How To Choose The Best Personal Loan

When you need money most, it’s not always possible to turn to a family member or friend for the funds or financial aid. Sometimes a personal loan can be a financially responsible way to handle emergency charges, plan for special occasions like a wedding or whittle down existing debt.

When you’re in a position to pay off your credit card balance in full every month, annual percentage rates (APRs) might not matter much to your budget. But if you carry a balance from month to month, intimidating APRs and fees will quickly start to pile up. The gouging high interest can create what feels like insurmountable debt.

With credit card consolidation, you can roll up the outstanding balances on different cards into one lower-interest, more convenient monthly payment. Eliminate the frustration of juggling payments on five different cards with different due dates and online platforms. One lower interest rate makes it easier to plan how to tackle your debt;: you’ll choose a certain loan payment period and receive a fixed monthly payment. With lower interest rates, you’ll also end up owing less over time, creating a more manageable financial situation.

Fiona is a fast and easy-to-use platform that can match you with the best credit card consolidation loans based on your creditworthiness, income, and other factors. With custom filters based on your personal data, Fiona helps you get matched with a personalized loan offer that’s right for you.

House upgrades add value to your real estate as you prepare to sell and can raise your offer price. But without the cash on hand, you won’t be able to make those needed improvements. Home improvement loans can help you bridge the gap as you embark on expensive projects around the house like renovating the kitchen, adding a deck or roof repairs. Many major financial institutions offer personal loans between $1,000 and $100,000.

Personal loans give you quick access to lump sum of cash and ease the burden of major expenses by spreading out the cost over the duration of the loan. Most personal loans are repaid over an average of 36 months, with different banks offering loan terms from 2 years to 7 years.

Personal loans can be more convenient than credit card debt because they’re usually paid off in regular, fixed monthly payments. Each month you know exactly how much you owe until you finish paying off the entire amount.

For some people, it makes the most financial sense to look for short loan repayment terms in order to minimize how little you’ll owe in interest. Interest accrues based on time, so longer loan terms will cost you more. However, short repayment terms mean that each monthly payment will be larger, even though you’ll owe less interest in total.

Calculate how much you can afford to spend out of your monthly budget, and search for offers that fall into that monthly payment amount. 

When you’re selecting a personal loan, shopping around can help you save money in the long term. During your loan search, use Fiona to sort by APR, monthly payment or lending partner to evaluate the best options for you.