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Personal loans can be a great help when it comes to securing funds for large expenses, especially in a pinch. And while there are lenders that cater to a variety of circumstances — having a poor credit score or needing a debt consolidation loan, for instance — it's always a good idea to see if you're pre-approved before submitting your application.
Getting pre-approved can help give you a better idea of what interest rate you could be charged and what your monthly payments might look like so you figure out if they fit into your current budget. Taking on a loan with a monthly payment that's much higher than you can afford is never a good idea, as it means you're running the risk of defaulting on payments and lowering your credit score.
That's why Select launched the new Personal Loan Marketplace. It's free to use and can be filled out in less than a minute, matching you up with personal loan lenders that best suit your financial needs.
All you need to do is select your credit score range: Excellent (720+), Good (660–719), Fair (620–659) or Poor (lower than 620). The tool doesn't conduct any hard inquiries so your credit score won't be impacted by you checking to see what you're pre-approved for.
Next, fill in your zip code and select your reason for applying to a personal loan, which helps ensure you get matched with a lender that offers loans for that purpose. You'll be able to choose between debt consolidation, credit card refinance, student loan refinance, home improvement, medical and dental, and more.
Lastly, enter the amount of money you're looking to borrow — different lenders have different minimum and maximum loan amounts, so the tool ensures you're getting matched with a lender that can accommodate your requested amount.
The Personal Loan Marketplace then populates a list of lenders that best match your needs. You'll also find the offered term length, as well as the interest rate you're likely to receive based on your credit score range and what your monthly payment is estimated to be.
You can also use the tool to estimate your monthly payments based on small changes — for instance, increasing your credit score to the next highest score range before you apply or applying for a little less or a little more money. That way, you can feel as prepared as possible to start making payments comfortably once you're approved and funded.
If you've been considering borrowing money for that home renovation or to float the expenses of an upcoming wedding, among other reasons, try out the Personal Loan Marketplace to get started.