Personal loans are a great way to consolidate debt, pay off high-interest credit cards or finance virtually any purchase. Managing payments on a personal loan are easy with one fixed monthly payment which can be automatically drawn from your bank account. Borrowers can prepay the loan at any time with absolutely no penalty. Loans range in size from $1,000 to $100,000 with a 2 to 5 year repayment period. APRs on our platform start at 5.99%.
A personal loan is typically an unsecured consumer loan made to an individual borrower. The good news is that you don't have to have a perfect credit score to qualify for a personal loan. Personal loans do not normally require collateral and they are extended by both banks and non-bank lenders. The most common personal loan is an installment loan that is repaid over time with fixed monthly payments that cover both principal and interest.
Compare personal loans from multiple loan providers. Interest rates and terms can vary, based on your credit score and other factors. A personal loan can be a great way to fund expenses, a small business, or for virtually any other purpose. There really are no restrictions on how the funds may be used.
*Fixed personal loan rates range from 5.99% APR to 17.67% (with AutoPay).
Whether you need funds to pay for education, meet emergency medical expenses, renovate an outdated bathroom or travel around the world, a personal loan can be the ideal solution. To meet a variety of needs of consumers, lenders offer many types of personal loans.
Consolidate multiple loans into one loan with a single payment.
Pay off high-cost credit card debt with a flat monthly payment.
Install that new kitchen or bathroom.
Thinking about funding a small business or startup?
Use the funds to take that dream vacation.
Pay for medical expenses
There are many personal loans available from several lenders in the market. Here are a few things to consider as you consider the right loan for you :
The Monthly Payment: Find out what would be the monthly amount you need to pay and the term of your loan. This will help you determine the exact financial commitment you will be entering into.
Origination Fee & Prepayment Charges: Before deciding which loan to take, check whether there will be an origination fee charged by the lenders and if so what would be the percentage charged. Also, find out if there will be any prepayment penalty if you were to pay off the loan before the term ends. This way you can determine which lender provides the right loan without charging too many additional fees.
Loan Processing Time: As much as the interest percentage and monthly charges matter, the time taken to process the loan is also an important factor to consider. Lendvious’ lending partners process and pay out loans in as little as 1 business day.
Credit History: While all lenders do a thorough check of your credit history before approving your personal loan, not all of them require a high credit score. Some lenders offer loans even to those with average or poor credit scores. Your credit score also often determines, in part, the interest rate that will be charged on your loan. So carefully consider your credit history before you choose which lender to borrow from.
At Lendvious, applying for personal loan is a simple three-step process :
This requires providing some basic information about yourself, the amount of the loan you need, and how you plan to use the funds.
Once you submit the inquiry form, with the click of a button, you will be able to see several offers from our lending partners. You can check the interest rates and other features offered by each lender.
Review the offers and choose the lender that best suits your needs. You may have to provide some additional information directly to the lender to complete the process. Submit the final application and receive your funds!
Checking your loan offers won't affect your credit score!
Your credit score will not be impacted by applying for a personal loan. But once the loan is approved and you agree to the terms of the loan, the lender may send information about your loan to the reporting agencies. This may impact your credit score. However, if payments are made regularly your credit score normally improves over time.
Personal loan processing is much quicker today than it has ever been before. Applying through Lendvious makes the process even simpler because our platform sends out the loan application to multiple lenders at the same time, saving a great deal of time for borrowers. Our lenders instantly respond to applications with the best offers. With some of our lenders, approval and funding takes as little as one business day.
Personal loans can range between $1,000 and $100,000. However, the purpose of the loan and your creditworthiness determine the maximum amount that can be offered.
Your monthly payment on personal loan will depend on the amount of loan you choose, the repayment period and the interest rate on your loan.
You can choose the repayment period of your personal loan. Usually it ranges between two and five years. However, it is important to remember that a longer repayment term would mean lower monthly payments but more total interest when compared to shorter repayment terms for the same loan amount.