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Personal Loans

How to Apply For a Personal Loan in 5 Steps

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

how to get a personal loan
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Applying for a personal loan can be both exciting and nerve-wracking. You may be looking to make a purchase or consolidate your debt. But first, you have to go through the personal loan application process. Luckily, getting a personal loan is a fairly straightforward process.

1. Check your credit score and credit reports

It’s critical to check your credit score before you start to search for a personal loan. Your credit score will, in part, determine whether you are able to secure a loan. Often, it will impact what type of interest rate and repayment terms your lender offers you.

You can check your credit score for free from any number of sources. LendingTree, the parent company of MagnifyMoney, offers a free credit monitoring service that will show you your VantageScore. With some banking institutions, you can receive your free credit score by checking your bank or credit card statement.

When you check your score, it’s good to know exactly where you stand. If it turns out that your score is lower than you thought, you can work on some measures to increase your score before applying for a loan. Let’s take a look at the range of credit scores you might have and what those numbers mean. Here are the FICO score ranges:

  • 800-850: Exceptional
  • 740-799: Very good
  • 670-739: Good
  • 580-669: Fair
  • 300-579: Very poor

Typically, most lenders require that you have a minimum credit score to be approved for a loan. But different lenders set their own requirements. The higher your score, the easier it can be to qualify for a loan.

Although consumers with low scores can still qualify for a loan, you can take extra measures to ensure you are approved for a loan or get favorable terms. You might consider:

Keep in mind that if your credit score isn’t in the higher tiers, you’ll need to carefully weigh the pros and cons of pursuing a personal loan. Taking on too much debt could potentially impact your credit score, as would being unable to repay your personal loan.

Improving your credit score

Your credit score is reflective of information found on your credit report. Each of the three major credit bureaus — Equifax, TransUnion and Experian — maintain a credit report that outlines your outstanding debts, your payment history and more. If you have a low credit score, requesting your credit report could be your first step to increasing your score and qualifying for more competitive loan terms.

You can request a free copy of your credit reports once every 12 months from each of the credit bureaus by visiting AnnualCreditReport.com. Carefully review your reports and dispute any errors you find.

If there are no errors on your reports but you have a low credit score, you will need to develop healthy financial habits to raise your score over time.

After reviewing your credit reports and credit scores, you can begin researching lenders.

2. Research and compare lenders

Just as credit requirements may vary, different lenders may offer different interest rates and term lengths on their loans. It’s wise to check different lenders to get an idea of which will best meet your needs.

You can find personal loans from banks, credit unions and online lenders. If you’re not sure where to start, you can use MagnifyMoney’s personal loan marketplace. There, you’ll enter your desired loan amount, credit score range and ZIP code before reviewing lenders.

No matter how you seek out lenders, your goal should be to find a lender that offers:

  • Reasonable interest rates
  • Loan terms that suit your financial needs
  • Few limitations on repayment, such as no prepayment penalties
  • No or few hidden fees

Just because one offer from a lender looks good doesn’t mean you shouldn’t consider other lenders. You’ll want to choose a few of your favorites. In this next step, you’ll apply for preapprovals to get a better idea of what loan terms each of these lenders will offer you. Use our table below to compare personal loan offers to find the best option for your needs!



Compare Personal Loans

3. Go through the preapproval process

To find out which lender has the best offer, you can get preapproved for a loan through different institutions. When you apply for loan preapproval, you may need the following documents and pieces of information:

  • Total amount you want to borrow
  • What your purpose for borrowing is
  • Your name
  • Your home address
  • Your total annual income

To get preapproved, you may not need documents such as tax returns to prove your income, but you will need to be prepared to offer these when you officially apply for your loan.

Next, the lender will perform a soft credit check to determine what type of offer it can give you. A soft check is where a bank or company can access your credit report and score, but it doesn’t affect your credit as a hard inquiry would.

After submitting your application, you’ll receive word whether you’re preapproved. Once you have your preapproval offer, you’ll see the loan amount for which you’re preapproved, plus your rate. This amount and rate aren’t a sure thing – it’s just an estimate provided from the lender based on high-level financial information.

When you apply for your loan, the lender will do a more in-depth look at your finances and consider your ability to repay the loan. This could affect the rate and amount for which you qualify. But a preapproval offer allows you to better compare different lenders to determine which is the best fit for you.

