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How to Get a Personal Loan

You can get a personal loan in just a few steps by checking your credit, reviewing requirements, and comparing lenders.

Kat Tretina Kat Tretina Updated November 11, 2020

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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:

  1. Review your credit report
  2. Meet the minimum requirements to qualify
  3. Compare multiple personal loan lenders
  4. 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.

Tip: If your credit report or credit score has issues, focus on improving your credit before moving forward with the loan process.

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%.

To calculate your DTI, add up all of your monthly debt payments, including credit card minimums, student loan payments, and rent, and divide the total by your monthly income. The total you’ll get is a decimal, so multiply it by 100 to get your DTI percentage.

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.

LenderFixed ratesLoan amounts
avant

View details
9.95% - 35.99% APR$2,000 to $35,000**
  • Rates: 9.95% - 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, NV, NY, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*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.

axos

View details
6.49% - 29.99% APR$5,000 to $35,000
  • Rates: 6.49% - 29.99% APR
  • Loan terms (years): 1, 2, 3, 4, 5
  • Loan amount: $5,000 to $35,000
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: Does not disclose
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 740
  • Time to get funds: Next business day
  • Loan uses: Debt consolidation, home improvement, and other purposes

Axos Bank personal loans review

best egg

View details
5.99% - 29.99% APR$5,000 to $35,000
  • Rates: 5.99% - 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 - $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: As soon as 1 - 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

discover

View details
6.99% - 24.99% APR$2,500 to $35,000
  • Rates: 6.99% - 24.99% APR
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 - $35,000
  • Fees: None as long as you pay on time
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Funds can be sent as soon as the next business day after acceptance
  • Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

freedomplus

View details
7.99% - 29.99% APR$10,000 to $35,000
  • Rates: 7.99% - 29.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $7,500 - $40,000
  • Fees: Origination fee
  • Discounts: Does not disclose
  • Eligibility: Available in all states except CO, CT, HI, KS, MA, ME, NH, NV, NY, ND, OR, RI, VT, WV, WI, and WY
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As soon as 2 business days
  • Loan uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

FreedomPlus personal loans review

lendingclub

View details
10.68% - 35.89% APR$1,000 to $40,000
  • Rates: 10.68% - 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: Usually takes about 3 days†
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

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.

lendingpoint

View details
15.49% - 35.99% APR$2,000 to $25,000
  • Rates: 15.49% - 35.99% APR
  • Loan terms (years): 2, 3, 4
  • Loan amount: $2,000 to $25,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, MA, MD, NV, NY, VT, WV, and WY
  • Min. income: $35,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 585
  • Time to get funds: As soon as the next business day
  • Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

lightstream

View details
3.99% - 19.99% APR$5,000 to $100,000
  • Rates: 3.99% - 19.99% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

marcus

View details
6.99% - 19.99% APR1$3,500 to $40,0002
  • Rates: 6.99% - 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Min. income: $30,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
    (TransUnion FICO®️ Score 9)
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction of 0.25% available for 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.

onemain financial

View details
18.00% - 35.99% APR$1,500 to $20,000
  • Rates: 18.00% - 35.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $1,500 to $20,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: None
  • Time to get funds: As soon as the same day, but usually requires a visit to a branch office

OneMain Financial personal loans review

payoff

View details
5.99% - 24.99% APR$5,000 to $40,000
  • Rates: 5.99% - 24.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $5,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA, MS, NE, NV, and OH
  • Min. income: None
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 2 - 5 business days after verification
  • Loan uses: Debt consolidation and credit card consolidation only

Payoff personal loans review

penfed

View details
6.49% - 17.99% APR$600 to $20,000
(depending on loan term)
  • Rates: 6.49% - 17.99% APR
  • Loan terms (years): 1, 2, 3, 4, 5
  • Loan amount: $600 to $20,000 (depending on loan term)
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 670
  • Time to get funds: 2 to 4 business days after verification
  • Loan uses: Debt consolidation, home improvement, transportation, medical, dental, life events

PenFed personal loans review

prosper

View details
6.95% - 35.99% APR$2,000 to $40,000
  • Rates: 6.95% - 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

sofi

View details
5.99% - 18.83% APR$5,000 to $100,000
  • Rates: 5.99% - 18.83% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

upstart

View details
6.94% - 35.97% APR$1,000 to $50,000
  • Rates: 6.94% - 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except IA and WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

upstart

View details
8.13% - 35.99% APR4$1,000 to $50,0005
  • Rates: 8.13% - 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as 1 - 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

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 15% and 36 monthly payments of $33 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.

6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. 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.

Compare rates from these lenders without affecting your credit score. 100% free!

Get Rates Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

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.
Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

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.

About the author
Kat Tretina
Kat Tretina

Kat Tretina is a contributor to Credible who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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Home » All » Personal Loans » How to Get a Personal Loan

Personal Loan Basics


  • How to Get a Personal Loan
  • Qualify for a Personal Loan
  • Where to Get a Personal Loan
  • Time to Fund a Personal Loan
  • How to Get Out of Credit Card Debt

Personal Loan Amounts

  • Get a $5,000 Loan
  • Get a $10,000 Loan
  • Get a $20,000 Loan
  • Get a $50,000 Loan
  • Get a $100,000 Loan

Tools and Resources

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  • Get Personal Loan Rates
  • Current Personal Loan Rates
  • Best Personal Loan Lenders
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  • Lender Reviews

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