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.
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 signature loans.… read full answer
The best personal loans are from LightStream. The company offers $5,000 - $100,000 in funding with APRs of 5.99% - 22.49% and repayment periods of 24 - 84 months. You’ll need a credit score of at least 660 to qualify, according to multiple third-party sources.
It is 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 18 years old and having a bank account. Keep in mind, meeting the requirements will not guarantee approval.… read full answer
The easiest signature loan to get is from Oportun because they do not require a credit score to qualify. The company also has loan amounts of $300 - $12,000, APRs up to 36% maximum and repayment periods of 6 - 46 months. Oportun isn’t your only option, though. You can see other easy-to-get signature loans below.
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 legally binding.… read full answer
The best signature loans from a credit union are from PenFed Credit Union, which offers $500 - $50,000, APRs of 5.99% - 17.99% and repayment periods of 12 - 60 months. You’ll need a credit score of at least 600 to qualify, according to multiple third-party sources.
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