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How to Get a Personal loan in 6 steps
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How to get a personal loan in just 6 steps
A personal loan starts with checking your credit, getting pre-qualified and looking at loan alternatives.
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Last updated on Jan 18, 2023
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Steps Show More
Steps
Shopping for a personal loan does not have to be complicated. Knowing where to begin and what you’ll need in order to apply and how to compare the various options can help you choose the .
Here are six steps that will assist you in the process of finding and getting an individual loan.
1. Verify your credit score
First check your credit score to determine your financial situation. A good credit score can get you the opportunity to take out personal loan as well as a lower interest rate.
Credit scores usually fall in these categories.
Higher than 720: Excellent credit.
690-719: Good credit.
630-689: Fair or average credit.
300-629: Bad credit.
Looking at a less-than-friendly score? Make any corrections in your credit file that could be dragging down your score. You can request a and challenge missed payments incorrectly reported or other inaccuracies it may contain.
Make timely payments to your the credit card or other loan payment, and ensure that your utilization of credit (the extent of the credit you use relative to your credit limits) low because these are among the major factors affecting your score.
>How’s your credit?
2. Calculate your loan payments
Then, figure out how much cash you’ll require from a loan. You’ll want to make sure that amount includes any charges the lender could charge. , which range from 1% to 10% of the loan is usually subtracted from the loan funds.
Examining your loan sum and the credit scores will give you a better idea of the and monthly payments you might receive on the personal loan.
The loan term is also a factor in how much a loan will cost. A longer loan term will mean smaller monthly payments, but you’ll end up paying more interest.
Use the calculator below to see the estimated amount of payments based on your credit score, loan amount and loan duration. The most effective personal loans come with monthly payments that fit comfortably into your budget.
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3. Be prequalified for a loan
Pre-qualifying for a personal loan provides you with a glimpse of the offers you may get from lenders. Some online lenders as well as banks offer a pre-qualification process that won’t impact your credit score.
In the course of applying, you will generally provide personal information, such as your name, date of birth, income and loan reason.
By pre-qualifying for multiple lenders, you compare estimates of rates and amounts of payments.
See if you pre-qualify for a personal loan that doesn’t impact your credit score.
Simply answer a few questions to receive personalized rates of our lenders.
Goal of loan Choose your option Debt Consolidation Home Improvement Medical Credit Card Consolidation Auto Motorcycle Major Purchase Begin a Business Education IRS Tax Other Debt
The loan amount
Credit score Select the option you want. Good Good Fair Poor
Employment status Select your option Full-time Part time Self-employed Unemployed Military Retired Other
Check if you are pre-qualified
To make your application more attractive, consider a co-signed or . Adding someone with prime credit or a collateral asset may help you qualify or receive a lower interest rate. Note that both options have implications for co-applicants and collateral in the event that you do not pay back.
>> MORE:
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4. Shop around and compare lenders.
You can get personal loans through banks, online lenders or credit unions. It is a good idea to look at loan amounts as well as monthly payments and interest rates of various lenders.
let you pre-qualify, apply and receive funds online. The lenders are awe-inspiring, and provide quick funding and loans to those with credit scores that span the spectrum.
such as , and offer like, and offer loans, and existing account holders may benefit from flexible loan rates and terms. If you’ve got decent and excellent credit scores, look at your current bank for offers.
may offer lower interest rates and flexible terms, particularly to bad-credit borrowers. They’re also your best shot for — at least $2,500. You must be a member of the credit union in order to apply for a loan and be ready for the application process, which can cause the credit score of your drop.
Individual loans from our partners
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LendingClub
5.0 NerdWallet’s rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.
5.0 NerdWallet’s rating is determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score, rates and fees, customer experience and ethical lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 – $40,000
on LendingClub
on Happy Money
Happy Money
4.5 NerdWallet’s ratings are determined by our editorial staff. The scoring algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates, customer experience and responsible lending practices.
4.5 NerdWallet’s ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, rates and fees customers’ experience, and responsible lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 – $40,000
on Happy Money
on PenFed Credit Union
PenFed Credit Union
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.
5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula takes into account aspects we consider to be beneficial to consumers, such as impact to credit score rate and fees, customer experience and ethical lending practices.
