Personal Loans Online FAQs
Lendah makes taking out a personal loan online, simple and fast. But, we know you may still have application questions. For convenience, the most commonly asked personal loans for bad credit questions are answered below. If you don’t see your question answered, you can always connect with a specialist from our offices at 844-860-0766 and we’ll be happy to discuss any concerns you have about our services, including our offering unsecured personal loans for bad credit.
How much can I borrow with a personal loan?
You can typically borrow between $2,000 and $35,000. Some lenders offer loans up to $75,000.
Where can I get the best personal loan?
Right here! The best personal loan for you depends on how much you need to borrow, how quickly you need the funds and what you can qualify for. You may want to compare things like interest rates, loan amount and how legit the lender is.
What’s the difference between the interest rate and the APR?
The interest rate is what the lender charges for lending you the money. The APR is more representative of the true cost of the loan as it includes all fees that come with the loan as well as the interest rate.
What is a prime borrower?
There’s no technical definition for this but prime borrowers are typically thought to have credit scores above 720, have no delinquencies on their credit report and have a minimum six-year credit history.
What is the average interest rate on a personal loan?
Interest rates vary by lender, but can be as low as under 5.99% and as much as 36%. Generally, the higher your credit score, the lower your interest rate on a personal loan.
Are personal loans bad for your credit?
Personal loans themselves aren’t bad for your credit. As long as you make regular payments and pay within the terms of the loan, a personal loan can actually improve your credit score to prove you can handle your debt responsibly.
How long can you take a personal loan for?
Most lenders offer loans from one to seven years.
I have bad credit – can I still get a personal loan?
Yes, although your options will be limited. A Lendah Specialist will help match you to the right options.
How quickly can I be approved for a personal loan?
We can get you approved within a day. Unlike online-only lenders, we want to talk to you to make sure that we’re matching you to the right loan or program. Once approved, you will typically receive your funds in a 1-2 days.
Can I take out a personal loan to invest?
You can, but we don’t recommend it. Investing itself is incredibly risky and taking out a personal loan increases that risk even more.
How do I get a low rate on a personal loan?
There is no one way to get the lowest rate on every loan, since each lender has a different way of evaluating your application. We will present all of your options so you can pick the loan that’s best for you.
Who has the best interest rates for personal loans?
Your interest rates will depend on lots of factors including your credit, the length of the loan and your other qualifications.
How do you get an unsecured loan?
Unsecured loans are loans that don’t require any collateral. They are based on your creditworthiness. Keeping your credit rating at good or excellent will get you a better rate. Usually you need to have proof of income, be a resident of the US and a Social Security number to apply for an unsecured loan.
What is the maximum amount for a personal loan?
The amount you can get for a personal loan depends on the type of loan and the lender. Typically, you can borrow up to $35,000 and, with a very select group of lenders, you can go as high as $75,000.