In this step, you’ll want to dig into each of the lenders who have preapproved you. Consider checking each lender for the following:

  • Poor reviews: If you haven’t already checked customer reviews, now’s the time. Knowing how a lender treats its customers could help you avoid getting stuck with a bad lender for several years.
  • Hidden fees: Dig into the fine print with each lender. Keep an eye out for hidden fees.
  • Prepayment penalties: If you want to pay off your loan early to get out of debt, that should be a good thing. Having to pay a penalty for not paying the loan for the full length of your term is something you should avoid.
  • Pre-computed interest. In a nutshell, this means that you end up paying more interest on the front end of your loan, which could result in you overpaying over the life of your loan term (even if it’s paid off early). This is a common personal loan trap.

4. Finalize your application

When you decide on an offer that works for you and your unique financial situation, you’re ready to finalize your application. Although you’ve already received preapproval, you’ll still need to fill out your official application for final approval.

This typically only requires a few additional steps:

  • Proving your identity, such as with a driver’s license or passport
  • Verifying your address through a copy of your lease or a utility bill
  • Proving that you have steady income through bank statements, an offer letter or contract from your employer

Remember: If you’re not happy with the loan offer you receive, you can always negotiate with your lender. This is a particularly viable option if you’ve already built up a relationship with your bank or local credit union and are seeking a loan from it. Many lenders will have some wiggle room on their offer, especially if you’re able to point to another preapproved loan offer you received with better interest rates or repayment terms. Once an institution has all the details it needs, it should only take a couple of days for it to process its decision, and another week to send you a notification by mail (if applicable). Funds can be available as soon as the next business day.

5. Know what you’re getting into

Regardless of what type of loan you end up selecting, it’s important to read and understand the fine print. No loan is going to be perfect in every way, and weeding through the final loan offer you receive can set you up for future success.

For example, knowing whether your lender takes automatic withdrawals is important information as you build a new monthly budget that includes your loan. It’s also important to fully understand the expected monthly payment on your new personal loan, and whether you can pay off your loan early without penalty.

Applying for a personal loan can be daunting. Taking on debt in any capacity can be a financial risk, and you need to be prepared for the potential consequences. After you receive your loan funds, you should work diligently to pay them back. To do this, you can set up automatic loan payments and regularly pay extra toward your loan when possible to speed up your repayment process.

If your budget doesn’t support additional payments on a consistent schedule, you might consider dedicating yourself to putting any windfall toward your loan. This would include a quarterly bonus, money you receive as birthday or holiday gifts or any other funds you receive that weren’t already included in your annual or monthly budget.

Finally, think about why you took out the loan in the first place. Is there a way to avoid accumulating debt like this in the future? It may make sense to add extra savings into your budget once this loan is paid off to put money toward future big-ticket financial goals. It would also help to avoid taking on additional debt while you work to pay down your existing personal loan.

Final thoughts

Taking out a personal loan can be stressful, but the application process doesn’t have to be. Organizing your documents ahead of time, checking your credit score and doing your research on different lenders can help you ensure that you’re getting the best possible loan available for your unique needs and financial circumstances.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dave Grant
Dave Grant |

Dave Grant is a writer at MagnifyMoney. You can email Dave at [email protected]

Get Personal Loan Offers
Up to $50,000

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Personal Loans

Prosper Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Prosper personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR range: 6.95% to 35.99%
  • Loan amounts: $2,000 to $40,000
  • Time to funding: On average, borrowers can see funds deposited in their bank accounts within a week of starting the loan review process. However, investors will have up to 14 days to fund loans.
  • Hard pull/soft pull: Prosper does a Soft Pull on your credit when you check your rates.
    Origination fee: Origination fees range from 2.41% - 5.00% and will be deducted from the final loan amount.
  • Prepayment fee: Prosper has no prepayment penalties for paying your loan off early.
  • Late payment fee: You will be assessed a late fee of $15 or 5% of your unpaid monthly amount — whichever is greater — if you have not paid in full within 15 days of your due date.
  • Other fees: Prosper charges a check processing fee — the lesser of $5 or 5% of your monthly payment — as well as an insufficient funds fee of $15 for each returned or failed payment.

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: Borrowers must have at least three open trades on their credit reports; fewer than five credit inquiries over the last six months; and no filed bankruptcies within the last year.
  • Maximum debt-to-income ratio: A borrower’s DTI must be below 50%.

