loan. If you have collateral available to secure a loan, it will be easier to find financing. Collateral could be anything of value. However, it is most often a home or vehicle. Consumers who have struggled to acquire financing should start considering collateral possibilities.

A co-signer can help you acquire the loan you seek. Co-signers back up a consumer’s loan application. They throw their own credit history and income behind a loan applicant. This means that their own credit will suffer if the loan is not repaid. Lenders are more likely to approve a loan applicant with a co-signer. Finding a co-signer is a good option when you’re struggling for loan approval.

7 More Terms


The Default simply refers to an inability on the part of the borrower to repay a loan. Default has negative consequences for the borrower’s credit history.

Deferred Payment

Some loans offer deferred payment features. A deferred payment is a payment made at a later date. A common example of a loan featuring deferred payment is a student loan. Borrowers of student loans usually don’t have to start making payments until they graduate.

Loan Commitment

Loan commitment generally means the same thing as loan approval. It is an offer on the part of the lender for a loan. If you are given a loan commitment, you have been approved for a loan.

This loan commitment should detail how much you can borrow and what the interest costs will be. Usually, a loan commitment will expire after a certain length of time has passed. You need to follow through on a loan commitment pretty quickly or you may lose the borrowing opportunity.

Prepayment Fee

If you are borrowing, you should be aware of whether your lender charges a prepayment fee. When you pay off a loan early, there should be less interest charged on the loan. This means the lender makes less money. Sometimes, lenders address this possibility with a prepayment fee. You should look for lenders who don’t charge repayment fees. This gives you more control over loan costs once repayment begins.

Secured Loan

A secured loan is any loan that involves collateral. Generally, a secured loan is easier to be approved for. However, a lot of consumers don’t have the collateral necessary for secured loans. If you have valuable possessions to use as collateral, you may want to use them to qualify for good loan terms.

Unsecured Loan

An unsecured loan involves no collateral. The borrower qualifies based on his or her credit and income alone. Unsecured loans are best for consumers. They don’t require consumers to risk ownership of valuable possessions. However, unsecured loans usually have stricter credit requirements. This makes them harder to achieve approval for.


Underwriting is a term that refers to the process of laying out terms for loans. The lender uses risk analysis procedures to analyze loan applications and devise loan terms. Underwriting is the key factor behind making decisions on loan applications. If you are not approved for a loan, it is likely because you do not meet the lender’s underwriting terms.

Word LOAN on step stack coins as graph up with banknotes background.

Borrowing Process

When you’re loan shopping, you need to understand how the borrowing process works. The borrowing process could be different with different lenders. Some lenders make things easier than others. These days, many lenders allow prospective borrowers to apply entirely online. However, others will require an interview and an in-person application. When using a loan checker for loan shopping, you should consider these procedures.

Convenience is a big factor when it comes to applying for a loan. You want to look for a lender with a borrowing process that addresses your needs and preferences. You also should understand that you need to take care of some aspects of the borrowing process independently.

Gauging the Market

In particular, the loan shopping process is something you’ll carry out independently. This process is all about evaluating your options. Lenders will be eager to get you to apply. However, you shouldn’t apply indiscriminately. Scope out the best prospects before you apply. Then you can proceed with submitting an application with lenders you think to offer the best deals.

Remember that different lenders cater to different types of consumers. You need to apply with lenders that are best for working with consumers with your credit score and financial situation. The Internet provides you with a lot of information when you’re gauging the market. While you can ask around at banks and credit unions, it’s also a good idea to gauge the market for loans online as well.


Understand what the application process entails for individual lenders. You want to find an application that is not too complicated or involved. There is some standard information that is required in any application. You should have to provide your employment and identity details. However, some lenders might require more. They may require references. Many also run criminal background checks. It’s a good idea to understand what will be expected of you when you apply.

Of course, you want to go with the lender providing the simplest and fastest application procedure possible. In addition to acquiring about the application procedure, you also should know how soon after applying you will receive loan funds. Many borrowers want to receive their funds as quickly as possible. This is an important consideration because some lenders could require you to wait for a week or more before receiving funds.


Of course, getting approved for the loan and receiving the funds is only part of the procedure. Repaying is a big part of the borrowing procedure. The ideal lender will accommodate your needs during the repayment phase. Helpful features lenders can offer during repayment include permitting an occasional missed payment or deferring repayment.

