Solar Panel Loans: How to Use a Personal Loan for Solar?

Engineer and electrician team swapping and install solar panel

Like many people, you may have been thinking about going solar for a long time. There are a lot of reasons to go solar, but you probably don’t know much about the logistics of it yet. It will also require a large financial commitment in the beginning in order to install your new solar panels. You may even need to consider looking into solar panel loans. On the other hand, there aren’t really many disadvantages to going solar for individual homes, other than that you get less energy efficiency when you aren’t getting as much direct sunlight.

Types of Personal Loans to Help You Go Solar

If you haven’t spent much time researching loans before, it can be kind of confusing. There are different kinds of loans and lenders, and you can consider them all to decide which one is best for you.

Traditional Loans

Banks are traditional lenders, and most people think of banks when they think about applying for a loan. You hopefully have a bank that provides necessary services for you so you can manage your money and pay your bills. However, banks prefer customers with good credit, and they are more likely to offer poor terms to people with poor credit or even flat out refuse them. Banks can also take a long time to process a loan, which might not be good if you need the money soon.

Online Lenders

Online lenders used to be the ones people turned to if they had bad credit, but things have changed dramatically since then. Now online lenders are a great place to go when you need cash quickly, as you can get a response within 24 hours. If you search for a personal loan online, then you will also get a chance to compare rates among different lenders. You need to be careful though when using an online lender, and make sure you are dealing with someone trustworthy. Research well so you don’t fall victim to identity theft or fraud.

Fast Cash Loans

There are many personal loan options for good credit, but there are also some personal loan options for bad credit. Just like they sound, fast cash loans are available for people who need cash fast. Fast cash loans typically come in the form of payday loans or title loans. While you can get this type of loan really fast, you still need to be cautious. They typically have higher fees and interest rates than traditional loans. On the other hand, fast cash loans are much easier to get than traditional loans if you have bad credit.

Payday loans have very large interest rates and must be paid back by your next payday. Because you give the lender a postdated check — dated for your payday — for the full amount of the loan, you better make sure you have that money in your bank account when payday comes around.

Title loans require even more caution. Title loans use the title of your vehicle as collateral, which means that if you can’t pay them back, you will lose your vehicle. While lenders for payday loans will check your credit to make sure that you can pay the money back, lenders for title loans do not typically do this. Plus, their fees and interest rates are also very high, just like payday loans. The high amount you will have to pay back, plus having your vehicle put up as collateral makes this type of loan very risky for someone already struggling with money.

Secured Loans

Similar to title loans, secured loans require some sort of collateral; while this is typically a mortgage or a vehicle, other expensive items can also be used as collateral. Unlike title loans though, secured loans tend to have a lower interest rate, since the lender feels more secure and knows that if you cannot pay then they can just take whatever you are using as collateral.

Loans with Different Rates

Different loans have different rates and types of interest, and it is important to understand the difference between these different types of interest before you make a decision on accepting a loan offer. The two main types of interest are:

  •  fixed-rate
  • variable rate

Fixed rates are fixed, which means that you know what your interest rate will be like during the life of your loan. Variable rates are not fixed but rather changes over time, according to the prime rate. While a fixed rate is more dependable in terms of planning, but this rate tends to be a bit higher; on the other hand, you never know how a variable rate will increase or decrease over time, sometimes for the better and sometimes for the worse.

How to Use a Personal Loan for a Major Purchase – Solar Panel Loans

It will probably cost several thousand dollars to install solar panels, and it costs more or less depending on where you live. You will need to find a way to take out a loan for a more significant amount of money than an average personal loan. Taking out a personal loan for a major purchase is different in some ways from taking out a small loan.

Using Credit Cards for Major Purchases

Using a credit card for a major purchase is the same as taking out a loan. Credit cards are pieces of plastic that you can use to make purchases, and they are backed by banks. The banks earn their money off the transactions by charging various fees and interest rates. Credit card needs are very individualized, and they can even be a great way to build credit. You can charge some purchases with a credit card and then make monthly on time payments to build your credit rating. Lenders will look on you more favorably if you have a history of paying on time.

