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Personal loans are a very popular way for people to pay for certain types of expenses in their lives. They may want to buy a new car or fund some renovation work on your home. Whatever the case may be, there is plenty you will first need to consider before going headfirst into getting a personal loan.
A personal loan is normally going to be unsecured, so you will not be putting up any collateral in order to get the funds from the lender. It will almost always be a loan that has a fixed term and you will repay the funds every single month for a certain period of time.
The length of time that a personal loan will be active will depend on your specific situation. Most commonly a personal loan will be active for between two and seven years, but sometimes it can be extended even longer.
Naturally, you will need to prove to the lender that you are going to be able to repay the loan before you are given the funds. There are a few different ways that this will be assessed, including an assessment of your credit score, existing debt, and current income. Most major banks will offer people personal loans, as well as the likes of credit unions. In recent years, online lenders have been increasingly popular.
It is vital that you complete your due diligence before you commit to a given lender. The last thing you want to happen is to be faced with high-interest rate payments or other types of hidden fees. This guide will walk you through all of the key aspects of the process.
If you are looking to get a personal loan for a certain reason, you will want to know what the process entails. It can be a confusing process if you have not gone through it before so this guide will walk you through exactly what should be considered.
First of all, it is important that you conduct a stocktake of your current financial situation. The key to getting a personal loan at a decent repayment rate will be being able to showcase clearly to the lender that you will be able to fully pay back what you owe without causing any issues.
Therefore, before applying you should undergo your own assessment to make sure that you can afford the repayments.
Look at exactly how much cash you will need from the personal loan and then use a personal loan calculator in order to see what your expected monthly repayments will likely be. Make sure that you are going to have enough income available to meet these repayments. You should also check your credit score and take steps to improve it if it needs work. This is because the lender will base much of their decision on your current credit score.
Once you have self-assessed your finances and figured out what size of a loan you need and that you can afford to meet the repayments, you can then start looking for a lender.
If you have a poor credit score, certain reputable lenders will ask you to have a co-signer in order to get a personal loan. Otherwise, you might have to offer some sort of collateral if they have concerns about your credit score, such as putting your home or vehicle up as collateral.
However, most people who have a decent credit score will not need a co-signer or provide collateral. Traditional banks will place a big emphasis on credit score, while there are some companies that specialize in dealing with borrowers who have bad credit.
Credit unions often have the most cost-effective repayment plans, but the total sum you can get might not be as big as you find elsewhere. Make sure hotter you look at the fine print and you are aware of the exact fees, repayment terms that are in place.
After you have picked a suitable lender, you can then submit an application. These days, this can usually be done online and the necessary information will be pretty self-explanatory.
You will get to see the terms and conditions of the personal loan so you know what you are getting yourself into. You may have to provide certain documents, such as a payment stub, proof of address, and photo ID.
If you have been successful, the lender will notify you of the approval. You can then finalize the terms and then accept the offer. Traditional lenders will often have the funds processed to you in about a week, while some online lenders might be able to give you your funds within a couple of working days.
It is a good idea to set up an automatic system whereby the money will leave your bank account for the monthly payments. This means that you won’t forget to make the payments each month.
There are many different lenders out there that will be offering personal loans to people. These lenders will come in many different forms and each will take its own individualized approach.
The terms and conditions will usually be different, as well as the rate of interest you need to repay on your borrowings and the timeline for repayments. Here are a few key steps to keep in mind when you are looking to compare personal loans.
When you are looking to compare different types of personal loans, you should first be aware of what sort of terms you should be looking for. The most secure options and the best rates will normally be reserved for those people who have good credit scores and thick other boxes.
If you have a poor credit score, then there is no point comparing the options that only cater to those with good credit scores.
A good to excellent credit score (690 or greater FICO) will be able to usually get the best interest rates and have the ability to borrow bigger sums. If your credit rating is only fair to poor, you will likely have to settle for higher rates of interest.
When you are comparing different lenders, you should only consider those options that have a good reputation. The last thing you want to do is take out a loan with a company that is untrustworthy.
This can cause all sorts of different issues, including hidden charges, issues with your credit scores, and overall hassle.
