Tag: personal loan finance company

What’s Required to Get a Low Interest Personal Loan?

Posted on | by Katherine Davis

One common question many prospective borrowers want to ask is if they can get a low-interest personal loan. A personal loan can refer to many different possible loan products out there. Generally, a personal loan is a loan that allows you to do whatever you want with loan funds. Those who take out personal loans have complete freedom regarding what they spend the money on. This is a huge advantage of this type of loan.

Sometimes, we all have unexpected expenses that come up. Borrowing a low-interest personal loan can be the best solution for handling these expenses in some cases. There are numerous advantages to borrowing money. Loans are not just used for large purchases, but they can also allow for debt consolidation. They can help you to organize your finances. Simplifying one’s debt is important for those who are paying on numerous credit accounts.

Get a Personal Loan With Low-Interest Rate

Before borrowing a personal loan, consumers should learn as much as they can about these loans. They also should do everything possible to search out a low-interest personal loan. A low-interest loan means a loan that costs less. You want to pay attention to the interest rates and other expenses of personal loan offers. This will help you pinpoint the low-interest option that’s easiest on your budget.

A number one priority when borrowing is staying on top of one’s debts. Before you borrow, you should work out your budget. Taking out a personal loan means you’ll have an additional expense each month. You need to plan carefully to avoid falling deeper into debt.

Low-Interest Personal Loans Defined

Low-interest personal loans are loans made to an individual borrower at an affordable interest rate. It’s helpful and important for borrowers to have access to loans like these whether they’re running a business or not. Personal loans are loans that give borrowers a lot of freedom to use the loan funds as desired.

11.08% is the average personal loan interest rate in October 2022.
Source: bankrate.com

Personal loans are much like any other type of loan. They involve a lender providing you with money and then charging you interest on it as you pay the loan back. However, personal loans are also distinct from some other common types of loans like auto loans and mortgages. Personal loans are usually an unsecured type of loan. The borrower qualifies for the loan based on their credit and income. Unlike with an auto or home loan, the borrower doesn’t need to use the funds on a specific item. The loan funds can be used for any purchases whatsoever. They can also be used as a low-interest debt consolidation loan.

There are numerous possible borrowing scenarios where a personal loan would be appropriate. A personal loan is a solution for a loan that doesn’t have to be spent on a specific purchase. These are loans that offer a great deal of freedom. Personal loans are also often used in debt consolidation.

How to Qualify for Low-Interest Personal Loans – Requirements

Those who want to take out personal loans for business purposes will need to meet a few requirements. These requirements can vary by lender. However, there are some common requirements among various lending companies. Generally, it will be necessary to meet a certain credit score. Business owners applying might also need to meet revenue requirements for their companies. Additionally, it could be necessary to have a business that’s been in operation for a given period of time. Some lenders could require that a business owner is in business for six months or more before qualifying for a business loan. This helps ensure that the applicant will continue to bring in income reliably to pay back the loan.

What if You Failed to Qualify for a Personal Loan?

Those who cannot qualify at the moment can increase their chances of qualifying in the future in a variety of ways. They can do this by taking some time to improve their credit scores. You can improve your credit score if you pay off some of your existing debt. And you can also improve your credit score by going a certain length of time without missing any payments on your credit accounts.

You can also increase your chances of qualifying by increasing your income. The more you are bringing in, the more creditworthy you’re likely to be for personal loan lenders.

Another thing you may want to do if you have failed to qualify is finding a cosigner. A cosigner can back up your application and help you to be approved. A cosigner with a good credit score and income level could make it possible for you to qualify for a low-interest personal loan right away without having to wait to improve your own qualities as a borrower.

Finding a Low-Interest Personal Loan

Of course, interest is generally the major expense to consider. If you want to regain control of your debts, a low interest debt consolidation loan is what you need. When looking for a low-interest personal loan, consider what the lender looks at in determining your interest rate. There are numerous things you can do to improve your credit standing. You may be able to reduce your interest rate.

A credit score is generally achieved over time. However, there are a few things you can do to quickly raise your score. You can raise your score by keeping all accounts current. If you can afford to pay off a chunk of your debt, you could boost your score.  Paying off debt an increasing available credit can quickly boost your score.