In addition, borrowers must:

  • Be 18 years of age
  • Have a bank account and a Social Security number
  • Report an income greater than $0 and debt-to-income ratio of less than 50%

Prosper is not available to borrowers in Iowa or West Virginia.

Applying for a personal loan from Prosper

To apply for a loan through Prosper, start by filling out their online form to check your rates, which will trigger a Soft Pull on your credit — this does not impact your score. You’ll have to provide some personal information, including your physical address, birthdate, email, annual income, monthly housing cost and employment status. You can also apply via phone at 877-611-8801.

Your loan offer is based on your Prosper Rating, a proprietary score assigned to you when you apply. This score indicates the level of risk you pose to lenders and is intended to create consistency in the evaluation and approval process. An AA rating indicates the lowest estimated annual loss (up to 1.99%), while an HR rating represents the highest (15% or more).

If you choose to accept the offer you receive, you can submit documents for verification via email to [email protected], or upload them within your Prosper account; the latter is recommended. Log in to check the status of your documents, application and the percentage of funding you’ve received. Once you accept an offer and request funding, Prosper will perform a hard inquiry on your credit.

Your loan will be listed for up to 14 days, during which investors commit funds, and Prosper completes the underwriting and verification process. The latter usually takes seven business days or less.

Once your loan application has been approved and your listing is funded, you can expect to see your money deposited in your bank account within 1 to 3 business days. However, if your loan is not funded after 14 days, your listing will be canceled and you’ll need to create a new one.

Pros and cons of a Prosper personal loan

Pros:

Cons:

  • Qualify with lower credit. Prosper will consider applicants with scores as low as 640, though the best rates are offered to those with excellent credit. Borrowers can receive funds in as little as one business day after loan approval.
  • Check rates with a Soft Pull. Your credit won’t be affected when you check your interest rates with Prosper.
  • No prepayment penalties. Prosper offers longer terms of three and five years, but you won’t be penalized if you are able to pay your loan down early.
  • The origination fee. Prosper charges 2.41% - 5.00% to originate your loan, so consider whether this added cost makes sense for you.
  • Potential to go unfunded. Investors have to commit to your loan within 14 days of listing. If this doesn’t happen, you will have to create a new listing, which means more time before you receive your funds.

Who’s the best fit for a personal loan through Prosper

If you have average credit, Prosper may be a good fit for you. With a minimum score requirement of 640, you’ll have slightly more leeway than you would with companies who have stricter standards. However, you’re more likely to qualify for a better rate with a higher score — APRs at Prosper go up to 35.99%, which is higher than with lenders with similar credit requirements.

Prosper is also a good option for those who want to reduce their monthly payments and pay down their loans over a longer period of time. Terms are set at 36 or 60 months — and if your financial situation improves and you are able to pay more quickly, there are no penalties to do so.

Checking rates at Prosper doesn’t impact your credit, so there’s no harm in gathering this information and comparing it with competitors.

Prosper consumer reviews

Prosper has an A+ rating with the Better Business Bureau. On LendingTree, our parent company, customer reviews are generally positive, with a rating of 4.65 out of 5 stars on LendingTree.

Reviewers repeatedly praise the simple and efficient process of applying for a loan with Prosper, and say the company provides excellent customer service. One reviewer summed up the sentiments of most: “The application was quick and easy and I had the cash within days,” said Mark from Slippery Rock, Pennsylvania, adding that he was “very pleased with the ease of it all.”

Of those who left less-than-positive reviews, many reports primarily complained about the company’s high interest rates and fees.

Prosper FAQ

Propser is a peer-to-peer lending marketplace, which means it matches borrowers with investors. Borrowers can apply for a fixed-rate unsecured loan. Loan terms are for 36 or 60 months. You can get a loan for between $2,000 and $40,000.

Prosper rates each applicant and assigns you a proprietary score that indicates the level of risk you may pose to investors. The score is based on information you provide, including your credit score, and determines if you’ll be approved for a loan and, if so, the terms of that loan.

Your loan funds can be used for almost any purpose, including consolidating existing debt, paying for medical expenses, buying a vehicle and financing home-improvement projects.

Once you submit your application, the loan review process may take up to 14 days, though it’s usually completed in less than 7 days. Once your loan is approved, it can take 1 to 3 days to show up in your bank account, depending on your bank.

