Getting a personal loan starts with checking your credit, getting pre-qualified and comparing credit options. Learn how to get a personal loan, starting with checking your credit and comparing rates. Shop around to get the best personal loan for you.
Best Direct Lenders: Personal Loan
6 offers
CashNetUsa
CashNetUSA.loan helps users access online cash loan options through a quick request process. Compare lender offers and find convenient funding solutions for unexpected expenses and short-term financial needs.
LendYou
LendYou helps borrowers access online loan options through a quick digital application process. Compare offers from lending partners and request funding from your computer or mobile device.
PrimetimeAdvance
PrimeTimeAdvance connects users with online loan options through a fast request process. Explore lender offers and apply directly from your phone or computer.
Gost Finance
USA Gost Finance provides access to online loan options through a simple digital request system. Check available lender offers and complete the process online from any device.
Next Day Loans
NextDayLoans offers a quick way to apply for cash loans online with a simple digital form. Get access to fast loan options, flexible amounts, and trusted lending partners!
Rapid Cash Near Me
RapidCashNearMe helps customers search for fast cash loan options online without complicated paperwork. Submit a quick request, compare available offers, and access emergency funds from anywhere, anytime.
Cash Web USA
CashWebUSA connects users with online loan options through a fast digital request form. Explore lender offers, flexible amounts, and convenient solutions for short-term financial needs.
Lend Direct
LendDirect makes it easy to request loan options online with a fast application process. Explore lending offers and convenient funding solutions for everyday financial needs.
Low Credit Ffinance
LowCreditFinance helps borrowers explore loan options for bad credit through a simple online request process. Find flexible lending solutions and review offers designed for different financial situations.
5000 Dollar Loan
5000Dollar.loan helps users explore personal loan options up to $5,000 through a fast online request process. Review available offers and access convenient funding solutions for everyday expenses or emergencies.
NewDayUSA Loan
NewDayUSA.loan helps borrowers discover online loan options with a quick and user-friendly request process. Compare available offers and explore flexible funding solutions for urgent financial needs.
Cash Usa Today Loan
CashUSAToday helps borrowers explore online loan options through a quick and secure request process. Compare lender offers and access convenient cash solutions for emergencies, bills, or unexpected expenses.
Cash Lands Loan
Cashlands.loan helps users connect with online loan options through a fast and secure request process. Explore cash advance and personal loan offers designed for emergency expenses and everyday financial needs.
Qualifications
- Minimum credit score: None.
- Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.
- Minimum gross income: $10,000.
- Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.
- Must have U.S. residential street address where borrower resides (unless military personnel on active duty).
- Must be at least 18 years old.
- Valid email account required.
- Personal bank account with U.S. routing number required.
Pros
- Allows secured and joint loans.
- Offers a wide range of repayment terms.
- Offers a 0.5% rate discount for setting up autopay.
- Offers significant rate discount for checking account customers.
- Offers rate discount with direct payment to creditors on debt consolidation loans.
Cons
- Charges origination fee.
- No co-signed loan option.
Online decision in seconds - Money within 15 minutes
under $ 5.000
under $ 1.000
under $ 35.000
Whether you’re borrowing money to consolidate debt, move cross country or finance an adoption, a personal loan can help cover your expenses.
Most personal loans are unsecured loans, meaning they don’t require collateral such as a house or car. Loan amounts generally range from $1,000 to $100,000 and are repaid in fixed payments, typically over two to seven years. Rates and terms vary based on your credit.
1. Check your credit score
A strong credit score gives you a better chance of qualifying for a personal loan and getting a lower interest rate. Assess your creditworthiness by checking your free credit score.
In general, scores fall into the following categories:
- 720 and higher: Excellent credit.
- 690-719: Good credit.
- 630-689: Fair or average credit.
- 300-629: Bad credit.
Looking at a less than friendly score? Take steps to build your credit before you apply. The biggest factors affecting your credit score are on-time payments and the amount of credit you use relative to credit limits.
Fix any errors that might be dragging down your score. You can request your free credit report and dispute wrongly reported missed payments or other inaccuracies it may contain.
