NerdWallet can help you pick a personal loan from lenders such as Lending Club, Avant and Prosper. Online lenders typically make applying for loans fast, easy and secure. Compare rates today.
Personal loans are installment loans with fixed interest rates that you can use for a variety of reasons. 2 If approved, you’ll borrow a set amount of money and pay it off with monthly payments over a scheduled period of time. Personal loans can offer an alternative to credit cards by giving you a predictable and fixed repayment plan.
Personal loans are typically unsecured, which means there is no collateral, such as a car or house backing the loan. Different types of lenders offer personal loans, including traditional brick-and-mortar banks and online-only lenders. They serve borrowers with varying credit scores, income and other qualifying requirements.