When you have to make a big purchase, paying for it all up front with the cash you have on hand isn’t always an option. This is why many people will choose to finance their purchase by taking out a personal loan or by using a credit card.
While personal loans are becoming more and more popular, many people still choose to put huge balances on their credit cards, and risk hurting their credit score in the process. The truth is that using a personal loan has many advantages over a credit card. Here’s why you should consider taking out a personal loan the next time you need to make a big purchase.
Unlike applying for a credit card, in most cases, checking your interest rate or payment for a personal loan with LendingUSA won’t hurt your credit. This is because it’s a “soft inquiry” on your credit, which usually does not affect your score. Simply apply for a loan on our website, and in a few moments you’ll know if you were approved.
On the other hand, when you apply for a credit card, you will in most cases get a “hard inquiry” on your credit report. This could hurt your credit score, and you may not even get approved!
Payments are often simpler with a personal loan as well. LendingUSA offers fixed payments, competitive interest rates, and loan terms of 36 or 60 months, making personal loans a convenient, straightforward way to finance a major purchase.
Applying for a personal loan is quick and easy. LendingUSA is able to process applications and finalize decisions quickly – and if you’re at a business that uses our lending portal, you can get approved for your loan even faster. No more waiting for that card to show up in the mail!
There are many other reasons to choose a personal loan over a credit card. If you’re looking for fast, affordable financing to pay for a medical procedure, wedding, home improvement project, legal help, or even a new pet, LendingUSA can help. Reach out by calling us today at 800-994-6177. Or, apply for a loan online!