Three Simple Steps to Getting a Personal Loan

By John Giannone | September 28, 2022 | As published on Linkedin here.

If you are seeking a personal loan, Feeasy® is here to make it as easy as possible. We bring over 50 lenders to one free loan comparison platform where you can browse and select a personal loan that works for you without affecting your credit. These loans can be used for home improvement, debt consolidation, and more. Additionally, Feeasy offers free, one-on-one support to borrowers through our program Concierge Premier™ which links borrowers with a dedicated service representative to answer any questions, explain how the platform works, and enrich their experiences.

Here are the three simple steps to getting a personal loan:

1. Check Your Credit Score:

Unsecured personal loans like the ones available through Feeasy are collateral-free, meaning the only assurance a lender has that you will pay the loan back is your word and creditworthiness. Given this, lenders will determine how much you are qualified to borrow based primarily on your credit score and factors like your income and current debt-to-income (DTI) ratio. The stronger these factors, the better the terms of the loans available to you will be.

Knowing your credit score before applying for a loan will be important in managing your expectations regarding what rates to expect and how much you will be qualified to borrow. Also, some lenders have minimum credit scores to qualify for a loan. If your score is lower than you expected, it may be beneficial to build your credit before taking out a loan to improve your rate. Additionally, adding a qualified co-borrower to your loan may be a great option to improve the terms of the loans available to you.

There are many free ways to check your credit score, including through Credit Karma and Experian.

2. Check Your Rate:

Checking your rate through Feeasy® is easy. Simply head to itsfeeasy.com and follow the ‘check my rate’ prompts. Our application takes just a few minutes to complete and is done on a soft pull, meaning checking your rate and how much you are qualified to borrow will not affect your credit.

When you click ‘submit’ at the bottom of the application, you will instantly apply to all of the lenders on our platform, saving you the hassle of going from one lender’s website to the next to apply. Each lender will evaluate your qualifications using its algorithms, and Feeasy will present all of your pre-qualified offers on a singular offer page. Here you can compare all of the offers available to you and select which loan works best for you. Feeasy does not participate in decision-making and cannot guarantee that you will receive loan offers.

The vast majority of the lenders on our platform do not charge an origination fee or pre-payment penalty. However, you must review the terms of each offer before moving forward with one. Remember that if there is an origination fee, you will not need to go into your pocket to pay it. The lender will simply short-change it from your loan proceeds. For example, if you take out a $10,000 loan with a 1% origination fee, you will receive $9,900 and be responsible for paying back $10,000.

3. Pick Your Loan

Once you have found a loan that works for you, simply click ‘continue’ beside the loan offer, and Feeasy® will send you to the selected lender’s website, where you will finalize your loan.

The finalization process will vary between lenders, but you will generally need to prove your identity by submitting your driver’s license or passport and verify your income with documentation like a pay stub or W-2.

After submitting all requested documentation, the lender will conduct another evaluation and issue either final approval or denial. Sometimes the lender may readjust the amount they are willing to lend you. Generally, you will receive a final decision immediately, but it can take up to a few business days. If approved, you can have the loan proceeds sent directly to your checking account in as little as a business day. Remember that a hard pull will appear on your credit report once you have gone through this finalization process.

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Ready to apply for a personal loan? Check My Rate

Feeasy® is here to assist you at no cost. If you have any questions about personal loans or would like to speak to a Feeasy representative, please reach out to us at:

info@itsfeeasy.com | 646-770-1456

Minimum Period for Repayment: 1 year

Maximum Period for Repayment: 12 years

Feeasy® does not charge fees. Feeasy® may receive a fee or commission for introductions to its partners.

Personal Loan Repayment Example: The following example is for illustrative purposes only and depicts the APR, monthly payment, and total payments during the life of a $20,000 personal loan with a 3-year repayment term, and a fixed rate between 8.00% APR–35.99% APR. It works out to 36 monthly payments ranging from $581.54–$915.96 for a total amount of payments ranging from $30,935.44–$32,974.63. This repayment example assumes that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. Each state has specific rules and regulations that govern lending partners. The amount you can borrow, the APR, and repayment term are based on your state's laws, the lending partner, and your creditworthiness.

¹ The operator of this website is not a lender or party to any loan or other transaction, does not broker loans to lending partners, and does not make loans or credit decisions. This website will submit the information you provide to lending partners in the database of Monevo through an API integration depending on the information provided, who will first use a soft credit check(s) to assess your eligibility for a loan. The amount of any loan offer, if one is made, will vary depending on the lending partner, your creditworthiness, and your state’s laws. There is no guarantee you will be presented with any personalized loan offers, or that upon presentation of any personalized loan offers you will qualify for the rates, fees, or terms shown on this site.

² The loan offers that appear on this website are from lending partners from which Monevo receives compensation for its services, tools, and facilities. The underwriting criteria necessary for approval is determined by the lenders (not Feeasy) and it is imperative that you review each lender’s terms and conditions before proceeding with an application for a loan. You must determine which loan works for you and your personal financial situation. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion.

³ APR Disclosure: The Annual Percentage Rate (APR) is the yearly cost of credit, represented as a percentage. The APR includes fees related to originating the loan, not just the interest payments. By law (the Truth in Lending Act), the lender must show you the APR before you enter into a loan agreement. States have laws limiting the APR that the lender or partner can charge you. Please read the lender's terms and conditions in full before proceeding with a loan.

Feeasy is completely free to use. We will never charge you a fee for our service. Instead, Feeasy may receive a fee or commission from Monevo for introductions to its partners.

This website does not constitute an offer or solicitation to borrow, acceptance into any particular loan program, or specific loan terms or conditions. Providing your information on this website does not guarantee that you will be approved for a loan.

If you receive a loan offer from one of the lending partners it is imperative that you review each lender’s terms and conditions before proceeding with an application for a loan and please note, that at the point of application with the lending partner you may be subject to a full credit check.

To help the government fight identity theft, the funding of terrorism and money laundering activities, lending partners may verify and record information that identifies you. The operator of this website is not an agent, representative or broker of any lender. We do not endorse or recommend any lending partners.

Terms and Conditions Apply: Feeasy reserves the right to modify or discontinue products at any time without notice. To qualify, a borrower must be a U.S. citizen or other eligible status and meet the lenders’ underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. Rates and Terms are subject to change at any time without notice. Loans originated by Feeasy are subject to state restrictions and may not be available in all states.

Feeasy is operated by Feeasy LLC, 383 Round Hill Road, Greenwich, CT 06831 United States.