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Personal. Meet Loan.

A personal loan, sometimes called a “consumer loan,” is exactly that – a loan to you, the consumer, as an individual. You receive money up front and agree to pay it back with interest. Interest is the cost of borrowing money, the same way you might pay to rent a movie or sleep in a hotel room – you pay for using it, even though you eventually “give it back.” You can begin your personal loan shopping at your favorite local bank or credit union, but don’t overlook the many valid options for a personal loan online.

Personal loans typically carry a fixed interest rate, meaning that whatever rate you and the lender agree to at the outset is what the rate will be for the life of the loan. Most personal loans are term loans, also known as “installment loans.” They’re repaid in consistent amounts at the same time every month and your final payment date is scheduled the day you sign the paperwork.

There are sometimes other fees to offset the set-up costs of consumer installment loans. These should be spelled out in advance; if they’re not, you should ask if they’re hidden in the numbers somewhere. There may be penalties for late payments or for paying the loan off early. Like the interest rate and any fees, these should all be spelled out clearly in advance before you commit to the loan.

Personal loans can be “secured” or “unsecured.” If a loan is “secured,” it means you’re offering up something of comparable or greater value than the amount borrowed as a guarantee of repayment. The item you use as security becomes “collateral” for the loan. If for any reason you’re unable to make your payments, the lender has the right to take possession of your collateral in order to reclaim what they’ve lost as a result. Most of them don’t want to do this; it’s inconvenient to have to claim and then sell your house or car or silver bullion or rare Hot Wheels collection. They do it to protect their own interests and to motivate you to find a way to make those payments on time, every time.

The advantage to a “secured” loan is that you’re generally able to lock in a lower interest rate because the loan is less of a risk for the lender. On the other hand, there’s a risk you’ll lose your collateral if you’re unable to make your payments. Not so with an “unsecured” loan. An “unsecured” loan is not backed up by collateral. Because of this, it’s considered a higher risk for lenders. The interest rate you’re able to get on an “unsecured” loan is largely dependent on your current credit score and credit history. If you have a good track record of making car payments, using credit cards wisely, and otherwise demonstrating financial reliability, you probably have a high three-digit credit score. Loans for good credit usually carry lower interest rates and offer other generally favorable terms.

If you’re relatively young or have somehow avoided using credit until now and don’t have much of a credit history one way or the other, you can still apply for a personal loan. There are reputable online loan companies who specialize in personal installment loans and gladly consider a bad credit personal loan for borrowers with reliable income and other indications of stability. As with so many other things, you won’t know until you ask. Installment loans for bad credit may be more difficult to secure, and they’ll likely have slightly higher interest rates, but they’re out there if you need them.

How Does My Credit Score Impact Getting A Personal Loan?

Your credit score is a three-digit number computed from a variety of factors, including your history making previous payments, your current total debt, and your debt utilization ratio. Depending on who’s computing your score, there may be other factors as well, but these are usually the biggest.

Your debt utilization ration is the total amount you currently owe compared to the amount available to you. Imagine all of your debt as being on a single credit card (don’t worry – it’s just hypothetical!) Pretend your current balance on that imaginary credit card is $2,300 and your total credit limit on that same imaginary card is $2,500. You have a poor debt utilization ration, because you’re using almost all of your available credit. Now let’s imagine that same $2,300 balance on a card with a $10,000 limit. Even though you’d owe the same dollar amount, you’d have a much better debt utilization ratio because you’d be using so much less of your potential debt as a percentage of what’s available. Apply that to your entire financial world and that’s your debt utilization ratio.

There are several popular ways of computing a credit score, but two – FICO and VantageScore (VS) – are far more common than the rest. Credit scores range from 300 – 850. Anything below 580 (FICO) or 600 (VS) is considered “poor” or “very poor.” It will be difficult to get a personal loan on any terms from most lenders with this sort of score and you may have to accept extra fees and high interest in order to get your loan and start improving your credit history. A score of 580 – 669 (FICO) or 600 – 660 (VS) is considered “fair.” You can probably find several options for a short term personal loans, but you’ll want to loan shop for decent terms before agreeing to anything.

A credit score of 670 – 739 (FICO) or 661 – 780 (VS) is “good.” Despite our national tendency towards massive debt, this is where most Americans land on the credit score scale. You should be able to find good terms for cash loans online and may even garner some offers from traditional lenders if you tell them you’re shopping around. Anything above 740 (FICO) or 780 (VS) is “excellent.” You’re in pretty good shape. Loan places love people like you. Congratulations – now make sure you keep it going!

How Can I Get a Personal Loan With Bad Credit?

