Find the Best Personal Loans for You
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Lender | Learn More | APR | Loan Amount | Min. Credit Score |
|---|---|---|---|---|
 | See Offers | 8.99% to 25.81% | $5,000 to $100,000 | 680 |
 | See Offers | 8.49% - 35.99% | $1,000 to $50,000 | 600 |
 | See Offers | 6.7% to 35.99% | $1,000 to $50,000 | 300 |
4. Gather Your Documentation.
When applying for a personal loan, there are a few pieces of information and documentation you'll need to have on hand. The specific requirement may vary depending on the lender's policies, but typically, you might be asked to provide:
- Identification. Valid government-issued identification such as a passport, driver's license or national identification card.
- Social Security Number. This is usually required by lenders to perform a credit check.
- Personal contact information. The lender will need details such as your phone number, email address and physical address.
- Proof of income. This might be a recent pay stub, bank statement or tax return. If you're self-employed, lenders might ask for additional documentation, such as profit-and-loss statements.
- Proof of employment. This could be a letter from your employer, recent pay stubs or bank statements showing direct deposits from your employer.
- Proof of residence. You can often use an official communication from a service provider, such as a utility bill, lease agreement or a mortgage statement that shows your address.
5. Fill Out an Application.
Once you've chosen a lender, you can fill out the application online or in person. As you complete the form, be sure all information is accurate; mistakes on your application can cause a delay in approval and funding.
Once you're done – and assuming all information is complete and correct – some lenders may give you a decision instantly, while others may take up to a week.
6. Review Your Offer and Accept the Loan.
If your application is approved, the lender will provide a loan offer. This includes the loan amount, interest rate and repayment term. Make sure to review these details carefully and decide whether the offer fits what you were expecting.
If you agree with the terms of the loan, you can accept the offer. The lender will then distribute the funds to you, which often takes just a couple of days.
"Regardless of how much an individual is applying for, they should ensure they have a strong credit history, stable income and low debt-to-income ratio," Samelko says. "More importantly, they should thoroughly assess their financial situation to make sure they can comfortably repay the loan."
Personal loan interest rates increased this week for the 36-month term, while rates declined for the 60-month loan term. Here are the average personal loan rates offered to well-qualified applicants with a credit score of 720 or greater, as of May 29:
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