Credit.com: How to find the right lending company for a personal loan

Sometimes you’re in a tight spot and need to borrow money. Personal loans are a great way to borrow money when you need it. But when it comes to finding a loan company, how do you know who to trust? Here’s what to look for in a loan company.

What is a personal loan?

A personal loan is when you borrow money and pay it back at a later time with interest. To determine your eligibility for a loan, lenders use:

  • Your credit score and credit history
  • Your income
  • Your employment status
  • Your other debts and expenses

Once you’re approved for a loan, you’re told how much you pay each month, as well as how long the payments last.

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