With a personal loan, you can borrow money to consolidate high-interest debt, finance a large purchase or cover emergency expenses. Loan terms are usually less than five years, and amounts typically range from $1,000 to $100,000.
The Federal Reserve has held interest rates near zero amid the COVID-19 crisis, which can reduce the cost of a personal loan – if you can get one. Borrowers will likely face stricter lending standards as lenders try to protect against the coronavirus downturn.
Still, if you have strong credit and steady income, finding the best personal loan for your needs at a low interest rate could save you thousands.
Here’s what you need to know about choosing a personal lender and getting approved.
- What is a personal loan?
- Where can you get a personal loan?
- What is the interest rate on a personal loan?