You should check to see what sort of protections and certifications the lender holds. Naturally, big banks will have a reputation for being reliable and well-regulated. Make sure that you do your due diligence on each potential lender you are considering.
One of the biggest determining factors in what lender you go for will be the amount of interest will be paying on the borrowed sum. You will want to look at the APR of the different personal loans.
This gives you an objective standard that you can easily compare the different options without being confused by wording and terminology.
After looking at the interest rates offered by different lenders and having a shortlist of potential options, you will then want to dig a bit deeper to look at the other terms of the personal loans. You want to be sure that you are not going to get blindsided by any hidden fees or charges.
Look to see what the repayment terms are and what penalties are in place if you miss a repayment. You might also want to see if you have the option to pay back the debt earlier than the timeline through a lump sum. All of the different terms should be considered when comparing the different options.
If you are looking for a personal loan company, then there are a few different things that you should be considered. This in addition to the standard information about rates and payment terms.
First of all, you want to be dealing with a lender that will value its borrowers. This means that they will have a good customer support system in place, allowing you to get into contact with the support team whenever you need to.
This could be to ask them a question or to make changes to your current plan. Check to see if there is a variety of ways to contact the customer service team.
It is also a good idea to do some research into the type of reputation that a given lender holds. This can be done through word of mouth by asking friends and family about their experience with a given lender.
It is very easy to search online to get a good idea of an objective review of the lender’s offering. The likes of the Better Business Bureau will hold legit reviews from borrowers, assigning the lender a rating. This can be a useful way to quickly see if there are any red flags.
Finally, you will normally want to deal with a lender that has at least a few years of experience supporting borrowers. This means that they know the ins and outs of lending out money and that they are going to be around for many years to come.
If you are deciding on whether or not you should get a personal loan, then there are some different pros and cons attached to this decision.
This will allow you to weigh up your options and to see what ultimately is going to be best for you and your situation.
If you’re looking to fund a purchase without having to put up any form of collateral, a personal loan will be a good option. The lender will assess your credit history and income to make sure that you are going to be able to repay the funds and you should be then good to go without posting any sort of insurance or collateral.
While some lenders might ask for a co-signer if your credit is not the best, this is usually not going to be necessary.
As opposed to the likes of a mortgage loan, student loan, or car loan, there is a lot more flexibility attached to getting a personal loan. This is because you do not have to use the funds for a specific purpose.
Instead, you are able to decide how you are going to spend the money. Therefore, you can split the funds into a few different purposes.
While credit cards can be very useful for certain types of purchases, they can have significant interest rates if you miss payments or you are only paying off the minimum each month.
Therefore, personal loans can be a lot more cost-effective in the long run to get some funds without having to pay as much interest. The interest rates for a personal loan on average will be around the 12% mark, with the equivalent rate being more like 16% for a credit card. Therefore, there is a significant difference between the two.
Unlike certain financial products, you will have plenty of different lenders to consider for a personal loan. This goes for big banks, credit unions, online lenders, and so on.
Therefore, you will be able to shop around in a competitive environment for the best rates and terms possible without much hassle.
Personal loans have many drawbacks you should understand before taking a loan:
Personal loans have higher interest rates due to their unsecured nature. The typical interest rate for personal loans is between 12 to 20% per year, which is a good 2-3 percentage point higher than other loans.
Individuals who don’t have sufficient resources may find it more difficult to repay their loans.
Personal loans are subject to strict eligibility guidelines. Many banks and NBFCs require that applicants have a certain income before they will consider an application.
The applicant’s credit score is also scrutinized. It is possible to have an application rejected due to a low/average credit score.
Although borrowers can choose the repayment term they prefer, lenders won’t allow them to change it once it has been chosen. You cannot prepay the loan, or choose to make partial payments. This means you must pay the full amount. Failure to pay the EMIs on-time could lead to legal action and other complications.
The flexibility that a personal loan provides is not going to suit everyone. Some people might end up spending the funds in meaningless ways just because they have access to the money.
A lot of people also might not be used to having the significant additional expense to repay each month and this could put a strain on their monthly pay-check, perhaps more than they initially realized.
