How to Easily Get a Personal Loan

There are many ways to get a personal loan, especially if you have good to excellent credit. However, there are still options for those with lower credit ratings. A bit of sound research can secure the appropriate loan for any situation and circumstance.

A person with a high credit score can apply for personal loans at banks, credit unions, savings and loans and peer-to-peer lending institutions. The process of securing a personal loan through these avenues generally takes a few days, but interest rates can be favorable, especially at credit unions.

Joining a peer-to-peer lending group enters you into a network of borrowers and lenders that enables you to get small personal loans at lower interest rates. A peer-to-peer lending group might be suitable for you if you have a very high credit score and find the flexibility of this mode of borrowing appealing.

If you have excellent credit and are looking for a smaller personal loan, try researching credit card offers at banks and online. Look for credit cards with the balance needed to accommodate the amount of the personal loan you wish to take out.

For those with poor credit, there are higher risk personal loans available that are flexible with requirements, but come with high interest rates. These payday-type loans usually require repayment at the time of the borrower's next received paycheck. One final option for those with lower credit ratings would be to simply seek loans from family members and friends by setting up a clear contract for repayment.

High risk personal loans may be an option for those who are in need of money (high risk refers to the risk to the lender). Ask your bank or loan broker how to get a personal loan, or shop around online to find the best rate.