Personal Loans

Learn the basics about personal loans and find providers, as well as other debt consolidation loan alternatives. Other alternative options can also be found in the "Types of Programs" menu above. Click on a product type to jump ahead to a specific list of providers.

• Personal Loan Providers - Getting approved for a personal loan typically requires a good to excellent credit history. If you have experienced credit problems, or you have so much debt you cannot consolidate it into a loan, you should know that there may be other options for you.
• Debt Consolidation without Loans - Do you have bad credit or has excessive debt gotten you turned down for a loan? Debt consolidation through credit counseling or debt settlement may be a better choice for your financial situation.

How important is my credit history when applying for a loan?

Obtaining an unsecured personal loan requires a better credit history than other types of loans. Still, there are programs that may be available to you with less than perfect credit. It comes down to how much you are looking to borrow, what interest rate you are willing to pay and other basic underwriting (loan review at a lender) criteria. If you been late with payments and have a lot of debt, you may want to review the debt consolidation without loans section of this page and the separate  debt consolidation directory page, as well.

A personal loan is generally made for smaller amounts and is most often offered on an unsecured basis. This means the borrower is not required to present collateral / security in order to obtain financing. The approval of unsecured loans is typically based upon the borrower's credit history and ability to make payments, as determined by such factors as job stability and debt to income ratio (monthly payments as a percentage of gross income). Other factors, such as length of time at your residence and  whether you own a home or not may play a part, as well. These two factors are indicators of stability. Because they only require you to sign and not give collateral, they are also often referred to as signature loans. The loan is guaranteed with your signature. This may sound great, but because of their increased risk to the lender, they are most often financed at higher interest rates than other types of loans. In some cases, these loans are secured to assets, such as a vehicle (car title loan), but this form of financing is not nearly as common as it once was.

More information about personal loans. (continued on this page)

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Personal Loan Providers

HAVE GOOD TO EXCELLENT CREDIT? Consolidate your debt with a loan.

List of Advertisers for Personal Loans:
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Consolidation Without Loans

HAVE YOU HAD CREDIT PROBLEMS? BAD CREDIT? ALREADY TURNED DOWN FOR A LOAN? The following are alternatives to loans.

List of Companies Advertising Personal Loan Alternatives:
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Additional Personal Loan Information

Unsecured lending takes a couple of main forms, based upon the borrower's needs: traditional personal loan financing and credit cards. While traditional personal loans have been around much longer, they have been largely replaced by the credit card, which lenders find far easier to sell, package and market to the public (thereby making them much more lucrative... and dangerous for irresponsible users). You can now find a credit card for almost any need: retail / store, gas, pre-paid, secured, and incentive cards (examples: frequent flyer miles and cash back programs).

Personal or signature loan financing is not as prevalent as it once was due to the fact that it has a sales cost to the financial institution or lender and is more difficult to package using computerized underwriting programs. However, this directory does feature several advertisers that offer this type of financing, or you can apply for one at a bank (visit the bank directory for listings of local banks). A few key things to note: 1) These loans are generally paid out in a single lump sum; 2) They usually have a fixed monthly payment, term and interest rate (unlike a credit card); 3) And finally, as mentioned, they are charged at a higher rate of interest than the common forms of secured loans, such as mortgages, home equity loans and automobile loans.

TIP / WARNING: Borrowing and using a personal loan for debt consolidation will do absolutely no good if you think the resulting lower payments will give you the right to go out and run back up your debts by shopping. If you do, you will only become worse off than you are now. Here is a better idea: Open a savings account and put a portion of your check into it each payday. Many banks also offer auto-withdrawal services and are more than willing to do this for you. If you cannot force yourself into a schedule of saving on a regular basis, let them help you. Then, when an emergency arises, or that "gotta have it" purchase comes along, stow the charge card. Use your savings!

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Personal Finance Tips

Make the right decisions when shopping for debt consolidation and related financial services. Educate yourself!

We also offer general personal finance information to help you get a handle on your budget and save money when shopping online for personal loans and other financial services. Do more than just save money now. Learn now and save money in the future, as well! Want to view more articles like these? Visit our consumer education section.

• Comparison Shop for Loans - Check here for a list of questions you really should ask before getting an equity loan. Such as, Have you evaluated all of your other options before using your primary residence as collateral for a loan?
• What Type of Credit do You Need? - Credit cards can be a great financial resource if they are used responsibly. Unfortunately, for a lot of consumers, they become a big problem when it comes to the management of their personal finances. This article from the FDIC stresses the importance of evaluating your true needs and how credit cards work.
• Remember to Review Your Credit Report - Provides definitions for some of the most common home loan terms and phrases related to the mortgage lending process like debt to income ratio and underwriting.
• What is a Secured Loan? - Learn about what makes a secured loan unique and different from an unsecured loan, some of the pros and cons and about the various kinds that are commonly offered to consumers.

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Other Forms of Debt Help / Relief

If you are looking at a personal loan as a way to consolidate debt, please make sure you examine all of your available options before you obligate yourself to a loan. Other sections on the Debt Consolidation Loan Directory list companies and services that you may want to review and compare with those listed on this page.

• Credit Counseling Services - Find web site listings for non-profit credit counseling companies from the Open Directory Project (ODP - http://www.dmoz.org ).
• Debt Consolidation Programs - Are your bills piling up? Lower your monthly payments and consolidate them with a debt consolidation loan or a related service.
• Debt Management - Too much credit card debt and other unsecured bills to be able to make your monthly payments? Start here by reviewing and comparing different debt management options for getting help with your credit cards and other monthly obligations.
• Debt Consolidation Companies - Company listings from the Open Directory Project that offer credit card consolidations, debt counseling services and consolidation loans to consumers, students and businesses.

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