LendingTree can help you find personal loan lenders who provide loans from $1,000 to $50,000 and rates as low as 2.49% APR.
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Personal loan lenders may rely heavily on your credit history to determine your eligibility as a borrower. You can get your free credit score using your LendingTree account. You’ll also get free access to credit and identity monitoring, all while finding ways to save on your current loan.
Find personalized rates on LendingTree by answering just a few simple questions (see top of this page). Lenders will want to verify your income, credit score and debt-to-income (DTI) ratio. We’ll conduct a soft credit inquiry, which will not impact your credit score.
On LendingTree, you can get comparable personal loan offers from up to five lenders (results may vary based on credit and financial profile). See rates, monthly payments and real customer reviews conveniently online. When you’re ready, make your choice and apply!
When you prequalify for a personal loan, you’re able to confirm your eligibility and check your potential interest rate, all without affecting your credit file. This is possible because lenders perform a soft check on your credit to determine your possible loan terms.
To prequalify, lenders will ask you basic questions about your finances and loan needs. You’ll still have to verify this information if you formally apply with your selected lender, but prequalification helps you compare multiple lenders and products before you’re ready to make a final decision.
A lender determines your interest rate based on your creditworthiness, the type of loan and the length of the loan. To get the best offers on a personal loan, borrowers should have a long history of on-time payment, steady income and a low debt-to-income ratio.
A personal loan is a flexible form of credit that can be used to pay for almost anything, such as a kitchen renovation or large purchase, or consolidate debts to a single payment. Because personal loans typically have lower interest rates than other forms of credit, it’s a useful financial product to refinance high-interest debt to a lower-cost payment.
Personal loans can be secured or unsecured. Secured loans may require collateral, such as your car, but may also have lower APRs. Unsecured loans are backed by only your promise to repay the lender, but may have slightly higher rates. Lender offers will vary based on their requirements, but eligibility is often determined by factors such as your credit score, income and other debts.
Types of personal loans:
Debt consolidation – If you’re struggling to manage your debt, unable to make on-time, consistent payments or just want to group various accounts.
Credit card refinancing – Pay off your credit card with a lower-rate personal loan, you could save hundreds or even thousands of dollars in repayment.
Home improvement – Homeowners have a wide variety of expenses. A personal loan could give you the funding you need in the short-term without harming your finances in the long-term.
Other large expenses – Personal loans can be used for a variety of expected and unexpected expenses, from wedding planning, moving costs, car repairs, medical bills, and other bigger purchases.
Personal loan borrowing is still possible — and perhaps more urgent — in the wake of the coronavirus pandemic and its potential effect on your family finances. Some top-rated lenders have started offering lower-dollar, emergency loans to help unemployed and other consumers access the funds they need to get by. Keep in mind, however, that personal loans still carry the same eligibility rules, including credit score and debt-to-income ratio.
For current borrowers of personal loans, lenders have made it easier to avoid loan default in light of the ongoing pandemic. Various banks, credit unions and online companies have provided or extended repayment postponements, offered modified terms or waived fees.
For more: LendingTree’s Coronavirus Resource Hub
With a personal loan, most lenders will allow you to use your money to pay for almost anything. So whether you need to consolidate your debt, pay off unexpected medical expenses or make repairs at home, these loans empower you to do so.
Though most personal loans are tagged with fixed rates, some lenders do offer variable-rate products. Variable rates typically start lower than fixed rates, but they can also rise over time according to market conditions.
Choose a fixed or variable rate depending on whether you like the idea of a consistent monthly payment amount or have the stomach — and budget flexibility — for a fluctuating amount due.
Once you’ve decided on either a fixed or variable rate, make apples-to-apples comparisons among lenders by pitting fixed or variable APRs against each other. Unlike a base rate, the APR accounts for each lender’s fees, such as for loan origination.
To determine your risk as a borrower, lenders will analyze your credit score, your income and any other debts you have out in your name.
To make sure you get the best personal loan for your needs, you should also come prepared with the following information: the purpose of your loan, how much money you want to borrow and your preferred repayment schedule.
Some lenders offer fast application processing and approval, which means same-day funding could be available.
Many lenders use a soft credit pull to give you estimated interest rates and loan terms that are available to you based on your credit, income and other factors. If you decide to move forward with the loan, the lender will do a hard credit inquiry. Too many hard inquiries in a given period could hurt your credit score; a soft credit pull won’t.
If you have less-than-ideal credit, you may still qualify for a personal loan. The interest rates you’re offered will likely be higher, however, and the loan would cost more. Alternatively, you may be able to add a cosigner with good credit to your application to access more attractive rates.
Yes, but you may be subject to a prepayment penalty, which could be equal to several months’ interest or a percentage of the remaining loan amount.
The lender relies heavily on your past financial history to make sure you are capable of repaying the loan. Documents that prove someone is capable of meeting loan agreements include proof of income and employment (such as pay stubs), bank account information and statements and proof of other debt (such as mortgage or auto loan forms).
If you have to miss a payment, take responsibility and speak to your lender about options. If you have a good payment track record with the lender, they may be willing to work with you to come up with a favorable solution.
However, if you default on your loan, lenders can take action that can hurt your credit and finances for years to come. This includes sending your loan to collections, reporting your default to credit bureaus and taking you to court, which could make getting new credit costly or impossible in the future.
Large and additional payments can be directly applied to your principal balance, decreasing the total cost and interest you pay. But you should always ask lenders about prepayment penalties, which are fees that could be applied if a loan is paid off ahead of the agreed-upon payment schedule.
There are a variety of alternatives to personal loans, from credit cards and lines of credit to peer-to-peer loans and 401(k) loans. One product could be a better fit over another in specific situations.
If you’re looking to refinance credit card debt, for example, a personal loan could help you gradually repay your outstanding balances at a lower interest rate. If you’ll have the cash to repay the debt on a faster timetable, though, you might consider opting for a balance transfer card that features an introductory 0% APR.
A personal loan for urgent or unplanned expenses in which the funds are disbursed quickly, taking care of unexpected events.
Getting a loan can be challenging with bad credit . Find bad credit loans you may qualify for, and what to expect before you apply.
If you need a hand estimating your potential loan payments per month and over the long haul, leave the math to us.
As with any form of borrowing, it’s important to do your research and make sure you’re able to successfully handle repayment.