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Updated on Tuesday, July 31, 2018
Citizens Savings & Loan Corporation
Citizens Savings & Loan Corporation began in 1917 and is one of Tennessee’s oldest consumer finance companies. Though the company does not have locations in Nashville proper, it has offices outside the city and in eastern and central Tennessee as well as north Georgia. Citizens primarily makes secured and unsecured loans to people with less than perfect credit or collateral for personal, family and household purposes. Often, Citizens customers can have cash in hand within hours of submitting their loan application.
US Community Credit Union
US Community Credit Union was founded in 1949 by 11 Veterans Affairs hospital employees and continues to be a member-owned, not-for-profit cooperative to this day. US Community Credit Union is open to anyone who lives, works, worships or attends school in Davidson, Rutherford, Sumner, Williamson or Wilson counties. Family members of any current US Community Credit Union members are also eligible to join. US Community Credit Union offers unsecured personal loans, debt consolidation loans and secured personal loans.
First Tennessee Bank
First Tennessee Bank got its start in Memphis in 1864. It offers personal loans with flexible terms and competitive rates based on the collateral you use against your loan. Personal loans through First Tennessee Bank can be used for a new car, boat, household items and more. First Tennessee Bank has 15 locations in Nashville and more across the state of Tennessee.
The Tennessee Credit Union
The Tennessee Credit Union was founded in 1950 by a small group of volunteers who were committed to provide members with the tools they needed to make sound personal finance decisions. Today, TTCU is still a not-for-profit institution that is run by members. TTCU has 10 branches across middle and eastern Tennessee. Since TTCU is a credit union, you’ll have to qualify to join. Either you or a family member must live in Williamson or Hamblen counties, or be employed by an educational entity in Tennessee, have a family member that is a TTCU member, or be working toward a degree in Tennessee. You must not have an active membership with another credit union within the state. TTCU offers personal loans to buy a car or recreational vehicle, debt consolidation or to pay for such things as weddings, adoptions, medical procedures and more.
LendingTree, the parent company of MagnifyMoney, is an online loan comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.
Shopping for personal loans online
A personal loan can help you get the funds you need to take an extra family vacation, pay for your wedding, consolidate credit card debt or a number of other planned or unplanned expenses.
Before you apply for a loan, note that your credit score is very important. The lender that you are borrowing from will look up your score and use that information to determine how much money they are willing to lend you and at what interest rate. Often, your employment status and income will also be considered.
Before you decide who you want to borrow from, you’ll want to do some research because lenders vary widely.
You can easily compare loans online with loan marketplaces like MagnifyMoney’s.
Here are a few tips to make your search for a personal loan go a little more smoothly.
Watch out for fees. Different lenders have different types of fees that they may or may not charge. There could be an origination fee, which is the upfront fee charged for processing your application, and even prepayment penalties if you decide to pay off your loan early. You don’t want to get hit by those if you don’t have to!
Look into loan limits. Not all lenders are willing to lend the same amount, so make sure that you’re able to borrow what you need. You’ll also want to consider the loan terms so you can dial in your monthly payment for a set number of months and stick to it (or pay it off early if you don’t have a prepayment penalty to worry about).
Compare rates. In addition to your loan limits, your credit score will largely determine your loan rate. You can check your rate ahead of time with a soft pull prequalification form, like the one at LendingTree. Many personal loans have a fixed rate, which won’t vary from month to month. Some loans, however, have a variable rate.
To begin the comparison process, you can go online and enter information such as the amount you want to borrow, the reason for the loan, some personal information and your estimated credit score. From there, lenders will look at that information, and determine the details of your loan. At that point, you’ll be preapproved for your loan and you can continue the loan process directly with the lender.