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The personal loan industry has changed drastically in the past few years. Now, you can apply for a personal loan from the comfort of your home and get approved in minutes. Even better, your loan can be disbursed to you in just a few days.
How to get a personal loan in four simple steps:
- Review your credit report
- Meet the minimum requirements to qualify
- Compare multiple personal loan lenders
- Choose your loan
1. Review your credit report
Personal loans and debt consolidation loans are unsecured, meaning you don’t have to put up any property as collateral. Because no collateral is needed, lenders will look at your credit score and income to decide whether or not to offer you a loan. This will also help them decide which interest rate you qualify for.
It’s a good idea to review your credit report ahead of time and look for any errors or inaccuracies on it that may be damaging your credit. You can view your credit report from each of the three credit bureaus once a year for free at AnnualCreditReport.com.
2. Meet minimum requirements to qualify
Next, review common requirements from personal loan lenders to ensure you meet their minimum qualifications. In general, you’ll need to have a credit score of at least 620 to qualify for a loan. However, the lowest interest rates on an unsecured loan are reserved for borrowers with good credit or excellent credit.
Lenders will also look at your debt-to-income ratio (DTI) to see if you can comfortably afford your payments. Although each lender has their own eligibility criteria they take into consideration when deciding whether to approve your loan application, in general, they look for borrowers to have a DTI ratio under 40%.
Check out: How to Get a Personal Loan With a 600 Credit Score
3. Compare multiple personal loan lenders
If you intend to take out a personal loan, it’s a good idea to compare offers from multiple personal loan lenders. You can see your rates from our partner lenders in the table below in two minutes.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $50,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 7.99% - 29.99% APR | $7,500 to $50,000 |
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 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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 View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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 View details | 18.00% - 35.99% APR | $1,500 to $20,000 |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 5.99% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 10.97% - 35.93% APR7 | $1,000 to $20,000 |
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners 8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. 9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor. |
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 View details | 5.94% - 35.97% APR | $1,000 to $50,000 |
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 View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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When comparing lenders, consider the following:
- Pay attention to loan amounts: Some lenders offer loans as low as $1,000 and as large as $100,000, while others are more limited.
- Keep an eye on fees: Some common fees to keep in mind are origination fees, application fees, late payment fees, and prepayment penalties. Not all lenders charge these fees, so read the fine print and look for a no-fee or low-fee lender to save money.
- Know which terms you need: Some personal loan lenders offer loan terms as long as seven years, giving you a more affordable monthly payment. You’ll pay more in interest with a longer repayment term, but that drawback may be worth it to get a lower payment.
- Compare interest rates: Interest rates vary from lender to lender, and you may be able to qualify for a much lower rate by choosing one lender over another. Get quotes from multiple lenders to ensure you get the lowest rate, and see if they offer autopay discounts to get an even lower interest rate.
- Consider a cosigner: If you have bad credit or don’t have an established credit history, adding a cosigner to your application can help you qualify for a loan. However, not all lenders allow you to do so, so check with each lender.
- Decide how soon you need your money: Some lenders can take days to process your application and disburse your loans, while others will issue you the money the next business day after you apply.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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4. Choose your loan
Once you’ve found a lender that works for you, you can move forward with the loan application process. In most cases, you can apply for online personal loans in just a few minutes.
Generally, you’ll have to provide the following information:
- Name
- Address
- Phone Number
- Email Address
- Social Security number
- Employer name
- Income
- Monthly rent or mortgage payment
Some lenders will ask you for documentation of your income, such as a W-2 or recent paystub. And, you will usually have to submit a copy of your driver’s license (or passport) and enter your account number and routing number for your bank account, as well.
Most online lenders will give you a decision right away. If approved, you can have the funds deposited into your account within a few business days.
Applying for a personal loan
If you need to take out an unsecured personal loan for consolidating credit card debt or to finance a major purchase, the application process is typically quick and easy. If you need help finding a lender, Credible allows you to compare offers from multiple lenders at once, so you can find the best personal loans with interest rates and repayment terms that work for you.
