FAQ personal loans helps you to understand about online loans. Online personal loans offer a convenient way to cover unexpected short-term expenses, plan for a big event, or consolidate debt. It’s easy to apply for a personal loan, and in some cases it can be cheaper than borrowing on your credit card. If you’re thinking about applying for a loan, check out our commonly asked questions for more information about the process.
There are many reasons you might consider a personal loan and the money can be used for just about anything. Whether you have unexpected medical experiences or would like to plan for a fun family vacation, a fast, easy loan can help you meet your goals.
Regardless of credit history, most people can qualify for a personal loan. All you need is a credit score of at least 580 and a verified source of income.
Most P2P lenders want borrowers to have a min 600 or better for a no collateral Personal loan. If your credit is less than perfect, your interest rate will be higher, but the application process is still fast and easy. If you’ve been rejected for a loan or suspect that your credit history contains errors, request a free credit report summary to see the information that lenders use.
Lenders charge interest based on a loan’s risk level. They are betting on whether borrowers are likely to default on their payments. They may consider a person’s current monthly expenses, level of debt, and credit history to determine interest rates. Credit scores provide the simplest way to judge a person’s credit risk, so many lenders look at that number exclusively.
Depending on your credit history and the length of the loan, rates can vary from 5.99% to 36%. If you know your credit score, most lenders will let your check your rate before you apply so you’ll know exactly what to expect.
Most lenders want borrowers to have a score of min 540 or better for a no collateral loan. For P2P loans, you’ll need a score of at least 600.
Each time you apply for a loan, the lender will perform what is known as a “hard inquiry” to your credit report, which can hurt your score if you have multiple inquiries in a short period of time. The good news is that if you know your credit score, our lenders will let you see your interest rates before you formally apply. If you don’t know your score, you can get a credit score estimate by answering a few simple questions.
Depending on your current income and credit history, you can borrow from $100 up to $35,000.
In most cases, you’ll get an answer the same day you apply.
The loan application process takes only a few minutes and it’s free. There is no obligation, and you can always cancel the request if you change your mind. Once you decide to accept a loan, most lenders charge a small origination fee, typically between 1% and 3% of the loan.
The application process varies depending on the lender you choose, but typically you’ll need to provide your address and social security number so the lender can run a credit check. You should also be prepared to show pay stubs or tax returns as proof of income.
Personal loans typically have a repayment period of three, five, or six years. During this time, your APR rate is fixed, so you’ll always know exactly how much each payment will be.
Yes. Making extra payments or paying off your loan early will save you money, and there is no penalty for early repayment.
After submitting your loan application, you will get approval same day or next day.. If your loan is approved, your money will be available for withdrawal within two business days.