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Sofi
9.7 Score
APR: range in percentage
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lendingtree
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Credible
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Upstart
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Nerdwallet
8.8 Score
Min. credit score: 640
APR: 4.99% - 35.99%
Term: 36 - 72 month

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Personal loans can be a great way to finance a large purchase or consolidate debt. You can compare lenders below to find your best deal.

Our Best 3 Picks

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Our Best Choice

Sofi
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Landingtree

Must Reads

Personal Loan for Debt Consolidation Nov. 08, 2022
What you need to know about Personal loans Oct. 10, 2022
The Secret To Getting A Personal Loan With Bad Credit Oct. 24, 2022

How to get a personal loan in 5 steps

Our goal is to ensure that you have all the information you need to make an informed decision about which provider to choose.
We believe that an educated consumer is our best customer, and we're committed to providing you with the resources you need to make the best decision for your needs.

How to get a personal loan in 5 steps How to get a personal loan in 5 steps

1. Crunch the Numbers

Before initiating the steps for applying for a personal loan, borrowers should determine how much they need, and how much they can afford to pay on a monthly basis. Be sure to calculate appropriately and borrow enough to get what you need after lender fees are deducted. This can be done by creating a budget and putting together an estimated list of their income and expenses. This way, helped some borrowers determine whether they can afford the loan so they can avoid defaulting on it.

2. Check Your Credit Score

When it comes to how to get approved for a personal loan, a borrower’s credit score usually plays a large role in whether they’re approved. A borrower’s credit score may also determine what kind of interest rates they receive—the higher the credit score, the lower the rates. Credit scores are tracked by three credit bureaus: Equifax, Experian, and TransUnion.

3. Shop Around

It’s important for borrowers to do their research and compare personal loan rates before agreeing to sign with a lender. Many lenders offer prequalification, or soft credit checks, and borrowers can use these estimates to compare interest rates. Other items borrowers should compare between lenders are repayment terms, amounts, fees, and the minimum credit required. These factors may determine whether or not a borrower can take on a loan.

4. Read the Fine Print

Even if borrowers feel comfortable going with a particular lender, it’s still important to read the fine print on any loan that is offered. Consumers don’t want to overlook any specifics that could come back and impact them financially down the road.

5. Apply and get approved!

If a borrower is approved for a personal loan with a lender, they’ll be required to submit a hard credit check before signing and officially accepting the loan. The time it takes to receive a loan entirely depends on the lender. While some lenders offer same-day funding, it may take several business days for other lenders to deposit the money.

FAQ’s About Personal Loans

What is a personal loan?

A personal loan can be used for a variety of purposes, such as consolidating debt, paying for a vacation, or making a large purchase. Personal loans typically have a lower interest rate than credit cards, so they can be a good option for borrowers who are looking to save money on interest.

What do I need in order to apply for a personal loan?

In order to apply for a personal loan, you will need to provide some personal and financial information to the lender. This may include your Social Security number, income, debts, and assets. The lender will also need to know your credit history in order to determine if you are a good candidate for a personal loan.

What does APR Mean?

Annual Percentage Rate (APR) is the cost of credit, expressed as a yearly rate, which includes interest, points, and other finance charges.

How long does it take to apply for and receive a loan?

When you apply in person at a lending institution, it takes about one day to go from submitting an application to receiving funds. However, this time may vary depending on when you submit your application, how many documents are required for approval, and how long it takes to receive those documents, among other factors. When you apply online the application process. Completing the application and receiving a decision is usually less than 10 minutes. Signing the agreements and receiving funds could be by the next business day after approval. *Note: total time may vary depending on the documents you need to submit and/or your circumstances.

Can I get a personal loan online?

Yes. You can apply for a personal loan online through a number of different lenders. The process is generally quick and easy, and you may get approved for a loan in a matter of minutes. But, it is important to compare rates and terms from multiple lenders before choosing a loan, as there can be significant differences in the cost of borrowing between them.

How long do I have to repay the loan?

The repayment period for most loans is typically 10 to 30 years.

What is a good interest rate on a personal loan?

The average interest rate for a personal loan is 10.3% to 12.5% as of February 2022. However, the interest rate you receive depends on several factors, such as the Central Bank rate at the time of your application, your credit score, and lenders frequently charge other fees that can make a loan more expensive. To minimize costs, maintain a good to excellent credit score (at least 670).

Personal loans are illustrated by the following example

Parameter
Value
Loan Amount
5,000$
Period
36 months
Fixed rate
10.5%
Fees
60$
Monthly repayment
162.51$
Total amount paid
5,910.44$
Sofi LightStream Credible Upstartl lendingtree

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