 TITLE: What Is the Best Term Length for a Personal Loan? CONTENT: How to Get a Personal Loan\n--------------------------\nYou can get personal loans from banks, credit unions and online lenders, but there are a few important differences among the three sources.\n*   **Banks** can be a good place to start when investigating personal loans, particularly if you already have a relationship with one. However, banks typically charge higher interest rates for personal loans than credit unions or online lenders; they also tend to have stricter credit standards. If you have good credit, and if being able to visit your lender in person or having the flexibility to make loan payments online, by check or in person is important to you, a bank can deliver.\n*   **Credit unions** are nonprofit financial institutions designed to serve certain members, such as teachers, association members or people who live in a certain area. They usually offer lower interest rates and less stringent credit requirements than banks, which can make it easier for those with less-than-perfect credit to get approved for a personal loan. You'll need to join a credit union before applying for a personal loan; this usually involves opening an account and depositing a minimum amount of money. Be aware that credit unions may not provide convenience features like a mobile app, and you might have to make your payments by check.\n*   **Online lenders** don't have physical branches you can visit. This means they can operate with less overhead than credit unions or banks and, in turn, may pass that savings onto borrowers in the form of lower interest rates on personal loans. Some online lenders cater to people with poor credit, which can be helpful if you've had trouble getting a personal loan elsewhere. Speed is another plus for online lenders—in some cases, you can apply for a personal loan online, get a decision and access your loan funds all in the same day. If borrowing money entirely online sounds risky to you, working with a well-established online lender can ease your fears. END