Compare & Find The Best Personal Loan For You
Let us help you find the right personal loan. We've analyzed hundreds of loan products across the U.S. from banks, credit unions and online-only lenders.
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Common Questions About Personal Loans
You may have questions during the process of comparing personal loans, finding the best interest rates and choosing the right lender for you. Click on some of the most frequently asked ones below to learn more.
Personal Loan Lender Reviews
MoneyGeek reviewed some of the top personal loan lenders to make the process of choosing a loan easier. Browse below to learn about each Lender's product offerings, interest rates, customer satisfaction ratings, and more.
How to Compare Personal Loans: Top 4 Tips for Borrowers
1) Look Into Interest & Fees
One of the factors affecting the cost of personal loan repayment is the interest. Depending on the loan amount and term, lenders have different annual percentage rates (APRs). Comparing interest rates on personal loans is a way for you to save money in the long run.
2) See Flexible Repayment Terms
Repayment terms also matter when comparing personal loans. They help determine your monthly payments and the total cost of the loan, allowing you to plan your payments based on your financial situation.
3) Explore the Application Process
The application process for a personal loan may vary per lender. The qualification requirements, approval time and funding also differ. When comparing personal loans, it’s important to explore the application process based on how fast you need the money. While applying for a personal loan may take some time, some lenders may offer easy applications.
4) Determine Funding Timeframe
The funding timeframe for a personal loan depends on the lender. This is an important factor to consider as it determines how soon you’ll get the funds. For emergencies and immediate needs, you may find lenders offering next- or same-day funding. That said, it’s still important to compare personal loan offers and terms.
Frequently Asked Questions About Personal Loans
Understanding how personal loans work and the factors involved can help you compare lenders and offers. MoneyGeek answers some frequently asked questions to assist you in making well-informed decisions.
Lenders use hard and soft credit inquiries to access and evaluate a borrower’s credit report.
A hard credit inquiry is made by accessing your credit report through a credit reporting agency when you submit a credit application and it affects your credit score.
A soft inquiry occurs when a lender accesses your credit report without it reporting to credit agencies, so your credit score is not affected.
The closing process for a personal loan generally involves signing documents and agreeing to the term, interest rates and fees.
It depends on the type of personal loan you’re getting. If it’s a secured loan, collateral is necessary. In most cases, personal loans are unsecured and collateral isn’t required.
Some borrowers feel online loan applications are risky. Generally, applying for a loan online is safe if the lender is legitimate. It’s smart to research the lender and be sure you’re using the lender's official website to prevent falling victim to fraudulent sites.
While both offer a way for individuals to borrow funds, a personal loan and a credit card differ. Personal loans provide borrowers access to a lump sum of money they can repay over a certain period with interest. Credit cards offer revolving credit and allow the borrower to access funds as long as their account is active.
Loan amount limits depend on the lender. That said, it’s essential to determine the right loan amount based on your circumstances. You can use a personal loan calculator for this.