Find a Great Personal Loan Lender

Frequently asked questions

• How fast can I get a loan?

  Some lenders say they can approve a loan application in minutes and fund a loan in a day or two of approval, while others may take a few days for each. Generally, you should expect to get the funds from a loan within a week of approval.

• Are online loans safe?

  It is safe to get a loan from an online lender; you just need to choose a reputable lender. Features like no credit checks and annual percentage rates above 36% should be red flags. Know the signs of predatory loans to avoid a debt trap.

• Can I get a loan with bad credit?

  A credit union is a good option for bad-credit borrowers. They offer lower rates on loans and look at more than just your credit score when reviewing your application. But they may not be your fastest funding option.

  A bad credit loan from an online lender that caps rates at 36% may be deposited in your account more quickly. Online lenders typically report your payments to credit bureaus, which can help you build credit.

• What is the best online loan for me?

  The best online loan will help you reach a money goal (like consolidating debt or covering a large expense) without creating financial stress. Interest rates and terms are typically based on your income and credit, and different lenders offer features that may be important to you, like payment flexibility or access to credit scores.

• What’s a good interest rate on a personal loan?

  A good interest rate on a personal loan allows for manageable monthly payments over the loan's term. The lowest rates are usually around 6%, and the highest go up to 36%.

  The best interest rates go to good- or excellent-credit borrowers (690 or higher score) with debt-to-income ratios below 40% and steady income. Use a personal loan calculator to estimate your personal loan payments.

• How will my personal loan rate be decided?

  Personal loans are usually unsecured, meaning lenders consider information about your creditworthiness and finances to decide your rate. Here are a few things a lender may consider when determining what rate to offer you:

  • Credit score and history.

  • Income.

  • Other existing debts.

  • Education and employment.

  • Requested loan amount, purpose and term.

• Can I get an online loan with a co-signer?

  Yes, some online lenders offer co-sign loans that allow you to add someone who might have a higher credit score or income to your loan application, which will boost your chances of approval.

• When is a co-signer a good idea?

  Lenders use information like your credit and income to decide whether you qualify and what your loan amount and annual percentage rate should be. Adding someone with better credit, higher income and low debt to support your application makes a lender more confident that the loan will be repaid.

  A co-signer can help if:

  • Your credit score is below 600.

  • You want a large loan.

  • You need a lower rate than you can get on your own.

• How can I borrow emergency money?

  You can get an emergency loan through a bank, online lender or credit union. Online lenders can fund loans quickly — sometimes the same or next day after you're approved — and many let you check your rate before you apply. It usually takes a few minutes to apply for a loan if you have all the required documents ready. It's best to compare emergency loans with alternatives to find the cheapest way to borrow money.

• Can I get an emergency loan with low income?

  It may be possible for borrowers with low income to qualify for a loan since some lenders care more that you have steady income versus a specific amount. Learn what it takes to get a loan with low income.

• What is the difference between secured and unsecured loans?

  A secured loan requires you to offer collateral as part of the loan agreement. Examples of collateral include your car, your house or a savings or retirement account. Borrowers who have lower credit scores may qualify for a better interest rate or higher loan amount compared with an unsecured loan. But there’s a catch — if you fail to repay a secured loan, the lender can seize your collateral.

  With an unsecured loan, you don’t risk collateral, but it may be harder to qualify. Lenders look at credit score, credit history, income and existing debt when deciding whether to approve you. If you fail to repay an unsecured loan, your credit will take a hit.