This offer is conditioned upon final approval from an Upstart Powered bank or licensed lender which is based on consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information provided in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into a contract for the extension of credit and who currently resides in the United States. Duplicate offers received are void. Closing your loan is contingent upon meeting certain eligibility requirements and your agreement to the terms and conditions of Upstart and a bank or a licensed lender partnered with Upstart. Loans are originated by Upstart Powered banks and licensed lenders on the Upstart platform. Loans in Maryland, Massachusetts, Nevada, and Nebraska are made by Cross River Bank, an FDIC-insured New Jersey state chartered commercial bank. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 23% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved
Rates are high compared to other lenders that serve similar borrowers.
Disclaimer
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Minimum credit history: Two years, but average is 11.
Minimum annual income: None, but average is $89,000.
Maximum debt-to-income ratio: 50% (excluding mortgage).
No bankruptcies filed within the last year.
Fewer than five credit bureau inquiries in the last six months.
Pros
No prepayment fee.
Option to change your payment date.
Offers joint loan option.
Cons
Charges origination fee.
Charges late fee of $15 or 5% of the unpaid loan amount.
Disclaimer
For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
DIVE EVEN DEEPER IN PERSONAL LOANS
Bad credit loans: What to know
A bad credit score (300-629 on the FICO scale) doesn’t automatically disqualify you from getting a personal loan.
Some online lenders cater specifically to people with bad credit. These loan companies take into account your credit scores and credit history when deciding whether to lend you money, but they have looser requirements than banks and they may consider factors beyond your credit score.
However, interest rates at online lenders can be high if you have bad credit, with annual percentage rates typically above 20%.
What rate should I expect on a personal loan?
Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates on personal loans look like, on average:
Check your credit report: Before you apply for a personal loan, check your credit report and address any errors that could be impacting your score. Bumping your credit several points can not only boost your chances of qualifying, but also get you a lower interest rate.
NerdWallet offers free access to your TransUnion credit report. You can also get a free report from each of the three big credit bureaus (the other two are Experian and Equifax) from AnnualCreditReport.com.
Visit a credit union: Personal loans from reputable online lenders are fast and convenient, but you may get a lower rate and more personalized service from a credit union. The maximum APR offered at federal credit unions is 18%.
Pre-qualify online: If you can’t get a loan through your local credit union, compare offers from multiple online lenders before signing any loan agreement. The easiest way to compare actual rates is to pre-qualify.
You can also use a personal loan calculator to see what rates may be available to you, based on your credit and the loan you want.
Submit an application:Applying for a loan can take anywhere from one business day to a week, and the process triggers a hard credit inquiry. That can temporarily hurt your credit score, but it should rebound over time as you make timely payments on the personal loan.
Managing your personal loan
As with any debt you take on, have a plan to pay off your personal loan. Follow these tips for managing your loan.
Update your budget: Follow a budget that divides your income into needs, wants, savings and debt to ensure timely monthly payments toward your personal loan.
Set up autopay: Setting up automatic payments ensures you’ll make them on time. Over time, this will help improve your credit score. Some lenders offer discounts to customers who set up autopay.
Keep in touch with the lender: If you lose your job or encounter a surprise expense and think you may fall behind on payments, contact the lender right away to work toward a solution. Some lenders offer hardship programs or will temporarily defer your payments and waive late fees until you get back on your feet.
Which lender is right for me?
NerdWallet has reviewed more than 25 lenders to help you compare and choose one that’s right for you. Below is a list of some of our most popular reviews. See our picks for best personal loans.
Here are reviews of lenders that offer personal loans for bad or fair credit:
Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.
