Is now the right time to try to get a personal loan? Interest rates are still at record lows, but many simply believe that lenders just are not lending.
The world has faced its most serious financial crisis in decades over the last year or two, and many assume that now is just not the time to apply for a personal loan—those whose credit score is low don’t even bother. But what you may not know is that with great interest rates and more than one mortgage lender looking to make some money, now might be the perfect time to borrow. Here’s what you need to know about securing a personal loan and finding a good mortgage lender in these times.
If you decide to go the personal loan route or otherwise need to borrow money, you probably want to know what your chances are for approval. The rule of thumb is that a FICO credit score over 800 is very good credit. If your credit score is in the 800s, congratulations—you’ll likely be approved. If you are like most people, your credit score is likely below 800 but over 720. If it is over 750, you will have an excellent chance at getting that personal loan.
If your credit score is lower than 750, you may be approved with higher interest rates and fees, but as long as it is over 700 or so, you’ll likely get some sort of deal. If it is lower than 700, you have a low credit score and regardless of interest rates you will likely be unable to secure a personal loan. Start with local personal loan and mortgage lenders first—they have been stronger than national banks of late. By staying close to home, you can get the money you need.
Refinance, personal loan, interest rates, credit score, mortgage lender
Refinance and Personal Loan Shopping–For those seeking to refinance their mortgage, find the best mortgage lender or secure a personal loan at the best interest rates regardless of their credit score.