You may not be able to improve your score because you don’t have funds available to pay down debt. There are still some options for achieving lower interest rates. If you’re looking for a low-interest personal loan, you may get better rates with a cosigner. A cosigner is someone who will sign for the debt along with you. Perhaps you have a spouse or parent who will help you get a low-interest personal loan. They can cosign for you and you may get significantly lower rates.

You can also bring down the costs of borrowing by reducing the amount that you borrow. Your interest is generally a percentage of your loan amount. Therefore, borrowing more means paying more interest. Consider borrowing less if you’re concerned about the interest costs of a personal loan.

The term “personal loan” can actually refer to a few different loan products. The following are three of the main types of personal loans.

Traditional Loans

Traditional lenders commonly offer a low-interest personal loan. Any bank will offer some sort of personal loan product. However, qualifying to borrow with a traditional lender can be difficult. Personal loans from traditional lenders typically feature the best interest rates. However, they also tend to require that borrowers have certain credit scores. They will also consider the applicant’s income level. Borrowers typically need to reach a certain income level to qualify.

Secured Loans

A secured loan could be a good personal loan option for those with lower credit scores. One of the most common types of secured loans is a title loan. With a title loan, the borrower uses their vehicle as collateral for a loan.

Other types of collateral can be used to secure loans. For example, a home equity loan allows a borrower to secure a loan with their home equity. These secure types of loans can be very useful. They basically allow anyone to borrow who owns some possessions of value.  If you’re trying to qualify for a low-interest personal loan, consider what you own that you could use to secure a loan.

Loans from Online Lenders

Nowadays, there are many online lenders of personal loans. You should definitely explore online lender possibilities to find the right personal loan. You’ll likely find that better deals are online. Online lenders can often offer lower rates because they don’t have the overhead of running physical locations.

Consumers are often impressed with the speed and convenience of borrowing money online. With many loan providers, applying takes only minutes. Also, loan funds are quickly put into the bank account of approved borrowers. Prospective borrowers definitely need to take advantage of the Web for comparing loan offers.

The Costs of a Low-Interest Loan

Anyone considering borrowing needs to carefully analyze the cost of a loan. It’s unfortunately easy to overlook expense when borrowing with all the loan funds are in front of you.  However, you will be expected to pay all that money back with interest. When you borrow, you should be looking to improve your financial future. This means you shouldn’t take on an expense you can’t afford.

We all now that the interest charges are the major cost of a loan. However, many low-interest personal loan providers also charge loan fees. You need to pay attention to the fees that go along with a loan. A loan that has a low-interest rate but lots of upfront fees might not be such a great deal after all.

Interest Rates

Your main consideration when evaluating loan offers is interest rates. This what we are looking into in this blog. The interest rate the lender gives should be a percentage. As we said, the better your credit score, the lower the interest rate you can get. Personal loan interest rates can vary widely. Rates can vary from down around five percent to up to 30 percent.

The major determining factor in the interest rate is your credit. Those who have excellent credit scores over 720 get the best interest rates. However, most of us are in the fair to poor credit range. With fair credit, a consumer might struggle to find interest rates under 15 percent.

Borrowers shouldn’t just know the interest rate on loans. They should crunch the numbers and figure out costs over the life of the loan. For example, you pay $1,000 in interest if you are charged a rate of five percent on a $20,000 loan. Consumers need to consider not only the total costs of the loan but also the monthly payment. It’s important that consumers can budget their income effectively to be able to afford this monthly payment.

Loan Fees

Loan fees are the easily overlooked expense that goes along with some personal loans. Lenders will often add on fees for various reasons. There could be a fee for applying for a loan. There could also be origination or service fees on personal loans. Consumers shouldn’t underestimate how loan fees can add up.

Compare the total costs of different loan offers you consider. Add up all the interest and fee costs and find the most affordable option. And remember, even when you find a low-interest personal loan, it still has a cost attached to it. It may be not as expensive as when you pay more interest, but make sure to keep in mind that the interest has to be paid, no matter how low it is.

Options If You Can’t Get a Low-Interest Personal Loan

If you have poor credit or low income, you may have problems getting a low-interest personal loan, or any loan for that matter. If this is the case, try some of these:

No Credit Check Loans

If you have poor credit, you’ll be happy to know that no credit check loans are out there. You might find a loan offer that requires no credit check at all. This type of loan should be relatively easy to qualify for. However, these loans generally are secured loans. You’ll need to provide some collateral like your vehicle title for these loans. Also, no credit check loans are probably going to have high-interest rates. They will not be the most affordable option. Therefore, you’ll want to explore other loans if your credit is good.

