Personal Loans

Personal Loans 101

What's a personal loan?

A personal loan is a fixed-amount loan that’s distributed as a lump sum. Most people take out personal loans to make a large purchase, pay off medical bills or consolidate debt. Unlike a secured loan to buy a home or car, personal loans are “unsecured.” Unsecured loans are offered with no collateral attached, giving you more flexibility in how you spend the money.

What should I know about interest rates?

Interest rates for personal loans are largely determined by your credit score. Your annual income and the amount you wish to borrow are important, too.

It’s a good idea to compare rates from different lenders to find the best deal. If you’re not seeing the rate you want, try lowering the amount you want to borrow or improving your credit score.

Compare the latest rates

Top uses for a personal loan

Consolidate debt

Pay off credit cards

Home improvements

How do I get a personal loan?

You can apply for a personal loan through a bank, credit union or finance company, including online marketplace lenders.

It helps to have a strong credit score before you apply. If your credit needs work, you could still be approved for a personal loan. But with moderate to bad credit, you may end up paying a higher interest rate.

Once you’ve found a lender and interest rate that look right for you, calculate your monthly payments so you can work your loan payment into your overall budget. Simply enter your loan amount, term and interest rate into our Personal Loan Calculator.

What's new

How to get a debt consolidation loan with bad credit

If you plan to get a personal loan to rid yourself of bills, take these steps to do it.

Mar 24, 2019
Debt consolidation: Is it right for you?

When debt gets hard to handle, find the right financial tools to help you take control and get out of the red.

Mar 07, 2019
Everything you need to know about home improvement loans

Fund updates and upgrades to your home the right way to increase its value.

Mar 04, 2019
Loans for bad credit

Building a Good Life with a Bad Credit Loan Having bad credit can feel like getting a flat tire on your way toward a solid financial future. It can also make you feel like you’re the only one stranded [...]

Feb 28, 2019
Medical loans

Weathering rising medical costs with medical loans According to a recent Gallup poll, Americans cited healthcare as the nation’s most substantial problem. On top of that, our Money Pulse survey found [...]

Feb 27, 2019
How to get a personal loan

Consumers have a number of places to turn to for a personal loan. Here’s what to know.

Jan 25, 2019
Personal loans interest rate forecast for 2019: Attractive rates should stick around

Consumers with good credit should be able to find a fair interest rate on a personal loan in 2019.

Jan 23, 2019
Get a personal loan today

Even if SoFi doesn’t offer you the best rate, the perks of being a SoFi member may make up for it.

Jan 17, 2019
SoFi Personal Loans: 2019 Comprehensive Review

SoFi was founded in 2011 and offered student loan refinancing to recent graduates with above-average incomes and short credit histories. The lender mortgages and personal loans. as well.

Jan 11, 2019
These lenders are offering personal loan relief to workers affected by the government shutdown

Federal workers may be eligible for waived late fees or payment deferrals.

Jan 10, 2019