Personal loans from $200 to $50,000
A personal installment loan gives you one lump sum and a fixed schedule to pay it back. Here is what to expect, what lenders look at, and how to tell a fair offer from a costly one.
What is a personal installment loan?
You borrow a set amount and repay it in equal payments over an agreed term, usually 6 to 60 months. Each payment covers interest and part of the balance, so the loan is fully paid when the last payment clears.
Most personal loans in the network are unsecured, which means you do not pledge a car or home. Title loans, offered in a handful of states, are the exception and use your vehicle as collateral.
The Consumer Financial Protection Bureau has a short explanation of personal installment loans if you want a neutral second source.
What do lenders look at?
- Income
- Steady income of at least $1,000 a month before tax. For $5,000 or more, lenders usually look for about $2,000.
- Checking account
- An active account in your name for the deposit and the payments. Its history tells a lender how you manage money.
- Credit history
- Reviewed, but with no fixed minimum score. Poor and fair credit can still receive offers.
- State
- You must live in one of the 45 states the network covers. State law also caps some amounts and rates.
Soft inquiry or hard inquiry?
Matching uses a soft inquiry, which does not change your score. It lets lenders see enough to decide whether to make an offer.
If you choose an offer and continue, that lender may run a hard inquiry. A hard inquiry can lower a score by a few points for a while. The consent text in the application says which one is being run.
How fast is the money?
Often the next business day after you sign. Many decisions arrive within minutes. Some lenders fund the same day or offer local pickup, but bank cut-off times, weekends and holidays can add a day.
A lender may ask for a recent pay stub or bank statement before funding. Having them ready avoids delays.
How do you compare two offers?
Put them side by side and compare the same four lines on each. The lower monthly payment is not always the cheaper loan.
| Line to verify | Offer A | Offer B |
|---|---|---|
| APR | 24.99% | 29.99% |
| Term | 24 months | 48 months |
| Monthly payment | $267 | $180 |
| Total of payments | $6,404 | $8,640 |
Offer B looks easier each month and costs about $2,235 more overall. The offer check tool does this comparison for your own numbers.
How do you avoid advance-fee scams?
A real lender takes its fees from the loan or adds them to your payments. It never asks you to pay first. A request to pay an insurance, processing or release fee by gift card, wire or crypto before funding is a scam. The FTC explains how advance-fee loan scams work.
Personal loan questions
How much can I request?
Any amount from $200 to $50,000. A lender may offer less than you asked for, or nothing at all, depending on your income, credit and state rules.
Does the first check affect my credit score?
The matching step uses a soft inquiry, which does not change your credit score. If you choose to continue with a specific lender, that lender may run a hard inquiry, which can. The consent wording inside the application tells you which check is happening.
Why is it called a light check?
Because the first step asks little of you: a few minutes online, no paperwork upload and only a soft inquiry. The careful checking comes afterward, when you verify the offer itself before signing anything.
Can I get guaranteed approval?
No. A legitimate lender has to confirm who you are and whether you can repay, so nobody can promise approval in advance. Lenders in the network work with poor, fair and good credit and look at income and banking history as well as your score.
Is instant approval real?
Decisions often arrive within minutes because much of the review is automated. Some requests still need a manual review or documents, so an instant answer is common but not certain.
Are there loans with no credit check?
Responsible lenders review credit in some form. What you can count on is that the matching step uses only a soft inquiry. A hard inquiry may follow only if you decide to go ahead with a lender.
How soon could the money arrive?
Often the next business day after you are approved and sign. A few lenders can fund the same day, and some offer local pickup where available. Bank cut-off times, weekends and holidays can add a day.
What do I need before I start?
You need to be 18 or older, live in one of the 45 available states, have an active checking account and a steady income of at least $1,000 a month before tax. Larger requests usually need closer to $2,000 a month.