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Where Can Someone Get a Personal Loan?

Low APR, Good Credit Zopa Loans & Bad Credit History Payday Loans

Feb 10, 2009 Asa Ghaffar

Personal loans for those with money problems aren't only provided by banks. Zopa is a low APR peer-to-peer lender and payday loans specialise in bad credit.

Personal loans, debt consolidation loans and homeowner loans were once the exclusive domain of high street banks, but this is no longer the case. Those struggling with money problems now turn to companies like Zopa loans, payday loans, family loans and Prosper in order to reduce monthly repayments and keep household bills in-check.

Good Credit Zopa Loans

Zopa loans is a peer-to-peer lender, which means that people lend to people. Zopa loans offers good credit customers a low APR personal loan over 3 years. A customer can pay back their personal loan early should they wish. Unlike a payday loan, a Zopa loan isn't suitable for those with bad credit. Individuals that have missed payments or defaulted on a loan should seek an alternative source of finance.

No Credit Check Payday Loans

Payday loans are designed specifically for people with bad credit and don't involve a credit check. A payday loan isn't a debt consolidation loan, it is there to help people deal with a short term money problems, such as paying the rent or mortgage. The main problem with payday loans is the high APR so they should only be used in an emergency situation.

Get a Family Loan to Resolve Money Problems

Getting a family loan is a perfect solution for those with money problems, especially when bad credit is an issue. A family loan allows someone to borrow money from friends or family at a low APR, often interest-free. The only real issue is not being able to pay back the personal loan should further money problems arise.

Prosper Personal Loans

Specialising in US customers, Prosper offers personal loans to customers with average credit or a good credit history. Being a peer-to-peer lender, Prosper personal loans operate on a similar platform to Zopa loans. Prosper are particularly useful to US customers as only homeowner loans are normally available to them.

Those experiencing money problems should always see if a family loan is possible before checking other sources of personal loans. People with bad credit will find that personal loans charge a high APR of 50-60% or higher in the case of payday loans. Good credit customers should use either an online loan comparison service or see if they can get a personal loan from peer-to-peer lender, Zopa loans.

Those that found this article useful may also be interested in reading about the pros and cons of secured loans and avoiding loan sharks. A comparison of secured loans and unsecured loans will help someone decide which is the better option for their own unique personal circumstances.

The copyright of the article Where Can Someone Get a Personal Loan? in Mortgages/Loans is owned by Asa Ghaffar. Permission to republish Where Can Someone Get a Personal Loan? in print or online must be granted by the author in writing.