There are also zero interest credit cards that will allow you to make purchases and pay them back over a period of time with no interest. Normally the worst part of using a credit card for purchases is that they tend to charge higher interest rates than normal loans. You may be able to sign up for a special deal where the annual fee is waived and you have 9 to 12 months to pay off your purchase. The bad thing about that is that when the grace period is over you may be charged for the entire time you didn’t pay interest if you did not have the balance paid off in full.

How to Get a Personal Loan with a Low-Interest Rate

The downside to taking out a loan is that you will have to pay back not just the amount you borrow but the interest. Getting the best interest rate you can find will save you money and even help you pay your solar panel loans off faster. Borrowing money can be the right financial decision for you at the time, but you need to learn as much as you can about what kind of solar panel loans are available and what you are qualified for.

Make a Budget Before Borrowing

Before you actually take out your loan, make sure you have made out a budget that includes your monthly loan payment. You don’t want to make what seems like the right decision only to end up in trouble because you can’t pay back the money. Plan carefully so that you know how the money will fit into your budget and when you will pay off the loan.

What is a Low-Interest Personal Loan?

As discussed earlier, a personal loan is an unsecured loan that you take out and that you will have to pay interest on. Because you are going with a personal loan, you can spend the money any way you want without any input from the lender. Since the loan is unsecured, your interest rate and terms will be dependent on your credit score and income. You can use a low-interest personal loan to make a purchase or even consolidate loans with higher interest.

Qualifying for a Low-Interest Personal Loan

What to do to get a low interest personal loanEvery lender will have different requirements as to how to qualify for a low-interest loan. That is why it is better to shop around, even if you already have good credit. Generally, you will need to have good credit and enough steady income that the lender is reasonably able to believe that you will be able to pay back the loan. Different lenders may look at some factors more favorably, such as a long history paying credit card bills on time.

If you do not currently qualify for a low-interest loan, there are things you can do that will help your position. For instance, you can pay off some of your existing debt in order to change your debt to income ratio. You can also simply wait for several months and make sure you pay everything on time so that you can prove you are reliable. Getting a higher paying job or a second source of steady income will also help. If you have a friend or relative who wants to back you, you can better your chances by getting a co-signer. Your co-signer must have a good enough credit score and income level so that he or she would qualify for a low-interest personal loan.

Reasons to Use a Personal Loan

It seems like there are as many reasons to use a personal loan as there are people taking out personal loans. A personal loan can solve a lot of problems in a short amount of time, but many people don’t realize they can take out a loan for certain situations. They also might not understand how easy it can be to get the right personal loan for their circumstances. Here are some important reasons individuals take out personal loans:

  1. Losing your home is one of the worst disasters that can happen to you. Sometimes, though, one thing happens after another and you get an eviction notice on your door because you didn’t pay your rent. You can take out an emergency loan to pay rent so that you can catch up payments with your landlord and stay in your home.
  2. When people don’t have insurance, or if the insurance doesn’t pay out fast enough, you may need a loan for funeral expenses.
  3. If you have an accident and do not have an emergency fund in place, you may need a personal medical loan to help you get back on your feet.
  4. If you find yourself in a situation where you need a lawyer, for instance, if you are trying to receive disability compensation for a work-related incident or are seeking assistance with a divorce or child custody issue, and do not have enough money for representation, you could use a legal loan to cover your legal fees.

However, it is always important to remember one of the main rules of taking out any loan, which is that you shouldn’t take out a loan that you can’t reasonably payback.

Some of the Reasons the Solar Institute Gives for Going Solar

There are many good reasons why you should install solar panels. And if you are thinking about going solar, maybe these few reasons below will help you in your decision.

