When you need immediate access to large sums of money, personal loans can be a source of financial relief. Personal loans can help cover home improvement costs, car purchases or repairs, cross-country moves or any large expense.
Finding and choosing a personal loan has historically been a complicated process, but we've worked hard to make it a lot easier - with our guide below and tools. Master the basics below to ensure you select the offer with the best rate for your needs and help build your financial future.
1. Are Personal Loans Smart Financially?
There’s a stigma around debt, and consumers might worry about the burden of making monthly payments or finding room in their budget. But personal loans can be a safe and secure way to meet your immediate financial needs.
Personal loans come with fixed monthly payments, which can help you create a budget that works with your income and your other expenses. Because payments are so predictable at the outset, you can choose to borrow an amount that you’ll be able to pay off within the agreed-upon timeframe.
During refinancing, a financial provider will take over payments on your original debt and offer you a new loan at a lower interest rate. Refinancing can be an effective strategy to consolidate credit card debt, package up other debts or tackle student loans. With lower annual percentage rates (APR), you can reduce how much you have to pay each month and how much you’ll owe over time through accumulated interest.
Fiona can help you search for personal loans at better interest rates than your current debt. With real-time pre-approved offers, Fiona can help you explore your options and make informed decisions about your financial future.
Get personal loan offers with Fiona below.
2. Will Applying For Personal Loans Hurt My Credit?
There are two types of inquiries that financial institutions can make into your credit card history — hard pulls or soft pulls.
When you apply for a new line of credit, either a loan or a credit card, the process usually triggers a hard pull. The provider will request your credit rating, which goes on your credit history and can temporarily lower your score. Several hard pulls in a short time period indicate to providers that you might be a risky partner and can lower your likelihood of getting approved.
A soft pull, however, is only used to verify general personal information and doesn’t go on your credit history or harm your credit score. Fiona uses a soft pull to match your personal information with relevant pre-qualified offers, which means your application will be a good fit and more likely to be approved. Fiona saves time in the search process, but also prevents you from putting out too many applications to offers that don’t align with your financial background.
3. How Do I Find The Best Personal Loans?
Fiona is a comprehensive search engine for financial services that helps you compare loan offers from top providers, all in one place. Users can search based on relevant information — like credit score and loan purpose — to view pre-qualified offers. Providers change rates all the time in response to the market and other forces, but Fiona provides you with real-time information that reflects rates actually available at the moment.
Users can compare different personal loans by APR, loan term or monthly payment to evaluate the best choice for them. Fiona also streamlines the application process, connecting you to the top providers online in minutes.