Increase Your Income

Even if your credit history is perfect, you may struggle to borrow if your income is low. A lot of lenders will have an income requirement applicants must meet. Increasing your income can boost your credit and improve your finances over time. If you’re not bringing in a good income, it might not be a good idea to commit to a loan. In the meantime, bring up your income. You can increase your income by taking more hours at work or adding on a second job.

When you make more money, you look better to lenders. Lenders of traditional loans will ask for contact information from your employer. The lender may contact your employer to verify your income. In addition to contacting the applicant’s employer, lenders often also request pay stubs to verify the applicant’s employment. This is an especially common practice when it comes to payday loans.

Of course, increasing your income also makes more funds available to you. Taking time to increase your income is ideal for improving your finances overall. Exploit any income opportunities you can if you’re working to improve your financial situation.

Secured Loans

If you can’t qualify for a personal loan, you might try some other options for getting the financing your needs. In particular, you might want to look to secured loans. If you have collateral you can provide for a secured loan, you could be able to find fast funding. In particular, you can consider an automobile title loan or a home equity loan for a secured loan that will be easier to qualify for. You could also contact investors for quick business funding. Another option is to scout out opportunities to borrow a private loan through your business partners if you cannot currently qualify for a low-interest personal loan.

Conclusion

It’s always good to have an option available for a low-interest personal loan. Being able to conveniently borrow for a reasonable cost gives you an important financial asset. If you can borrow a personal loan, you can cover emergency expenses that come up. You can also take advantage of lucrative investment and business opportunities that come up but require capital.

Even if you’re not going to borrow right away, it’s a good idea to explore personal loans. A lot of consumers are surprised to find that it was easier to borrow than they thought. You can explore all the different personal loan types. Then, you can determine what option is best for someone with your income level and credit history. You should have a personal loan finance company in mind for acquiring a low-interest personal loan. Don’t just explore the interest rates they’re offering. Also, find a loan provider with great customer service.

By shopping online, you can discover many borrowing opportunities. The Internet has all the information you need in one place to look for a loan. We offer information on many borrowing opportunities on our site.

Loanry

How to Find Personal Loans with Good Credit and Low Income

Posted on | by Julia Peoples

When you need a personal loan, it can be a stressful time. It can be stressful because you might be in a difficult financial position. You may need money quickly to pay for an emergency expense. It can also be stressful if you do not fully understand the details of a personal loan. There are some points you should be aware of before you agree to a personal loan. While it is fairly easy to get personal loans with good credit, your income may make a difference. Before you consider applying for a loan, make sure you completely understand how your credit and income impacts your ability to obtain a loan. Continue reading to find out all that you need to know.

All You Need to Know About Personal Loans with Good Credit and Low Income

I know you came here to find out how to get a personal loan with low income and good credit score. But let’s first go over the basics, just in case.

Personal Loan Basics

If you are considering a personal loan, it is important to understand the most basic definitions. Personal loans tend to go by different names, but most of them are personal loans. The lender can be a bank, credit union, online lender, or even a friend or family member. When you borrow the money, you make a promise to repay it within a set period of time. You usually make monthly payments for three or five years. The lender charges you a fee, better known as interest, for your ability to borrow the money.

Lenders get to set their own interest rates. They set those rates based on your credit score. It is easier to get better personal loans with good credit. The better your credit means the lower your interest rate, which means the lower your monthly payment. Most personal loans are unsecured loans, which means there is no collateral attached to them.

This type of loan is often riskier for the lender and has a higher interest rate. If you are interested in a personal loan, you should do some personal loan shopping. Loans are not a one size fits all type of lending. You should make sure that you read all the fine print of all loan agreements. You should make sure the loan you obtain is the right one for you.

Can I Get a Personal Loan With Low Income and Bad Credit?

If you have less than perfect, or maybe even, bad credit, that’s bad news. The good news is you can always work to improve your credit score. It’s really difficult to get a decent deal i.e. interest if you have both low income and bad credit. The lender just doesn’t have anything to hold on to and believe that you will be able to pay off this loan. So ultimately, you might even be denied a loan.

