Need cash to pay for a home remodel, debt consolidation or the vacation of a lifetime? A personal loan may be the answer. Also called signature loans and unsecured loans, personal loans are ones that are typically issued and supported only by the borrower's creditworthiness, rather than by collateral. Unlike a line of credit, the loan is repaid at a fixed interest rate over a specific period of time.
The very best personal loan rates go to borrowers with the highest credit scores, so be sure to fix any discrepancies on your credit report before applying.
Shop around for the best terms and conditions and be aware of fees. You may be able to find a loan with no origination fee.
When applying, be ready to provide your annual income, reason for the loan, monthly housing costs and employment information. Once approved, you usually get quick access to funds.