To get a loan online, you need to compare options from different lenders, pick the loan offer that's right for you, and submit an online application. You may receive approval or denial almost instantly when you apply for a loan online, though it could take up to 7 business days for a lender to decide. Most major lenders offer loans online, and you should have a good chance of being approved if you meet all of the lender's requirements.
Steps to Get a Loan Online
Choose a loan type that's right for you. You can get a number of different types of loans online, including personal loans, home equity loans and auto loans. You can't easily get a large loan ($10,000+) from friends or family online, though. Many online peer-to-peer payment methods have daily or weekly spending limits.
Check your credit score. Checking your credit score helps you understand what loans you can qualify for and which lenders may approve you. You can check your credit score for free on WalletHub.
Compare your options. You need to compare the loan options available to you based on APRs, fees, term lengths, loan amounts and approval requirements.
Pre-qualify (if possible). For personal loans, you can use WalletHub's pre-qualification tool to help you understand your approval odds and what rates may be available to you.
Pick a loan to apply for. Choosing a loan depends on a number of factors, including your financial standing and what you qualify for. In general, you want the most affordable option that you can get.
Apply for the loan. When you're ready to apply for the loan, you can go to the lender's website and fill in the necessary information such as your name, address, date of birth, income, employment status and other required information. You may also have the choice to apply by phone or in person. No matter how you apply, your lender will almost always do a hard pull of your credit history.
Get approved and receive the funds. After you're approved for a loan online, you'll have to wait to receive the funds, which usually only takes up to a few business days. The lender will either make a bank transfer or give you a paper check with your funds.
Finally, you'll need to pay back the loan over time. This could take months or years, depending on the loan you get. To help you calculate your monthly payments, you can use WalletHub's loan calculator.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.