Personal Loan Lenders

Should You Consider a Personal Loan to Pay for Your Auto Repair Expenses

There comes a time when your car breaks down and you need to take it to the car repair shop. The cost of car repair can take away quite a sum of money from your pocket and you’ll be left with not enough money for the everyday expenses. Small problems with the car will require at least a few hundred dollars while major car repair can cost up to a few thousand dollars. Many people need to use their car for traveling to work and doing other chores so not having a car to use can be troublesome. If you need to take your car to the repair shop urgently, it is recommended that you apply for a personal loan online.

Online personal loans offer a loan about in between $1,000 to $35,000 with a loan term that allows you to pay back in 3 – 5 years. Some online lenders will approve your loan in as little as 1 day while p2p lenders can approve your loan in under a week. Online personal loans can be used for any purpose including car repair. The interest rate is cheaper and it has lesser fees compared to the bank.

For example, most online loans do not have prepayment fees which give you the flexibility of repaying the loan in full without getting charged a penalty fee. Some online lenders allow you to customize the monthly payment options according to your budget and there are also online lenders that let you postpone payment temporarily when you are unemployed.

Before you apply, you would want to know how much the interest rate you will get charged. You can do this by filling in the online loan request application form. When you submit the online loan request application form, they will first perform a soft credit check and let you know the estimated interest rate.

A soft credit inquiry will not hurt your credit score so it is all right to submit as many online loan request form as possible when you are searching for a suitable online lender. If you agree to go ahead with the loan, they will perform a hard credit check that determines the exact interest rate you will be charged.

You can easily compare online personal loans at the personal loans comparison site. The online loans comparison site will show important details such as loan amount, loan term, estimated APR and estimated monthly payment about the personal loan from each lender. This prevents you from having to individually visit the lender site and look for these information. It helps you to save a lot of time when you need to know what online lenders are offering personal loans.

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Personal Loan Lenders