Frequently Asked Questions
What is a personal loan?
A personal loan is money borrowed from a bank (or similar lender) that you pay back with interest in monthly installments.
What is the typical rate of a personal loan?
The interest rate for a personal loan can range anywhere from 6%-36% APR.
How long do I have to pay back a personal loan?
Usually 2-7 years, however, this will depend on the lender and other factors.
What can I use a personal loan for?
The most common reasons to apply for a personal loan are: consolidating debt, paying off medical bills, home improvement, making a major purchase, and starting a business.
When should I apply for a personal loan?
When you need a lump sum of cash and have the ability to repay it over the following months.
What are the best ways to get approved for a loan?
Having a good credit score, proving that you have a stable income, or submitting a joint application with someone who has good credit.
What is the main advantage of getting a personal loan?
You can get money upfront when you need it.
What are the risks of getting a loan?
You have an obligation to repay the loan with interest. Do not consider accepting a loan unless you’re confident that you have the resources to repay it.
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