Qualifying for a Loan

When you’re loan shopping, you need to find loans you can qualify for. Before you even apply for a loan, you can usually get a good idea of whether you’ll be approved. Understanding factors lenders evaluate helps you understand your chances of approval. While lenders vary in terms of their underwriting, they tend to focus on the same factors. The following are the three main factors they’ll look at.


You probably already know that your credit type is an important determining factor when you’re loan shopping. Yet you may not realize that some lenders cater to those with poor credit. Consumers are routinely surprised at being approved for loans despite poor credit. Even if you have poor credit, you can probably find a lender who will offer you a loan. The only drawback is that your interest rate may be high. You need to shop around more with poor or fair credit to find reasonable rates.


Your income is going to be evaluated by most traditional lenders. You may need to meet basic income requirements to be approved. This is the case with most loan types. You need to find a lender who will loan money to consumers in your income range. If you struggle with income requirements, perhaps you can increase your income before borrowing. Taking on a second job or receiving a raise can increase your loan worthiness.


You might still be able to find a loan if you have poor credit and low income. Usually, this is possible with loans requiring collateral. Lenders of traditional loans might not offer secured loans or concern themselves with collateral. However, some lenders offer only secured loans. If you want to qualify for a loan based on collateral, do business with lenders of secured loans.

Lenders offering secured loans will typically have certain requirements for collateral. They may use home equity or vehicles as collateral. However, the equity or vehicle has to be worth a certain amount of money. You may also be able to find loans using expensive possessions like jewelry or even stock ownership as collateral. You need to do a lot of loan shopping to find these borrowing opportunities.

Improving One’s Finances by Borrowing

The ultimate goal of borrowing should be to improve one’s finances. You’re going to have to pay back the money you borrow. Therefore, you don’t want to take out a loan that will damage your budget. Loan shopping is so important because you need to find the loan that is best for your finances. You don’t just want to find any loan you can qualify for.

Keeping the following in mind can help you with loan shopping that improves your finances.

You should set some goals when you borrow. You should have a goal for what your finances will look like when you repay the loan. This will help you stay disciplined regarding spending as you repay your loan. Goal setting is the best way to improve your finances. If you want to borrow, it means you have less money than you’d like to. This means there’s room for improvement in your finances. Set goals to achieve that improvement.

Too many consumers borrow without thinking things through carefully. This is why they struggle financially. Any time you borrow, it’s good to set a budget. Do some calculations to figure out the amount you can afford for a monthly payment.

Don’t jump into a loan unless you’ve prepared adequately. At all times, you should have a budget in place. This budget should detail your expenses and your income. It should also be setting some money aside to go into your savings each month.

Setting goals and creating a budget isn’t all you should do. You should also have more long-term plans in mind. Looking ahead is important for your finances. Your long term goal could be homeownership. It could be completely getting out of debt. It could be starting your own company. Whatever your long-term plan is, you should have one and stick to it. This will give you focus regarding your borrowing and budgeting.

In Conclusion

It takes an effort to optimize your finances. Part of that effort is being informed each and every time you borrow. Loan shopping is all about being informed regarding available financial products. You should now be aware of what the important terms are to understand in order to choose the right loan. You have enough information to understand any loan offer you receive.

Once you’ve done some research, it’s good to get some loan estimates. Those offering loans can evaluate your credit score and income. They can then provide an estimate. Apply with the lender offering the best estimates according to your needs. Then, you will be one step closer to making that purchase or investment you have in mind.


Should You Finance TV and Audio Equipment? Turn off!

The answer to this question is really a personal one. There is no one size fits all. You might have people tell you that it is a bad idea to finance TV and audio equipment, but that is not always the case. Handled responsibly, any kind of debt can provide benefits that help you down the road, like building your credit. At the same time, going into debt for the simple sake of going into debt is not usually a good idea. But there are still many good reasons to use a loan. Should you finance TV and audio equipment? I hope that by the end of this article, you will have enough clarity to answer that question for yourself.

How Do You Know If It Is Smart to Finance TV and Audio Equipment?

Whether it is smart to finance TV and audio equipment really depends on you and your financial situation. If you can afford to pay for it outright, that would be a better option. If cannot pay it outright but can easily afford the payments, you should be okay. On the other hand, if you are currently fighting every month to pay your rent and keep your lights on, I am going to say that it probably is not a smart idea.

