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Amrita JayakumarAnnie Millerbernd May 11, Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.
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However, this does not influence our evaluations. Our opinions are our own. Online loans are a convenient alternative to banks and credit unions.
Some online lenders specialize in fast funding, while others cater to bad-credit borrowers. Lenders that accept borrowers with good and excellent credit and little existing debt sometimes offer features like a rate-beat guarantee or the option to skip a monthly payment.
Online lenders typically allow borrowers to pre-qualify, so you can see the rate you'd be offered on a personal loan before applying. You can also apply online as opposed to finding a local bank branch.
If you're not already a customer at a bank that offers personal loans, you may find a lower rate online. Compare these online lenders and learn the pros and cons of an online loan. Then, find out what to look for while you shop.