What Is a Personal Loan?
A personal installment loan is offered by banks, credit unions, and online lenders. Unsecured personal loans provide loan proceeds upfront and are repaid with monthly payments. Repayment periods can last months or several years.
What Are the Types of Personal Loans You Can Get?
These are some personal loan options available in Pittsburgh:
Bad Credit Loans
Bad credit loans online typically base credit approval on income instead of credit scores. While convenient for debt consolidation and unexpected expenses, interest rates can be very high.
Payday Loans
Online payday loans are short term, high interest loans that are generally hard to repay. According to the CFPB, more than 4 out of 5 payday loans are re-borrowed within a month.1
No Credit Check Loans
Online loans without credit check do not require a hard credit inquiry for approval. Lenders offset the financial risk by charging high interest rates on these unsecured loans.
Cash Advance Loans
Online cash advance loans are similar to payday loans because rates are high, repayment is short, and they generally offer less than $500.
Pittsburgh Installment Loans
Here’s a quick overview of average loan terms of Pittsburgh installment loans:
- Loan Amounts — Loans can provide hundreds or thousands of dollars.
- Fixed Interest Rates — Rates are typically fixed. And if you borrow $50,000 or less, Pennsylvania’s usury law may cap the interest rate at 6% per year.1
- Repayment Terms — Loans are repaid in monthly payments for a specific period.
- Fees and Penalties — Most personal loans have late fees, origination fees, and interest fees. But avoid lenders that charge prepayment penalties.
- Online Loan Management — Online lenders typically provide account access online for easy loan management and payment. Your online account will also provide access to your loan documents.
Pittsburgh Installment Loan Rates
Here’s an example of potential terms for $500 unsecured personal loans:
| Term Length | APR as low as | Monthly Payment |
| 0-4 | 25%-36% | $132- $135 |
| 4-8 | 25%-36% | $70-$110 |
| 8-12 | 18%-30% | $45-$65 |
| 12-24 | 10%-25% | $23-$45 |
Can You Get a Bad Credit Loan in Pittsburgh?
You could get financial relief in Pittsburgh with bad credit if you meet the income and minimum credit score requirements with a lender. But keep in mind that you are likely to get a higher annual percentage rate than someone with good credit.
What Can You Use an Installment Loan in Pittsburgh For?
These are some common reasons Pittsburgh residents use installment loans:
| Home Improvement Personal loans could help you make home improvements to fixer uppers. | Credit Card Debt Consolidation You could start consolidating debt from credit cards with a personal loan. | Medical Costs Medical supplies, prescriptions, and procedures could be covered with unsecured personal loans. |
| Car Repairs You could get quick cash for a car repair with a personal loan. | Life Events Unexpected life events can uproot your life. But personal loans may provide financial stability. | Other Emergency Expenses Personal loans are versatile for all types of emergency expenses. |
How Pittsburgh Loan Options Work
Most personal loan options in Pittsburgh follow this 3-step approval process:
| Apply Online Fast & Easy You can apply for personal loans online quickly and easily. Most lenders offer a streamlined process. | Income Verification Online lenders can quickly verify your income through a secure instant bank verification process. | Same-Day Availability If approved for funding, you could get your loan money the same day (depending on bank processing). |
Top Pittsburgh Loan FAQs
What is an installment loan?
An installment loan is a loan type that provides lump sums that are repaid in monthly payments. Personal loans are a type of unsecured installment loan, but there are secured options as well.
How much can I borrow with a personal loan with bad credit?
Personal loan amounts vary by lender, as they all have different minimum and maximum loan amounts. However, the amount you’re eligible to receive depends on your creditworthiness, income, and other factors.
What are the eligibility requirements?
Most lenders base loan eligibility on your credit score. However, some lenders do not require good credit, and instead base approval on your ability to repay the loan on time.
How quickly can you get funding from a personal loan?
Personal loans generally provide funding in as little as one business day. But it’s possible for you to receive same day funding depending on the time and day you’re approved, as well as your bank processing time.
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References:
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.