–Personal loans can be useful for debt consolidation, home improvements, or medical bills.
– Personal loans should only be considered if there are no other options available.
– Be responsible with personal loans as they are not cheap loans.
– Many big lenders charge a 5% origination fee, which can be a waste of money.
– Look for lenders that don’t charge origination fees.
– Beware of loan scams that exist and prey on social media sites.
– Marcus by Goldman Sachs is a recommended personal loan company with rates starting just under 7% and no fees.
– Good credit is required to qualify for the best rates with Marcus.
In this video, Jason from Honest Finance shares his research on personal loan companies and discusses the pros and cons of each option. He explains that personal loans are useful for debt consolidation, home improvements, and medical bills. However, he warns viewers to be responsible with personal loans and only use them when necessary. Jason also advises viewers to watch out for loan scams and avoid companies that charge origination fees. He recommends Marcus by Goldman Sachs as a top personal loan company due to their lack of fees and competitive rates, which start just under 7% and go up to 25%. Marcus allows borrowers to take out loans between $3,500 and $40,000 and repay them over 36 to 72 months. Jason emphasizes the importance of having good credit to qualify for the best rates. Overall, Jason’s video provides helpful insights for those considering a personal loan and highlights the importance of being informed and responsible with borrowing.
Bullet Summary:
– Personal loans are useful for debt consolidation, home improvements, and medical bills
– Be responsible with personal loans and only use them when necessary
– Watch out for loan scams and avoid companies that charge origination fees
– Marcus by Goldman Sachs is a top personal loan company with no fees and competitive rates (start just under 7% and go up to 25%) for loans between $3,500 and $40,000, repayable over 36 to 72 months
– Good credit is important to qualify for the best rates
