What is a personal loan?

Personal loans are a type of financing borrowers can get from traditional banks, credit unions or online lenders, in which they receive a lump-sum payment they can use for just about any legal personal expense. Loan amounts typically range from $1,000 to $50,000, with few lenders offering loan amounts up to $100,000.

What makes a good personal loan lender?

The best personal loan lenders offer affordable monthly payments at a rate that fits your budget. Other loan features, including no fees, rate discounts and mobile apps may set some personal loan lenders apart. We always recommend you compare personal loans from multiple lenders before making a choice.

What can you use a personal loan for?

You can use personal loans for just about any type of personal expense. Most commonly, though, personal loans are good for: Emergency expenses. If you need money right away for unexpected expenses like medical bills, funeral costs, car repairs or something else that needs immediate attention, you can use an emergency personal loan.