Rules for consolidating student loand
Thus, in most cases, the creditor can’t come after you if payments aren’t made – just as is the case with most unsecured credit cards.
This begs the question of whether or not you need to have good credit to get an unsecured loan.
In the case of credit card debt, there is likely a variable interest rate which means you don’t know what you’ll be paying each month.
The key to recognize is that an unsecured personal loan should not be used to make frivolous purchases.
This brings about some similarities; though they’re different enough to warrant taking a serious look.
Lending Club is available in 49 states (sorry Iowa) and offers rates from 5.99 – 32.99%.
Prosper offers a wide range of unsecured loan options – anywhere from ,000 on up to ,000.
Light Stream, which is a division of Sun Trust Bank, offers loans as low as 2.19 percent though it’s somewhat difficult to secure such a rate.
In most cases, you’ll be able to get an unsecured loan between 5.99 and 9.99 percent, though the highest rate can be as high as 14.49 percent with Auto Pay.
Generally speaking, Prosper is a little more liberal in their extension of loans and requires a credit score of at least 640.
As they do what’s called a soft pull of your credit you won’t see any negative impact on your credit score.