FAQs

What is a personal loan?

A personal loan is a credit product that allows you to borrow a large lump sum of money and repay it over a certain period. It typically comes with a fixed interest rate and is supposed to be repaid in fixed installments each month.

What do I need to qualify for a personal loan?

You should be a legal U.S. resident and be at least 18 years old. Additionally, you must have a reliable source of income and provide a proof of your employment or benefits reception. As your money is deposited directly to a bank account, make sure you have an active one.

What is the difference between personal loans and payday loans?

Payday loans are small, short-term credit products with high interest rates. It’s supposed you pay them off on your next payday in one lump sum. Personal loans are long-term and carry lower interest rates and are supposed to be repaid at a fixed rate over a certain amount of time in fixed monthly payments.

What interest rate will I have?

Interest rates vary by lender and depend on a few factors such as your credit score, credit history, debt-to-income ratio, income, the amount you borrow and the terms of your loan.

How much can I borrow?

The amount you can borrow depends on both state regulations and a lender. Your financial situation also determines how much you will be allowed to borrow. Personal loans allow you to borrow larger amounts than payday short-term loans.

How can I use a personal loan?

Personal loans are multipurpose. They allow you to pay for any unexpected expenses, bills, big purchases and special occasions.

How do I get my money?

The money will be deposited directly into your bank account. Make sure you have an active bank account before submitting a request.

When do I get my money?

After finalizing your loan, you can expect your money to be directly deposited to your bank account in as little as one business day.