How to Get a Personal Loan

Prepare before requesting offers

Write down the amount you need, the expense it will cover and a monthly payment you can manage. If an origination fee is deducted from funding, the amount deposited will be smaller than the loan balance. Confirm that the net proceeds cover your expense.

Check the lender’s permitted uses and state availability before starting an application. Review required income and identity documents, any existing-account requirement and whether collateral is involved. For example, PNC’s profile explains its eligible-checking-account requirement.

Understand the credit check

Ask whether a preliminary quote uses a soft inquiry and when the process involves a hard inquiry. Read the consent before submitting. A preliminary offer is not final approval, and different providers use different application processes.

The CFPB explains that lenders can use different credit scores. A score shown in an app does not guarantee the score or rate a lender will use.

Compare the actual terms

Record these details for each offer:

• Loan amount and net funds you receive
• APR, interest rate and origination fee
• Repayment period, monthly payment and total scheduled payments
• Any AutoPay, creditor-payment or collateral conditions
• Late-payment charges and early-payoff terms

Do not treat every lender’s advertised minimum rate as an offer available to you. SoFi, for example, describes both fee and no-fee choices for some borrowers. Compare the entire offer rather than assuming one fee structure applies to all applicants.

Review the agreement and funding arrangements

Before accepting, confirm the payment schedule, permitted use, disbursement method and funding conditions. Ask what verification remains and whether processing depends on business hours or your bank. Do not commit to a payment deadline based only on an advertised fastest funding time.

Keep a copy of the agreement and note the first payment date. If you use automatic payments, confirm the account details, amount and timing, and monitor the first payment.

Use our personal loan profiles for dated provider sources and the loan payment calculator to model your quoted terms.