If you don’t qualify for a loan the first time you apply, you will receive notice as to why your application was rejected. You may reapply for another loan after 120 days.

If you can’t pay your bill within 15 days of the due date, your account will be considered delinquent and a late fee will be assessed. Bills that are more than 120 days overdue will be reported as “charge-offs,” which will negatively impact your credit score and prohibit you from borrowing from Prosper in the future.

Yes, if you’re able to, you may pay off your loan early with no prepayment penalty fee. You can see your pay-off amount and make additional payments by signing into your Prosper account.

Alternative personal loan options

Lending Club

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Like Prosper, LendingClub is a peer-to-peer lending platform funded by investors. The rates and terms are similar, and they won’t do a hard pull on your credit until after you’ve checked your rates and completed your application.

LendingClub is a good alternative if you don’t meet Prosper’s minimum credit score requirement — they will consider borrowers with scores as low as 600. You will pay an origination fee of 1.00% - 6.00% of your loan amount.

There are no prepayment penalties. Expect to wait up to seven days to see your funds deposited. Loans aren’t available to residents of Iowa, Guam and Puerto Rico.

Upgrade

Upgrade
APR

7.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.

Upgrade is an online lending platform that offers similar personal loan rates, terms and fees. You can check your rates without impacting your credit — sign up for autopay and get a better rate.

Borrowers can get between $2,000 and $40,000 through Upgrade. The company claims most borrowers can expect to see their funds within four business days of approval.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your 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. For New York residents, rates range from 5.99% to 24.99% APR.

Marcus by Goldman Sachs offers a no-fee personal loan. Rates are also slightly more favorable than those offered through Prosper. Terms are for 36 to 72 months, which gives you more flexibility to pay over time.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Julie Ryan Evans
Julie Ryan Evans |

Julie Ryan Evans is a writer at MagnifyMoney. You can email Julie here

Emily Long
Emily Long |

Emily Long is a writer at MagnifyMoney. You can email Emily here

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Personal Loans

Finova Financial Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Finova Financial
APR

18.00%
To
204.00%

Credit Req.

Varies

Minimum Credit Score

Terms

12

months

Origination Fee

Up to $10 per $100 of the loan

SEE OFFERS Secured

on LendingTree’s secure website

Finova Financial personal loan details
 

Fees and penalties

  • Terms: 12 months
  • APR range: 18.00% to 204.00%, varies by state. It’s unclear if these rates include all finance fees.
  • Loan amounts: Varies based on state, vehicle and monthly income
  • Time to funding: As soon as the same day
  • Hard pull/soft pull: Soft Pull to check your rates and terms. Hard pull if you choose to submit a full application.
    Origination fee: Up to $10 per $100 of the loan
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: $25 credit investigation fee, $75 DMV lien fee, filing fee of $0 to $75 (depending on state), document stamp tax (depending on loan amount)

Eligibility requirements

  • Minimum credit score: As long as you own your car outright and it has enough equity to fund your loan, you should be able to get approval.
  • Minimum credit history: No minimum, but borrower cannot currently be in bankruptcy.
  • Maximum debt-to-income ratio: Not specified.

To secure a personal loan with Finova Financial, one of the most important requirements that applicants will have to meet is the owning of a vehicle. This vehicle must be in the borrower’s name, have a car title that is lien-free and have comprehensive and collision insurance. Borrowers are not required to obtain Finova’s voluntary debt cancellation addendum, but should a borrower not be able to provide proof of insurance, this is mandatory.

In addition to the vehicle requirement, applicants will need to be U.S. citizens who are at least 18 years old and residents of Arizona, California, Florida, New Mexico, South Carolina or Tennessee. They cannot be active-duty service members and must have verifiable income.

Applying for a personal loan from Finova Financial

Applying for a Finova Financial personal loan is simple. The process is fairly quick, and begins with a short form on Finova’s homepage to determine if interested parties prequalify for a loan. At this stage, Finova only requests the applicant’s name, phone number, email and information about their vehicle, including the make, model and mileage.

Upon submission of this information, applicants will be informed of the probability of being approved for a loan. Once the results from the prequalification process are reviewed by the applicant, the application can be completed by logging into their account.