APR 7.74-17.99%
Loan amount $600 – $50,000
on PenFed Credit Union
on the Upgrade
Upgrade
5.0 NerdWallet’s rating is determined by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit score, fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet’s rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, the customer experience and responsible lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on Upstart
Upstart
4.5 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula considers aspects we consider to be beneficial to consumers, including impact to credit score, fees and rates, customer experience and ethical lending practices.
4.5 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, the customer experience and ethical lending practices.
APR 6.5-35.99%
The amount of the loan is $1,000.
on Upstart
on LightStream
LightStream
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula takes into account aspects we believe are beneficial to the consumer, such as impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.
5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula is based on aspects we consider to be a good choice for consumers, such as the impact on credit score rate and fees, the customer experience and ethical lending practices.
APR Rates are based on AutoPay. 6.99-23.99%
The loan amount is $5,000 to $100,000.
on LightStream
on LightStream
LightStream
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on aspects we believe are consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
The loan amount is $5,000 to $100,000.
on LightStream
on Axos
Axos
4.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on the factors we believe to be consumer-friendly, including impact to credit score, rates and fees as well as the customer’s experience and ethical lending practices.
4.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be beneficial to consumers, including impact to credit score rate and fees, customer experience and ethical lending practices.
APR 7.99-14.99%
The loan amount is $5,000 to $50,000.
on Axos
On Upgrading
Upgrade
5.0 NerdWallet’s ratings are determined by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including the impact on credit score, fees and rates as well as the customer’s experience and ethical lending practices.
5.0 NerdWallet’s ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be a good choice for consumers, such as impact to credit score, rates and fees customers’ experience, and responsible lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on SoFi
SoFi
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on the factors we believe to be consumer-friendly, including the impact on credit score fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including impact to credit score fees and rates customers’ experience, and responsible lending practices.
APR 7.99-23.43%
The loan amount is $5,000 to $100,000.
on SoFi
on the Best Egg
Best Egg!
4.5 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula considers the factors we believe to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit score, fees and rates customers’ experience, and responsible lending practices.
APR 8.99-35.99%
Loan amount $2,000 – $50,000
on Best Egg
On Achieving
Reach your goals
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer’s experience and ethical lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including impact to credit score, rates and fees, the customer experience and ethical lending practices.
APR 7.99-29.99%
Loan amount $5,000 – $50,000
On Achieving
on OneMain Financial
OneMain Financial
4.0 NerdWallet’s ratings are determined through our team of editors. The scoring formula is based on aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates, customer experience and ethical lending practices.
4.0 NerdWallet’s rating is determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, rates and fees customers’ experience, and ethical lending practices.
APR 18.0-35.99%
Amount of loan $1,500-$20,000
on OneMain Financial
on Upstart
Upstart
4.5 NerdWallet’s ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score rates and fees, the customer experience and responsible lending practices.
4.5 NerdWallet’s ratings are compiled by our editorial team. The scoring formula takes into account the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates customers’ experience, and responsible lending practices.
APR 6.5-35.99 Percent
The amount of the loan is $1,000.
on Upstart
on the Best Egg
Best Egg
4.5 NerdWallet’s ratings were determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees customers’ experience, and ethical lending practices.
4.5 NerdWallet’s ratings are compiled by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates customers’ experience, and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 – $50,000
on Best Egg
on Discover
Discover
5.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula is based on factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates as well as the customer’s experience and responsible lending practices.
5.0 NerdWallet’s rating is determined by our editorial staff. The scoring formula takes into account aspects we believe are beneficial to the consumer, such as impact on credit score, fees and rates, customer experience and responsible lending practices.
APR 6.99-24.99%
Amount of loan $2,500 – $35,000
on Discover
on Achieving
Attain
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, fees and rates customers’ experience, and responsible lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to the consumer, including the impact on credit score, rates and fees, customer experience and ethical lending practices.
APR 7.99-29.99%
Loan amount $5,000 – $50,000
on Achieve
on SoFi
SoFi
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be a good choice for consumers, such as the impact on credit scores rate and fees, the customer experience and ethical lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score rate and fees, customer experience and responsible lending practices.
APR 7.99-23.43%
The loan amount is $5,000 to $100,000.
on SoFi
on Universal Credit
Universal Credit
4.5 NerdWallet’s ratings are determined by our editorial staff. The scoring formula takes into account the factors we believe to be beneficial to consumers, including impact to credit score, rates and fees customers’ experience, and ethical lending practices.
