What is a personal loan?

A personal loan is a type of unsecured loan that allows you to borrow money for almost any purpose without requiring collateral.

How much can I borrow?

Loan amounts typically range from $1,000 to $50,000 depending on your credit profile and lender requirements.

What credit score is needed?

Most lenders require a credit score of 600 or higher, but some may approve loans for borrowers with lower scores.

Can I get a loan with bad credit?

Yes, some lenders specialize in loans for people with bad credit, but interest rates may be higher.

Are personal loans secured or unsecured?

Most personal loans in the U.S. are unsecured, meaning you do not need to pledge any collateral.

How long does loan approval take?

Many online lenders offer instant or same-day approval. Funding may occur within 1-3 business days.

What are typical loan terms?

Loan terms usually range from 12 to 72 months, depending on the lender and loan amount.

Is there a prepayment penalty?

Most personal loans do not have prepayment penalties, but always check the lender’s policy before signing.

Do personal loans affect my credit score?

Yes, taking out a loan and making on-time payments can help build your credit score over time.

What documents do I need?

Lenders typically require ID, proof of income, employment verification, and bank account information.

Loan Simulator: Plan your payments

This simple tool helps you understand your loan before you apply. You can adjust the amount you want to borrow, the interest rate, and how long you want to pay it back. We will instantly show you how much you would pay each month, the total amount you would repay, and how much interest you would pay.

Tell us how much money you want to borrow, how long you want to take to pay it back, and the interest rate.

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Loan Simulator: Plan your payments

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