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Applying for a personal loan

You can search for loan offers with your Credit Karma account and sort by annual percentage rate, loan amount or monthly payment. Credit Karma shows you offers from lenders we partner with, but we are not a lender. If you choose to apply for a personal loan you found on Credit Karma, you’ll be taken directly to the lender’s website to continue the application process.

It’s common for lenders to ask for your bank account information during a personal loan application. This is so the funds can be electronically deposited directly into your bank account.

The time it takes to make a decision on your application varies depending on the lender. If you have additional questions or concerns regarding the application process, you may want to reach out to the lender directly for additional information.

Which personal loan should I apply for?

As you review offers, please keep in mind that we can't know if lenders will approve or deny applications. However, we do the best we can to help you narrow down your choices.

Interest rates and fees can make a big difference in how much you pay over the life of a loan, and they vary widely from lender to lender. Here are some things to consider:

  • Interest rates: Rates typically range from around 5% - 36%. In general, the better your credit, the lower your interest rate will be. And the longer your loan term, the more interest you’re likely to pay over the course of your loan.

  • Origination fees: Some lenders charge a fee for the cost of processing the loan and paying out the funds. Origination fees typically range from 1%- 8% of the loan amount.

  • Prepayment penalties: Some lenders charge a fee if you pay off your loan early because early repayment may mean that the lender may be concerned with missing out on some of the interest that they would have otherwise earned.

You may also want to read these articles for additional insight:

Does shopping for a personal loan on Credit Karma hurt my score?

Checking your credit reports and looking for offers on Credit Karma doesn’t affect your credit scores.
But when you apply for a loan, the lender will pull your credit as part of the application process. This is known as a hard inquiry and may lower your credit scores. Hard inquiries generally stay on your credit reports for about two years.

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