There’s no single answer for where to get a loan if you have less-than-stellar credit, but many other consumers in situations much like yours have found it easier to get a personal loan with bad credit when they credit shop online.

Online lenders tend to have lower overhead (no fancy lobbies or popcorn machines) and are by nature more flexible and creative with their lending policies. That doesn’t mean you shouldn’t take your arrangements with them very seriously – repayment is still essential, both because it’s the right thing to do and because of the dramatic impact it will have on your credit history and credit score. But many borrowers find it less stressful to get personal loan online than when they have to take off work to visit more traditional financial institutions and make their case in person.

You should know your credit score before applying in order to avoid any surprises. (It’s easy to check for free on creditry.com.) Be prepared with your tax information from the past few years, as well as the specifics of your current income and employment. Even though you may not be required to submit the paperwork itself, the more specifics you have ready, the better.

If you’re unable to get approved on your own, you might consider a co-signer. A co-signer is a trusted family member or friend with a good credit score who’s willing to add their name to your loan. You’re still expected to make your payments, but if you don’t, the lender will demand that the co-signer make good on past due payments, or – in extreme cases – the balance of the loan. This is NOT something you want to take lightly; your finances are important, but relationships are pretty important as well. Don’t put a loved one or close friend in that position of having to cover your debts!

Why Loanry?

One of the best features of any personal loan is that you are free to spend it as you see fit. While it’s never a good idea to borrow money just to borrow it, it’s nice to have discretion with how the funds are utilized. Maybe you took out the loan primarily to consolidate medical bills and credit card debt, but you find that you’re also able to catch up on some utilities and pay back your brother-in-law from that time last summer when he helped you out. It’s your loan; no one will question your decision. Or maybe you’re seeking an emergency personal loan so you can travel out-of-state and spend more time with a grandparent or old friend before they pass, or to attend a wedding or someone’s graduation. If you spend part of it on airline tickets, part of it on hotels, some of it on meals, and the rest on catching a movie or buying flowers along the way, that’s entirely up to you.

Lenders don’t care how you spend your personal loan. They care whether or not you make your payments. Period.

Loanry is about offering you convenience before you ever take out that personal loan. You can research current interest rates, learn more about vehicle financing, read up on investment strategies, or figure out whether or not you’re prepared for tax season – all from the comfort of your own living room with your own laptop or on your phone during your lunch break. When you’re ready, you can submit your information any time, day or night, on holidays or weekends, whether it’s snowing or 103º outside. You’ll often hear back within 24 hours, and if approved, money may be deposited in your account before you even have time to brag about it on social media.

We can’t make everything about your personal and small business finances easy, but it certainly doesn’t have to be so hard. And you don’t have to do it alone.

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A personal loan should always have a purpose.

For many people, the goal is primarily financial. They want to consolidate their debt into more manageable installments, hopefully with a better interest rate. They want to navigate unexpected circumstances or travel by spreading out the cost with predictable monthly payments. They wish to make major repairs or purchases, but don’t want to run up their high-interest credit cards or exhaust their savings. These are all short-term financial goals that serve a long-term financial good.

Even if the purpose is less obviously monetary, however, the right personal loan can still serve a long-term financial purpose. A loan for a family vacation or to purchase a luxury item must be repaid like any other. How you handle those payments, along with your other obligations, will either strengthen or weaken your credit history. The financial decisions you make right now are what shapes the availability of flexible financing in the future and the terms on which that financing will be offered.

It’s not all about money, but our finances impact almost everything else in our worlds. In turn, most of what we do and value impact our finances as well. We might as well acknowledge it and make it as useful as possible.

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At Loanry, we’re best-known for our rather impressive (*blush*) track record connecting people to lenders and letting them work out their own arrangements. We’re proud of the feedback we get from users like you, and we love the success stories we hear.

You may come to Loanry or any other part of the Goalry family the first time because you need a cash loan for bad credit or help figuring out which of the many types of personal loans best fits your circumstances. We hope, however, that you keep coming back even when you’re not currently searching for a loan. You can access Taxry to learn more about all of those deductions taken out of your paycheck every month, including which ones you can control and which ones you can’t. Visit Wealthry to find out what you can be doing to invest for retirement, even if you’ve been living paycheck-to-paycheck. Try Budgetry for advice on maintaining an effective household budget. Use our online loan checker to experiment with different interest rates, repayment schedules, and other terms.

Of course Loanry and Cashry are always here when you do need quick cash loans. Our database of reputable online lenders is always here to serve. That won’t change. But let’s not stop there. We want to help you take more effective control of your personal and small business finances as part of living a richer, more enjoyable life. It’s not just about the money – it’s about what the money allows you to do. It’s about less stress and worry and more living and making a positive impact on the world.

