Best Personal Loans in Pittsburgh, PA

Ask Yourself the Important Questions

It’s essential to consider a few things before applying for a loan. You can start by analyzing your current financial situation and whether getting a personal loan would positively affect it. See if you can cover your emergency needs or expenses in any other way, as a personal loan is a long-term commitment that can take a few years to pay off.

Also, if you have any existing debt, it might be difficult for you to make monthly payments on the new loan. Lenders often have different requirements like income limits and minimum credit scores. Determine if you meet those requirements. You should ask yourself the following questions before proceeding:

1. How much funding do I need?
2. What is my credit score?
3. Can I afford the monthly payment?
4. How much debt do I already have?

Do Your Research

Each lender follows different criteria for analyzing your application and giving you a quote. Since the terms, conditions, rates and fees vary across different companies, they all follow various methods to process your application. MoneyGeek researched and analyzed the best personal loan options for you in this guide and reviewed the top companies' personal loan products.

It's also a good idea to do your own research by shopping around and comparing the rates of different lenders. This is important as you'll be paying off your loan for an extended period (2–5 years), and it might affect your long-term personal goals.

Also, do not apply for a personal loan until you have compared different lenders, as many lenders perform a hard credit check when you apply, which can negatively affect your credit scores.

Wait

Once you’re done comparing different lenders based on their features, offers, rates and fees, you should wait a few days to think through your decision. Take your time, think about your financial obligations and determine which lender would best fit your needs. As getting a personal loan is a big commitment, it’s best to reassess if taking one out is the best option for your financial situation.

Read the Fine Print

You should always look at the rates and fees associated with the personal loan before submitting an application. You will find this information in the lender’s loan agreement. While inquiring about the loan, it’s best to ask the lender about any upfront or hidden costs, including pre-payment penalties, late payment fees and origination fees.

It’s important to go through the fine print of the personal loan thoroughly to understand how much you would be paying for it and whether your financial situation would allow you to continue making payments in the long run.

Apply

After you have made the final decision about the lender and analyzed every important factor, you can proceed with the application. At this point, you should have gathered all the information the lender might ask for while submitting the application.

The lender will require personal identification, income details and address verification at this stage. There are many different ways of submitting an application. The easiest option would usually be to apply online. However, you can also call or visit the lender if available.