Personal loan borrowing is still possible — and perhaps more urgent — in the wake of the coronavirus pandemic and its potential effect on your family finances. Some top-rated lenders have started offering lower-dollar, emergency loans to help unemployed and other consumers access the funds they need to get by. Keep in mind, however, that personal loans still carry the same eligibility rules, including credit score and debt-to-income ratio.
For current borrowers of personal loans, lenders have made it easier to avoid loan default in light of the ongoing pandemic. Various banks, credit unions and online companies have provided or extended repayment postponements, offered modified terms or waived fees.
For more: LendingTree’s Coronavirus Resource Hub