A roof repair after the storm of the century. A caterer’s deposit after your parents decide they can’t help you pay for your wedding, after all.
Real-time personal loan offers can help you find new breathing room in your budget and cover large expenses more affordably.
1. Low Monthly Payments
Personal loans have a simple structure. Based on the calculated annual percentage rate (APR), consumers pay one flat amount each month that includes any interest or associated fees. Users make the same monthly payment for the entire duration of the loan. At the beginning, a larger chunk goes to interest, but over time more of the payments go to reducing the principal.
Whether you want a low or a high monthly payment depends on your budget and financial situation. Low monthly payments fit more comfortably in your budget and can be the right choice if your income varies from month to month or you’re concerned about meeting the payments on time. Higher monthly payments, however, mean that you can pay off the loan faster. If you can manage it, higher monthly payments ultimately save you money on interest, so the overall loan is less expensive.
Most personal loans terms range from several months to up to five years. On the Fiona platform, you can see what’s available at the amount you need from major financial institutions. Fiona is a search, comparison and recommendation platform that helps you find pre-approved offers that fit your financial circumstances.
Get personal loan offers with Fiona below.
2. Low Interest Rates
If you have a large expense that your savings won’t cover, a personal loan can have more affordable interest rates than your credit card. When the average credit card has 19.24% APR, interest and fees add up fast if you carry a balance from month to month. Credit card maximums can also limit your cash flow if you need to cover a large expense upfront.
Use Fiona to find the lowest interest rates on personal loans in your area. Fiona securely uses your information to match you to pre-approved offers from the top financial services providers, which means your application will be more likely to be approved. Sort offers by APR, provider or loan term to choose the most competitive offer.
3. The Best Loan For Your Credit Score
Most personal loans are unsecured, which means that they’re not backed by any property like your house and your car and the bank has limited options when it comes to collecting payment. While this is great for the consumer, it makes personal loans riskier for financial services providers, which is why many only offer personal loans to users with a strong credit history. If you have a good credit score, in the high 600s or above, you’re more likely to be approved for an offer.
Fiona can help you during your loan search for loans within your credit score, only displaying the offers that match your history. Fiona matches you to relevant offers using your personal information safely in a data-encrypted platform. Because Fiona only uses a soft pull to verify your data, any searches for offers won’t appear on your credit history.
With Fiona, users save time in the application process and avoid hard inquiries that might damage their credit score. Consumers can improve their credit history with regular on-time payments on personal loans, making themselves eligible for more competitive offers in the future.