What type of loan is a personal loan? This question is about Personal Loans

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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What type of loan is a personal loan?

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This question is about Personal Loans

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Grace Enfield, Content Writer

@grace_enfield • 07/27/22 This answer was first published on 07/27/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

Answer Question

Is a personal loan secured or unsecured?

A personal loan can be either secured or unsecured. A secured personal loan requires collateral, like money in a savings account or your vehicle’s title, to protect the lender in case you don’t repay the loan, whereas an unsecured personal loan does not require any collateral.

The best unsecured personal loans are from ... read full answer SoFi. The company offers $5,000 - $100,000 in funding with APRs of 8.99% - 23.43% and repayment periods of 24 - 84 months. You’ll need a credit score of at least 680 to qualify.

Popular Unsecured Personal Loan Providers

SoFi

LightStream

Discover

Marcus by Goldman Sachs

Best Egg

Happy Money

Upstart

LendingPoint

Achieve Personal Loans

You can read more about the different types of personal loans on WalletHub. If you think an unsecured personal loan is right for you, you can estimate your potential rates with our free pre-qualification tool.

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What is a personal loan called?

What are the 4 types of loans?

Four common types of loans include personal loans, auto loans, home equity loans, mortgages and more. Each of these loans is used for a different purpose and has different loan amounts, APRs, payoff periods and fees. But one thing most loan types have in common is that the borrower gets a lump sum of money up front and pays it off over time.... read full answer

4 Common Types of Loans

Personal loans

Auto loans

Home equity loans

Mortgages

Along with having different terms, each of these common loan types has different requirements regarding collateral, credit scores, income and more.

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