PERSONAL LOANS >> Get Cash Today

When it comes to finding the right personal loan, the bottom line for most people is going to be a favorable low interest rate. However, individual circumstances vary, and sometimes a person will need a loan sooner than a traditional lender can give it, or they need the loan for a brief period of time, or they don't have the credit history necessary to qualify for the best interest rates.

As a result, different lending options have emerged that cater to different circumstances, and each will offer different interest rates. Read on to get an idea of how these different personal loan lenders compare.

The Traditional, Bank-Issued Personal Loan

For most people, a bank will be the first place they turn to when they need a personal loan. However, there's a major liquidity crunch going on, and banks have cut way back on loans of all kinds -- credit card limits, for example, have been slashed for even people with the best credit and payment histories.

Not only are they approving drastically fewer loans, but they're also charging higher interest rates for them. These rates vary by location, with the best rates in New York hovering around 16%. In Los Angeles the lowest is about 18%, but in Cheyenne, Wyoming a borrower could get a loan for as little as 9%.

On the plus side, banks are very often trusted names, and operate under stringent federal regulations. That sense of security is a welcome one when it comes to money.

Cashcall

Cashcall offers people living in New Mexico, California, Idaho and Utah loans with an APR of 139.34%. Their standard loan of $2,600 costs $75. Thirty-six payments of $298.94 later, the loan is paid off.

Clearly, this is going to be the loan of last resort for most people, but if circumstances are dire and there aren't any other options, then it's (arguably) better than nothing.

Check into Cash

Specializing in payday loans and payday advances (more or less the same thing), Check into Cash offers customers small loans (between $100 and $800) against their next paycheck.

On a $100 loan, for example, the fee is $15 - and the whole amount must be repaid (not $85, as you might think). Loans of this type are for people in a real jam, but like the jaw-dropping CashCall loan, if they prevent something worse from happening then they're ultimately worth it.

Peer-to-Peer Lending

A booming new lending, loaning, and investing vehicle, peer-to-peer loans are made by individuals to other individuals, with no banks involved. Driven by the Internet, peer-to-peer lending is still experiencing growing pains, but the fact that they're growing so quickly suggests a promising future.

They're more of a risk for investors because there's always the chance that a borrower can default. For borrowers, however, they offer some of the lowest interest rates available. Two of the biggest names in peer-to-peer lending are Prosper and Lending Club.

• Prosper.com

Although not available everywhere, Prosper.com is currently advertising personal loan rates of 7.5% for people with credit scores over 640.

Prosper's auction process among lenders can also send your initial rate down if you're a particularly appealing loan prospect. Additionally, Prosper lets you make early loan payments and pay the bill off before it's due.

• Lending Club

Like Prosper, Lending Club brings investors together to offer borrowers personal loans at phenomenal prices.

Currently, Lending Club offers potential borrowers with the best credit scores loans with 7.89% interest rates.

Every now and then people need access to money quickly to cover unexpected expenses. When the time comes it may be difficult deciding between using a line of credit from a credit card or securing a loan of some type to help get through the rough patch. Each option has both advantages and disadvantages associated with them based on what you need to use the money for and how you plan on paying back the debt in general.

If you have one large expense that requires immediate funding, then a traditional loan option may work best for you. With a traditional secure loan you can borrow money against some type of collateral, such as your home. You can choose a specific dollar amount to borrow and then pay back the debt in fixed, monthly payment amounts. This type of loan is a great way to finance the launch of your new business, consolidate all your other loans into one controlled monthly payment amount, or even cover large hospital bills. These type of loans require paperwork, patience and an approval process.

However, if you fancy yourself a bit more spontaneous and do not have a set plan for repaying the money you are planning on borrowing, then you may opt to use a line of credit from your credit card. By using your credit card you can easily access the money you want, when you want it and not have to go through a whole bunch of steps to get it. Using a line of credit is a quick and simple way to access your money, but it can be costly. Interest rates for credit cards are extremely high and thus your hasty purchase may end up costing you more than what you originally expected.

If you are a homeowner, credit cards are not the only type of line of credit you may have access to as you have the option of a home-equity loan. A home equity loan provides you with a line of credit that can be used kind of like a credit card. During the first five years, or the "draw" period, the more you payback the loan, the more credit you will be granted. When the draw period concludes you can choose to either pay back the money in one lump sum or in traditional fixed payments. All these terms will be determined in your contract.

Before opting between borrowing money via a line of credit or a loan, you need to evaluate your finances and your financial behavior - as far as how your repayment plan will be. By weighing both the pros and cons you will certainly come up with an excellent decision!

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