Apply for a loan guide

How to get a loan

Knowing about the process before you apply can help you on your road to financing.

Personal loans can help you buy a new vehicle, pay for home renovations, get married and consolidate debt, among other uses. You can even cover adoption costs. But what really goes into getting a personal loan?

Prosper Personal Loan

Prosper Personal Loans

You could borrow up to $35,000 for a variety of purposes, with rates starting from 5.99%.

  • Recommended Credit Score: 640 or higher
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $35,000
  • Loan Term: 3 or 5 years
  • Turnaround Time: 1-3 business days
  • Simple online application process
  • No prepayment penalties

    Decide what you need

    Finding the right loan starts with you knowing what you need and what your current financial circumstances are. Say you’re looking to purchase a car. If you have a good credit rating, a secured personal loan might give you a lower annual percentage rate (APR). However, if you have bad credit, you may need to consider getting a cosigner in order to qualify. You also may not get as good of an APR.

    You also need to think about how much you need to borrow, how long you’ll need to repay it and what kind of payments you can afford. Any additional features you’d like from your loan, such as the ability to pay it off early, should also be noted.
    Get your credit score here

    Find the right loan type

    There are various loan types available: secured loans, unsecured personal loans, fixed rate, variable rate. There are also an array of loans for bad credit, including payday loans, auto title loans and installment loans. Once you’ve decided what features you need from your loan, have a look at the different loan types and decide what which one best suits your needs.

    You may also want to compare the maximum loan amounts offered by lenders to be sure you can get all the funding you need.

    A selection of personal loans you can apply for today

    Rates last updated August 23rd, 2017

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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    Select your credit score range

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    Finally, select where you live.

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    640
    $35,000
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    Lending Club Personal Loan
    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
    660
    $40,000
    From 5.99% (fixed)
    You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    Avant
    Check your rate — without affecting your credit score — before applying for this unsecured personal loan.
    600
    $35,000
    From 9.95% (fixed)
    You must have good to excellent credit, provide proof of a steady income and be a US resident who is at least 18 years old (19 years old in Alabama).
    Payoff Personal Loans
    Pay down your debt with a fixed APR and one monthly payment.
    660
    $35,000
    From 8 to 25% (fixed)
    You must have a FICO score of 660 or higher, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. You must live in a state where Payoff offers loans; check availability.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $20,000
    From 15.49% (fixed)
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    OneMain Financial Personal Loans
    Get a personal or auto loan with a quick and easy application and dedicated customer support.
    600
    $25,000
    From 12.99% (fixed)
    Eligibility for a loan is determined by your financial history, credit history, income and expenses, and whether or not you have ever filed for bankruptcy.
    Even Financial Personal Loans
    Get matched to the best loan offer instantly from top online consumer lenders.
    580
    $100,000
    From 4.99% (fixed)
    Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.

    Compare up to 4 providers

    See what lenders are offering

    Different lenders have varying loan types on offer. For instance, a bank will offer a range of personal loan and credit card products, but is less likely to have solutions for you if your credit score is low beyond possibly being able to offer you a higher APR. Other lenders may only have products for bad credit borrowers, such as payday and installment loans.

    Find out about eligibility and APR

    This is one of the most important steps to take before applying. Lenders list basic eligibility criteria that needs to be met before you can apply for the loan, make sure you meet those terms before you apply. Lenders may also list an APR range that the personal loan can fall in online.

    Bad credit loans such as payday loans come with a standard APR that is offered to all borrowers. Some lenders, such as peer-to-peer lenders, let you get a rate estimate without it affecting your credit score. It’s important to know what your credit score is and have a fair idea of what APR you may be eligible for before you apply.

    Compare your options

    The way to find the best personal loan is to decide what you want and then to compare all of your options to make sure you’re getting a competitive loan. How much is the lender charging in fees? How does this compare to other similar loans? It can also help to compare the additional features offered by lenders. Remember to keep in mind the eligibility criteria of loans and the APR you may be offered.

    Gather what you need to apply

    The information you need to apply will depend on the lender, and the type of loan you’re applying for. For most loans you will need documents to confirm your identity, prove your address, verify your income and other financials, and you’ll also need information regarding your employment. If you’re applying for a secured loan, you will need additional documentation regarding the collateral.

    Submit your application

    Once you’ve settled on the right loan, it’s time to apply. The majority of lenders offer a convenient online application, but you may also be able to apply in-branch or over the phone. You usually won’t have to fax over any documents if you apply online, but you should check this before you apply. Turnaround time for approval and receiving your funds differs – timeframes fluctuate from a few hours to a few weeks.

    7 tips to increase your chances of getting approved for a personal loan

    Personal loans can be an option to consider when you’re in need of funds. Understanding the ins and outs of the process can help you confidently decide on the right loan and apply.

    Frequently asked questions about getting loans

    There are many types of loans available. Some of the ones you can find include: student, home-improvement, green, adoption, pet, vacation, wedding and car loans.

    Yes. There are lenders who work closely with borrowers who are building or rebuilding their credit. You can also consider building your credit with a secured credit card.

    Missing payments can negatively impact your credit score. If you think you won’t be able to make a payment, contact your lender immediately as they may be able to help you.

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    2 Responses

    1. Default Gravatar
      MarkMarch 22, 2017

      Can I get a loan while bankrupt

      • Staff
        AnndyJune 17, 2017Staff

        Hi Mark,

        Thanks for your question.

        The lenders on this page may consider you for a loan.

        Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.

        Cheers,
        Anndy

    US Personal Loans Offers

    Learn about our information service
    Prosper Personal Loan

    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

    Lending Club Personal Loan

    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

    Upstart Personal Loans

    This newer service looks beyond your credit score to match you with accredited investors for low-rate personal loans.

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