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Here’s How to Get a Personal Loan

Running short on cash? A personal loan can help.

When you’re looking to finance a new ride, you secure a car loan. When you find the home of your dreams, you apply for a mortgage. When your high schooler is ready to start looking at college, you start thinking about student lending options. But what happens when you need quick cash to cover medical expenses, plumbing repairs, new appliances, or consolidate debt? That’s where personal loans come into play!

In this article, we’ll explore how to get a personal loan, the different types available, and much more. But before we take a deep dive, let’s start at the beginning.

So, what exactly is a personal loan?

Investopedia defines it as “an amount of money you can borrow to use for a variety of purposes.” For example, you can use it to cover a big expense, plan a dream wedding, or consolidate debt. Similar to other lending options, you’re responsible for repaying the amount you borrow over time, typically with interest.

How do they work?

The answer to this question is dependent on the type you get. Some are offered as lump sum payments and other times they’re a line of credit. Some may vary between having a fixed-rate versus a variable rate based on your credit history. No matter what you decide, it’s important to understand all of the details such as type, terms, and rate.

At Clearview, we have different types of solutions to fit your needs:

  • When you don’t want to make a purchase without draining your savings, try our Secured Loan. With a variety of rates and terms to choose from, this option makes for easy budgeting.
  • Are life’s expenses catching up to you? Our Signature Loan can help with up to 84-month terms and great rates.
  • When you need a little extra cash to help you get by, CashPlease® is here to save the day. With CashPlease®, you’ll pay less in interest than you would pay with traditional payday loans. If you’re a member with an active checking account, you can apply in digital banking. After applying, you'll get a decision within minutes and funds are deposited into your account often in 24 hours or less.
  • Pay for anything at anytime with our PowerLine Line of Credit. This line of credit provides fast access to a cash reserve and variable rates based on your credit performance.

If you’re not sure which option is for you, you can use our personal loan finder for assistance!

How to get a personal loan

Now you’re finally ready to apply! If you’re already a Clearview member, you can apply through digital banking. Not a member? Not a problem! You can apply for membership at the same time as the personal loan. If we review and accept your application, our Lending team will guide you through the rest of the paperwork process. Once funded, you’re able to use the money as you see fit. Throughout the application process, it’s also important to come up with a strategy on how you’ll pay it back (i.e. schedule recurring transfers).

Understanding all the different types of lending options is overwhelming enough. We hope that this article can alleviate some of the stress and has been able to answer some of the common questions of this process including how to get a personal loan, what are they, and how they work.

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