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If you are looking to pay off a tax debt, consolidate credit card debt or need money to start a business, a personal loan may be just what you need. Personal loans usually come with lower interest rates than credit cards or payday loans, and they may be available regardless of your credit score. Where can you go to find a personal loan provider near you?

Talk to Your Local Bank or Credit Union

Most banks and credit unions offer personal loans with interest rates based on your credit score. Typically, credit unions offer lower rates because they have less overhead. To further lower your rate, you may want to consider securing the loan with collateral or by adding a cosigner. However, unsecured personal loans are generally made available to borrowers with good credit.

Online Lenders May Help You

The internet has given rise to lenders who have no physical presence. Instead of walking into a branch location, you ask questions from a bank representative through email or live chat. Your application will be submitted online, and the money will be electronically deposited into your bank account. The major advantage to using an online lender is that they are available no matter where you live, and they are generally available at any time of day to answer questions or process a loan application.

Use a Peer Lending Platform

Getting a loan from a peer lending site is much like getting a loan from a bank. The major difference is that the loan is funded by individuals as opposed to a bank or financial institution. Your interest rate and other loan terms may be determined in part by your credit score as well as any terms imposed by the site itself.

Ask Friends or Family Members for a Loan

Friends or family members may have extra cash that they are willing to loan you. Just like you would when borrowing from a bank or any other type of lender, it is critical that you create a formal loan agreement. This increases the odds that the loan is repaid in a timely manner, which may work to preserve relationships with your best friend, your parents or others who you are close with. Asking friends or family members for money may be a good idea because those who know you may give you the amount that you need even if you don’t have good credit.

It is rare that you will have $10,000 laying around to buy a car or $5,000 to pay for a semester at school. Therefore, it will be to your benefit to know where you can turn to get the money needed to cover your immediate expenses. No matter what you need the cash for, it is a good idea to create a repayment plan before you take the loan to ensure that you don’t get too deep into debt.