Lower Electric Bills

You might not be able to eliminate your energy bill entirely, but you can cut down on your monthly bills a lot. Your monthly energy bill is probably your biggest monthly expense besides your rent or mortgage payment, and saving money every month will add up to big savings down the road.

Increased Property Value

When you decide to sell your home, a property where the owner is already taking advantage of solar power will attract potential buyers. You will also be able to show off how much you’ve been saving every month on your energy bills. When you show your neighbors how much money you’re saving, they might follow your lead, raising the value of the homes in your neighborhood.

Save planet - go greenGoing Green

Solar energy doesn’t emit waste, so it’s better for the environment. Reducing your carbon footprint is just the right thing to do, and using solar energy helps you do that. You can feel confident every day that you are doing your part to help the environment.

Tax Incentives

Who doesn’t want to save money on taxes? If you are considering taking advantage of this tax incentive, called the Investment Tax Credit (ITC), then you should try to take advantage sooner rather than later. In 2020, you will be able to deduct up to 26% of the cost of your new solar panel system from your taxes, but by 2021, you will only be able to deduct up to 22%. From 2022 onwards, you will only be able to deduct up to 10% of the cost of your solar power system. This is still a great incentive, but to get the most bang for your buck, consider getting your solar panels as soon as possible.


Solar panels are good for the environment and good for your bank account, when you consider the savings from lower electric bills and possible tax incentives. If you cannot afford solar panels on your own, consider looking into solar panel loans. You can find solar panel loans online by online loan shopping for solar panel loans, or you can go to a bank to ask about solar panel loans. Before deciding which solar panel loans might be right for you, inform yourself of the different solar panel loan options.

Whatever you end up deciding, make sure you consider all of the solar panel loan options and compare all of the different rate options. Don’t forget that you will need to pay back solar panel loans, like other types of loans, so make sure that whatever solar panel loans you get, fit into your budget.


How to Compare Personal Loan Offers from Multiple Lenders

Loan contract close-up

You should always take time to compare personal loan offers before borrowing. Borrowing is going to impact your finances. Therefore, it’s essential to be sure that any loan you take out won’t negatively impact you financially. Consumers should be aware that there are many different personal loan providers. All of these providers show differences in the loan products they offer.

Once you’ve decided to borrow, it’s time to start comparing. To successfully compare loan offers, you need to know the aspects of these offers that you should be evaluating. Get started with your research now by learning more about borrowing and comparing personal loans.

Steps to Compare Personal Loan Offers

You now understand the major characteristics of personal loans. This information will help you compare personal loan offers. There are a few steps to go through to compare personal loan offers properly.

Borrowing a personal loan is a big decision. You need to put effort into choosing the best loan offer. You don’t want to commit to a loan that will hurt you financially. The following are six steps you should go through to adequately compare your various personal loan options.

Figure Out What You Need

To get started, determine how much you need to borrow. This is a key consideration. Also, determine how much you can afford to put toward a monthly payment. This will help you set up a budget for your loan. Additionally, it will help you determine how much time you’ll need to pay back your loan. This will be your loan term.

Set Some Goals

Have goals in mind about what you want the terms of your personal loan to be. In particular, have a goal set for the maximum amount you want to spend on your loan. These goals will give you something to work toward in the pursuit of a loan.

Consider your credit history and income. These will give you an idea of what interest rate you can expect. Determine a realistic goal for the interest rate and fees on your loan. Remember that you won’t qualify for the best interest rates with a low credit score.

If you don’t meet your goals, you might want to wait before borrowing. Your credit score might be too low to achieve a loan offer that’s affordable. In this case, setting time aside to bring up your credit score and improve your finances could be a good idea.

Research Your Options

Once you’ve considered your situation and set some goals, you need to explore loan offers. The Internet is a great source of information for comparing offers from different lenders. Check out the interest rates offered by each lender. Also, check out the credit and income requirements. Look for a lender offering both interest rates that allow you to meet your goals and requirements that you can qualify for.

