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Personal Loans

Learn more about how personal loans work & what you can use them for, see our picks for the best personal loan lenders, and read reviews of the top lenders in the industry.

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See our editorial team’s picks for the best personal loans.

How personal loans work

Personal loans don’t often seem complicated, but you should understand several specific terms before you apply for one.

Personal loan uses

You can use personal loans for almost anything, including paying off debt and home improvements.

Personal loans by credit range

Your credit score is critical in determining eligibility for a personal loan. Before applying, check your credit score to determine whether your credit is excellent, good, fair, or poor. Compare companies that lend to borrowers in your credit range to boost your chances of approval.

Personal loan reviews

If you’re considering applying for a personal loan through a specific company, you should understand how that company operates and the repayment terms.

Latest on personal loans:

Income-Based Personal Loans

Lenders that offer income-based personal loans focus more on your income than your credit score. This option might be an excellent choice if...

Self-Employed Personal Loans

Being self-employed can complicate your plans if you’re trying to get approved for a personal loan. Most lenders want proof of steady income...

Does the Reason for Your Personal Loan Matter?

When you take out a personal loan, the lender will typically ask you how you...

How to Choose a Personal Loan Term Length

Loan repayment terms can range from short to long, offering flexibility to match borrowers’ financial needs. This allows for financial strategies tailored to...

Personal Loans for Business

Personal loans are often used for personal expenses, such as home renovations and debt consolidation. But in many cases, you can also put...

Promissory Note for Personal Loan Explained

Understanding promissory notes is vital if you plan to lend or borrow money. They detail important personal loan terms, including repayment schedules, interest...

What Are the Tax Implications With Personal Loans?

A personal loan can cover many costs, including home improvements, medical bills, and credit card...

Personal Loans With No Prepayment Penalty

Loan prepayment is when a borrower pays off an installment loan ahead of the schedule set by the lender. Some lenders charge a...

Signature Personal Loans

A signature loan is an unsecured personal loan, meaning no collateral is required, only your John Hancock (plus a strong income and credit...

Personal Loan Insurance

Personal loan insurance is a type of credit insurance that offers financial protection in the event that you can’t make payments due to...