Yes, that’s a bit idealistic. Maybe even cheesy. That doesn’t mean we’re not 100% committed to the possibilities.

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Did You Hear?

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

Thomas Edison (American Inventor and Entrepreneur)

Educate Yourself

Personal Loans: By the Numbers

Americans carry a tremendous amount of debt, and the amount is increasing daily. As the average credit score continues to rise, an increasing number of citizens seek the assistance of debt reduction or credit counseling services. Borrowing money keeps getting easier; paying it all back seems to keep getting harder.

We are a nation of contradictions, and the facts can seem pretty confusing. A careful breakdown of the numbers, however, reveals a few things which might be helpful to you, the individual borrower. Because in the end, it’s not about this segment of Americans or that demographic; it’s about what’s most helpful for you, in your circumstances, right now. Even more than that, it’s about where you COULD be – and sooner than you might think.

Let’s look at some numbers and see what jumps out.

Explained in 3 easy steps

How all of
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It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.

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Step 1

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Tell us things like who you are and how much money you need.It only takes minutes.

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Funds are deposited directly to your bank account as soon as the next business day.

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Reasons for Personal Loans

A personal loan can be useful in any number of situations. Whether you’re consolidating bills or managing unplanned emergency expenses, personal loans can provide flexibility and bridge that gap.

Replace your high interest credit cards, outstanding medical or legal debts, and any other loans or obligations with a single monthly payment. Reduce stress, improve your credit score, and have more money left over each month.

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Renovating or expanding your home can make your life more comfortable as well as more efficient – not only for yourself, but for he loved ones in your care. It can also raise the value of your home, putting money in your pocket if you ever decide to sell.

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It seems like important stuff breaks at the worst times – your automobile, your plumbing, major kitchen appliances, the computer you use for both school and work. You can’t always avoid major repairs, but they don’t have to own you. Personal repair loans allow you to fix what needs fixing and pay for it over time in manageable monthly installments.

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Not everyone has insurance. Even when we do, it seems like it covers less and less these days. Co-payments, non-covered treatments, pay-as-you-go care – it all adds up, and quickly. Don’t sacrifice your health or dodge phone calls and debt collectors to get by. A personal loan lets you take control of your medical expenses and stop the bleeding.

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Whether you’re more excited about where you’re going or what you’re leaving, moving is an adventure as well as a major expense. Don’t begin your new life by running up high interest credit cards or emptying your savings when a personal loan can help get you from place to place with a little room to spare.

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Whether the big-ticket item you’ve had your eye on for months just went on sale or you have to buy school clothes for all of your kids at once, sometimes there’s just stuff we need (or really really want) and not enough in the checking account to cover it. Don’t run up your credit cards or empty your savings; a personal shopping loan can help you bring home the goods without bringing the bad with it.

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No one should have to sacrifice their big day because of money concerns. Even with creative, frugal choices, weddings are expensive. The right personal loan lets you make the magic happen without having to invite your favorite collection agencies to the ceremony.

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Are you between jobs? Have you been in the hospital or unable to work? Maybe you’re juggling some other sort of unusually complicated circumstances and just need to get through a few months before things are definitely going to get better. Personal loans for rent should never be used as long-term solutions to ongoing difficulties, but they can help you bridge the gap between now and better.

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Whether you’re wanting a vacation vehicle or a new tiny home on wheels, RVs come in all sizes and varieties. You wouldn’t commit to such an important vehicle without doing your research and exploring all of your options; neither should you simply take the first loan offer that comes along. Let’s look at some options.

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When you need a lawyer, you really need a lawyer. Proper representation isn’t cheap, but sometimes you simply can’t afford to do without someone who really understands the system. Whether it’s contract law, business partnerships, or legal defense, a personal loan lets you focus on what’s important now and pay for it in manageable installments over time.

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Whether traveling for business or pleasure, across the state or across the globe, a personal travel loan lets you move easily within your budget without worrying about credit card fees or exhausting your savings. Let’s talk about ways to help you get where you’re going in comfort and financial security.

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  • The selection of a third-party purchaser to acquire your information may be determined by a comparison of your registration information with available loan products. Lenders consider a number of factors when assessing your request.

  • We are not a lender, loan broker or agent for any lender or loan broker. We are a marketing lead generator and FREE advertising service designed to provide you with quick and convenient access to third-party lenders.

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  • In the State of California, Loanry, LLC is licensed by the Department of Business Oversight pursuant to the California Finance Lenders Law. Loanry’s California license #60DBO 66864 can be viewed by clicking the image on the left.

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