Figure Out the Total Cost of Each Option

When you compare personal loan offers, calculate the total costs of each option. Don’t just consider interest charges. Factor in the added costs of origination fees or any other types of fee. Of course, you want to minimize the total cost of your loan. Yet if you’re looking for a personal loan for bad credit, it may be hard to get a low interest rate.

Consider Other Major Factors

The expense of borrowing isn’t the only factor to base your comparisons on. There are other important factors to look at, like a loan term, repayment options, and customer service.

For one thing, the loan term you’re offered is important. You should have a timeline in mind for when you want your loan paid off. Be aware that some personal loan providers charge early repayment fees. This means you don’t want to borrow a loan with a long loan term assuming you’ll just pay it off early. Lenders charge early repayment fees to make up for the interest lost when a loan is paid off early. Early repayment fees often mean you’ll have to wait out the entire loan term to minimize the expense of a particular loan.

You should consider the convenience of repayment. Look for lenders offering convenient repayment options. Some lenders will allow you to automatically debit payments from your checking account. This will make it more convenient to repay your loan.

Don’t overlook the qualify of customer service offered by a lender. You may need to contact your lender numerous times for service and assistance. Make sure you’ll be able to get a representative on the phone when you need to talk to someone about your loan. Look for a lender with a good reputation in regards to customer service.

Characteristics of a Good Personal Loan

Now that you know what some advantages of personal loans are, you should learn to recognize a good loan provider. Some providers are better than others. Some lenders are known for very high interest rates.  You don’t want to borrow from these lenders if you’re looking for personal loan options for good credit.

When you compare personal loan offers, look out for loan providers who are strong in the following categories.

Customer Service

Don’t underestimate the importance of good customer service when you’re borrowing. You want to borrow from a provider who will be there for you when you have questions. That’s why you should consider customer service when you compare personal loan offers.

Take the time to call your loan provider before you agree to the loan. Consider whether the representative you speak with is helpful and courteous. Make sure that you can get someone on the phone relatively quickly when you need to.

Interest Charges

How much interest the lender charges is a huge consideration. You don’t want to take out a loan with an outrageous interest rate. This will be expensive for you and could damage your finances. It’s important to know that some lenders charge interest rates of 20 percent or higher.

An ideal interest rate for a personal loan would be around 10 percent. Depending on your credit score, you might not be able to qualify for a loan with such a low interest rate. However, you should try to avoid taking out a loan with an interest rate of 25 percent or higher. If this is all you can qualify for, it’s a good idea to take some time to improve your credit before borrowing.

Additional Fees

When it comes to personal loans, interest isn’t the only expense you’re looking at. Some lenders add on additional fees. You should understand these additional fees to compare personal loan offers.

Numerous types of fees are frequently applied to personal loans. For example, some lenders charge an origination fee. An origination fee is generally charged upfront when the loan is initially processed. Some borrowers could charge as much as 8 percent of the total loan amount as an origination fee.

There are also penalty fees added on for almost any personal loan. You will probably be charged a fee for making a late payment. While you obviously will try to avoid late payments, you might end up making a late payment at some point. It’s, therefore, a good idea to be aware of what the late payment fee is. Try to avoid personal loans with very high late payment fees.

Applicant Requirements

When you’re comparing possible loans, you need to find a provider who can work with borrowers with your credit score range. You don’t want to apply with a lender with requirements that you can’t meet.

Remember that credit inquiries can negatively impact your credit score. Be especially careful if you’re dealing with poor credit. You don’t want to apply with a lender who will likely not approve of you. If this happens, you’ll have an unproductive credit inquiry on your report. Also, being denied a loan can detract from your credit score even more than a simple inquiry.

Only apply with a lender if there is a very good chance that you will be approved.

