In need of some extra cash to cover an unexpected expense or finance a major purchase? A personal loan could be the solution you’re looking for. Fortunately, personal loans are not only legal but also popular in Ogden, Arkansas. Here’s everything you need to know about personal loans in Ogden, and how to get started in securing one.
What are Personal Loans?
Personal loans are a type of unsecured loan typically offered by banks, credit unions and online lenders. Unlike secured loans, such as a mortgage or auto loan, personal loans do not require collateral.
These loans are often used to consolidate high-interest debt, finance a large purchase or fund an unexpected expense.
The Benefits of a Personal Loan
One of the main advantages of a personal loan is that it can provide cash for any reason. Regardless of the reason you need the funds, a personal loan can help you finance it. Here are some of the other benefits:
- Flexible repayment terms
- No collateral necessary
- Fixed interest rates for the life of the loan
How to Apply for a Personal Loan in Ogden
If you’re experiencing a financial emergency, joining the new generation of borrowers who prefer personal loans to traditional bank loans, TheGuaranteedLoans can help. Here’s how:
Find a Lender
The first step in applying for a personal loan is finding a lender. Several financial institutions offer personal loans in Ogden, however, selecting the right lender can be challenging. For some borrowers, working with smaller financial institutions like credit unions might be a better option than going with the larger banks.
Review Your Credit Score
Before applying for a personal loan, it’s important to review your credit score. Lenders use credit scores to determine your ability to repay the loan. The better your score, the more likely you’ll be approved and qualify for lower interest rates. Therefore, take time to look for and check reports from one of the credit bureaus, notifying about credit score.
Make Your Application
If you’ve found a lender and feel you’re ready to apply, you can get started. As long as you meet the lender’s eligibility requirements, you should be able to fill out the application completely online. Keep in mind that you’ll need to provide proof of income and employment for the lender to determine your eligibility. In some cases, the lender will perform a credit check that could impact your credit score.
Wait for Your Approval
After the application has been submitted, the lender will review it and decide whether to offer you the loan. If approved, you’ll be offered an interest rate, and the loan terms and conditions will be laid out for you to sign. Keep in mind that the application process and turnaround time may vary depending on the lender you’ve chosen.
Risks of Personal Loans in Ogden
As with any financial product, personal loans do come with some risks. Some of the risks include:
- Higher interest rates compared to secured loans
- Late or missed payments can harm your credit score
- If you default on the loan, the lender may take legal action
Facts and Statistics About Personal Loans in Ogden, Arkansas
- As of 2019, the average personal loan balance was $16,259.
- Average personal loan interest rates range from 7% to 40% depending on the lender and borrower’s credit score.
- 86% of personal loans are used to consolidate debt or pay off credit card balances.
- The average credit score for borrowers who were approved for a personal loan in Arkansas was 710 in 2020.
Apply Now and Get Matched with a Lender
If you’re ready to apply for a personal loan in Ogden, Arkansas, TheGuaranteedLoans can help match you with a lender. We are a loan connecting service that pairs borrowers with potential lenders based on their eligibility and loan requirements. To get started, fill out an online application on our website. From there, we will connect you with lenders who can offer you the best terms and rates for your particular situation. Apply now and get started on your financial journey today!