If you’re in need of cash, getting a personal loan in Boise is an option. Interest rates on personal loans are often lower than on credit cards, and consumers can borrow from banks, credit unions, peer-lending companies and other private lenders. To help you find the right option, we researched the best personal loans in Boise.
Millions of Americans every year get a personal loan, which usually is between $1,000 and $50,000 and is paid back monthly over one to five years. Borrowers use the funds to do things like consolidate debt, pay off credit cards and bills, remodel homes, have a wedding, support a move, buy a vehicle and take a vacation.
Personal loans in Boise are popular because interest rates are lower than other types of loans and borrowers make monthly payments in regular amounts on a fixed schedule. There are different types of personal loans.
Type of personal loan
Not backed by collateral; interest rates are higher than a secured loan
Asset required to secure the loan; if borrower defaults, lender has right to collateral
Rolls multiple debts into a single loan with a lower interest rate
Line of credit
Borrow on an as-needed basis, pay interest only on money borrowed
A co-signer pledges to repay the loan if the borrower doesn’t; increases qualifying chances for consumers with thin or low credit
Cash borrowed between paychecks; short-term, low-amount loan with high interest rate and fees
How to apply for a personal loan in Boise
Personal loan companies in Boise differ in their application processes. Some will allow borrowers to complete an entire application online, while others require a phone or in-person component to verify information and go over loan terms.
Regardless, borrowers will need to compile documents that help lenders determine creditworthiness. These often include:
Social Security number
Government-issued ID (e.g., passport, driver’s license)
Address verification (e.g., utility bills, copy of lease)
Proof of income (e.g., pay stubs, tax returns, bank statements)
Monthly expenses and debt obligations
After the completion of a loan application, some lenders are able to transfer money in as little as one day.
Keep in mind, lenders may have minimum and maximum borrowing amounts, and each has different terms, conditions and fees. Be sure to familiarize yourself with the fine print before you agree to a personal loan. Understand origination fees and prepayment penalties that increase the total cost of the loan beyond principal and interest.
It is wise to check your credit score before exploring personal loans in Boise. Federal law requires each of the big three credit reporting agencies to offer you a free credit report once a year. Visit annualcreditreport.com to order a report of your credit history, which will be a factor in your ability to borrow.
Best Egg has served over 450,000 customers and funded over $6.5 billion in loans. The company makes it easy for Boiseans to apply for a personal loan online. Customers get access to low and fair rates, multiple payment options and friendly service. Loans from $2,000 to $35,000 are available on fixed-term plans. Customers have given many five-star reviews to Best Egg, which has an A+ rating from the Better Business Bureau.
FreedomPlus has provided over $1 billion in loans to over 75,000 Americans. Customers can get same-day decisions and borrow between $7,500 and $40,000. Funds are available within three business days. Boise customers who have used Freedom Plus say the application process is fast and easy, with very helpful staff that assist in setting up simple, fixed repayment plans. FreedomPlus has an A+ rating with the Better Business Bureau.
LoanMe, founded in 2013, offers unsecured personal loans ranging from $2,600 to $100,000, with cash available within three to four hours. Customers pay no prepayment penalties and can use the funds for any purpose. Boise reviews appreciate the helpful and professional customer service. LoanMe is accredited with the Better Business Bureau, holding an A- rating.
One Main Financial
Personal loans from $1,500 to $30,000 are available from OneMain Financial, which has over 100 years of experience lending across the U.S. Each loan has clear terms, fixed payments and no prepayment fees. Borrowers can get funds on the same day if they’re approved by noon. Boiseans like that OneMain Financial has local branches for walk-in service. OneMain Financial has an A+ rating from the Better Business Bureau.
Canyon Financial has been a lender of choice for residents of the Treasure Valley for 20 years. This lender offers secured loans from $500 to $15,000 with flexible terms up to 48 months. Customers with less-than-perfect credit can still apply. Boiseans like the personalized customer service and the staff’s ability to work with each borrower to find the right loan. Canyon Financial has an A+ rating with the Better Business Bureau.