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3. 4 Personal Loan Tips That Will Pay Off You can get money fast with a personal loan, but one mistake could cost you a lot of money. If you need money fast, a personal loan may seem like the right answer, allowing you to get a lump sum of money within a few days. Before jumping in headfirst, though, you should understand how personal loans work. Personal loans have many uses, including consolidating debt, paying for home repairs, or paying major medical bills. Some lenders don’t even ask how you’ll use the money unless you have a high debt-to-income ratio and debt consolidation would bring it down Job Search. You can get a personal loan from a local bank, credit union, online lender, or peer-to-peer lender. You may find it easier to qualify for a personal loan than an auto loan or mortgage, but that doesn’t make it any less important to shop around. Use these helpful tips to make sure you choose the right personal loan for your situation.Read Also: Mortgage Loan Tips - Utah Department of TRLC Online1. Get pre-qualified by multiple lenders Don’t fall for the advertised rates on bank’s websites and marquee signs. Only the most qualified borrowers get these rates. You should find out for yourself what terms a bank will give you. Did you know you can get pre-qualified for personal loans without knocking any points off your credit score? Many banks conduct a "soft" credit check during the pre-qualification process. This pull on your credit report doesn’t affect your credit score, unlike a "hard" inquiry. A soft inquiry won’t even show up on your credit report. Personal loan lenders can simply look at your credit history to make a tentative decision about whether to lend you money and how much.