Grace Enfield, Content Writer
@grace_enfield
A signature loan is an unsecured personal loan that does not require any collateral other than your signature. Your signature represents your promise to repay the loan and makes the loan agreement a legally binding document.
Key Things to Know About Signature Loans
- Signature loans usually range from $1,000 to $100,000.
- The best signature loans have APRs as low as 2.49%.
- Signature loans often have origination fees of 1% to 8%.
- The payoff periods are 12 months to 144 months (12 years).
You'll need to meet the lender's credit score and income requirements to qualify for a signature loan, along with other requirements like being at least 18 years old, having a bank account and having enough income to make monthly payments.
If you're ready to start comparing offers, check out the top-ranked signature loan offers on WalletHub.
People also ask
What is an example of a signature loan?
An example of a signature loan is a standard personal loan. A personal loan is a lump sum of money that can be used for almost anything, like consolidating debt or making a big purchase, and personal loans that don’t require applicants to put anything up as collateral are considered... read full answer
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Is it easy to get a signature loan?
It is usually easy to apply for a signature loan, though getting approved for one depends on factors such as your credit history and income. In general, you’ll need to have a credit score of 580+ to get a decent signature loan and meet other requirements, like being at least... read full answer
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What is a signature loan from a credit union?
A signature loan from a credit union is a lump sum of money with a fixed interest rate that does not require collateral other than a signature from the borrower. This signature is a promise to the credit union that you will repay the loan and makes the loan agreement... read full answer
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