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Frequently Asked Questions
A personal loan is an unsecured loan, that is deposited into your bank account that begins monthly repayments 30-days later. The principal amount of the loan is deposited into your bank account within a couple business days. Interest begins to accrue at the agreed upon interest rate every day. Every month you will make a monthly payment of principal and interest, usually through automatic debit from your bank account. You will make monthly payments until the loan is paid back. If you would like to pay the loan back early, there are generally no prepayment penalties to do so.
Unsecured personal loans range from $2,000 to $50,000 depending on the lending partner.
Unsecured personal loans can be used for anything except tuition related expenses. Most commonly, loans are used for debt consolidation or credit card payoff. Other popular uses are home improvement, elective medical procedures, large purchases, vacations and weddings. Lenders do not track what you use the proceeds for. They will ask you during the registration process, but that does not affect your loan chances nor will they follow up with you. Some lenders however, have realized that if you do pay off your credit cards, you’re being responsible with your finances and taking charge of them. They will often give you a reduced interest rate if you agree to have your loan payoff your credit card debt directly.
Loan repayment terms range from 24-84 months. The term of the loan will make the monthly payment larger or smaller which can be helpful when comparing the monthly payment to your existing financial obligations. Loan accrue interest daily based on the outstanding principal amount, so the longer the term, the more money it will cost you due to a longer loan amortization schedule. Lenders may also increase your loan interest rate if you choose a longer loan. This is due to the added additional duration risk your loan carries for having a longer term.
Interest rates vary depending on several factors including your credit information and the loan requested. Interest rates will vary greatly depending on these factors. Your interest rate is the rate that your loan accrues interest and dictates how much interest you will pay back over the life of the loan.
A loan origination fee is a cost associated with taking out a loan, in addition to the interest you will pay. Most lenders charge an origination fee between 2%-6% depending on your credit information and loan information. Loan origination fees are how lending companies make money to keep their business operating so that they can continue to offer loans.
The difference between an interest rate and an APR rate is due to additional fees as part of the total loan cost. An APR rate factors in these additional fees to give you the true annual percentage rate you will pay on your borrowed money. The APR therefore factors in the upfront origination fee you pay and includes this fee in addition to the interest you will pay to find the loans total cost. The APR is a way to set a level playing field and make it clear what the true cost of the loan will be, and it allows you to compare rates among lenders in a fair way.
The interest accrues daily on your loan based on the outstanding principal amount you still owe. Interest accrues more earlier on in the loan life cycle because the principal balance outstanding is higher. As you make monthly loan repayments, the loan principal value will decrease and more of the monthly payment will be applied to principal.
Your credit score and credit information are the main factors that lenders use when making a loan decision. If your credit score is higher, you will be viewed as a lower risk candidate and will be provided a lower interest rate. If your credit score is lower than average, the risk of offer you a loan is greater and you will therefore be assigned a higher rate. If there are other positive or negative credit factors in your credit report, these will also factor into the loan interest rate your loan will be assigned.
You can sometimes still obtain a loan with bad credit, but your chances are lower and the interest rate will be higher than desired. If your credit score is bad, lenders will be concerned that you may not pay their loan back. They therefore need to set an appropriate interest rate that will compensate them for the risk that they may not receive all of their principal back.
Your income is viewed as your primary means for making the monthly loan payments and therefore has a large impact on your likelihood of obtaining a loan. Lenders want to see that you have income so that you can make your monthly loan payment. You will often be asked to provide proof of income during the final verification process before your loan is processed and transferred to your bank account. If you do not have income, your chances of being approved for a loan are severely reduced.
Income that can be verified with documentation is generally accepted. This includes paystubs, W2’s, retirement, disability, and self-employed income receipts. Lenders need to know that the income you are receiving is steady and predictable, so they can count on receiving your monthly payments as long as you have your income coming in each month. Self employed borrowers will have the hardest time since your income may not be steady or predictable. Some lenders will not accept self employed income and instead count you as a higher risk candidate and charge you a higher interest rate or even deny your loan request outright. In the end of the day, lenders need to have assurances that you will pay back your loan.
You will most likely be asked for proof of income. Lenders have started using online solutions which allow you to link your bank account or paystub to them directly online. If an online solution won’t work, you will often be asked to submit a paystub dated within 30 days and a W2. Lenders want to verify the income you stated as it has a huge impact on your ability to make the monthly payments.
You can use a co-borrower for an increasing number of online lenders. Most lenders have realized that allowing a co-borrower is a great way to extend loan offers when individually, a borrower may not qualify. A co-borrower reduces the overall risk as someone else is putting their name online and willing to step in if you stop making the monthly payment.
You will know if you are approved for a loan in 2 minutes or less. Once you see the loan offers you are approved for, you can find the loan offer that is right for you and finish the application on the partners website. Once you complete the lenders application, you may be asked to submit income and employment documentation before they will disburse the loan proceeds. As soon as your loan is approved, it will be disturbesed which will generally take 1-3 business days before you receive it in your bank account.
When you see your loan offers, you are not obligated to take the loan. We will show you a list of possible offers, and you may receive further communications from these partners. You can think about it as long as you feel you need to. Once you decide which loan is right for you, you will need to finish your application on the partners site and submit your final loan documentation.
It will generally take 2-3 business days to receive your loan proceeds. Lenders have worked very hard to speed up their loan processing time, but it still takes a bit of time for the bank to send the funds. Unfortunately you can’t speed up banks ACH processing times.
You may be able to receive a loan within 2 business days. Loans generally take some time to reach your bank account due to the bank transfer system used by large banks.
