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Compare Loans Offers Online
A personal loan is a sum of money you can borrow from a bank, credit union, or online lender. The amount you borrow will be paid back on a predetermined schedule until the total amount plus interest is paid in full.
it is important to be careful and smart when borrowing money, if you have issues with debt or income a personal loan may worsen the issue by adding interest and raising the total amount you owe. Sometimes personal loans are necessary but the best time to use one is if it can potentially save you money or improve income opportunities.
Ohio's Best Personal Loans
It is important to shop and compare rates when considering taking out a loan. Do not go to the first lender who pre-approves or qualifies you. Below are four trusted online lenders that we recommend checking out first.
Top 5 Online Loan Services.
PersonalLoans.com
Personaloans.com is one of the leading names in online lending. Offering the largest amounts and lowest interest rates on our list, Personaloans.com is a viable option for those who have good to great credit. Offering interest rates as low as 35.99% and loan terms up to 72 months there are many flexible options to get the money you need.
Get Approved for up to $35,000 | Apply on PersonalLoans.com
ZocaLoans
Zocaloans is a more flexible option as far as getting approved, they offer small amounts of to $1500 to be repaid over a term of up to a year. With interest rates a little higher than most lenders, Zocaloans can be a good option if you are in a jam and need quick cash.
Get Approved for up to $1500 | Apply at ZocaLoans
OppsLoans
Opploans is another reputable lender offering amounts up to $4000. With over 9000 5-star Google reviews it is the highest consumer-rated lender on our list. Opploans a max interest rate less than half that of traditional payday loans and Opploans is another reputable lender offering amounts up to $4000. With over 9000 5-star Google reviews it is the highest consumer-rated lender on our list. Opploans features a max interest rate less than half that of traditional payday loans and offers loan terms up to 18 months for repayment.
Get Approved for up to $4000 | Apply at OppLoans
MaxLend
Maxlend is a flexible lender that offers up to $3000 with funds available the same day as the application if you are approved. Maxlend offers repayment terms of 9 months, with weekly monthly, or bi-monthly payment plans. Returning customers may qualify for a loan term of 10 months or more
Get Approved for up to $3000 | Apply at MaxLend
Other Loan Options:
If for any reason you cannot get approved for a personal loan through a traditional lender then there are still options if you need quick cash. Below are some alternative secured loans for those in need of a little extra help this month.
Title Loan
Cash Advance
Payday Loans
Payday loans are similar to cash advances. They are short-term loans in which the amount owed plus any fees is paid typically on your next payday. Be careful to only take these types of advances when absolutely necessary as it is easy to get behind on fees and can take a while to catch up if you are advancing your entire paycheck. See what you are approved for at ACE Cash Express.
Installment Loans
An installment loan is an agreement to pay back a lender in a certain amount of equal “installments” over a predetermined period. Installment loans are given for all sorts of things: Automobiles, mortgages, jewelry, and furniture. However, if you arent looking to make a purchase that offers to finance, you may want to seek out a loan for cash.
A personal loan is the same as an installment loan, but rather than the amount borrowed going to a car dealership or jeweler, the principal amount goes directly to you. Then you repay the principal and interest through your payment plan just as if you had purchased a car. Installment loans have larger amounts and longer terms than other types of loans and advances, allowing for more flexible options.
Terms to Know:
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Principal Amount — This is the amount your borrow. or the total loan amount less interest and fees.
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Interest — Interest is the fee that the lender collects on your debt, it is based on your credit history and the amount of time you take to re-pay the loan. APR stands for "annual percentage rate" and is the numerical representation of the percent interest you will pay each year on top of the original loan amount.
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Term —The length of time to which you agreed to repay the loan. Example: 60 payments over 5 years.
Pro tip: Today there are many internet lenders competing for your business. If you’re not sure whether a lender is legitimate, consider checking with consumer reviews and trusted sources.
Unsecured vs. Secured Loans
Traditionally loans fall into one of two categories: secured and unsecured. An unsecured loan is not backed by any type of collateral and your qualification is based on your credit history.
Secured loans are a good alternative for those who have less than perfect credit or want a lower interest rate than they can get with traditional lenders. Unlike other loans secured loans are backed by an asset such as your home, vehicle, or savings account. If your financial history cannot demonstrate to lenders your ability to pay you can provide security to the lender by offering an asset as collateral, the value of which will quite likely determine the amount you are able to borrow.
Paying back a personal loan
As with any debt, it is important to first understand the structure of your repayment term. Make note of the amount you owe and when each payment is due. Make sure you create your budget around your loan payments. Anything with interest should be paid on time and as quickly as possible to avoid unnecessary fees or extra interest charges.
Tips:
- Make extra or early payments to avoid interest charges
- Make your payment before budgeting spending
- On-time payments will improve your credit history