This page answers common questions people ask about personal loans, approval requirements, credit scores, and how the borrowing process works.
A personal loan is a type of installment loan where a borrower receives a lump sum of money and repays it through fixed monthly payments over a set period of time.
Learn more about personal loans
After approval, the lender sends the loan funds to the borrower’s bank account. The borrower then repays the loan in monthly payments that include principal and interest.
Different lenders have different requirements. Some lenders offer loans for borrowers with a wide range of credit scores, while others require stronger credit profiles.
Credit score requirements guide
Some lenders provide loan options for borrowers with less-than-perfect credit. Approval may depend on income, employment stability, and other financial factors.
Approval times vary depending on the lender and the details of the loan request. Some lenders provide quick decisions while others may require additional verification.
Personal loan amounts vary by lender. Many lenders offer loans ranging from $1,000 to $50,000 depending on a borrower’s qualifications.
Borrowers typically complete an online form that is reviewed by participating lenders. If approved, loan offers may be presented for review.
If you are comparing loan options, you can review available lenders and information here: