Personal Loan Reviews

You may be looking for a personal loan to consolidate debt, finance a large purchase, or start a business. Before you apply, read unbiased reviews to help choose a lender.

Frequently Asked Questions

  • What are personal loans used for?

    You can use a personal loan for anything you want. Many people use them to consolidate debt or pay for for big expenses, like a home renovation or a wedding. But unless the terms of your agreement spell out a specific use, you’re not bound to use the funds for any particular purpose.

  • How do personal loans work?

    Personal loans are general purpose, unsecured loans, meaning you don’t have to put down any collateral. They’re often harder to get than credit cards, but they may have lower interest rates. Most personal loans have a fixed interest rate and a set repayment schedule, meaning you’ll repay the same amount each month for a set period, which could be anywhere from 12 to 60 months.

  • How should I shop for a personal loan?

    Before you shop for a loan, consider how much you’ll need and what you can afford. A personal loan calculator can give you an idea of what your monthly payment might be. Also consider the type of loan you might be able to get. The better your credit score, the better the loan you’ll qualify for. You may also have a better chance of being approved for a personal loan from a bank or credit union where you already have an account. Gather quotes from lenders—many offer prequalified quotes that won’t harm your credit score. Compare the APR, fees, and other features such as unemployment protection. Once you’ve decided on the best loan for you, you’re ready to apply. 

  • How can I get a personal loan from the bank?

    Once you choose a lender, apply either in person or online. You’ll need to supply information like your Social Security number, your income, and other debts you have. After you’ve applied, you’ll need to wait for an answer, which could take up to seven days. Getting the funds after that may take another few days.  

  • How can I consolidate debts with a personal loan?

    Consolidation is the process of paying off multiple debts with one new loan in order to simplify your bill paying and, hopefully, lower your overall interest costs. You start by getting a new loan (either one marketed as a debt consolidation loan or a general personal loan) that ideally has a lower interest rate than the rates on your current debts. Use the money from the new loan to pay off your existing loans, credit cards, and medical debt. Just remember that the loan is only moving your debts around, it’s not eliminating them. 

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