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Personal Finance

Advertiser Disclosure Updated: Oct 30, 2020, 5:25am

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Updated: Oct 30, 2020, 5:25am

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Brandon Bycer contributor

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Personal Loan

5.0

Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

Personal Loan

5.0

Personal loans typically let you borrow between $1,000 and $15,000, although you can borrow up to $25,000 with some lenders.

Combining multiple types of debt – such as credit card and store card balances, loans, overdrafts, and payday loans – into a single monthly payment can make it easier to manage your finances and potentially save you a decent sum of money too.

Star Rating

5

Out of 8

Minimum Credit Score

$100

Due tomorrow

APR Range

10-14

Avg 11.29

Star Rating

5

Out of 8

Minimum Credit Score

$100

Due tomorrow

APR Range

10-14

Avg 11.29

View Details

Why We Picked It

Personal loans are unsecured, which means they are not secured against an asset such as your home.

Secured loans, on the other hand, are secured against your home which means if you default, the lender has the legal right to repossess your home.

Pros

You only make one payment each month to a single lender, making managing your finances more manageable and straightforward
You may be able to reduce the amount of interest you’re paying on your debt – rates are most competitive for loan amounts of over £7,500
Reducing the amount of interest will help you pay off your debts faster

Cons

Not all lenders will allow you to use a personal loan to consolidate debt, so check before you apply
The most competitive personal loan rates are only offered to those with good credit scores, so if yours isn’t up to scratch you may be offered a higher rate
Depending on the interest rate you are offered, monthly payments could end up being higher than they were before

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Variable APR

10$

102

Fixed APR

192

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Why We Picked It

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Pros

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Cons

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PE Devs

administrator

Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. I'm a wealth reporter at Forbes. A Connecticut native, I studied journalism at Penn State University. Follow me on Twitter @someUser.

Brandon Bycer

contributor

In the spring of 2008, an upperclassmen during my time at Cornell University’s School of Hotel Administration dubbed me “The Airline Guy”. In 2011, I began writing a blog about my opinions on news in the airline industry that later became my capstone project for my MBA at the University of Pittsburgh. I was (and still am) simply someone who loves to take to the friendly skies. To make all of this travel possible on a budget, I studied frequent flyer programs, credit card rewards, and everything in between to find ways to make these adventures as affordable as possible. Now, I am a Business Intelligence Analyst at Forbes with a wallet of many credit cards and a large cache of credit card rewards -- my other investment account, per se. Fly like a B6, take off AS you wish, and Discover the world around you.

First Published: Oct 16, 2020, 7:17am

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