Best Personal Loans in Irvine, CA: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

To ensure that getting a personal loan is the best financial decision you can make, ask yourself the following questions:

• How much money do you need? Consider your current situation and determine the amount of money you need.
• What is your credit score? Lenders take into account your credit when assessing your loan application. You’re more likely to get an approval if you have good-to-excellent credit.
• Can you afford the monthly payment? Make sure that your source of income can cover the monthly payments on your personal loan. If not, you might miss payments and hurt your credit score.
• Do you have existing debts? If you already have existing debts, adding another loan might not be the best decision. You may end up finding yourself in a tight financial situation while keeping up with payments.

Do Your Research

Although MoneyGeek’s guide provides several recommendations for personal loans, it may not cover your unique needs and situation. As a result, it’s important to conduct your own research and explore other options.

Make sure to take a look at what each lender has to offer in terms of the loan amount, interest rate and repayment length. Also, find out their minimum requirements for credit score, gross income and debt-to-income ratio. This way, you’ll know if you are qualified to apply for a personal loan.

By gathering enough information about each lender, you can narrow down your options and choose which one is best suited for your needs. A personal loan is a two- to four-year commitment on average, so you’ll want to make sure you’ve done your research.

Wait

Once you’ve settled on a personal loan lender, it’s time to take a step back and wait for a day or two before submitting a loan application. Personal loans take years to repay, so you shouldn’t make any hasty decisions when choosing a lender. Use this time to consider your current situation and determine if getting a loan is really the best financial decision you can make. You may discover that a different funding option is a better choice to pay for whatever expense you have.

Read the Fine Print

It’s common to miss a few details while you’re doing your own research. Make sure to read and understand the fine print on your personal loan to avoid being caught off-guard by hidden fees. Pay close attention to your chosen lender’s origination, prepayment and late fees as these can affect the cost of your loan. You may also check if the lender offers an interest rate reduction for setting up automatic payments. Ultimately, looking into the little things can help you save money in the long run.

Apply

After gathering all the information you need and understanding your chosen lender’s policies, there’s only one thing left to do. It’s time to submit your loan application. Make sure to prepare the documents required by lending companies. These include identification, address verification and proof of income. Most lenders allow online applications, which are convenient. That said, there’s no harm in visiting or calling your preferred lender if it’s available. This can help you ensure you fill out your application correctly.