Top Questions About Personal Loans

Each personal loan service calculates their interest rates differently and exact interest rates can always change based on market conditions and other factors. In general, interest rates are calculated based on personal financial history and loan amount. Lenders will consider the applicant's credit score, income, bankruptcy history, debt, and more. Those with good credit scores can often find personal loan rates for under 10% APR, but those with lower credit scores will often find their APR to be 15% or higher. All APR numbers are subject to change and the best way to find the exact amount for you is to apply for a personal loan and view the live offers. 

In order to apply for a personal loan using an online service, you first have to select the personal loan provider you would like to use. The lenders will then request various personal information such as name, email address, phone number, and loan purpose. On some sites, you will be asked for your credit score and financial information such as income, debt, and more. These are some of the factors that are used when determining your loan offers and APR.

Once you have submitted your loan request, the personal loan provider will either show you a list of available loan offers immediately or contact you within a few days. Be sure to take a look at each loan's terms including fees, APR, and length.