Frequently Asked Questions

How quickly can I get a loan?

You could receive your money in as little as a single business day.

What can I use my loan for?

Your loan can be used for debt consolidation, medical expenses, home improvement and more…

Can I pay off my loan early?

Absolutely. You can pay off your loan early, without any pre-payment penalties. Paying off your loan early can help you save money overall.

How do I consolidate my debt with the loan?

Once you receive the funds in your account, you can log into wherever your debt is managed and use the funds to payoff your debt.

How quickly can I check my rate?

If one of our lenders is interested in working with you, you will be able to review all of the terms electronically on the lender's website.

How quickly can I check my rate?

Your funds are deposited to your personal bank account.

What is the cost of obtaining a personal loan?

USALoanToday does not charge a fee to use this website and does not determine costs. The terms of your individual loan will be made available by your lender, but some lenders charge an origination fee in order to obtain a personal loan. This fee ranges, but it is generally between 1% and 8% of the total amount of the loan. This means that for some lenders if you take out a $5,000 loan, they will charge an origination fee between $50 and $400. Not all lenders charge an origination fee, so check the terms with your lender.

What’s the difference between interest rate and APR?

Interest rate and Annual Percentage Rate (APR) are two different, but related measures. The interest rate is a more simple measure that will only show you what you pay when you borrow money. APR, on the other hand, is the total charges and fees associated with your loan. This includes the interest rate and things like origination fees. The basic difference is that interest rate only measures what you pay for interest, but APR measures the total cost of the loan. Since they are two different measures, they tell you different things. Interest rates will tell you about monthly costs, and APR will tell you about overall costs.

How is my rate determined?

Since personal loans are not secured by collateral, your rates are determined by a combination of your credit score, how much you are borrowing, and your annual income. Of these, the main factor that determines your rate is going to be your credit score. The better your credit score is, the better your rates will be.

How do I qualify for a personal loan?

Since credit score is the most important factor for a personal loan, your credit score is the main thing that will qualify you for a personal loan. Other than that, a stable income and employment history will help ensure that you’re qualified. State regulations will also have an impact on how you qualify for a personal loan, so do some research first to see if you are qualified.

Can I get a loan if I live outside the USA?

Since personal loans require valid identification and a bank account, you cannot get a personal loan if you live outside the USA.

Do I need good credit to get a loan?

Some lenders will give you a loan even with a less than perfect credit score, but a better credit score will help you get a better interest rate. If you have a bad credit score, you may still be able to get a loan. Most lenders will accommodate a range of credit scores.

Am I eligible for a personal loan?

There are some general factors that a lender will take into account to determine your eligibility for a loan. Your credit score, employment history, and income are the major things that will determine your eligibility, but you’ll also need to be over 18 and have some valid identification and a bank account to be eligible for a personal loan. You can use USALoanToday to check your eligibility here.

Am I charged a fee for paying off my loan early?

Personal loans have a fixed payment term that usually lasts for a short period of time. When you’ve signed up for a personal loan, you usually also sign up to pay the loan off in that amount of time. Because of this, some lenders will charge an exit fee or prepayment penalty if you pay off the loan before the payment term is over. It’s always a good idea to read your paperwork carefully before you decide to pay a loan off early.

How do I make my monthly payment?

Check with your lender for all the details, but there will be a variety of payment methods available to you. You can probably work with your lender to find out what will be best for your individual needs.

How long do I have to repay my loan?

Depending on the terms of individual loans, you might have to pay anywhere between one year and several. Always check with your lender before you accept your loan so that you are aware of the length of the repayment term.