As one of the oldest and most historically significant areas in the United States, Philadelphia is a city of firsts. America’s first zoo, hospital, medical school, and even the first general-purpose computer can all be found in Philadelphia, Pennsylvania.
You can also find the oldest running theater of the English-speaking world in the great city of Philadelphia. This theater, the Walnut Street Theater, was originally owned by Edwin Booth. Does that last name sound familiar? Perhaps it’s because Edwin Booth is the brother of the infamous John Wilkes Booth, who assassinated 16th president Abraham Lincoln in 1865.
If you currently live in Philadelphia and find yourself in need of money, don’t worry. You have plenty of options available. Instead of wasting your time applying for loan types, you don’t know if you qualify for, pick one that fits with your budget and financial needs. Check out the information offered here to learn about the different ways to borrow money. Decide which option is best for you to make your loan application process even more efficient!
What Is a Personal Installment Loans in Philadelphia, PA?
A personal installment loan is a unique type of unsecured loan available to a wide range of borrowers in need. Because not all personal loan lenders are the same, they can vary drastically when it comes to many factors, such as:
- Fixed monthly payments
- Maximum loan amounts
- Lowest possible interest rate
How are personal installment loans different? While some personal loans come with strict terms and non-negotiable rates, personal installment loans are a versatile, flexible kind of funding. Unlike auto loans or home equity loans, there is virtually no limit or restrictions as to what you can spend your installment loan funding on. Philadelphia residents can rely on personal installment loans to cover a variety of expenses, from major home improvements to general credit card debt consolidation.
What Personal Loan Types Are Available in Philadelphia, Pennsylvania?
There are several kinds of financial institutions offering different types of loan products for people who live in Philadelphia. The loan offer and lender that works best for you will vary depending on your financial situation. For example, if you have a limited income and are doing everything you can to save money, you want to steer clear of loans that come with a pre-payment penalty.
Knowing a bit more about each kind of loan offered in Philadelphia will help you decide which one is best for you. Here are some of the most common loans and lenders in Philadelphia.
Personal Installment Loans
A personal installment loan is an unsecured personal loan with an adjustable loan term and competitive rates. Other factors that make personal installment loans a convenient financial option are the quick approval process, possible refinance perks and personalized service. Personal installment loans also never come with hidden fees like pre-payment penalties or balloon payments!
Payday loans, sometimes called payday advances, are unsecured loans where the borrower is supposed to pay off the debt within about fourteen days or less. Loan offers like payday loans are best suited for minor expenses where you know you can quickly pay off the entire balance. While payday loans do not require collateral like title loans, they do come with similar rates and terms that leave people struggling to keep up with monthly payments. If you need a good deal on low-interest personal loans for bad credit, payday loans probably won’t be a good fit.
If you are confident with your credit history and financial standing, you may consider a bank loan. Bank loans are usually best for people with high credit scores and clean financial histories. If you are looking for loans with no credit check, a bank may not be the best-suited lender for you.
Philadelphia Federal Credit Union
Credit unions, like the Philadelphia Federal Credit Union, offer various loan products for people in the area. Here are just a few of the products and services provided by this specific credit union:
- Auto loans
- Business loans
- Credit cards
- Checking accounts
- Savings accounts
To qualify for loan offers and services from the Philadelphia Federal Credit Union, you must be a resident of the city of Philadelphia and meet the other credit approval requirements.
Auto Title Loans
Auto title loans, also known as title loans, are funding that uses the borrower’s vehicle title as collateral. These short-term loans are known for having high-interest rates, making them a poor funding choice if you are looking for conveniently spaced-out monthly payments. Like payday loans, title loans usually require the borrower to pay off the loan quickly. Since it’s not unusual for someone to need a few months or more to repay a loan, many people find themselves caught in a cycle of debt because of car title loans.
Home Equity Loan
Homeowners have the opportunity to qualify for a home equity loan from an equal housing lender. Home equity loans, also known as HELOC, are funded based on the value of your home. In addition to a loan application, home equity loans also require an examination of your home by an inspector. After looking through the inside and outside of your property, the inspector will give you an appraisal value. That value will help determine the maximum loan amount you may qualify for.
Just like any funding that uses collateral, if you fail to keep up with your home equity loan payments, the equal housing lender has the right to claim your property.
