How to compare between several personal loans in the USA

The commandments to obtain the best possible conditions when look for a personal loan They start by comparing different options and include a good deal of voluntary research.

As much as you listen to it and ignore it, we have to insist on the best recommendations on this topic.

Article content

1. Where to start?
2. Tips to buy personal credits in the USA
3. Avoid credit inquiries
4. Get offers from 3 or more lenders
5. Check the fine print of the contract
6. Take a careful look at the total cost
7. Be sure to compare similar loans
8. Take advantage of comparators and other resources

Where to start?

This time we will address the options for those who have a residence permit or legal stay.

The first thing is to understand that the credit culture in the United States has well-defined rules of the game. Because personal financing is unsecured, lenders resort to requirements such as score credit, history, income, collateral and other factors.

In this country there are many options to get money through a traditional bank, a fintech or online startup. In fact, if you opt for neo banks, you can get anywhere from $ 1,000 to $ 100,000 in a matter of hours. The detail is in having a plan to invest and return the money.

Personal loan

• APR: 5.24%
• Minimum term: 12 months
• Deadline: 60 months

• Interest: Consult
• Minimum amount: € 3,000
• Maximum amount: € 100,000

More infoRequestAuto loan

• APR: Consult
• Minimum term: 12 months
• Deadline: 72 months

• Interest: 4.49%
• Minimum amount: € 4,000
• Maximum amount: € 600,000

More infoRequestPersonal loan

• APR: 5.99%
• Minimum term: Check months
• Deadline: Check months

• Interest: 5.99%
• Minimum amount: € 1,000
• Maximum amount: € 35,000

More infoRequestDiscover personal loan

• APR: 6.99%
• Minimum term: 34 months
• Deadline: 84 months

• Interest: 6.99%
• Minimum amount: € 2,000
• Maximum amount: € 35,000

More infoRequestPersonal loans

• APR: Consult
• Minimum term: Check months
• Deadline: Check months

• Interest: Consult
• Minimum amount: Consult
• Maximum amount: Consult

More infoRequest

Tips to buy personal credits in the USA

When we talk about installment financing, we can apply a parallel to consumption: it is easier to spend than to save or, it is very easy to get into debt than to comply. To protect your personal finances and avoid this situation, we advise you:

Avoid credit inquiries

Unlike other countries, Americans are very picky to check if you are a good payer or not. Every time you apply for a personal loan, they can submit you to this procedure, the frequency of which hurts your score and remains 3 years in your history.

The alternative: search online or offline options with soft inquiry. This means trying to get pre-approved by finding out your qualification and conditions by providing the lender with basic information.

Get offers from 3 or more lenders

There is an incredible amount of credits that you can access with few or many requirements. The basic data to know what is best for you, include: commissions, maximum / minimum time to return the money, minimum and maximum amount, interest rates, APR and other conditions.

Don't be afraid to look for options in your favorite bank, national or local entities, online quotes and credit unions. This gives you a better perspective on which financing offers the best prospects.

Check the fine print of the contract

Mainly with agreements for applications and products, many of us have sinned by not reading carefully what we are getting into. While these examples might be harmless, with a personal loan it is almost a mortal sin.

Why? Because you can end up paying much more than you think and perhaps, remaining in debt. Learn about the possible adjustments, risks and penalties so that you can make an informed decision for the benefit of your personal finances.

Take a careful look at the total cost

The essence of comparing personal loans and researching is to keep borrowing expenses as low as possible. With this in mind, it is much more important to consider the APR (Average Percentage Rate) than the interest rate they are offering you.

As we have referred in the post on this topic, this value indicates the possible expenses related to a loan. The lender must also provide you with information about the total interest that you end up paying, so you have
objective data to be able to compare among various options.

Be sure to compare similar loans

This recommendation is relevant because we often get carried away by details that make a difference. This happens when a bank or financial company offers you a lower interest with a longer term, which implies that you will end up paying more in the end.

It also often happens with the outlook for a fixed and a variable rate. The latter always looks lower at first, but can go up or down depending on market conditions. The bottom line is compare offers with the same structure, term and interest.

Take advantage of comparators and other resources

An easy way to simplify your research work is to go online to find out the basic information you need.

Comparators such as Hispanic Business Blog are of great help because they save you time, visits to entities and you obtain accurate data in a practical and easy-to-use platform. There are also other pages and sites that collect product reviews that serve as reference guides.

Ultimately, it is essential to dedicate the time necessary to evaluate the offers that you consider most attractive for your personal finances. The least sensible thing is to rush, decide based on hunches and let subjectivity take over.

We remind you that at Hispanic Business Blog we put a wide variety of banking products at your fingertips so that you know the most interesting current alternatives. If you have questions, be sure to interact with our finance experts.