Consumer Advisory: APR Rates Range From 5.99% to 35.99% Maximum APR for qualified consumers
Personal Loans For Whatever Life Throws At You
Whether it's debt consolidation, home improvements, or an unexpected expense, compare offers from multiple lenders in minutes.
About Personal Loans
Flexible funding with fixed rates for any purpose.
Flexible Funding For Any Purpose
Personal loans are unsecured installment loans that can be used for virtually any purpose, from debt consolidation and medical bills to home improvement, moving costs, and major purchases. Borrow between $1,000 and $50,000 with fixed monthly payments over 12 to 60 months. Because personal loans are unsecured, there is no collateral required, meaning you do not need to put your car, home, or any other asset on the line. This makes them one of the most versatile borrowing options available.
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Complete a short online request with your basic information. We'll review your details and look for a suitable lending option.
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A quick eligibility check
Simple requirements to help determine whether this option works for you.
- Are 18 years or older
- Are looking for a short-term loan between $250 and $3,000
- Need funds for short-term personal expenses
- Have an active bank account
- Are currently employed or have a regular source of income
- Are looking to repay over 3 to 36 months
Personal Loan Guide
Everything you need to know about personal loans and how to get the best terms.
A personal loan is an unsecured installment loan that lets you borrow a lump sum and repay it in fixed monthly payments over a set term, typically 12 to 60 months. Unlike a credit card, you receive the full amount upfront and pay it back on a predictable schedule. Most personal loans don't require collateral, which means approval is based primarily on your creditworthiness, income, and debt-to-income ratio.
Personal loan APRs typically range from 6% to 36%. Your specific rate depends on your credit score, income, existing debt, loan amount, and chosen repayment term. Borrowers with credit scores above 720 generally qualify for single-digit rates, while those below 600 may see rates closer to 30% or higher. Even small differences in APR add up significantly. On a $10,000 loan over 36 months, the difference between 10% and 20% APR is over $1,600 in total interest.
One of the most popular uses for personal loans is consolidating high-interest debt, especially credit card balances. If you're carrying balances on cards charging 20% to 25% APR, a personal loan at 10% to 15% can save you hundreds or thousands in interest while simplifying multiple payments into one. The key is to stop adding charges to the cards you pay off, otherwise you end up with more total debt than you started with.
Beyond the interest rate, watch for origination fees (typically 1% to 8% of the loan amount, deducted from your disbursement), late payment fees, and prepayment penalties. Not all lenders charge all of these, and many modern online lenders have eliminated origination and prepayment fees entirely. Always calculate the total cost of the loan including all fees, not just the monthly payment or APR in isolation.
Applying for a personal loan typically triggers a hard credit inquiry, which may lower your score by a few points temporarily. However, once approved, a personal loan can actually help your credit profile by adding to your credit mix and reducing your credit utilization ratio (if used for debt consolidation). Consistent on-time payments build a positive payment history, which is the single most important factor in your credit score.
Shorter terms mean higher monthly payments but less total interest. Longer terms lower your monthly payment but cost more overall. A $10,000 loan at 12% APR costs about $1,000 in interest over 24 months versus nearly $2,000 over 48 months. Choose the shortest term where the monthly payment fits comfortably in your budget with room to spare for unexpected expenses.
Covero simplifies the comparison process by letting you submit one application and receive offers from multiple competing lenders. You can compare APRs, loan amounts, repayment terms, and fees side by side with no obligation to accept. Our platform works with a network of licensed lenders, and your data is protected with bank-level SSL encryption from start to finish.
Frequently Asked Questions About Personal Loans
Get answers to the most common personal loan questions so you can apply with confidence
Request FundsPersonal loans can be used for almost any purpose, including debt consolidation, home improvements, medical expenses, car repairs, moving costs, weddings, vacations, and unexpected bills. Most lenders do not place restrictions on how you use the funds once they are deposited into your account. This flexibility is one of the main reasons borrowers choose personal loans over more specialized financing options.
Personal loan APRs typically range from 6% to 36%, depending on your credit score, income, loan amount, and chosen repayment term. Borrowers with excellent credit (720+) generally qualify for the lowest single-digit rates, while those with lower scores may see rates in the upper range. Comparing offers from multiple lenders through Covero helps ensure you find the most competitive rate available to you.
Many lenders provide a preliminary decision within minutes of submitting your application. Once you accept an offer and complete any final verification steps, funds are typically deposited into your bank account within 1 to 3 business days. Some lenders offer same-day funding for applications completed early on weekdays.
Most modern lenders do not charge prepayment penalties, meaning you can pay off your loan ahead of schedule and save on interest without any extra fees. However, a small number of lenders still include prepayment terms in their agreements. Always review the full loan agreement before signing, and look specifically for any prepayment or early payoff clauses.
Personal loan amounts typically range from $1,000 to $50,000, depending on the lender, your creditworthiness, and your income. Some lenders offer amounts up to $100,000 for highly qualified borrowers. The amount you are approved for will be based on your financial profile and the lender's individual criteria. Through Covero, you can see what multiple lenders are willing to offer for your specific situation.
No. Personal loans are unsecured, which means you do not need to pledge any assets like your car or home as collateral. Approval is based on your creditworthiness, income, and debt-to-income ratio rather than the value of an asset. This makes personal loans accessible to a wider range of borrowers, though interest rates may be slightly higher than secured loan options.
Checking your rate through Covero typically involves only a soft credit inquiry, which does not affect your score. If you accept an offer and the lender performs a full application review, that may involve a hard inquiry which can temporarily lower your score by a few points. However, responsibly managing a personal loan by making on-time payments and reducing overall debt can actually improve your credit profile over time.
Covero simplifies the comparison process by letting you submit one application and receive competing offers from multiple lenders. You can compare APRs, loan amounts, repayment terms, and fees side by side with no obligation to accept any offer. Our platform works with a network of licensed lenders, and your personal data is protected with bank-level SSL encryption from start to finish.
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