 TITLE: Where Can I Get a Personal Loan? CONTENT: Who Offers Personal Loans?\n--------------------------\nAlthough personal loans all work the same basic way—you borrow a fixed amount of money, then repay it in equal monthly installments—the financial institutions that offer them differ. Each has its own way of conducting business, unique qualification standards and rate structure, and benefits and drawbacks.\n### Banks\nConventional banks are for-profit financial institutions, and nearly all have branches that you can visit in person. In addition to providing deposit accounts such as credit and checking accounts, banks offer a variety of loan products, and personal loans are typically among them. To obtain a personal loan from a bank, you may be able to apply in person, over the phone or online.\nBecause banks are large financial institutions that often have long histories, obtaining a loan through one can feel comforting. If you already have accounts at the bank, or have borrowed money from it before with different loan types, you've formed a relationship. That can make it easier to get approved, and may result in a preferable interest rate.\nIn general, though, banks tend to have higher interest rates and stricter eligibility standards than other lenders, so if you're a newer customer you may be at a disadvantage. And if your credit scores aren't high enough, you may be denied with little explanation or assistance.\n### Credit Unions\nWhile similar to banks, credit unions are nonprofit financial institutions owned by their depositors, not by shareholders. They typically serve a specific audience, such as people in a certain city or area, profession, association or community group.\nTo apply for a personal loan at a credit union, you'll need to be a member or become one, which usually entails opening at least one deposit account. Credit unions typically have a physical storefront as well as an online presence, and personal loans are usually on their menu of products.\nSeeking a personal loan from a credit union comes with some significant upsides. Qualification is usually more forgiving than with conventional banks, and the interest rates are sometimes better than those you can find elsewhere. If you don't qualify for a loan from your credit union of choice, the credit union may work with you so you can qualify in the future. Support, financial education and assistance are all part of the credit union model.\nThere aren't many downsides to getting a personal loan from a credit union. One potential problem is that you may not be able to become a member at the one that offers loans with the lowest interest rates. If that happens, you'll have to seek another credit union or source of financing.\n### Online Lenders\nAs the name suggests, online lenders operate entirely over the internet. You can't enter a branch to talk with an employee. The focus is entirely on lending money rather than providing a wide array of financial services. In addition to mortgages, car loans and debt consolidation loans, almost all online lenders offer personal loans. To start the loan process with one of these companies, you'll complete and submit an application on the lender's website.\nA benefit of online lenders is that loans are their primary business. Personal loans are available to a wide variety of people, from applicants with poor credit to those with excellent credit. And if you want the money at the swiftest speed, online lenders win the race. Upon qualification, the funds may be at your disposal within minutes. It can take some banks and credit unions days or more.\nHowever, compared with banks and credit unions, online lending companies are relatively new. Some have only been in existence for a few years, and that may give you pause. Depending on the lender, customer service can be poor or virtually nonexistent. And while online lenders may qualify you when others won't, you could pay for it in the form of a prohibitively high interest rate. You may have been turned down from a bank or credit union for good reason. END