Take a look at your financial situation on a very honest level. Is your current income taking care of all you need? Do you have more important financial goals, like a new car or a vacation? Does the idea of financing this equipment make you nervous?

Let’s simplify this answer a bit. If financing TV and audio equipment will interfere with feeding your family, paying your utilities, keeping a roof over your head, or any other drastic thing, stop where you are. Do not pass go. No amount of technology is worth your or your family’s well being.

If you can make payments easily, it really comes down to if you want to make the payments. You have the power to choose one way or the other. I have to admit, there are good reasons for getting a loan, but you need to look at the circumstances you are in. Hold on, though. Do not jump up and run to the store just yet, or give up on your equipment. Let’s make it through the whole article first.

Interior of living room with TV.

Saving vs Financing

We have been conditioned to expect instant gratification. We want what we want and we want it now. Is it any wonder that there is such a huge amount of consumer debt while the majority of adults have no money saved? We have been taught to worry about the here and now, not the future. Sadly, this is leading to a lot of financial hardship. If we can relearn, as a whole, to save money, to only spend when we have saved enough, we can begin to change our little parts of the world- and our families’ futures.

The question now is whether you can be patient or not? If you can be patient and save money instead of choosing to finance TV and audio equipment, it will be extremely rewarding. After working and putting money away for something you desire, and then finally bringing it home 100% yours is an awesome feeling. Knowing that you really, truly own it feels so much better than knowing that you have to start making payments in a week.

How to Know You Really Want Something

I have also found that when people work and save for an item, they sometimes discover that they really do not want that item. The original desire for the item was really just an impulse or a reaction to something. After they have had time to think about it, the excitement wears off. Suddenly, it is no longer a priority because it really was not important to them in the first place.

What to Expect if You Choose to Finance

There are other downsides to financing besides the lack of internal reward for working hard and buying what you want. If you choose to finance TV and audio equipment, you will be paying interest. Even though there are very good reasons to get a loan, you will still be in debt. Not to sound overly dramatic, but debt in any form is a burden you must bear. Until the debt is paid off, you are basically enslaved to it.

Retro TV character with coins isolated on white background.

Think about it like this: When you save the money to purchase your TV or audio equipment, you do all the work upfront. Before you bring it home, you work hard, save, and look forward to the day you get to make your purchase. It is an exciting time. When you finally make the purchase and bring home your equipment, you know that there is no work left to do for it. You have paid all that you need to pay, so now you can actually enjoy your next off day.

Now, imagine you finance TV and audio equipment. You go into the store and pick out what you want. You get it home and set it up. Maybe you enjoy it for a couple of days, but before long, reality sets in. Before you went into the store, you had some freedom. Now, not so much. For the next six months, 12 months, or however long your finance term is, you will be making payments. Your mind begins to associate your equipment with stress and poof! The enjoyment is gone.

Is it That Serious?

I want you to ask yourself one simple question: Is it that serious? I know that some avid sports fans are going to want to yell at me for this question, and maybe a few others, but that is okay. It is an important question that can put all of this into perspective. Is your need or desire for TV or audio equipment serious enough to be in debt for it? Is it serious enough to put other needs and wants to the side while you make monthly payments?

For some people, the answer will be, “Yes,” and that is completely okay. I merely want you to consider the gravity of the decision to finance TV and audio equipment. If you are willing to pay that price, that is your choice. Just keep in mind that there are downsides of loans. Others may have decided that it is not that serious, but they still want to watch their stuff or listen to their music. The good news is that there are some alternatives to having to finance TV and audio equipment:

If you have a smartphone, tablet, or laptop, you have the ability to watch almost anything that you watch on your television. In addition to many TV shows being on Netflix and Hulu, many channels also have a website and an app. This includes kid’s channels, as well.

I realize that some cheaper or used items may not be the best, but you can find TVs and audio equipment in a lot of places. Thrift stores constantly have TVs. Pawnshops often have loads of electronics and music equipment for a fraction of the original cost.

My father has been a musician my entire life. I cannot tell you how many times he came home excited to tell us about the guitars he would find at pawn shops. I had not learned the differences in brands at that time, but his excitement told me that it was a great deal. To this day, he still finds treasures at pawn shops and tells us all about them.

