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Online Personal Loans Review

by Eli McCormick

May 1, 2014

Although unsecured personal loans are quick and easy to apply for online, they are some of the most expensive and riskiest loans available. Excessively high annual percentage rates (APRs) make them extremely expensive, and short-term due dates make them a challenge to pay back on time. Each state has different laws and regulations regarding personal loans. Currently only 43 states allow online personal loans or payday loans, so be sure to check your state laws even if a service advertises in your area.

Here s how these loans work: a lender loans you funds until your next paycheck, at which point a single payment for the principal plus interest and fees is due. Because of their high interest rates and short payback terms, these loans should be the loan type of last resort, after the less expensive and less risky options as in just about every other legal money source– have been exhausted. If you’re still unsure about whether you should take out a personal loan online, check out some of our latest articles about fast cash loans .

If you feel you must in fact resort to one of these loans, choose the lender with care. As our reviews show, interest rates and other provisions vary widely. In addition, a number of companies that offer these loans have been fined or otherwise disciplined for running afoul of state regulations. We continue to monitor these investigations to ensure that the companies included in our lineup have a clean track record. Some of the best personal loan companies, offering relatively low APR rates and payback terms, and an easy application process are 100 Day Loans. NetCredit and 24/7Loan .

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