eMIloans makes finding a personal loan in Michigan simple. Compare top lenders, learn more about personal loans and shop your options.
Personal loans are loans with APRs (expressed as a percentage) of 5.99% to 35.99%. Personal loans can be either unsecured or secured, unsecured means that no collateral is backing the loan while secured means that the loan is backed by some sort of collateral (home, car, or other assets).
Michigan personal loan lenders offer loans in amounts of $1,000 up to $100,000. Personal loans can be used for any purpose you deem fit Popular uses of personal loans include credit card debt consolidation, funding home improvement, and paying for emergency expenses.
Personal loans are paid back monthly and their rates are fixed, meaning your payment amount will stay the same throughout the life of your loan. This is helpful because you will always know exactly how much you need to pay back each month. Financial services companies in Michigan like credit unions, banks, and online lenders all offer personal loans.
Depending on the lender, there could be some fees associated with borrowing, the most common fee is an origination fee. These are fees associated with the cost of processing your application and funding your loan.
According to Experian, in 2019, the average FICO credit score of a Michigan citizen was 706. During that same time, 26% of consumers in Michigan currently had a personal loan with an average personal loan amount of $15,471 and a personal loan interest rate of 9.61%.
In order to get a personal loan online in Michigan, borrowers will need to have a minimum credit score of 620 in order to be eligible for most lenders. However, some lenders specialize in lending to individuals with credit scores below 620.
A personal loan can be used at the borrower’s discretion so it can be used for any sensible reason. Upon funding, personal loans are deposited directly into your bank checking or savings or savings account. Some of the most popular uses for personal loans include:
With so many lenders to choose from, getting a personal loan can be a daunting task. Here are five tips for getting a personal loan:
Credit score requirements are different from lender to lender. Some lenders accept only borrowers with good or better credit; others will loan to bad-credit borrowers. Learn how to get a loan with bad credit in Michigan.
Online lenders, banks, and credit unions all offer unsecured personal loans. While some online lenders can offer low rates and fast funding to many people, you may get a better offer from your credit union or bank if you’re an existing customer. Learn more about where to get a personal loan.
Some lenders are offering low-rate small loans, while others are allowing payment relief on existing loans in response to the COVID-19 crisis.