Loan Amounts

When you decide to borrow, you should have an idea of how much money you need. Then, you can look for lenders offering loan amounts for around the amount you need. Ideally, you should borrow from a lender that is flexible regarding loan amounts.

Repayment Options

Another factor to evaluate when comparing lenders is repayment options. You should work out a budget before you borrow. You need to make sure that you’ll be able to keep up with loan payments.

Discuss repayment options with lenders before borrowing. Ask how much time you’ll have to repay your loan. You also might want to ask about features like grace periods that mean you won’t be reported to credit bureaus if your payment is only a few days late.

Your goal when borrowing is to improve your credit with the loan rather than hurt it. Therefore, evaluate repayment options and make sure they are flexible enough for you to avoid credit damage.

Lenders to Consider

Below, we’ve compiled some possibilities on different companies offering personal loans to consider. You should look into these lenders when you compare personal loan offers. These lenders might offer the ideal personal loan product for your unique needs. However, you need to do your research to find out. All these lenders provide a good deal of information for prospective borrowers on their websites.


Avent LoansYou may want to check out personal loans offered by Avant if your credit score is low. This provider lends to consumers with credit scores as low as 580. In addition to having a low credit score requirement, Avant also has a relatively low income requirement. You could borrow as much as $35,000 from Avant if you qualify.

OneMain Financial

OneMain Financial does not have especially strict credit score requirements. However, your score may need to be slightly higher for approval from OneMain than from Avant. On average, those approved for OneMain loans have credit scores of around 600. You can borrow as little as $1,000 or as much as $20,000 through this lender. However, your credit score will probably need to be fairly high to be approved for a larger loan from OneMain.

Rocket Loans

Rocket Loans logoYou should be aware of Rocket Loans when you compare personal loan offers. Rocket Loans allows you to apply online. You can pre-qualify on their website. This means that you can see the details of what Rocket Loans can offer you without any damage to your credit.

Rocket Loans is flexible when it comes to repayment. You can take advantage of early repayment through Rocket Loans without any penalties. However, one disadvantage of working with Rocket Loans is that you will have to pay an origination fee for the loan.


Upstart LoansIf you want to apply with Upstart, you should have a credit score of at least 580. However, you’ll get the best rates if your credit score is higher. Upstart has an income requirement, but it is fairly low. You only need to earn $12,000 to meet income requirements. You can borrow as much as $50,000 from Upstart, but interest rates can be as high as 35.99 percent. In terms of repayment, you’ll have between three and five years to pay off a loan from Upstart.

Lending Club

Lendingclub loansLending Club could be the right option if you’re looking for an unsecured loan. When you apply through their website, you’ll be considered for several different loan possibilities. If your credit is very strong, you could enjoy an interest rate as low as 6.95 percent when you borrow through Lending Club.

Discover Personal Loans

Discover logoIf you have pretty strong credit, you may be able to qualify for a personal loan from Discover Personal Loans. There are numerous advantages to borrowing from Discover. You won’t have to pay an origination fee for loans from this provider. Also, you can enjoy an interest rate of as little as 6.99 percent.

It’s very convenient to apply for Discover Personal Loans. You can apply online. You’ll know within only a few minutes whether you’re approved. Those who use a personal loan for Discover for debt consolidation can have their loan funds conveniently sent directly to creditors.

Resources in Finding the Right Loan

You’ll need to search for information when you compare personal loan offers. To do this, you need to take advantage of the information sources available to you. There are numerous resources you can use to find the right loan. You want to make sure that you leverage all of them. Leveraging these resources allows you to make an informed decision when you borrow. Below are three key resources to take advantage of to thoroughly research and compare personal loan offers.

Word of Mouth

Don’t forget to ask around about loan offers. Colleagues, friends, and family members might have good advice. Talk to someone you trust about borrowing. Word of mouth is probably the best way to find information. When you find out about a good lender from someone you trust, you know you’re getting first-hand information. You’re not simply getting biased advertising from the lender in question. You’re speaking with an actual satisfied customer.