Other than thrift stores and pawn shops, consider looking online. Facebook has the Marketplace now where you can find items from local sellers. Craigslist is another option. You might also just try Googling the product. Often, if you scroll past the first few search results, you can find a website that offers some really good discounts.

Where to Finance TV and Audio

If you choose to get a personal loan instead of retailer financing, you have many loan places to choose from. There is always your bank if you have one, or local community credit union. While these can be great options, it sometimes takes a few days to get approved.

Online lenders are often the easiest to apply through since you can apply for multiple ones at one time, apply at any time of the day, and typically get results in minutes or hours. Even better, there are lenders online for all credit types. So instead of calling or driving around town for someone to accept your credit score, you can easily do so online. For those who feel that they cannot wait for another second for their new TV or audio equipment, there are fast loans available, too. Taking out a loan for a larger purchase can be a good idea if you weigh all the options.

Here on Loanry, you can find reputable lenders and consider applying for a loan with them. You can even put in your information in the form below, and get offers from lenders who would potentially lend you money within seconds.

What About Using a Credit Card?

A credit card or a loan? If you have a credit card with the available credit, you might be tempted to charge your equipment and be done with it. This may not be your best move, though. Any time you cannot repay the charge amount within a month or two, you should opt for a personal loan instead. Otherwise, you will likely pay more in interest than you did for your equipment, and it typically compounds monthly. It is not a pretty look.

How to Save for TV or Audio Equipment Without Waiting for Years

Yes, it takes time to save up some money, but there are ways to speed it up. First, you need to pick out the equipment you want and determine the price. Let’s imagine you find a huge smart TV that you want in your living room, and the price is $1,000. Take a look at your budget and decide how much you can realistically but to the side every week without going without necessities. For our example, we will say $20 a week. If you only save that amount, you will have the full cost of the TV in 12.5 months.

Since you decide you do not want to wait a year for the TV, you need to set a realistic goal of when to purchase it. Now, I am all for dreaming and pushing my boundaries, but if you are not willing to hustle enough for $1,000 in one month, do not set one month as your goal. Ask yourself just how hard you are willing to work for your TV, and set your time goal around that.

If you decide you want to do it in three months, you will need to save about $334 per month. You have already determined that you can save $20 per week from income, so that is $80 to $100 per month, depending on how many weeks are in the month. If you put $80 up from income, that leaves you with $254 more to save each month- and that is totally doable. Here are some ideas to get you going:

I suggest yard sales all of the time because I know how lucrative they can be. Dig out some things you really no longer want or use- when is the last time you actually went bike riding?- and sell it all. I have known people to make as little as $50 and as high as more than $500. You might get a nice surprise and end up with all of the money you need in one weekend just from yard sales.

If you ask around, there are probably at least two people close by that need some help with things like cleaning out garages and sheds, yard work, babysitting, pet sitting, house cleaning, house painting, window washing, or even cleaning gutters. Ask around. A few odd jobs can help pad your savings pretty quickly.

Is there anything you can cut back on while you save for your TV or audio equipment? If so, rework your budget until you make your purchase.

Personal Consumer Loan vs Retailer Financing

You might find that the retailer will allow you to finance your TV and audio equipment through them. Is this a better idea than a regular consumer loan? Well, that depends on the differences in the interest rates and the terms.

I will say that on a regular day, going through a lending service on your own will probably be the best idea. Sometimes, though, the retailer is able to offer some excellent financing options that include 0% interest for a set period of time. Obviously, if you can choose a loan with no interest over one with interest, go for the one without.

Be sure, though, to ask questions and read your contracts. When I worked at a mattress retailer, we had financing options from two lenders. One was great for those with good credit because they were the ones who would receive the 0% interest. The secondary lender was intended for those with bad credit. On the one hand, it was great that more people were able to get a quality mattress. On the other, no one was reading or paying attention to the terms.

Getting a Loan With Bad Credit

One day, a previous customer of a coworker had come in looking like her head was about to explode. As I approached her, she started yelling about her payments. After a moment, I was able to calm her down enough to find that my coworker had not broken down how that secondary lender worked. They offered 6 months same as cash, and most customers were okay with that. Why? Because they thought that interest would simply start after those six months.

