Grace Enfield, Content Writer
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A personal loan is an installment loan that can offer up to $100,000 in funding with a fixed APR around 4% to 36% and a repayment period of 12 - 84 months. You generally need a credit score of 580+ to get a personal loan from a reputable lender. Most personal loans don’t require collateral, which is why they’re sometimes called signature loans, but some secured personal loans are available.
Key Facts About Personal Loans
- Loan Type: Installment
- Typical Uses: Debt consolidation, home improvements, large purchases and more
- Loan Amounts: Up to $100,000
- APRs: Usually from 4% - 36%
- Repayment Periods: Typically from 12 - 84 months
- Origination Fee: 0% - 8%
- Funding Timeline: Within 7 business days
- Minimum Credit Score Requirement: Usually 580+
You can check out WalletHub’s picks for the best personal loans to learn more. You can also estimate your potential rates with our free pre-qualification tool.
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