If you have stocks, a 401K, or another type of retirement/savings account, you may be able to utilize it to borrow money. However, keep in mind that sometimes there are borrowing penalties or increased interest rates when borrowing from these types of accounts. Taking money from investment accounts should really be a last resort option. Chances are, you will be able to get a better deal on the cash you need with another option like a personal installment loan.
What Is the Difference Between a Credit Union and a Direct Lender in Philadelphia, PA?
Philadelphia residents often turn to financial institutions like credit unions or direct lenders for credit approval when trying to keep up with bills and other debt payment obligations. But what is the difference between retail banks and credit unions?
To start, banks are usually far more concerned with an applicant’s credit history than a local credit union. Some traditional banks are totally focused on credit during the approval process and will immediately reject an application if they see a bad credit score or a history of bankruptcy. On the other hand, credit unions are often willing to accept applicants with bad credit if they meet the other eligibility criteria. This flexibility may be because credit unions are owned by the borrowers, unlike banks who are owned by investors looking to make a profit. Since the owners of credit unions are the borrowers, it is in their best interest to offer deals and perks that benefit people who are looking for money.
Another significant difference between banks and credit unions is their availability. Since most major banks have locations in multiple states across the country, they almost all have online accounts and mobile banking options. But credit unions are usually small financial institutions offering loans to a local group of people. Due to the size and range of services credit unions provide, it is not uncommon for them to require applicants to apply and make payments at a brick-and-mortar location.
How Can Personal Loans in Philadelphia Affect My Credit Score?
During the initial application process, lenders will look at an applicant’s credit report to help them decide on factors like loan amounts, payback terms, and interest rates. While federal law requires interest rates on loans to stay within a certain range, credit history also plays a role. Typically, the higher someone’s score is, the more likely they will receive a low annual percentage rate and convenient payback terms on a loan.
But did you know a personal loan could also help you improve your credit? Personal loans can help you improve the payment history on your credit report when used responsibly. Credit reporting agencies record that activity for your credit report every time you make an on-time payment on your personal loan. Eventually, if you make enough payments, you will pay off your loan completely, decreasing the amount of debt you currently owe. When you make your monthly payments on or before their due date and ultimately pay off your loan balance, you may start to see an increase in your score when you do your next credit check!
How To Get a Personal Loan in Philadelphia
Head to your lender’s website and complete a quick inquiry form to begin the loan application process. This form is to record information like your name and basic financial details. After that, your lender will contact you to discuss your loan offer.
Next, you need to send in a few documents. While some personal lenders require varying forms of documentation, most lenders will ask for:
- Government-issued photo ID (like a driver’s license)
- Proof of income (like a paystub or statements from your bank accounts)
- Proof of Philadelphia residency (use a bill or housing contract)
- Bank account information (to set up direct deposit)
Some lenders require other identifying documents like a copy of your social security card, and some may ask for a few personal or professional references.
The last step is to read your loan agreement, sign, and get your money! Before signing your loan contract, feel free to ask questions and have your loan officer explain anything you want clarified. Once you feel comfortable with your loan offer, sign your contract.
If you gave your lender your bank account information, they can send you your funds via direct deposit. That way, you can have access to your money as soon as possible!
Get the Cash You Need With Philadelphia Personal Loans From CreditNinja!
Tackle all your personal financial challenges with a bad credit personal loan in Philadelphia. With the help of CreditNinja, you can find an approval for funding despite poor credit, no credit, or even past bankruptcy! Here are some benefits you can take advantage of when you work with CreditNinja.
Remote Approval Process
Enjoy the convenience of online loans and complete the entire process from the comfort of your home. Without ever having to leave the couch, apply for loans online, send in documents, and receive your money as quickly as the next business day in most cases.
Quick and Discreet Funding
Upon approval, you can have your funds deposited into your bank account as soon as the next business day depending on when you’re approved—no need to wait in line or cash a check.
Flexible Loan Terms
CreditNinja wants you to feel comfortable with every monthly payment, which means customizing your payback plan for your unique situation. Work with your loan agent to determine a convenient payment schedule for you.
Competitive Interest Rates
Based on the most up-to-date research and market conditions, CreditNinja offers industry-wide competitive rates.
If you already have a loan, you may be eligible for a loan refinance. When you refinance your existing loan with CreditNinja, you could get extended terms or even a larger loan amount!
Get started on your journey towards financial independence today. Fill out the easy online application to see how much cash you qualify for now!