But, you can improve your credit score and increase your chances. It does take time and consistent effort on your part. The better your credit score is, the more likely a lender is going to lend you money. Use that as your motivation.

For now, let us focus on how to improve your credit score. The first thing you want to do is pull your credit report. This allow you to see your credit report, which includes your credit score. Once you see it, then you know what it is and know where to go from here. Take a good look at it and check for errors. If there is anything that does not look right, you must have it corrected or removed immediately. You can contact the reporting agency and have it corrected. If you go to their website, you should be able to find the appropriate form.

After that, you need to eliminate as much debt as possible. The more debt you carry means the lower your credit score will be. Most lenders prefer to see your debt to income ratio below 30 percent. This is the amount of debt you have in comparison to the amount of income you receive. Lenders feel that the more debt you have, the less likely you are to repay it. You may want to consider finding additional means of income to pay off more debt faster. Perhaps you can get a side job, or sell some items around your home to make more money.

In addition to paying off your debt as quickly as possible, you must pay all of your bills on time. You must also pay them in the correct amount. One of the top reasons a credit score drops is because you are making late or missing payments. You must make every effort to make all payments on time.

Things that makes up your credit score

How Do I Know If My Credit Is Good?

Your credit score goes hand in hand. While your credit score is a three-digit number that appears on your credit report, it is an indicator of how well (or not) you have used your credit.

Whoa…I have said the word credit about four times and each one means something different. So, I am going to pause for a moment and do some explaining. Your credit report shows your credit history. When I say credit history, I mean anything and everything that has some credit implications. There are items that have an impact that you probably do not realize. It shows your employment history and how long you have been in your current job. And it shows how many jobs you had and for how long. It shows your address and how long you have lived there. It also keeps a record of your previous addresses and how long you lived there.

These items show how stable you are. When you move around a lot, lenders do not consider you to be that stable or secure. Your credit history shows all the credit you have been given and how you use it. It shows loans, credit cards, mortgages, etc. The lenders also get to see any late payments and even loans on which you defaulted.

Your credit report also shows your credit score. A typical credit score is in the range of 350 to 850. Most people have a credit score that falls between 600 to 750. If you have good credit, it falls between 670 to 800. You should be aware that anything below 570 is in danger of bad credit.

When you have bad credit, you may find it is difficult to be approved for a loan. Naturally, it is much easier to get personal loans with good credit. If you have less than perfect credit, do not stress. You can still obtain a loan, it just takes a little more work. Do some research and look around for the best loan for you. You may want to consider a personal loan finance company.

Credit score scale

And What If I Have Low Income?

Your income is important when it comes to obtaining a personal loan. Lenders want you to have a stable and consistent source of income. They also want you to be able to prove it. A lender also looks at other factors to determine if you have a low income. Some of these factors are the size of your family and where you live. It is possible to find loans with low income, but you have to do a little more research and work. If you search for personal loans good credit low income, you can find some solid options for yourself.

You may see that loans for those with low income have high interest rates or are only for low amounts. If you have low income, you must be cautious with a loan that you obtain because some loans may make your financial situation worse. You can always find personal loans with good credit, even if you have a low income. If you have low income, you could consider getting a co-signer for your loan. This person promises to repay the loan if you are not able to do so. This person’s income is a factor in the loan, so you may be able to get a better loan with a co signer.

What is More Important – Credit or Income?

One is not more important than the other. They are both equally important. Your income does not impact your credit score, but it impacts your ability to pay your bills, which impacts your credit score. A lender can obtain your credit score without you having to provide documentation. For a lender to get a true idea of your income, you must provide documentation to the lender. They often want pay stubs as proof of income. They also may want to see your previous tax returns, or W2s, as well as bank statements.

Credit scores and credit history show the lender how you have used credit and paid it back in the past. Income shows lenders your ability to make the payments to repay the loan. Sometimes, if you do not have the best history but you have really high income, a bank may be willing to lend you money. Also, if you have low income but have an excellent credit history of always making timely payments, the lender may allow you to borrow money. They are both an important factor in the lender’s decision. I know I have mentioned this a few times, but it is important to repeat: it is much easier to obtain personal loans with good credit.

What About the Interest When I Have Good Credit and Low Income?

