Learn How to Get a Personal Loan in 8 Steps

You can search the Bankrate personal loan marketplace for many loan types, such as:

• Debt consolidation loans: One of the most typical applications for personal loans is debt consolidation. By consolidating your debts into a single loan, you reduce your monthly payments and receive a single (possibly cheaper) interest rate.

• Credit card refinancing loans: Some organizations, such as Payoff, specialize in credit card debt consolidation loans. Because personal loan rates are frequently lower than credit card rates, a loan may be an excellent method to pay off your credit card bills over a longer period of time.

• Loans for home improvements: If you want to pay for a significant remodeling without taking a secured home equity loan, a home improvement loan may be a smart alternative.

• Medical loans: Because medical bills are frequently unpredictable, a personal loan may be a useful option to reduce the immediate financial load while paying off debt over time.

• Emergency loans: These loans can be used for a variety of objectives. A car breakdown, a minor medical expense, or a busted pipe are all valid reasons to obtain this type of credit.

• Wedding financing: Weddings and vacations may be costly, which is why many people use personal loans to cover the costs. This distributes payments across years, eliminating the need to pay for a big occasion all at once.

Takeaway: Find a lender who provides loans tailored to your individual need.

Next steps: Look through the Bankrate personal loan marketplace to locate the best loan for you and your borrowing requirements.