 TITLE: Can I Pay for a Divorce With a Personal Loan? CONTENT: What to Consider Before Getting a Divorce Loan\n----------------------------------------------\nBefore you apply for a personal loan to cover your divorce, it's important to think through the decision carefully.\nFirst, consider whether you can realistically qualify for a personal loan. If you have good to excellent credit, which means a FICO® Score☉ of 670 to 850, chances are solid that you can qualify for a personal loan with a low interest rate. If your credit is fair (a score of 580 to 669), you might be able to qualify for a personal loan, but your interest rate might be steep. For credit scores below fair, an unsecured personal loan might not be an option. Keep in mind that lenders also look for a stable income that ensures you'll be able to repay the loan.\nOn that note, before you take out a loan, look at the estimated monthly repayment and make sure it will fit into your budget. Late or missed payments will negatively affect your credit score, so only take on a divorce loan if you know you can repay it on time every month.\nAlso, remember that with a loan, you can't increase the amount later. If what you need might change or increase, it could be better to use revolving credit such as a credit card or line of credit, which lets you borrow only what you need.\nIf you're thinking about getting a personal loan for your divorce, make sure to shop around and compare your options. You'll find that loan amounts, terms, interest rates and fees can vary quite a bit from lender to lender. It's also worth comparing different types of lenders, such as banks, credit unions and online-only lenders, SoFi or Prosper for example. Online lenders usually have a faster approval and funding process than do traditional financial institutions and may be more lenient with credit requirements. END