The truth was that if you did not pay the full amount in that six months, the interest would be calculated against the entire amount borrowed and compounded monthly. It did not matter if they had paid the loan down, they were still being charged full interest. If you accept any type of financing, read the fine print and ask as many questions as you need to understand the process.

Stay Away from Rent to Own Shops

There is a great temptation calling to consumers with bad credit or no money: rent to own shops. My city is not very big. But there are still five of these stores almost in throwing distance of one another. They throw out advertisements telling you how little you can pay each week to own the things you want. Sometimes, they will hit you with a double-whammy by giving you “the first week free” or “$10 pays your first week”. Or, my favorite, “6 months same as cash”. It sounds too good to be true- because it is.

There is nothing cheap about these places and their items. Most of them are increased to three times their actual price. The same as cash price is basically impossible to pay, unless you are drowning in money. If that is the case, you would not have to shop in a rent-to-own store.

I really could go on about these places all night, but I will stop there. There are consumer loans out there that offer good terms. These are not those loans. Bottom line: stay away from them if you value your money at all.


I hope that this information has helped you come to a decision about financing your equipment. If you really think through your situation and weigh out the pros and cons of borrowing, you should be able to make the right decision for you. If you choose to finance TV and audio equipment, be sure to make all of your payments on time so that you do not mess up your credit. Also, look for a reputable lender and remember to read all of the details before signing any paperwork so there are no surprises.


Can I Use a Personal Loan to Pay for Major Appliances?

Since personal loans can be used for pretty much anything, it is not odd to consider on for major appliances. The problem is that most people jump into a personal loan for major appliances without thinking it through or really needing one. Quite often, this is either because they are desperate or, like I mentioned earlier, are convinced that the appliance is a necessity right at that moment.But of course, there are times when there are good reasons for using personal loans.

As you can see from my story, necessity is relative to the individual’s or family’s opinion. If you deem an appliance as immediately necessary, no one should try to convince you otherwise as priorities are different in every home. If you choose to get a personal loan for major appliances, you will be in good company as many others do the same. Make sure you assess the situation and find your reasons for getting a personal loan.

Personal Loan for Major Appliances

Getting a personal loan for major appliances is a completely personal choice– along with your spouse or significant other, of course. The key is really to just think it through. Jumping into any kind of debt without careful consideration is not a good idea. Also, some things are not worth financing. When making the decision, you should really consider your current budget. Can you afford an extra payment every month? Many people’s budgets are stretched to the max already. Adding in another payment would cause some severe problems. This does not necessarily mean you should give up. There are advantages to getting a personal loan. That loan just might help you in more ways than one if you make wise moves.

If your budget is stretched due to other debts that you are currently repaying, you might consider getting a loan that would consolidate those debts and pay for your appliances. This type of move could let you breathe while making lower payments with lower interest.
As I said, you need to be wise with this, so before you make this move, be sure that the interest rates of the personal loan and the payments for the loan are lower than what you are paying now. Otherwise, you will continue your debt cycle.

Pros and Cons of a Personal Loan for Major Appliances

As with all things in life, there are pros and cons to getting a personal loan for major appliances. On the positive side, you can replace your major appliance very quickly. Instead of paying it all up front, you get to spread the cost of the appliance over a number of months or years, depending on the specified repayment terms. The interest rates of a personal loan for major appliances are generally much lower than credit cards and other options, so you save some cash. On top of all of those benefits, if you make your payments as you should, you will improve your credit.

The downside to a personal loan for major appliances is simply having a debt you have to repay. Debt interferes with budgets and usually puts financial goals on hold. And, even with low-interest rates, you are still paying interest, and possibly fees. Also, if you do not pay your payments as you should, you will mess your credit up. Something nobody needs. Repaying debt can be a real struggle.

Alternatives to a Personal Loan for Major Appliances

Before running to your local lender, take a step back and consider these alternatives to getting a personal loan for major appliances:

I know not everyone has family or friends that can or will help them out, but it never hurts to ask. Maybe they cannot front you the cash, but they just might be getting rid of what you need. They also might know someone who is selling what you need for cheap. No, they will not be brand new, but if they work, you can utilize them until you can save the money.