2. Decide how much to borrow
Determine the specific loan amount you need, and avoid borrowing more than that. A larger loan amount has more interest and higher monthly payments that can strain your budget.
3. Get pre-qualified for a loan
Pre-qualifying for a loan gives you a sneak peek at the offers you may receive. Many online lenders perform a soft credit check during pre-qualification that doesn’t affect your credit score.
The pre-qualification process typically asks for:
- Loan amount.
- Loan purpose.
- Monthly debt obligations (rent, student loans, etc.).
- Income.
- Address, email, phone number.
- Citizenship status.
- Date of birth.
- College name and degree.
- Employer name and location.
Some reasons for being denied include:
- Too little income.
- Low credit score.
- Little or no work history.
- Too many recent credit inquiries, such as credit card applications.
- A high debt-to-income ratio; above 40% may be considered risky.
4. Shop around for personal loans
Online lenders, banks and credit unions offer safe unsecured loans. Compare your pre-qualified offers with loan amounts, monthly payments and interest rates from various lenders to get the best loan offer.
Credit unions may offer lower interest rates and more flexible terms, especially to borrowers with bad credit. They’re also your best shot for a small loan — $2,500 or less.
Some big financial institutions, like Citibank, Discover and Wells Fargo, also offer unsecured personal loans.
- Online lenders: 6%-36% (Estimated APR ranges); $1.000-$100.000 (Loan amounts); Online loan process and pre-qualification with soft credit check.
- Banks: 5%-29% (Estimated APR ranges); $1.000-$100.000 (Loan amounts); In-person contact and lower rates for existing customers.
- Credit unions: 9%-18% (Estimated APR ranges); $250-$50.000 (Loan amounts); Flexible terms and softer credit requirements for members.
5. Compare your offers with other credit options
Before selecting a personal loan:
See if you qualify for a 0% credit card. Have good or excellent credit? You may qualify for a 0% interest credit card on purchases for a year or longer. If you can repay the loan within the card’s introductory period, this is likely the cheapest option. But if you’re unable to repay in that time frame, APRs can be as high as 25%.
Consider a secured loan. Bad- or fair-credit borrowers may get a lower APR with a secured loan. You will need collateral, such as a car or savings account. If you’re a homeowner, a home equity loan or line of credit can be significantly cheaper than an unsecured loan. However, failing to repay your debt can result in you losing the asset.
Add a co-signer. If qualifying on your own is a challenge, a co-signed personal loan may be an option. Lenders typically consider the credit history of you and the co-signer when approving a loan and may offer more favorable terms.
6. Read the fine print
Before signing a loan, read the terms of the loan offers and get answers to your questions. In particular, watch for:
Prepayment penalties. Most online lenders don't charge a fee for paying off the loan early, which is called a prepayment penalty.
Automatic withdrawals. If a lender allows payments to be automatically withdrawn from your checking account, consider setting up a low-balance alert with your bank to avoid overdraft fees.
APR surprises. The total cost of your loan, including any origination fees — interest and upfront costs — should be clearly disclosed and figured into the APR.
In addition, look for these consumer-friendly features:
Payments are reported to credit bureaus. You can grow your credit score if the lender reports on-time payments to credit reporting agencies.
Flexible payment features. Some lenders let you choose your payment due date, forgive an occasional late fee or allow you to postpone payment in case of hardship.
Direct payment to creditors. Certain lenders will send borrowed funds directly to creditors, which is especially beneficial for borrowers who are consolidating debt.
7. Application and approval
Once you’ve selected a lender that matches your needs, you’ll need to provide documentation to formally apply for the loan.
Application requirements may vary by lender, but you’ll likely need:
- Identification: A passport, driver’s license, state ID or Social Security card.
- Verification of address: Utility bills or lease agreement.
- Proof of income: Pay stubs, bank statements or tax returns.
The lender will run a hard credit check that may briefly decrease your credit scores by a few points and show up on credit reports for 24 months. Upon final approval, you’ll receive your funds according to the lender’s terms, typically within a week.