Best Personal Loans in Green Bay, WI

How to choose a personal loan in Green Bay

Personal loans give borrowers the ability to borrow thousands of dollars and spend the funds how they want. The most popular uses of personal loans in Green Bay are consolidating credit card debt, paying bills, remodeling a home, paying for a wedding or funeral or taking a vacation.

Personal loans are either secured or unsecured, depending on whether the borrower puts up collateral.

• In a secured personal loan, the borrower agrees to give up the collateral, such as a car, if the loan isn’t repaid. Lenders may require secured loans for borrowers with lower credit scores. Because the loan is secured, the interest rate is often lower.
• In an unsecured personal loan, there is no collateral. Borrowers with higher credit scores are usually more eligible for an unsecured personal loan, but interest rates tend to be higher.

Personal loans are offered by banks, credit unions and online lenders. Each lending institution will differ in how it manages the application process and verifies your qualifications as a borrower. Commonly needed documents needed to apply for a personal loan include:

• Valid, government-issued ID
• Proof of residence
• Proof of income
• Bank account information

During the application process, lenders will check your credit report to evaluate your prior loan history and your standing with creditors. To avoid any surprises, you can check your credit history ahead of time for free.

As you shop for a personal loan in Green Bay, compare different lenders not just for interest rates, but the total cost of borrowing over the entire term, including any application fee, origination fee or prepayment penalty. Also, check customer feedback, which gives insight into things like how easy it is to make payments and how helpful the lender is answering questions over the life of the loan.