Greenville, SC - Is a personal loan right for you? Join WSPA's Your Carolina and Spero Lending Service Specialist, Evan as they discuss the benefits of a personal loan. Watch the 5-minute segment below!
What is a personal loan?
A personal loan is a tool used to borrow money from a lender. Most personal loans are not backed by collateral, so lenders may base loan eligibility on the borrower's credit score, credit history, debt-to-income ratio, and other items. Funds can be used for almost anything - from funding a dream vacation or home project to paying off medical bills or other forms of debt. Really, the sky's the limit!
What are the benefits of a personal loan?
A personal loan provides quick access to funds - as fast as same-day in some cases. Rates typically are lower than other forms of borrowing such as a credit card, meaning the borrower may pay less in interest over the term of the loan.
How to pick the best personal loan?
Referring to the Annual Percentage Rate (APR) is a great way to evaluate a personal loan across different lenders. The APR is the total cost of borrowing that includes interest and any fees the lender may charge. You may also look for any special personal loan rate promotions that lenders run from time to time based on creditworthiness.
How does an individual apply for a personal loan?
Like Spero, most lenders have an online application that can be completed at the borrower's convenience. Information such as ID verification, financial information, employment status, credit history, etc. will be used to evaluate if the applicant is approved and the terms of the loan. After approval, funds may be provided as early as same-day.
“The way to see what would be best for you is to have a conversation to see where you're at now and where you want to be," Evan stated. "Everybody's goals are different. Everybody's situations are different. So, it really is a case-by-case basis.
Learn more about a Personal Loan at www.spero.financial/personal-loan
Information shared is this segment is for educational-purposes only and is not intended to provide specific advice or recommendations for any individual. Personal loan eligibility is subject to credit approval. Terms and conditions may apply. Membership is required. Insured by NCUA.