How to Get a Personal Loan

Written By Aaron Sarentino
Sep 18, 2020
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What is a personal loan? 

A personal loan is an unsecured loan you get from a bank or lender. The money received can be spent however the borrower wants. Most personal loans are used for debt relief, emergencies, wedding debt or home improvements.

Where do you get a personal loan?

First off, to get a personal loan you will need to have a good credit rating. Applying for a loan with a poor credit rating will most likely lead to denial. Or if you do find a willing lender with a poor credit score, the interest rate will likely be sky high. Not a good solution if you’re looking to erase debt. But if the loan is for an emergency situation, then you might not have many other options. 

Now as to where to get a loan. You can easily find and apply for personal loans right on the internet. Plus with companies like Quicken Loans and Credit9 you can find out if you’re approved in minutes. You can also still apply for personal loans at brick and mortar places too – like credit unions and banks. 

Is a personal loan a good idea to get out of debt?

A personal won’t get you out of debt. But it will help you pay off debt faster if you can get a loan with a lower interest rate than your credit cards. 

So a personal loan can be a good idea if you’re using it to save money as you work to get out of debt. To use a personal loan successfully as a debt relief option: it’s best to find an interest rate lower than your credit card rates, close or stop using your consolidated credit cards and put as much money toward the loan each month as possible. Of course to do all this it’s important to learn to live frugally and spend less than you earn. Continue reading with our article: what does it mean to default on a loan.


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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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