4.5 NerdWallet’s ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, fees and rates as well as the customer’s experience and ethical lending practices.
APR 11.69-35.93%
The amount of the loan is $1,000.
on Universal Credit
on Discover
Discover
5.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact on credit score, rates and fees customers’ experience, and responsible lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees as well as the customer’s experience and responsible lending practices.
APR 6.99-24.99%
Loan amount $2,500 – $35,000
on Discover
on Upstart
Upstart
4.5 NerdWallet’s ratings are determined by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit score, rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees as well as the customer’s experience and ethical lending practices.
APR 6.5-35.99 percent
Amount of loan: $1,000 – $50,000
on Upstart
on Achieving
Attain
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
5.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula is based on factors we consider to be a good choice for consumers, such as impact on credit score, rates and fees customers’ experience, and ethical lending practices.
APR 7.99-29.99%
Loan amount $5,000 – $50,000
On Achieving
on SoFi
SoFi
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on the factors we believe to be consumer-friendly, including impact to credit score rate and fees, customer experience and responsible lending practices.
5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates as well as the customer’s experience and responsible lending practices.
APR 7.99-23.43%
Loan amount $5,000 – $100,000
on SoFi
on the Best Egg
Best Egg
4.5 NerdWallet’s ratings were determined by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer’s experience and responsible lending practices.
4.5 NerdWallet’s ratings are determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be beneficial to the consumer, such as impact on credit score, fees and rates customers’ experience, and ethical lending practices.
APR 8.99-35.99%
Loan amount $2,000 – $50,000
on the Best Egg
on LightStream
LightStream
5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates, customer experience and ethical lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as the impact on credit score, fees and rates as well as the customer’s experience and responsible lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
Amount of loan: $5,000 – $100,000
on LightStream
on SoFi
SoFi
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on the factors we believe to be a good choice for consumers, such as the impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.
5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula is based on factors we consider to be a good choice for consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
APR 7.99-23.43%
Loan amount $5,000 – $100,000
on SoFi
on Universal Credit
Universal Credit
4.5 NerdWallet’s ratings are compiled by our editorial team. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including impact on credit score, fees and rates customers’ experience, and responsible lending practices.
4.5 NerdWallet’s ratings are determined by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, customer service and ethical lending practices.
APR 11.69-35.93%
The amount of the loan is $1,000.
on Universal Credit
on LendingClub
LendingClub
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring algorithm takes into consideration the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates customers’ experience, and responsible lending practices.
5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates as well as the customer’s experience and responsible lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 – $40,000
on LendingClub
on Upstart
Upstart
4.5 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula considers aspects we consider to be a good choice for consumers, such as the impact on credit score rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet’s ratings were determined by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, customer service and responsible lending practices.
APR 6.5-35.99%
Amount of loan: $1,000 – $50,000
on Upstart
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5. Take a look at the fine print
Before you sign a loan, carefully read the terms and get answers to any questions you may have. Be sure to look for:
Fees. Prepayment penalties — charges for paying off the loan early — are uncommon, however lenders could be charged additional fees, like late payment and origination charges.
Automatic withdrawals. If a lender is able to automatically withdraw loan payment from your account on a regular basis, think about creating a low balance alert with your bank to avoid overdraft fees.
APR surprises. The total amount of your loan, including interest and any fees for origination, must be made clear and calculated into the APR.
Also, search for lenders who offer services the option of reporting payments to the three credit bureaus that are the largest, allowing customers to change their payment date or sending money borrowed directly to creditors who are owed debt consolidation loans.
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6. Complete your application
After you’ve found the right lender for your needs, you can make an application in writing . It is possible to apply for a loan with different requirements depending on the lender, but you’ll probably require:
Identification: Passport, driver’s license, state ID or Social Security card.
Verification of address The proof of address is a utility bill or lease agreement.
Proof of income such as pay stubs, bank statements or tax returns.
The lender will conduct a hard credit check which could temporarily lower the score of your credit by several percentage points. It will appear in credit report reports over 24 months. Once you’ve been approved, you’ll receive your loan according to the terms set by the lender, typically within a week. When you’ve got your money you can plan a strategy to pay back the loan and .
If your application is rejected:
The authors’ bios: Chanell Alexander is a former personal loans writer for NerdWallet.
Ronita Choudhuri is the person who handles individual loans for NerdWallet.
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