The Internet

The Internet has become a fantastic source of information on just about anything. This includes personal loans. Every personal loan provider out there should be on the Internet by now. You can compare personal loan offers by visiting the websites of prominent lenders.

Analyze all the key factors mentioned above when using the Internet to research loan offers. Lenders should post all the key details online like loan amounts, interest rates, credit score requirements, and more. In fact, many lenders nowadays have a website feature that allows you to get a loan estimate without a hard credit inquiry. This is a great way to compare the various possibilities available.

Financial Counselors

Perhaps you have a financial counselor available to you. This could be an individual you can speak with through your bank or the human resources office of your employer. It also could be your accountant. If you have a financial counselor, use them for assistance when you compare personal loan offers. Ask them about trusted lenders they can recommend.

Your financial advisor probably knows a good deal about your financial situation. They therefore might be able to tell you which lenders are likely to approve you.

Final Thoughts

You’ve now learned about how to compare personal loan offers. You also have some ideas on lenders you should consider. Now you need to consider your unique financial situation. Then, figure out which lender offers the best product for you. You shouldn’t be overlooking any good offers you could qualify for. It’s important to consider every possibility.

Loans can be great financial tools for consumers if used properly. Don’t hesitate to take advantage of the right loan offer now. By focusing on your budget and finances, you’ll be in good shape when you pay off your loan. Also, a loan on your credit report that’s paid off promptly will boost your score.

Choose wisely between loan offers. You’ll soon have a good deal on the loan funds you need to reach your financial goals.


The Best Personal Loans For All Credit Types

Man hand money with document on desk

There is a lot to learn about personal loans and they can seem scary. Believe it or not, all it takes is a good amount of information for you to feel more comfortable with the idea of a personal loan. I am not saying that once you get more information about loans, you should go out and get one. There are many things you should consider before taking on more debt. There are many different personal loans for all credit types available. Continue reading this article to find out more about personal loans.

Top Personal Loans for All Credit Types

If you are considering personal loans for all credit types, you may already know some things about personal loans. However, you may not know everything you need to know. Just in case, I am going to share some information with you that is important to know. At its most basic definition, a personal loan is simply you borrowing money from a lender of some type.

The loan can come from a traditional lender, such as a bank or credit union. However, the lender can also be an online lender and other types of lenders that you may not expect. There are many different loans available, such as a personal loan with bad credit and personal loan options for good credit. You can find some excellent options online. In some cases, you may be able to find lenders that have the capability of staying in a completely online environment or go into an actual building. If you want to get offers by lenders, you can fill out the form below. Or you can return here after you see all the lenders we recommend in this article.

The lender adds interest to the money you borrow. This is a fee that they charge you to allow you to borrow the money. The interest rate for your loan is directly related to your credit score. I will touch more on interest and credit scores later.

Best Overall Loan: Marcus By Goldman Sachs

Marcus by Goldman Sachs logoWhen you are looking for personal loans for all credit types, one of your first considerations should be Marcus by Goldman Sachs. This is an online lender that gives you many options, including unsecured personal loans. Goldman Sachs has been around for a long time. As a result, they have access to a large amount of money and you can feel comfortable with the foundation they are created. They also have the ability to make changes to their online services quickly.

They offer loan amounts from $3,500 and up to $40,000. Their interest rates range from 6.99 percent to 28.99 percent. Their repayment plans range from 36 months to 72 months. When they are determining if they are willing to lend you money, they consider your credit score and your income. Their application takes only 5 minutes and they guarantee no fees. This means that they do not have origination, pre-payment, or late fees. Another one of the benefits of obtaining Marcus by Goldman Sachs is they are a full-service bank, so they have other options available to you, such as savings accounts and CD accounts.

