To get a personal loan, check your credit score, compare lenders using pre-qualification (soft pull), choose the best offer, submit a full application with income documentation, and receive funds — typically within 1–5 business days of approval.
A personal loan is an unsecured installment loan: you borrow a fixed amount, repay it in equal monthly payments over a set term (usually 24–84 months), and pay interest at a fixed APR. Unlike a credit card, the balance and end date are fixed at closing. See What Is a Personal Loan? for a full product explainer.
Your FICO score is the primary pricing lever. Check it free through your bank or credit card's account dashboard, or through myFICO.com. Most lenders set rate tiers around score bands: excellent (760+), very good (720–759), good (660–719), fair (620–659), and poor (below 620). You can still get approved below 620, but rates often exceed 25% APR — which is worth comparing to alternatives like secured loans or credit unions before applying.
A formal application triggers a hard credit inquiry (typically a 5–10 point temporary score drop). Apply to only one lender at a time unless you're rate-shopping for the same loan type within a short window — most FICO models treat multiple loan inquiries within 14–45 days as a single inquiry. Review the loan agreement for origination fees (often deducted from the disbursement) and prepayment penalties before signing.
Most lenders deposit funds within 1–5 business days. Some online lenders offer next-business-day or same-day funding for approved applications. Once funded, make your first payment by the due date — personal loan interest starts accruing immediately. Setting up autopay often earns a 0.25% rate discount and protects your credit from a missed payment.