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Frequently Asked Questions
What can I use a personal loan for?
The beauty of a personal loan is that it can be used for virtually anything—medical expenses, a vacation, a major purchase, and so on. There typically aren’t any limits to what you can use it for.
Who qualifies for a personal loan?
It can be easier to qualify for a personal loan if it’s secured, but if you’re choosing an unsecured personal loan, lenders will determine your eligibility based on things like credit score, credit history, income, employment stability, and debt-to-income-ratio.
Will applying for a personal loan hurt my credit score?
When pre-qualifying for a personal loan, lenders conduct a soft credit check, which does not harm your score. Once you move forward with a specific lender, they will conduct a hard credit inquiry, which can affect your credit score.
What information will I need when I apply?
Lenders will ask for your bank information, contact information, bank statements, pay stubs, and a driver’s license when you apply.
How much am I able to borrow and for how long?
How much you can borrow and for how long depends on your financial profile as well as the lender. Some lenders will have a loan minimum and maximum when it comes to loan amount, and a repayment term range, such as 36-60 months.
Can I get a personal loan with a bad credit score?
The answer is yes, there are lenders who cater specifically to people with low credit scores. The APR will usually be higher, because they view a low credit borrower as a riskier borrower. It's advisable is to work on improving your credit score before you think you will need a loan.