Use this calculator to compare interest rates and estimate your monthly payments as defined by the Federal Truth In Lending Act. Enter your desired principal, term (in months) and your interest rate.
This calculator is provided as an estimation tool for your convenience and should not be considered an offer. We do not in any way guarantee the accuracy or suitability of the results.
How does it work?
Submit Your Information Securely
We'll ask you a few questions in order for you to find a lender that meets your needs.
Accept Your Loan
If a lender chooses to work with you, you will be taken to the lender's website to review and accept your loan.
Use Your Funds
After accepting, your funds will be deposited into your account in as little as 24 hours.
What is a personal loan?
A personal loan is an unsecured loan that any U.S. citizen over 18 with a bank account and income source can apply for. Typical dollar amounts range from $250 to $5,000 and are offered by banks, credit unions and online lenders.
Does it cost anything to apply?
No. There is no cost to apply.
Can I get approved today?
If you apply today, you will receive a response in a matter of minutes.
When will my funds be available?
Your funds will be deposited into your account in as little as 24 hours. Please note that money transfer times vary by lender and may depend on your individual financial institution.
How will I know if I'm approved?
After the application is submitted, we try to match you with a lender in our network. If successful, you'll be taken to an electronic signature page to complete the process.
I have no bank account. Can I still get approved?
No. The amount borrowed will be direct deposited into your bank account. If you do not have a bank account, you will not be able to submit your application.
What can I use this amount for?
They are useful for many needs, including one-time special events (weddings, celebrations and holidays), unexpected expenses (car or home issues, emergency medical expenses) or almost anything else that requires extra funds.
What is my interest rate and repayment period?
This varies and depends on the lender. Once approved and matched with a lender, you'll be transferred to their website where you can review their terms and repayment schedule.
I just got denied, what can I do?
People can be denied for many reasons, including a high debt-to-income ratio, bad credit history or low credit score. However, there may be solutions if you need finances right away and know why you were denied. You may consider debt consolidation if debt is an issue. There are many other steps you can take as well that can improve your credit score and reduce your debt.
The form doesn't let me finish. What should I do?
Look at your screen — if there is a message such as "required field", you need to complete the area on the form. If you do not have a bank account, you will not be able to submit your application.
I'm not from the United States. Can I still get approved?
No. You must be a U.S. citizen to qualify.
What is a personal line of credit from a bank?
A personal line of credit represents funds available to an individual that are generally tied to a checking account. All or some of this amount can be used when needed, with funds becoming available as the balance is paid. Credit cards are an example of this type of credit.
What is a line of credit loan?
This is an amount of available credit based on a secured asset, such as a house. Home Equity Lines of Credit (HELOCs) are the most common and have an expiration date. Lines of credit secured with cash, CD's or savings generally have no expiration date.
What's the difference between a secured and unsecured loan?
Secured loans requires collateral, such as a car or some sort of property, while unsecured do not.
Can I apply with a co-signer?
No, the application process does not allow for co-signing.
What is an origination fee?
An origination fee is one that is charged by lenders to enter into an agreement, typically covering processing costs.
A personal loan is an amount of money that an individual borrows to fund expenses.
Many people use them to improve their homes, finance cars or just pay bills.
This guide will help you to understand and find the best option for your borrowing needs.
Fixed interest rates are the typical way these are structured. That means you'll make the same monthly payment until the balance is paid off—no ballooning payments or sliding interest rates.
The term can be as short as a couple of months and range as long as five years (60 months). Banks frequently charge lower interest rates for longer terms.
Many banks will lend up to $10,000 without requiring any collateral. At banks like Capital One, amounts can go as high as $30,000. One lender, Wells Fargo, offers amounts as high as $100,000 for people who qualify.
Interest rates depend on how good your credit is. That's how banks determine how likely you are to repay them. If you pledge assets (like your home or car), banks are typically more willing to lend and lend to you at better rates.
Because these are unsecured (you don't use any of your belongings to back the amount), interest rates are typically higher than what you would pay for a mortgage or car. That's because a lender is taking on more risk. A borrower with good credit can expect to pay from 8.48 to 14.49% for a five-year term.
The average borrower pays 10.64% on a 24-month term given by a commercial bank.
There are many reasons to use a personal loan—whether your credit is excellent or even if you have bad credit. Here are just a few of them:
Emergency expenses such as major car repairs or home improvements are good examples. You can often get a lower interest rate by taking out a personal loan for a specific amount of money, rather than borrowing more money on your credit card.
