Editor's choice: Credible personal loans
- Loan range: $1,000 to $100,000
- Personalized rates in minutes
- Funds as soon as 1 day
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Take control of your finances with a personal loan to cover a large expense, renovate your home, consolidate debt, and more. But before you get started, hone up on the borrowing process to ensure you find the best deal available to you.
Watch our short video where we sit down with OneMain Financial to discuss how a personal loan may be able to ease your financial burden during the COVID-19 pandemic. Learn how to decide if a personal loan is right for you.
Personal loan rates can range from 4% to 36% and the average personal loan APR is around 9.5%, according to a 2019 Experian study.
The rate you get depends on the following factors:
Your loan cost depends on the loan term and your rate. You can figure out the monthly cost of a loan by using our payment calculator.
Most lenders’ annual percentage rate (APR) tells you how much you’ll pay in interest and fees over one year. This makes it the easiest way to compare the cost of loans with the same term.
It often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties.
Crunch some numbers to figure out how much you need to borrow and how much you can afford to pay back each month. Also, compare different types of loans to find the one that suits your needs best.
Look for lenders that offer the type of loan you need and eligibility requirements you can meet. Then compare factors like rates, fees and terms.
After you narrow down your choices, fill out a quick preapplication with a few different lenders to learn which rates and terms you might get. This usually doesn’t affect your credit.
After you decide on a lender, follow the steps to complete the full application and submit documents like pay stubs to verify your income.
You have a variety of personal loan providers to pick from. However, you’ll typically more loan options if you have stronger credit. Depending on the type of provider you choose, you can apply for a personal loan in person, online or over the phone.
There’s a personal loan for almost any type of borrower. But you have to meet the following criteria to qualify with most lenders:
Read more about personal loans with these answers to common questions.
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