The pros and cons of personal loans
Personal loans are a quick source of cash, but be careful how you use them.
Shopping around with multiple lenders is truly the key to getting the best rate for your loan. Each lender will offer different incentives, perks and rates. When I was applying for a loan to get a car, I checked with a minimum of three lenders — including a credit union — to ensure I was getting the best rate for the long term.
— Hannah Smith
Hannah Smith is a Bankrate editor specializing in personal loans. They are meticulous in their approach to ensuring users can navigate the complexities of loans with the most up-to-date and accurate information.
Prior to joining the Bankrate team, Hannah was an editor for House Method where they edited and published over 400 articles aimed at helping readers make informed decisions on home renovations and services.
Hannah currently lives in Raleigh. When they are not editing, they enjoy walking with their dog, playing tabletop games and reading.
Shopping around with multiple lenders is truly the key to getting the best rate for your loan. Each lender will offer different incentives, perks and rates. When I was applying for a loan to get a car, I checked with a minimum of three lenders — including a credit union — to ensure I was getting the best rate for the long term.
— Hannah Smith
Personal loans are a quick source of cash, but be careful how you use them.
Interest rates are rising, so what does that mean for your finances?
Refinance your student loans to get lower interest rates or a lower monthly payment.
You may be able to cover a large portion of your college costs through the FAFSA.
Municipal Credit Union offers decent rates on personal loans, but you must become a member to qualify.
PNC Bank’s low-APR, no-fee personal loans are best for those interested in consolidating debt or making a large purchase.
Navy Federal personal loans are best for current members of the credit union and borrowers who meet the membership requirements.
Universal Credit personal loans are best for borrowers who are wanting to streamline the debt consolidation process.