What is a Personal Loan?

If you're in need of cash or perhaps looking to consolidate some of your credit card debt, an unsecured personal loan could be the solution. With competitive interest rates, flexible terms, and no application, disbursement or origination fees, personal loans are quickly becoming a popular way to borrow the money you need, when you need it most.

What are personal loans?

Personal loans are unsecured, fixed or variable rate loans that offer several different term lengths. Use our loan calculator before applying to estimate how much your monthly payment would be to make sure that payment fits your monthly budget.

Uses for personal loans

The beauty of a personal loan is that it can be used for a wide variety of purposes, including consolidating high-interest credit card debt or offsetting the costs of adopting a child. Other uses for a personal loan may include financing a child's wedding, taking a dream vacation, or making a large purchase, such as furniture.

How is the interest rate on a personal loan determined?

Since personal loans aren't backed by collateral, lenders are going to take a close look at your credit score to make a decision. Generally, the higher your score, the better the interest rate you'll receive on your personal loan. A slightly better interest rate on a large personal loan could save you thousands in interest over the life of the loan, so improving your credit score as much as possible before applying is wise.


A personal loan may also help you improve your credit score if you commit to making every payment on time. A strong track record of making payments on time is a key factor in maintaining good credit.

Benefits of personal loans

Consider the benefits of personal loans to see if it’s an option that makes sense for you.

  • Quicker approval process – In most instances, you will instantly know if you are approved for a personal loan. On average, you can have the funds from your personal loan in 7-10 days.
  • Competitive interest rates and no fees – no application fees, no disbursement fees, and no origination fees.
  • Consolidate debt and streamline payments – Instead of paying multiple credit card bills every month, you can use a personal loan to pay off the credit cards and then make one monthly payment each month (to the personal loan). With a competitive interest rate, you could save thousands of dollars in interest by consolidating your debt with a personal loan.

Personal loans can provide the funds you are looking for to consolidate your debt, grow your family, or pay for a child's wedding. Review your finances before you decide to apply to ensure a personal loan is the right option to help you meet your family’s financial goals.