At this point, applicants can request a loan, which will involve their Social Security number as well as details regarding residency, vehicle and requested loan amount. After this, they will be able to schedule a time to speak with a Finova Financial representative. During this call, the representative or specialist will evaluate and review the applicant’s vehicle, monthly income and residency information.

Applicants will then need to send in various documents for verification purposes, including photos of their vehicle. There will also be two forms: one for the lien that will be placed on the title of the vehicle and a power of attorney. They will need to be signed and sent back along with the title for the vehicle. When all signed forms have been returned, borrowers will be able to receive their funds the same day via MoneyGram.

Pros and cons of a Finova Financial personal loan

Pros:

Cons:

  • Poor credit accepted: Bad credit likely won't hold you back from securing a Finova Financial loan as long as you own your vehicle and aren’t in bankruptcy.
  • Prequalification: Applicants can review rates before submitting a full loan application, which may then require a hard pull on your credit.
  • Funding time: Once approved for a loan and all documents and forms are signed and returned, borrowers may receive their funds the same day.
  • Funding and payments via MoneyGram: Loan funds are sent to customers via MoneyGram (which may be inconvenient if you prefer a checking or savings account). Monthly payments can also be made online or at one of more than 30,000 MoneyGram locations.
  • Collateral: Applicants are required to use their vehicle as collateral. The vehicle must have prepaid comprehensive and collision insurance with a deductible of $500 or less. The website doesn’t mention any deductible requirement for California borrowers.
  • Additional fees: There are multiple fees borrowers may have to pay. In addition to an origination fee, borrowers may also be charged credit investigation fees, DMV lien fees and more.
  • Availability: Only residents of Arizona, California, Florida, New Mexico, South Carolina and Tennessee can apply for a loan.

Who’s the best fit for a Finova Financial personal loan?

For those with poor credit but who own their car outright, a Finova Financial CLOC may be a good fit, especially if you need cash right away. Finova may be able to provide funding the same day as your approval. But there are other lenders who offer loans for those with bad credit that don’t require a car title as collateral.

Finova Financial consumer reviews

When it comes to online reputation, Finova Financial has a lot of ground to make up. The four-year-old lender has received 17 consumer complaints in the last three years. It currently has an F rating with the Better Business Bureau and is not accredited with the organization.

Finova Financial earned 3.7 out of 5 stars from customers who reviewed its services on LendingTree (Disclaimer: LendingTree is the parent company of MagnifyMoney).

Finova Financial FAQ

You have to own the vehicle and have a lien-free title to be eligible for a loan from Finova Financial.

You need to be a minimum of 18 years old and have a valid driver’s license.

Currently loans are only available to residents of six states — Arizona, California, Florida, New Mexico, South Carolina, and Tennessee.

Yes, you may be charged an origination fee, a credit investigation fee, a documentary excise tax, or a filing fee.

No. There are no prepayment penalties or fees.

You only have to purchase this addendum to receive a loan if you do not provide adequate proof of required insurance.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

A loan through peer-to-peer lender LendingClub may be a good alternative to consider. Unlike a Finova Financial personal loan, collateral is not required, and loan amounts range from $1,000 to $40,000.

What stands out about LendingClub is that after checking their rates, applicants may receive more than one loan offer, leaving them to choose the one they believe is the best fit for them. Funding can take up to seven days and there is an origination fee that potential borrowers will want to consider before applying for a loan.

OneMain Financial

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial offers loans from $1,500 to $30,000. Applicants can check rates prior to completing an application and if everything looks good, they can also apply for a loan online within minutes.

Applicants will have to speak to a specialist in order to secure a loan. They will have to visit a local OneMain Financial branch to have their identity, employment and income verified, as well as their collateral, if it is required for the loan. Having to visit a branch can be a drawback, but an added bonus for borrowers who select this lender is the OneMain Financial mobile app that makes payments fast and convenient.

LendingPoint

APR

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

A LendingPoint personal loan may be good for borrowers who have fair credit and need between $2,000 and $25,000. Potential borrowers can check rates prior to filling out an application, and if they are approved for a loan, funds are made available to borrowers by the next business day. An origination fee may be applied, but the process of securing a loan with LendingPoint is quick and simple, which can prove to be helpful when borrowers need funds sooner rather than later.

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Michelle Black
Michelle Black |

Michelle Black is a writer at MagnifyMoney. You can email Michelle here

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

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