Replacing a furnace, paying for major car repairs or other emergency expenses can wreak havoc on your finances. If you don’t have the cash on hand or an emergency fund to tap, a personal loan could be a good option. Be sure to consider banks, credit unions and online lenders to find the best deal.
Compare this list of lenders that offer $7,000 personal loans with varying rates, loan terms and credit requirements.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Once you’re ready to shop for a $7,000 personal loan, follow these five steps:
Requirements may vary by lender, but you’ll typically need to meet the following criteria:
One of the best ways to boost your chances of loan approval is to raise your credit score. Try to pay down as much of your existing debt as you can before applying — a surefire way to improve your score.
You may also want to consider ways you can increase your income. Maybe you can pick up extra hours at work or find a side gig. Increasing your income also lowers your DTI and looks good to lenders.
It’s harder but not impossible to get a loan if you have a poor credit history. Some lenders, like Upstart and OneMain Financial, welcome borrowers with less-than-perfect credit. But keep in mind that a lender will likely charge you a higher rate than those with better credit scores.
Interest rates for a $7,000 loan typically run between 6% and 36%. The rate you qualify for depends on your credit score, DTI ratio, income and other factors. The best rates are typically reserved for larger loans or those with excellent credit.
Some lenders also charge origination or application fees, which could be as high as 10% of the loan. Usually, that fee is deducted from the total loan amount, although some lenders don’t charge origination fees.
You’ll also want to watch for early repayment penalties. A good rate may not be worth it if you’re penalized for repaying your loan early. Finally, be aware of non-mandatory fees, such as late payment penalties or insufficient funds charges.
Use our $7,000 loan payment calculator to compare monthly loan payments based on different interest rates and loan terms.
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Here are a few strategies to help you repay your loan faster or save money:
Consider other options before deciding if a personal loan is the right fit for your situation.
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