Another item to consider when thinking about a loan is the interest. This is actually a big factor. The lender adds interest to that amount as a fee for allowing you to borrow the money. The more risk you pose to the lender than the higher the percentage of interest. A lender makes the decision on how much interest to charge you based on your credit score. The main amount that you would like to borrow is called the principal. When you obtain personal loans with good credit, the interest rate is lower.

If you have great credit, you can expect an interest rate from 10 percent to 13 percent, but if you have just ok credit, you can expect interest rates from 14 percent to 20 percent. That is correct, your interest rate can go up to 32 percent.

Credit score is what influences the interest you get. Low income can only influence the amount you can get, since you cannot take out a large amount of money if you don’t have enough money to pay each month. But again, be aware of high interest when you have low income, and avoid these kinds of loans. If you have good credit, don’t be fooled into taking out a loan that will only make your financial situation worse.

Credit Score Average Loan Interest Rate 720-850 10.73%–12.50% 690-719 13.50%–15.50% 630-689 17.80%–19.90% 300-629 28.50%–32.00%

Are There Different Types of Personal Loans?

There are different personal loans with good credit available to you. There are traditional loans that you can obtain through a traditional bank, that you probably think about when you think about a loan. Those are the big banks that have an actual building that you can visit when you need help. You can also obtain a loan from a credit union. You can also obtain a loan from an online banker. In the past, online lenders where considered for those who have bad credit. That has changed and now all types of personal loan shoppers obtain loans online. Online lenders offer quick and easy application processing. You are able to upload all documents in the same place as where you fill out the application.

There are also secured and unsecured loans. A secured loan means that there is collateral associated with the loan. The typical type of secured loan is a mortgage or auto loan. When you have collateral attached to a loan, if you default on the lender, they can take the collateral. Unsecured loans do not have collateral attached to them, which makes them a bigger risk for lenders.

Do I Need a Proof of Income?

You always need to provide some type of documentation any time that you apply for a loan. You always must prove your identity to the lender. They want to make sure that you are who you say you are. Any lender wants to see proof of your income. They may want recent pay stubs or bank statements showing how much income you receive regularly. If you do not have a standard job and do contract work or some other form of self-employment, the bank may want to see your tax returns.

The sooner you have all of these documents prepared and ready for the bank, the faster you can be approved. Lenders may also ask for some other type of document or may have additional forms for you. You should respond quickly to any and all requests. Failure to do so may result in your loan being delayed and even denied, even for personal loans with good credit

Conclusion

I have shared a lot of information about personal loans with good credit. The key piece to obtaining personal loans with good credit is to make sure you can afford to repay the loan. It is important that you are able to make those monthly payments. When you are not able to make those payments, you are adding stress to your life and could potentially negatively impact your credit score. You should create a budget to make sure you are able to afford any loan that you plan to obtain. It is also important to save as much money and reduce as much debt as you can. Taking both of those steps will put in you a better financial position.

Loanry

Should You Get A Personal Loan for a Washer and Dryer?

Posted on | by Carlie Lawson | Leave a Comment on Should You Get A Personal Loan for a Washer and Dryer?

Unless you have a spare $750 to $2,000 in the bank, you’ll probably start quickly thinking “I need cash now” if your washer and dryer break down. It is not as if you can go to work or the grocery store in filthy clothes. Since you have to remain clean, you’ll need a personal loan for a washer and dryer.

Personal Loan for a Washer and Dryer

Are you surprised to learn that financial lenders offer personal loans specifically for washers and dryers? Since there are some good reasons to get a personal loan for various things, this is actually expected. The truth is you can find a personal loan finance company that specializes in almost any kind of loans – medical, student, home improvement, purchasing a computer, and yes, personal loans for washers and dryers.

Even if you only need to replace one of the appliances, their prices can run pretty high. In fact, depending on the quality of the machine you buy and the number of features, some appliances can vary by a little more than $7,000 in cost.

  • Dishwasher: $400 to $700
  • Dryer: $400 to $1,000
  • Oven: $650 to $2,000
  • Refrigerator: $900 to $8,000
  • Washer: $350 to $1,000

You probably didn’t plan on your washer or dryer breaking. That means you probably did not have funds set aside for its repair or replacement. Resist the temptation to put this on a credit card.