Best Marketplace: Lending Club

Lendingclub loansAnother great option for personal loans for all credit types is Lending Club. This is a peer to peer lending group. That means that the money is borrowed from individual people as lenders. These lenders are selected based on your individual criteria from your application, so it is more likely that the lenders are willing to give you money. They offer debt consolidation loans where they will send the money to your creditors so that you do not have to take those steps. They offer loans in the amounts of $1,000 to $40,000.

Lending Club wants you to have a credit history of at least 3 years and a debt to income ratio of less than 40 percent.  They also do require you to have a credit score of at least 600. They do not have set income level preferences, so if you have a lower income, that should not impact your ability to be approved. However, if you have a lower income, that may make it more difficult for you to have a debt to income ratio of less than 40 percent. They offer loan terms of 3 or 5 years. Their origination fee can get fairly high as it ranges from 1 to 6 percent. Their interest rates range from 6.95 percent to 35.89 percent.

Best Personal Loan: Best Egg

bestegg logoBest Egg is another loan that you should consider as personal loans for all credit types. They are completely online and offer options for debt consolidation and other personal loan reasons. They prefer their borrowers to have a strong income, around $60,000 annually, and a good credit score. The minimum credit score they will approve for a loan is 640, however, their average borrower has a credit score of 685.

The interest rates with Best Egg are fixed, so you do not have to worry about it changing from month to month. They offer loan amounts from $2,000 up to $35,000. They have interest rates from 5.99 percent to 29.99 percent. They have repayment terms of 3 years or 5 years. They have a simple application process and you could get the money in your bank account as quickly as 24 hours after approval. They do have an origination fee from 0.99 percent to 5.99 of the loan amount. They do not charge any pre-payment fees, so you can pay off your loan as quickly as you can.

Best For Flexibility: Earnest

earnest logoAnother great option to consider for personal loans for all credit types is Earnest. They offer various types of loans including student loans, student loan refinancing, and personal loans. They offer the most flexibility of all the lenders because they allow you to control settings that allow you to determine your monthly payment amount. You can see how changes, such as the length of time you choose to repay your loan can change your repayment amount. Earnest allows you to borrow amounts from $5,000 up to $75,000. They offer repayment periods of 3, 4 or 5 years. They offer interest rates from 5.99 percent to 17.24 percent. The interest rate changes based not only on your credit but also on the length of time you choose to repay.

The application process is quick and simple. They also have a mobile app that allows you to track and pay off your loan quickly. They do not charge any fees for their loans. When determining if they are willing to approve you for a loan, they look at your savings, education, potential earnings, and credit score. This gives them a better idea of how much of a risk you are, then just looking at your credit score. They respond quickly to applications and if approved, the money is in your bank account quickly. They pride themselves on their customer service and you can always interact with a human, either via phone or email.

Best Lender With No Fees (Other Than Late Fees): Discover

Discover logoAnother lender you should consider when looking for personal loans for all credit types is Discover. Discover has been around for a long time and brings their experience and solid foundation to every loan. They do require you to have a minimum credit score of 660 and their typical borrower has a credit score of 747. Although, they do consider other factors besides credit score when making decisions about loans. They do not accept co-signers for loans. Borrowers also must have a minimum income of $25,000 per year.

They have loan options for personal loans and debt consolidation. They offer loan terms from 3 years to 7 years, which is a generous repayment option. They offer loans in amounts from $2,500 to $35,000.  They do not have pre-payment fees, so you can pay off your loan early if you would like. They also do not have a loan origination fee. They do, however, have a late payment fee of $39. They do allow you to change your payment date two times during the repayment period. You do have to allow a full 12 months between the two payment date changes. Discover also allows you to check your rate. This feature allows you to see if you qualify for a loan from Discover and your rate without having a hard hit against your credit.

