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Personal loans turn one lump sum into fixed monthly payments.

Get a set amount upfront and repay it over time.

One fixed monthly paymentSet payoff dateSecured or unsecured

When a personal loan may make sense

A personal loan can be useful when you know how much you need and want a clear payoff date. It can also help combine higher-rate debts into one payment.

1 in 3U.S. consumers have a personal loanSource: Experian 2025 Personal Loans Study (March 2026)

Personal Loans Snapshot

Your credit, income, and lender help determine the amount, rate, and terms you may get.

Loan amount$1K–$50K
Funding speedAs soon as next day
Loan term2–7 years
Common useDebt consolidation

Two ways a personal loan can work

Some personal loans require you to put up something you own. Others do not. That difference can affect your rate and what happens if you don't repay.

Secured LoansYou use an asset, such as savings, to back the loan. You could lose that asset if you do not repay.Unsecured loanBorrow without putting up savings or property. Learn which products work this way and what lenders may consider.

How personal loans work

  1. 1
    Choose a loan amount and term
    • The lender determines what you qualify for and offers a rate, monthly payment and repayment period.
    • Check the APR and any fees to understand the full cost.
  2. 2
    Receive the money
    • Once the loan is approved and finalized, the funds are generally sent at once.
    • If the lender deducts an origination fee, the amount you receive may be less than the amount you borrowed.
  3. 3
    Repay it each month
    • You make scheduled payments toward the amount borrowed and interest until the loan is paid off.
    • Personal loans are typically repaid in set installments.
    • Once repaid, that loan is closed; borrowing again requires a new loan.

Common questions about personal loans

How much can I borrow with a personal loan?+

Most personal loans range from about $1,000 to $50,000, depending on your income, credit, and the lender.

Will checking my rate hurt my credit score?+

No. Prequalifying uses a soft pull. Only a full application adds a hard inquiry.

How fast can I get funded?+

Many lenders fund as soon as the next business day after approval; some are same-day.

Is a personal loan better than a credit card?+

For a larger amount you'll repay over a set term, a personal loan is usually cheaper and more predictable. For small, short-term spending you can clear quickly, a card can win on flexibility.

What credit score do I need to qualify?+

There's no universal cutoff. Many lenders serve fair credit and up, and the rate reflects your profile.

Are there fees beyond interest?+

Some lenders charge an origination fee (a percentage of the loan). Always compare the APR, which folds fees into one number.

Not sure which lender fits?

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