Typically, you'll need good to excellent credit to qualify for the best personal loans with the best terms. If you'd prefer looking into a peer-to-peer lender, LendingClub is another option for loans with no prepayment fee. SoFi, for example, won't charge you a prepayment fee for paying off the loan early and there's also no origination fees or late payment fees. There are a number of lenders that don't charge a prepayment penalty. The calculation method will vary from lender to lender, but any prepayment penalties would be outlined in your loan agreement. The prepayment penalty might be calculated as a percentage of your loan balance, or as an amount that reflects how much the lender would lose in interest if you repay the balance before the end of the loan term. However, some lenders may charge a prepayment penalty fee for paying the loan off early. Making an extra payment each month or putting some, or all, of a cash windfall, toward your loans, could help you shave a few months off your repayment period. It is possible to pay off your personal loan early, but you may not want to. Car loans are generally six years long on average, while student loans typically have a 10-year timeline, but it could take longer if you're on an income-driven repayment plan. The repayment period for a personal loan can be anywhere from two to five years, but some are as long as seven years. Like a car loan or a student loan, you'll receive a lump sum of money that you need to repay in monthly installments over a fixed period of time (known as the loan's term) along with interest charges. While you may need to explain how you plan to use the money on your application, there generally isn't a hard and fast rule about how you use your personal loan.
Personal loans can be used for pretty much any expense - a wedding, a home renovation, a vacation and even debt consolidation. Car loans are meant for helping you purchase a vehicle. Student loans are used for paying tuition and other costs associated with an education.
You'll want to consider things like interest rates, billing cycles, loan terms and any fees as you make your plan. And each is a little different, so it's practically impossible to have a one-size-fits-all approach to debt payoff. There are an abundance of financial products out there when you need money to pay for something.
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