It's not always possible to qualify for other types of financing. You can borrow with a poor credit rating.
Plus there is no need to put up collateral. Unsecured loans don't require collateral, so you don't need to pledge your car or house to borrow money.
Personal loans for debt consolidation can be a good deal if they help you get a lower interest rate than you were paying before, and/or if they lower your monthly payment.
Taking out a personal loan can be a better financial move than adding more credit card debt. However—if you choose to consolidate your credit card debt with a personal loan, keep in mind that this does not make the credit card debt "go away." It just moves the credit card debt into a new form—and you will still need to keep making your monthly payments.
Other reasons these might be right for you include:
Personal loans have many uses as well as several advantages over other types of credit. These are a few of them.
Normally a bank or credit union will let you know immediately if you can qualify. If you do qualify, you can often have the funds deposited in your account within 24 hours or a check delivered within a few days.
Unlike other loan applications, you typically need to provide only basic information for a personal loan such as your employment and income.
You don't need to risk your home or a car or any other assets when applying.
While interest rates on a personal loan are nowhere near as low as mortgage rates, they are typically lower than your credit card interest rate. Make sure you compare these interest rates to be certain a personal loan will reduce the amount of interest you pay.
Repayment must be made within a fixed period, so you'll be forced to make the payments to eliminate your debt. Terms vary from one year to as long as 60 months.
Switching from multiple credit cards near their credit limits to a single installment loan can quickly improve your score. Plus, since there is an end date and you can't increase your balance, they are considered a less risky form of credit.
One disadvantage is that, depending on the lender's terms, there might be a prepayment penalty. A prepayment penalty is an extra fee that the lender charges you if you pay your loan off sooner than planned. Not all have prepayment penalties, but be sure to ask and read the fine print before you sign.
While the application process is simple, there are a few things that determine if you'll be approved and what the interest rate will be.
Do you know if you have good credit?
To get comfortable lending you money, a lender may request to see how much money you make. With this information, the bank can determine how likely you are to make your monthly payments. A lender may ask for a few payment stubs or a recent tax filing.
Lenders sometimes require a person to find a co-signer. Co-signers commit to paying back another person's debt if he fails to do so. It's just a way for a lender to help ensure a debt gets paid back.
You can still qualify when you have bad credit. With poor credit, fewer banks may be willing to lend to you and you'll probably have to pay a higher interest rate. You may want to look beyond unsecured loans and pledge some assets to secure a new one. You can use your car as collateral, but you risk losing it if you dont' pay the amount back.
Or, maybe you have a family member or friend who can co-sign. If your co-signer is better-off financially and has better credit, this could help you get approved. The co-signer assumes responsibility if you don't make your payments and may be on the line to paying off your debt if you don't.
You don't always get to have your choice when you have bad credit. It's important to cure poor financial habits and replace them with better, more healthy ones. Sometimes, though, you just have to make due.
For most people, repayment is simple, thanks to the easy-to-manage payments described in your lending agreement. But what happens if you stop making the payments?
Sometimes life happens and can make paying it back really hard. When you don't pay back the amount, you're said to have defaulted.
Here's what you can expect if this happens to you:
Your score measures how likely you are to pay debts back. When you stop paying back a debt, it goes down. This will make it harder to borrow more money in the future.
Some lenders charge you money when you miss a payment. In the worse cases, this increases your debt and makes it even harder to pay back.
Banks end up selling off defaulted loans to other businesses. They hire collection agencies to call and write you until you pay it back (or a portion of it).
Depending on the type you default on, lenders may be able to put a lien on your property and, in some locations, your income. That means the lender can make it hard for you to sell your property or access your money.
Here are three ways to increase your chances of being approved:
First, if you're young and don't have much of a credit history, don't tell the lenders that your parents won't co-sign. This might cause lenders to doubt your trustworthiness. After all, if your parents don't trust you enough to co-sign, why should the lender?
Second, if you're seeking to use one to make a down payment on a big-ticket item, explain how you are going to pay for the rest of the money to purchase the item. This might cause lenders to wonder how you'll ever pay them back.
Third, financial experts recommend that you never beg for approval. This makes you look desperate and gives the impression that you may have already exhausted their other lending options.
The good news? When you apply here, the whole process is online and takes only a few minutes.
Need a loan today? You're not alone!
Sign up for our FREE weekly newsletter to get the financial tools and advice you need to grow your bank account.
Our service is completely free and all repayment terms are between you and the lender.
If you have any questions, please contact us.