Credit card iconCredit cards can be used for major appliances, if you have enough available credit, but it might not be the best choice. Some credit cards charge higher interest rates than lenders do, and the interest compounds every month. On the other hand, if you are in an introductory 0% interest phase, the credit card would be your best bet provided you pay off the appliances before the introductory phase is over.

Of course, you can always work to pay for your major appliances. Pick up some extra shifts or a second job. Here is another secret for you: if you can find a job waiting tables somewhere, you can make it pretty quick. If you go to a restaurant that keeps a really steady stream of customers and take good care of your tables, you can make hundreds over one weekend. It is not a job you want to do forever because it is a stressful job and can break your body down if you are not careful.

However, picking up a couple of shifts on the weekends for a while can help you reach a lot of your financial goals quickly. When I went through my appliance meltdown a few months ago, I was tempted to go back to serving myself. I knew from experience that I could have the cash in my hand to pay for all four appliances in three weeks or less. As my health is one of my top priorities, though, I opted to focus my attention in other areas.

Store iconIf you did not know, here’s a secret for you: thrift stores and second-hand stores are awesome. You can find all kinds of affordable goodies in them. Of course, you want to clean them up when you get home, but if they work, cleaning is a small price to pay for an affordable appliance. With the money you save, you can pay a teenager or college student $20 to clean it for you if you want.

Do not just look at thrift stores, though. Ask around for little family-owned businesses in your area. We have one close by that fixes up old appliances and resells them for affordable prices. Sometimes, if they have the space for it, they will take your old one to fix and resell while giving you a discount on your new ones. Check around for similar stores in your neighborhood.

Where to Get a Personal Loan for Major Appliances

You have a lot of loan places you can utilize to find a personal loan for major appliances, other than traveling all over your city. The following are some of the categories:

Modern consumer electronics on white background.

Online Loan Places

Applying for fast loans online is extremely simple and convenient- and totally free since you do not have to spend gas money. You can find online loan places to help you with your situation. There are lenders online for all credit types and all borrower situations, though some may require some collateral from you if your credit history is unsatisfactory.

One of my favorite parts of doing anything online is that I can do it at anytime: while I am sitting at my kids’ dentist appointments, while I am finally getting to catch up on the latest episodes of  The Blacklist and Hawaii Five-O, or when I have been working all day and finally have a moment at 3 a.m. The accessibility and convenience are two great reasons you should consider applying online. You can do so right here on Loanry.

Retailer Financing and Store Credit Cards

Another great place to find a consumer loan is through the retailer themselves. Major retailers are often connected with lenders that can help get you the items you need. Like credit cards, you have to pay attention to the terms and interest rates here. At times, retailer financing can be your best bet because they run specials that offer 0% interest for certain time periods, even up to five years.

Here is the secret though: those lenders offer that promotion to get you to borrow, and you will get that time period without interest. However, they feel comfortable offering such a long period interest-free because most consumers do not pay the financing off in that time period. If you take advantage of an offer like this, pay more than the required payment each month so that you can pay it off during the promotional period.

Additionally, many large retailers have store credit cards. When you find the appliance you want, look around for a retailer that has financing available. Compare the interest and terms to that of your credit card and a personal loan for major appliances to choose the best avenue of financing.

Banks and Community Credit Unions

Banks and credit unions are always an option, but banks tend to have more stringent requirements for loans. Try your local credit union as they are dedicated to helping their community as much as possible. One way they do this is by lowering the requirements of loans, so they are an option for more people. You might find that you can get a good loan with great terms from your community credit union.


Major appliances do play a major role in our lives. If you are extremely accustomed to having an appliance and it suddenly stops working, it can feel a lot like missing a part of yourself. You suddenly have to figure out how to live without it. That can be difficult when you have no alternatives available at the time. Even at your most desperate times, try not to make any rash decisions.

Getting a personal loan for major appliances now just to lose it for non-payment in a couple of weeks is not going to help you one bit. Same goes for any loan. Even if you want to get something else, like a loan for a computer, think carefully about the reasons for getting a personal loan.

Instead of acting out of emotion, think through your situation logically and analytically. If you must, ask yourself what advice you might give a friend if they were going through the same situation that you are. Quite often, people on the outside can see things that those on the inside cannot. So, looking at it from a different perspective might help you come to a better solution. However, if you absolutely must or choose to get a personal loan for major appliances, be wise about it by carefully considering the terms of the loan.