The best way to get a $4,500 loan is to take out a personal loan from TD Bank, Navy Federal Credit Union, or Wells Fargo. These lenders offer personal loans of $250 to $100,000, with APRs as low as 5.99%, depending on an applicant's creditworthiness.
How to Get a $4,500 Loan in 6 Steps
- Check your credit score.
- Check for personal loan pre-qualification to see your approval odds and potential rates.
- Compare the terms of personal loans for which you have high approval odds.
- Pick a loan and submit an application.
- Wait for a decision.
- Wait for the funds to be delivered (usually within 7 business days of applying).
Best $4,500 Loan Options
*According to either the lender or multiple third-party sources
There are several other ways to get a $4,500 loan, too. You could tap into your home equity, charge the amount to a credit card, or borrow from a friend or family member. There are some options to avoid, as well, including auto title lenders and pawnshops. It's important to learn about all the different ways to get a $4,500 loan before making your final decision.
Ways to Get a $4,500 Loan
Personal loans offer $1,000 to $100,000 in funding for 12 to 84+ months, depending on the lender. Their APRs typically range from 6% to 36%, and they may or may not charge an origination fee to open the loan. Personal loan credit score requirements typically range from 580 to 700+, but there are some options for people with lower scores (including secured loans).
You can get a home equity loan or home equity line of credit (HELOC) to borrow against your home. You'll be able to borrow a percentage of the difference between your home's value and the amount you have left to pay on the mortgage. There's the potential for a lot of funding if you have a lot of equity. Home equity loans usually last for 5 to 30 years, have APRs of 4% to 8%, and tend to require credit scores of 680+. If you cannot repay what you owe, you risk foreclosure on your house.
Depending on what you need money for, you may have the option to charge it to a credit card. Credit cards have a wide range of credit limits, depending on the card and your creditworthiness. You may want to check out WalletHub's picks for the best high limit credit cards.
Friends and family
You can always turn to someone you know to borrow money, and you're likely to get better terms than you would with a traditional lender. However, you also risk putting your relationship with that person in jeopardy if you can't repay what you owe.
Auto title lenders give short-term loans based on the value of your car, using it as collateral. Pawnshops give you money for an item and let you pay it back with interest to reclaim the item. None of these options are worth pursuing except as a last resort because they are extremely expensive.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.