What can I use a personal loan for?

With a personal loan, most lenders will allow you to use your money to pay for almost anything. Whether you need to consolidate your debt, pay off unexpected medical expenses or make repairs at home, a personal loan may help you meet your financial goals.

What are the requirements for a personal loan?

Personal loan requirements vary by lender, but most lending institutions will typically analyze your credit score, your income and any other debts you have out in your name. You should also come prepared with the following information, as it could impact eligibility: the purpose of your loan, how much money you want to borrow and your preferred repayment schedule.

What’s the maximum loan amount I can get?

Personal loan amounts typically range from $1,000 to $50,000. However, some lenders, such as BHG Money, offer loan amounts as large as $200,000. The LendingTree personal loan marketplace offers loan amounts up to $50,000.

Can I get a loan with bad credit or no credit?

If you have less-than-ideal credit, you may still qualify for a bad-credit personal loan , though you may get stuck with a high APR. Alternatively, you may be able to add a cosigner with good credit to your application to access more attractive rates.

What documents do I need to apply for a personal loan?

When applying for a personal loan, you’ll need to provide proof of income and employment, bank account information and proof of other debt. You’ll also need to verify your identity by providing a government-issued identification.

What are good alternatives to personal loans?

Common alternatives to personal loans include credit cards, lines of credit, home equity loans and 401(k) loans. While these options also come with interest and fees, one of these different financing opportunities may be a better fit for your situation. For instance, if you aren’t sure how much money you need, a credit card with access to a line of credit may be a better fit.

Can I refinance a personal loan?

Yes — if you took out a personal loan and want to change the terms, you can refinance that personal loan . Refinancing allows you to assess an old debt and potentially qualify for conditions that better suit your current financial position, such as lower interest rates or monthly payments.

Save Thousands on Your Personal Loan with Low Rates

See real offers in minutes and save an average of $1,659 by shopping for a personal loan with LendingTree

Updated on: February 13, 2025

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Privacy Secured | Advertising Disclosures