Personal Loans Marketplace: Check if you’re pre-approved

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Personal loans can be of great help when it comes to securing money for major expenses, especially in an emergency. And while there are lenders that cater for a variety of circumstances β€” for example, having a bad credit score or needing a debt consolidation loan β€” it’s always a good idea to see if you’ve been pre-approved before submitting your application.

Getting pre-approved will give you a better idea of ​​the interest rate you can charge and what your monthly payments might look like, so you can figure out if they fit within your current budget. Taking out a loan with a monthly payment much higher than you can afford is never a good idea as you risk defaulting and lower your credit score.

That is why Select launched the new Marketplace for Personal Loans. It’s free to use and can be completed in less than a minute, so you can find personal 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 do any hard checks, so your credit score won’t be affected by checking what you’re pre-approved for.

Then enter your zip code and select your reason for applying for a personal loan to ensure you are matched with a lender that offers loans for that purpose. You can choose between debt consolidation, credit card refinancing, student loan refinancing, home improvement, medical and dental, and more.

Finally, enter the amount you want to borrow – different lenders have different minimum and maximum loan amounts, so the tool will make sure you are matched with a lender that can meet your requested amount.

Click here to view Select’s personal loan marketplace

The Personal Loan Marketplace then populates a list of lenders that best suit your needs. You will also find the loan term offered, as well as the interest rate you are likely to receive based on your credit score range and what your estimated monthly payment is.

You can also use the tool to estimate your monthly payments based on minor changes, such as increasing your credit score to the next highest score range before requesting a little less or a little more money. That way, you can prepare as best you can to start paying comfortably once you’re approved and funded.

If you’ve been considering borrowing money for that home renovation or to drive the cost of an upcoming wedding, among other things, try the Personal Loan Marketplace to get started.

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Editor’s Note: Opinions, analyses, reviews or recommendations in this article are those of the Select editors only, and have not been reviewed, approved or otherwise endorsed by any third party.

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