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What is a Personal Loan?
Personal loans are for individuals who would like to finance certain events in their lives that are not related to business expenses. While there are several ways to borrow money, many individuals choose to work with a personal loan. This is because the terms are typically short and interest rates are reasonable. In terms of finding a quick and easy way to come up with the funds needed to cover necessary items, personal loans are one of the top choices.
However, there are times when a personal loan can be a secure loan, being that collateral is either used or required for the loan's approval. Often, secured personal loans are used when the consumer wants lower interest or does not have the financial history for unsecured approval. In these situations, the item or account that’s used as collateral can be taken by the lending partner if the borrower fails to satisfy the terms of the loan.
To determine whether a consumer qualifies for a personal loan, a lending partner might look at the consumers’s credit score and income records. They then weigh these records against other debts that the consumer handles. This is referred to as the consumers’s debt-to-income ratio (or DTR).
Along with determining a consumer's eligibility, credit scores and other debts determine creditworthiness. This will impact the type of loan they’re suitable for, the length of the term, and the interest rate attached to the loan. The lower the credit score, the higher the interest rate is.
Personal loans are usually paid back over a period of 12 months to 144 months, which is roughly one year to twelve years. The average length of a personal loan is between two and seven years.
Interest rates are usually between 6% to 36%, depending on the borrower’s credit score and creditworthiness.
While some lending companies may deny a consumer, another company may approve the application. This is because their protocols differ from other companies.
Shopping around for the best rates can help a consumer gain approval, even if they’ve been rejected previously.
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Personal Loan Rate & Terms Disclosure
Personal loan rate examples (for illustrative purposes only): a $10,000 loan at 4.89% APR with a term of 3 years would result in 36 monthly payments of $299 (Total repayable : $10,772) and a $10,000 loan at 9.99% APR with a term of 5 years would result in 60 monthly payments of $201.81 (Total repayable : $12,108.60).
Each state has specific rules and regulations that govern lending partners. The amount you can borrow, the APR, and repayment term are based on your state’s laws, the lending partner, and your creditworthiness.
The operator of this website is not a lender and does not make loans or credit decisions. This website will submit the information you provide to lending partners, who will first use a soft credit check(s) to assess your eligibility for a loan. There is no guarantee you will be presented with any personalized loan offers, or that upon presentation of any personalized loan offers you will qualify for the rates, fees, or terms shown on this site. Providing your information on this website does not guarantee that you will be approved for a loan.
If you receive a loan offer, it is imperative that you review the lending partners terms and conditions before proceeding with an application for a loan and please note, that at the point of application with the lending partner you may be subject to a full credit check.