What Are Personal Loans & Their Uses?
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How Do Personal Loans Work?
Before You Apply for a Personal Loan: Need-to-Knows
Good Things to Get a Personal Loan for
Closing costs on a home, or making home renovations or repairs that could increase the value of your property Paying off medical bills, including financing weight loss surgery, or emergency expenses you would otherwise need to put on credit Using a personal loan to consolidate other existing debts, such as credit card debt, which could help you save money in interest over time, pay off your debts more quickly and simplify your repayment strategy. You could even use a personal loan to pay off a TSP loan early.
3 Tips for Finding a Good Personal Loan
Look for Lower Interest Rates
Don’t Forget to Look at Fees
Remember Each Lender Has Its Own Policies
Do Personal Loans Affect Credit?
Personal Loan Application Process
3 Tips for Qualifying for a Personal Loan
Improve Your Credit Score Before Applying
Make an Effort to Lower Your Debt-to-Income Ratio
Consider a Cosigner
Alternatives to Personal Loans
The Takeaway
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About the Author
Jamie Cattanach is a full-time freelance writer whose work has been featured at CNBC, Yahoo Finance, The Motley Fool, the Huffington Post and other outlets. At SoFi, she writes about investing, retirement, student loans and how to get your money right -- no matter what that means for you.
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