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FAQ - Personal Loans

Finding the right company to get a personal loan from can be difficult or even overwhelming. People often have a lot of questions about how to have the best experience. Whenever dealing with anything related to your finances it is good to get answers to your questions before making a decision. This is why we have put together this page of some of the most frequently asked questions we get along with the answers.

Can I Get a Loan if I have Bad Credit?

Yes. While each lender has different criteria that you must meet in order to get a loan, people with almost any credit score can qualify. Some lenders only work with people who have a set credit score, but there are many others who will use other factors to determine whether or not you will be approved.

Can I Qualify for the Maximum Loan Amount Offered by a Company?

Each lender has a maximum amount they will give for each personal loan. Just because they have that listed as the maximum amount does not mean every applicant will qualify for that much. The amount you will qualify for will be based on things like your income, other debts, credit score and more.

What Factors Determine my Interest Rate?

Each lender has a different set of things that factor into determining your interest rate. In most cases your credit score will play a key factor. Your employment history and any savings you might have can also be important.

Do I have to Sign Papers in Person?

While every lender is unique, the vast majority of them today allow you to complete the entire loan right online so you never even have to leave the house.

Does the Money come directly from the Companies Reviewed on this Site?

In some cases the companies we review are the actual lenders, which means the money would come from them. In other cases the company we review is just a broker, which means they help to match up borrowers and lenders. In those cases the money would come from whichever lender you choose to work with.

Can I use the Money for Anything I Want?

For a personal loan you are not legally limited as to what you can use the money for. Most lenders will ask you what it is for and you really should be honest when answering this question. Many of the lenders we review also offer mortgages, car loans and other types of loans. If that is what you apply for, you must use the money for what you specified.

When I Borrow from a Peer-to-Peer lender how do I Repay the Person who funded the Loan?

You don’t need to worry about paying the individual back directly. The company that arranged the loan and the funding will handle all of that on their end. You just make one monthly payment to that company and they will get the money back to the individuals who funded the account. In fact, you’ll never know the names of the actual people who funded the loan.

What if I’m Unemployed? Can I still get a Loan?

It is possible in some cases. Some lenders specialize in funding tuition for college or trade schools, for example. If that is the case, unemployment won’t be too much of a problem. Some lenders, however, won’t approve someone who doesn’t have a steady job. You just need to go through and find the ones that will.

Does the Type of Loan Matter?

Absolutely. When filling out an application you need to be 100% honest in every step. If you say you are getting a mortgage; that is what the money should be for. Most of the companies we review focus at least primarily on personal loans. When that is the case you can typically use the money for anything you would like.

How fast can I get the Money?

The speed at which you get your money will vary from company to company. In some cases you can complete the application in just a few minutes, get almost instant approval and have your money either the same day or the next day. In others, however, it may take several days or even weeks to get the approval you seek.