Best Lender For Those With 620 Credit Score: Upstart

Upstart LoansLast on the list of personal loans for all credit types lender is Upstart. Just because they are last on this list does not mean you should consider them last. Upstart has many great things to offer to you. They are perfect for a borrower that does not have much of credit history but has a promising career with increased income. They are will to lend money to borrowers that have a credit score of 580 or higher. Upstart also prefers that their borrowers have an income of $12,000 or more per year. They offer amounts from $1,000 to $50,000 for approved borrowers, and they offer loan terms of three and five years. They do have origination fees of anywhere from 1 to 8 percent of the loan amount. Also, they want their borrowers to have a debt to income ratio of less than 45 percent.

Upstart is a favorite lender among their customers. They have funded more than $3.2 billion to over 250,000 borrowers. Do not overlook them on your search for personal loans for all credit types.

What Do I Need To Know About Interest?

Interest is something you should know a good amount about before you research personal loans for all credit types. High-interest rates can end up costing you a lot more money in the long run. The more you know, the better able you are to find the best personal loan and terms for you. Interest rates can range significantly depending on the lender and your credit score. As you already know, interest is added to the amount of money you borrow.

Some examples of how a credit score affects your interest rate

Higher interest rate changes the amount you owe and your monthly payment amount.

If you have good credit, you can find a loan with a 10 percent interest. That is the lower end of the interest scale. If you borrow $10,000, that means you owe $1,000 in interest. You are really paying back $11,000. You are only borrowing $10,000, please keep that in mind. If you are paying back the money over a 3 year period, that means that you pay $305.56 per month.

Now, using the same amount you are borrowing of $10,000 but your credit is closer to bad than good, so you might have an interest amount of 30 percent. That means your interest amount is $3,000 and you are paying back $13,000. Now, over that 3 year period, your monthly payments are $361.11.

And finally, let’s say you have really bad credit and your interest amount is 50 percent. You are still borrowing $10,000 but you are paying $5,000 in interest. You are paying half the amount of money you borrowed as a fee for borrowing the money. That means you are repaying $15,000. Your monthly payment amount is now $416.67.

If you have bad credit, that means you could end up paying over $100 more per month to borrow the same amount of money. Now imagine if you borrowed more money than $10,000, the amount of interest you pay is much higher.

What Can I Do About My Credit?

Before you begin looking for personal loans for all credit types, you should understand your credit score and what it means for you. The first step you should take is pulling your credit report. This gives you a clear understanding of your credit score and what is on your credit report. This is what lenders see when they decide if they want to give you money. Credit scores fall between 350 to 850. When you have good credit, it stays in the 670 to 800 range and when your credit begins falling below 570, it is considered to be bad credit.

If you are in need of a loan right away, you may not be able to do anything to improve your credit score in time to get a better interest rate. However, you can take steps to begin improving your credit score that will help you with future loans, insurance, mortgages, and perhaps jobs.

Taking on a personal loan can help you build better credit, but only if you make payments on time. One of the biggest credit score killers is late or missing payments. You want to work hard to make all of your payments on time and in the proper amounts. You want to work hard to decrease the amount of debt that you carry. This helps to relieve the burden that you have when it comes to debt, as well as improving your credit score. When you pay off your debt, it also improves your debt to income ratio, which also improves your credit score. When you improve your credit score, it gives you many more options when you are looking for a personal loan.


In your pursuit of a personal loan, there are many points which you should consider. All of them are important and you should brush past any of them. You really need to have a true understanding of loans, credit, fees, and interest. Even when you need money right away, a loan is not something you should enter into lightly. You should weigh all of the options and after careful consideration, select the right one for you.

One more point that I did not really touch on throughout this article is repayment. A loan is just that, a loan. You must pay it back. You must have the money to pay it back. Before you pick the loan for you, you must first make sure that you can repay the loan. You need to take a hard look at your budget and determine how much you can afford to pay each month. Once you determine that amount, do not agree to a loan that has you paying more than that per month. Doing that puts you in a terrible position. You will negatively impact your credit and cause yourself more stress. Think carefully before you proceed with a loan of any type.

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