Avoid a Huge Credit Card Bill

Many reasons exist to avoid making a major appliance purchase on an existing credit card, or worse, taking out a new credit card to cover the purchase. If you compare credit cards and personal loans, you will see that the reasons for getting a personal loan outweigh using a credit card for buying a new appliance. The top three reasons to avoid slapping this on a credit card are:

  • The interest rate,
  • Increase your utilization rate,
  • You reduce your available credit for emergencies

The Interest Rate

Those with amazing credit and a great job can qualify for zero interest or a low-interest personal loan. But, the rest of the world will get gouged. If you have poor credit, you will end up paying up to 25 percent interest. That’s one quarter of what the appliance cost you’re your washer and dryer cost $1,000 combined, you’ll end up paying an extra $250.

Increased Utilization Rate

Putting a huge purchase like appliances on your credit card lowers your credit score by increasing your credit utilization, also called the balance-to-limit ratio. Creditors look at this second only to your payment history. In order to keep your credit score healthy, you need to keep your credit utilization score under 30 percent. You can calculate your credit utilization to check your ratio:

Credit utilization rate formula.

Reduced Available Credit

The obvious reason to not use your credit cards is that you will reduce your available credit remarkably. That means if you have a genuine emergency like your car breaking down on the side of the road you may not have enough open credit to take care of the problem.

The answer is that if you cannot wait and save up the money for the appliances, you take out a personal loan for a washer and dryer. So, what exactly is a personal loan for a washer and dryer, also known as an appliance loan?

Appliance Loans Defined

There are many reasons to get a personal loan, but the term appliance loan describes a personal loan specifically for the purpose of purchasing a new appliance. It is typically an unsecured loan offered by a private lender or through a financing agreement with the appliance store or home improvement center. The diversity of sources for these loans results in a wide variation in loan rates and terms. Typically, the variation spans a vast berth:

  • Loans of $1,000 to $100,000
  • A repayment term of six months to seven years
  • A range of interest rates that starts at five percent and goes up to 20 percent

The wide range of loan amounts owes to the fact that a personal loan for a washer and dryer falls under the umbrella of home repair loans, including home repair loans for bad credit. This type of loan has less impact on your credit score than a credit card. You also obtain the funds quickly, generally within one week.

Young woman is smiling while doing laundry at home.

The Process of Applying

Lenders of this type frequently offer an online application. This simplifies the process and lets you complete the financing process before shopping. Knowing that you have the money to purchase a range of possibilities provides you with more buying leverage.

While the final decision and funding might take a week, many lending institutions update your application status within 24 hours. You may need to provide additional information to the financial lender. If that occurs, the lender will schedule a verification phone call with you. They may have you upload additional documents and information which they will verify. After verification, the lender will send you a promissory note to sign. This may come as an online document that you can e-sign. After you sign and submit it, the financing institution transfers the funds to your bank account.

Loanry Provides You With Another Method

While Loanry does not make loans, it may help you find a lender. The lender ultimately decides on giving you a loan or not, and you accept the terms, you might find the loan you need for a new washer or a dryer.

So how does it work? Even though Loanry does not lend, it offers space to lenders so they can communicate with potential consumers. It works similarly to a shopping mall, but instead of getting clothing, you shop for loans.

Institutions that participate offer various types of loans from car loans to student loans to home repair loans for bad credit to general-purpose emergency installment loans. If you are interested in this kind of service, here’s what you need to do:

  1. Go to Loanry.com
  2. Choose the type of loan you need and the amount you need
  3. Complete a form with your information

Loanry then goes through its database of financial institutions and it may find a lender for you. If this happens, you need to fill out that lender’s application and make sure to leave enough time for that, since it takes longer.

Another way you can use Loanry is by utilizing their money tools. This way you can compare lenders and gain better insight.

Saving Money on a Personal Loan for a Washer and Dryer

You do not have to go broke to have a washer and dryer in your home. In fact, even if you have to take out a personal loan for a washer and dryer, you can save money doing it. Implement these six tips to save money on your major appliance purchase.

Buy Units That Offer Rebates

This typically entails purchasing energy-efficient products. These products often provide a manufacturer’s rebate or the utility company offers the rebate. While applying for the rebate may entail a multi-step process, once completed, you receive cash back on your purchase. You can apply all of it to your loan payments and pay down your loan more quickly. Check the Energy Star website before you begin shopping.

