Your loan repayment terms are based on factors like trustworthiness, your credit history, and your debt to income ratio. Each lender sets its own requirements to qualify. However, the general requirements are:

• Be 18 years old or older
• Be a U.S. citizen or permanent resident with a valid Social Security number
• Have a steady income
• Have a good credit score

You can also compare loans with bad credit and loans with no income.

Personal loan interest rates are very competitive and the national average is currently around 6-7%.

In fact, compared with credit cards, personal loan interest rates are often quite a bit lower. To compare personal loan offers and find the best rates check out our personal loan comparison tool.

Personal loan amounts typically range from $1,000 to $50,000. The amount you can qualify for depends on your credit score, debt-to-income ratio, as well as lender specific requirements.

Find your rate through our personal loan comparison.

You can search lenders in our personal loan comparison and apply directly through their websites from the comfort of your own home

In most states, you have to be 18 years old. But in Nebraska and Alabama, the legal age for a personal loan is 19 years old.

No. At Financer.com we do not do a credit check for you to use our comparison tools. The personal loan comparison tool is free to use and no sign up is required to see the results.

Having bad credit will affect your online personal loan approval chances. However, some online lenders do offer lending services to customers with low credit scores.

You might see personal loan lenders online that offer loans without a credit check, and this is true- there are lenders online that won’t do what is called a “hard pull” of your credit score. A hard pull is when the credit bureaus receive a request for your credit history from a potential lender.

People generally want to avoid credit checks because a hard credit check will reduce their credit score. Other reasons are that they already have bad credit or they owe a lot of money already. Lenders will do a soft pull of your credit score and base their ability to lend to you on whatever shows up. A soft pull is a check that isn’t reported to credit bureaus so it won’t affect your credit score.

So while there are lenders on the market that will advertise “no credit checks on your personal loan”, this doesn’t mean “no checks whatsoever”.

APR or annual percentage rate takes into account both the interest rate and any lender fees to provide a more accurate view of the total cost of your loan. An APR comparison is a good way to compare the affordability and reliability of various personal loans. There are generally two types of APR:

1. Variable APR - The APR varies according to market fluctuations, so you won't know for sure what your monthly payments are going to be in the future because the APR might increase or decrease.
2. Fixed APR - Fixed APR is agreed in the loan contract and stays the same throughout the loan term. You will know your monthly installments and payoff date in advance and it won't be changed by the APR.

Personal loans are typically loans that are not secured. Meaning that there is no collateral for someone to collect upon should you fail to meet payments. You don’t need to own a home or offer up other forms of collateral (like your car title) in order to get a loan. You will still need to qualify for the loan based on your income and credit score though. Since these loans aren’t tied to your personal property, in the unlikely event that you can’t repay the loan and go into default, you don’t run the risk of foreclosure or repossession.

Applying for low interest personal loans online can provide you with several benefits.

Personal loans online are more convenient; an online lender can often give you a decision instantly, depending on the loan amount. Online lending is becoming very popular with consumers as many lenders offer same-day approvals and payouts. 

When you compare online lenders to banks and credit unions where you have to apply during business hours, and it can take up to two weeks to finalize your application.

If you fail to meet payments, you can expect to incur late payment charges. Long-lasting outstanding delinquency will likely get reported to the credit bureaus and sent into collections affecting your credit score. Contact the lender immediately if you face difficulties making your payments.

Yes, you can pay off your loan early. With most lenders, there typically isn’t a penalty for early loan repayment, however, some lender might charge a fee.

Personal loans aren’t revolving debt. Rather, personal loans are considered installment debt. When reporting on your credit, they won’t show up the same way a maxed-out credit card would. They also contribute to your account type mix, showing creditors that you can responsibly manage different types of debt.

In fact, having an installment loan is a great way to build or re-build your credit because the monthly payments and personal loan rates are fixed and therefore lower risk.