The top 9 reasons for personal loans

Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses and much more. These loans are paid back in monthly installments over the course of typically two to six years, but it can take longer depending on your circumstances and how diligent you are with making payments.



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Birdseye view of desk

Here are the top six reasons to get a personal loan and when they make sense:

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  1. Debt consolidation.
  2. Alternative to a payday loan.
  3. Home remodeling.
  4. Moving costs.
  5. Emergency expenses.
  6. Appliance purchases.
  7. Vehicle financing.
  8. Wedding expenses.
  9. Vacation costs.

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Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

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How personal loans work

Once you get approved for a personal loan, the funds you receive will be disbursed in a

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Why you should consider personal loans during the coronavirus pandemic

Personal loans could help cover unexpected expenses with lower interest rates. (iStock)

Millions of Americans face unprecedented personal finance concerns as the coronavirus pandemic continues to affect unemployment rates months after the first case of COVID-19 was reported in the United States.

The Federal Reserve took steps in March to encourage consumer spending by lowering interest rates to near 0%. Rates have stayed low, and projections suggest that the interest rate will remain near 0% until at least 2023.

If you’re considering a personal loan, now may be a good time to move forward so you can take advantage of low rates. Get started on the application process today.

If you still want to do more research before taking out a personal loan, read on.

What is a personal loan?

Personal loans allow you to borrow funds from a lender to use for any expense. Typically, personal loans

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Can I get a personal loan if I have student loans?

When you have student loans, getting a personal loan can be tricky. Lenders may see you as a risk. But there are ways to improve your chances of qualifying. (iStock)

If you’re a student loan borrower, it likely that you have significant student debt — even with the forbearance options currently available.

In the 2018-2019 academic year, the average student loan at private for-profit colleges and universities was $7,614. The average student loan was $8,100 at private non-profit schools and $6,483 at public schools, according to Statista. Total student loan debt in the U.S. for the 2018-2019 school year totaled a whopping $106.2 billion. When you consider that it takes about 52 months to graduate with a bachelor’s degree, it’s easy to see how debt can really add up.

With all that student debt, you may not want to take on more — but you may have to,

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To Revive Demand Ahead of Festive Season, SBI Offers Personal Loans With Big Benefits



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© Manmath Nayak | India.com Business Desk



New Delhi: At this time of corona crisis when the economy and demand are going through a rough phase, a number of financial institutions, including banks, are offering various kinds of benefits on loans to customers to revive demand in the market in the upcoming festive season. The State Bank of India (SBI) on Monday has floated one such initiative with massive benefits. As per updates, the SBI has announced a 100 per cent waiver in the processing fee for all customers applying for auto, gold and personal loans through its Yono application platform. In a notification, the SBI stated that there will be a complete waiver of processing fees on home loans for homebuyers in approved projects. Moreover, the bank is also ready to provide concessions in interest rates up to 10 bps for select customers however, this will be based on
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How to Stop Relying on Payday Loans

Here’s how to cut payday loans out of your life for good.

Payday loans are like a black hole. They suck in your money and trap you in a vicious cycle of borrowing. If you’re a payday loan customer, it can feel overwhelming. But you can break the cycle and stop relying on payday loans.

How payday loans work

Let’s say you need money fast. Your electricity has been shut off for non-payment, or your car has blown a gasket. Your savings account is empty, and you think your credit score is too low to qualify for a bank loan. You won’t get paid for another 10 days and decide to borrow some money to see you through.

If you live in a state that allows payday lenders, you might visit a physical location or go online. Payday lenders make it easy. All you need is your identification, a pay

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Pay off student loans or invest? Here’s how you can decide

Consumers should focus on paying down their student loans and credit cards. (iStock)

The coronavirus pandemic forced many businesses to shutter their doors, resulting in millions of Americans losing their jobs and tapping into their savings as their unemployment funds ran dry.

Almost one of every five American workers remain jobless and at least 29 million people are receiving unemployment benefits. Amid economic uncertainty, consumers are evaluating their various types of debt, financial priorities, and determining how to pay off debt faster.

Consumers are considering whether they should use their stimulus check to pay off debt — like student loans — or invest in hopes of gaining some extra money in the long run.

Should you pay off student loans or invest?

Both paying off student loans and investing are important. But how do you decide whether to pay student loans or invest? There are some important factors

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Best Personal Loans for Good Credit of September 2020

What Credit Score Range Do You Fall Into?

  • Excellent Credit: 800–850
  • Very Good Credit: 740–799
  • Good Credit: 670–739
  • Fair Credit: 580–669
  • Poor Credit: under 580

What Is a Good Credit Score to Get a Personal Loan?

It’s safe to assume that the higher your credit score, the more doors are open for you. That means more lenders are willing to offer you personal loans at the lowest rates and best terms. While 670 is the minimum “good” FICO credit score, lenders tend to give preference to those with at least a 690 score, and more so if you have an excellent credit score closer to the 800 range. 


Where is The Best Place to Get a Personal Loan With Good Credit?

The good news is that there are plenty of lenders that offer personal loans for borrowers with good credit. Options include banks, credit unions, brick and mortar institutions, and

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Thousands of businesses got critical loans during pandemic | National News

When a large swath of Connecticut was forced to shut down during the early days of the coronavirus pandemic, state officials quickly created an emergency loan program from scratch, hoping to help small businesses — from pizza shops to yoga studios — weather the economic crisis.

Months later, records obtained by The Associated Press through a Freedom of Information Act request show the fledgling Connecticut Recovery Bridge Loan Program ultimately funded 2,123 one-year, no-interest loans, averaging $19,705 a piece. Because of the massive flood of applications, officials decided to cap loan amounts at $37,500 — half of the $75,000 originally promised when the program was launched in March — to help twice the number of businesses.

The change was made after officials had to stop accepting applications the day after the program was announced and decided to double the $25 million investment to $50 million, underwritten by the state’s venture

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RBI Allows One-Time Restructuring Of Corporate, Personal Loans

RBI Allows One-Time Restructuring Of Corporate, Personal Loans

RBI has made provisions for restructuring of personal and corporate loans

In a major relief to corporate and retail borrowers, the Reserve Bank of India (RBI) on Thursday permitted banks to go for one-time restructuring of loans that are facing stress due to the COVID-19 crisis with a view to mitigating risks to financial stability. The restructuring will be allowed as per the prudential framework issued on June 7, 2019, RBI Governor Shaktikanta Das said. RBI also announced setting up of an expert committee headed by veteran banker K V Kamath which will give recommendations on various parameters to be factored into each resolution plan for corporate loans.

“With the intent to facilitate revival of real sector activities and mitigate the impact on the ultimate borrowers, it has been decided to provide a window…to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change

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First Midwest Bank Personal Loans Review 2020

Founded in 1940 with the slogan “The Friendly Bank,” First Midwest Bank offers products and personal loan services to consumers in 27 states, but in four of those states applicants are only allowed to use the loan for home improvement purposes. Still, the bank offers competitive rates and flexible repayment terms. 

Even if you reside in one of the states that First Midwest Bank services, you should shop around to see whether its offer is the best fit. To aid you in your search, we’ve reviewed important details such as rates, repayment terms, and fees to help you with your final decision.

Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn’t affect how we rate, review, and rank them.

Pros Explained

  • Minimal fees – First Midwest bank only charges a $150 documentation fee and
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