Leverage online price-matching utilities

Large retailers often offer the best price match on any product their store sells. It has to be the same manufacturer, make and model. Some retailers offer to beat the competition’s price. Price matching can let you combine the lowest price with the best financing agreement. Two examples of retailers who offer this price match are Home Depot and Best Buy.

Avoid the extended warranty

Typically, the appliances outlast the warranty and the extended warranty. The extension just provides the retailer with another method of generating profit. The problems washers and dryers do sometimes develop during the warranty period cause such a small issue that the repair costs less than the extended warranty did.

Purchase Refurbished or Used Appliances

We’re not talking about eBay or Craigslist. Many appliance stores offer used appliances that they have re-tooled. Many manufacturers offer refurbished appliances. You can still use the funds from your personal loan for a washer and dryer to purchase these appliances. The refurbished or used appliances from reputable bricks and mortar stores still come with a warranty.

Obtain Email Quotes

Obtain online quotes from each major retailer. These all get sent to your email, enabling you to compare costs at your leisure. This also provides you with a printed quote that you can reference if a salesperson tries to raise the price when you visit the store.

Consider the Delivery Fee

Comparing these fees gives you an apples to apples look at prices. It is unlikely that you will pick up something as large as a washer and dryer since few individuals have a vehicle large enough to haul these items. The delivery fee of a store could change its final price remarkably. Look for stores with free delivery.

By combining these six items you can save a remarkable amount of money on your appliance purchase. For example, you might find a store with free delivery that offers price matching. When you find a terrific price on a refurbished unit at another store that the retailer with free delivery also carries, you can nab a washer and dryer combo for a teeny, tiny price.

Discount Retailers: Costco and Sam’s Club

Perhaps your appliance shopping will lead you to search for a personal loan for a washer and dryer from a major discount retailer like Costco or Sam’s Club.

Costco Wholesale logo.There are trade-offs to these discounters. In a Consumer Reports satisfaction survey, Costco earned the highest ratings possible for its prices on major appliances. Costco also received the lowest ratings possible for its product selection. Their appliances are sold only on Costco.com with a limited selection of display units in warehouse stores. You’ll find less than 100 models from which to choose. That includes all available electric and gas dryers. The selection includes only major manufacturers like LG and Whirlpool.

Finally, beware that getting your new washer and dryer delivered can take a while. At Costco, the delivery service requires two to three weeks. Sam’s Club offers a similar set of options. Its delivery also includes a haul-away of your existing washer and dryer. You’ll still need to visit the laundry or dry cleaners for a few more weeks with these options though.

Pros and Cons

While you may save a little because of your membership to these discount stores, you may sacrifice selection. That chalks up to cutting down your number of available makes and models for price comparison. Avoid only considering discount store retailers. You may also end up having to buy accessories if you purchase a set of appliances from a discount store. Costco, for example, sells front-load machines that require pedestals. The machines do not cost as much as regular washer/dryer combos, but the pedestals cost $500 each.

By getting pre-approved for a personal loan for a washer and dryer, you open up your selection of retailers and improve your chances of landing a really great deal.

The upside of these stores is they typically offer a two-year warranty outright. They also usually include their delivery fee in the price quoted on their website.

Your Personal Loan for a Washer and Dryer

You won’t obtain your personal loan for a washer and dryer the same way your next door neighbor will. What worked for them may not – and probably won’t – work for you. That is because you both have different credit histories, credit scores, jobs, and appliance needs.

The quickest way to obtain a personal loan for a washer and dryer remains Loanry.com. Before you visit Loanry to begin your quest though, visit Creditry.com to learn about your current credit situation. You can obtain your credit score without creating a hard hit to your credit report. You can educate yourself on the options available to you. Your credit score will fall into one of the following categories:

Credit score scale

Conclusion

You may decide that you need to improve your credit score before applying for a shopping loan for a washer and dryer. You might see mistakes on the report or notice entries that do not actually belong to you. A creditor may have reported late payments, but you can prove that you made them on time. Take the time to refute the incorrect information before you apply for your personal loan for a washer and dryer. You will improve your chances at approval and at obtaining a lower interest rate. Then, visit Loanry.com to jump-start your loan search.

Loanry