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Find the Best Personal Loan for Your Needs

For many people, a personal loan seems like the next step in solving their financial troubles or paying for unexpected expenses. With the estimated credit card debt averaging $4,817 in Columbus, Ohio, many people look at personal loans as a method to pay off debt with high interest rates.

Although taking out a personal loan seems like a smart decision, there are three very important steps you need to take into consideration when applying for a personal loan.

Step 1: Know Your Credit Score

So you have researched the benefits of a personal loan and are thinking about applying for one, before you take that step, it is crucial that you know your credit score. Credit score serves as a method for lenders to look into your financial background. More than ever, credit scores impact your ability to take out any loan unless you find some quick loan bad credit lenders willing to work with you.

Personal Loans in Columbus, OH

Once you check your credit score and have become familiar with what lenders will see, it is important to adjust any possible aspects of your credit score that may be harmful. These aspects include, lowering your debt, raising your credit score if it is below average, and disputing possible discrepancies.

Step 2: Shop Around

As with any loan, shopping around is an important part of the process to decide where to borrow money. You do not want to go with the first lender that gives you a good deal because you may not be aware of the hidden fees or high interest rates within the loan.

More so, get to know the different options banking institutions have compared to credit union or direct lenders. Most importantly, although you can apply for a personal loan online, in person meetings help you get to know the financial institution more. With this process, you can always ask questions to areas of your personal loan you may be unclear about.

Step 3: Fees, Interest, and Term

It goes without saying that any loan will always come with high interest rates and fees. With that, if your financial situation is seen as a plus in the eyes of the lender, you have more leeway to negotiate the fees and receive the best of your personal loan.

If not, that is okay too. However, it is key that you work with a personal loan lender that specializes with your credit score. This particular lender may give you deals that you would not have gotten otherwise and may even lower certain fees or may extend the term according to your needs.


Are Payday and Title Loans the Same as Personal Loans?

No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it's a longer monthly installment loans option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.

Personal Loans in Columbus

Personal Loans in Columbus,Ohio
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Eagle Loan

1940 Baltimore-Reynoldsburg Rd, Reynoldsburg, OH 43068, USA
(614) 759-9008
4.8 / 5 Stars

OneMain Financial

6003 E Main St, Columbus, OH 43213, USA
(614) 866-6309
4.6 / 5 Stars

Advance America

3651 W Broad St, Columbus, OH 43228, USA
(614) 279-6769
4.5 / 5 Stars

Mariner Finance

1718 Hilliard Rome Rd, Hilliard, OH 43026, USA
(614) 503-1060
4.3 / 5 Stars

Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.