Naturally, the COVID-19 pandemic has negatively impacted millions of people across the US. People have lost their jobs, had their hours reduced, or their salaries cut. Whatever the case might be, the pandemic has had an effect on most things.
Some people will be worried about being able to meet their monthly personal loan repayments as a result of their changing income situation. However, a lot of lenders are willing to work with people who have been thrust into difficult situations as a result of the pandemic.
In certain cases, you might be able to secure a payment holiday for your personal loans or to renegotiate your monthly repayments for a certain period until things hopefully get back to normal.
For those people who are looking at getting a personal loan, many lenders have tightened up their eligibility requirements for the moment. This means that they will only hand out loans to a select group of people. However, other lenders are providing low-cost personal loans at smaller sums to help people keep going during the pandemic.
If you are looking to boost your eligibility for a personal loan, there a number of changes you can make.
Some of these will be easier than others, but it is good to be aware of some of the important ways in which your application will be judged.
One of the most important aspects of getting any sort of borrowings will be your credit rating. The amount that you can borrow and the interest rate you have to pay will often be significantly dependent on your credit rating.
Make an effort to boost your credit score in any way possible. A lender does not want to deal with someone who could be deemed as being at high risk of not paying back their obligations.
If you already have existing debt before you apply for a personal loan, you will want to minimize this as much as possible before applying to a lender.
The goal is to maximize the loan-to-income ratio to showcase that you will have enough income each month to easily be able to meet the repayments of your personal loan.
If you have a number of different forms of existing debt, this could be a warning sign for the lender as they will question your ability to meet your repayments on time due to all of these other obligations.
If you submit an application for a personal loan, the lender will then be raising an inquiry in the credit bureau in order to gauge your risk level. These types of hard inquiries are going to become a part of your credit report.
As a result, if you submit numerous applications at the time time to different lenders, this does not give a good impression as you could be seen as being desperate for getting credit. Therefore, the chance of you not getting accepted will be greater as they might deem you to be a higher risk.
It is important that you showcase all forms of income when submitting an application, not just the direct income from your main employment.
A lot of people these days have side businesses or money-making pursuits that are significant but will not be a part of your main salary.
Therefore, this income can help with you meeting repayments. As a result, you want the lender to be aware of this income so that they can factor it into their overall assessment of your application.
If you are looking for a personal loan, it is important that you only see a sum that is needed. Some people will try to max out the funds they can get from a personal loan, even if they do not need them all.
You should only submit an application for a sum that you need. Also, avoid overly extending the payback period if you know you can definitely meet the repayments in a shorter period of time. Lenders will naturally be more likely to give you a smaller amount of funds if requested.
There are a few different scenarios in which it is a good idea to get a personal loan. If you have to fund a significant purchase, but you do not have cash on hand, it can be the ideal way to do so.
This could be when you are buying a car or doing some house renovations. Credit card rates are usually higher than personal loan rates, so the latter will be more cost-effective.
Some people will use personal loans to consolidate credit card debt, allowing them to reduce the level of interest you are paying on this debt. Finally, some people will want to get a personal loan in an attempt to improve their credit score.
They might have little to no credit history built up and they want to do so before making a big request for borrowings, such as a mortgage. If you show that you meet all of your payments on time, this will increase your credit score.
First of all, if you do not need the funds for a good reason, it is usually not advisable to get a personal loan.
It is usually not a good idea to get a personal loan to pay for a vacation or a luxury purchase. It should only be used for important reasons like paying medical expenses or buying a car.
If you do not have good credit it can often be a bad idea to get a personal loan. This is because you already don’t have a good record of dealing with credit and you may end up worsening your score even more.
Personal loans offer a flexible form of finance, as they can be used for practically any purpose. In this chart compiled from LendingTree consumer data, you can see that debt consolidation is the most common reason for taking out a personal loan. The least common reason is for home improvement. This is likely due to more advantageous products that can be used for home improvements such as home equity lines of credit.
You will also be paying much higher interest on your borrowed use when you have a poorer credit history. Therefore, it may make more sense to use a different form of credit than a personal loan if this is the case.
Naturally, you will want to look at the APR for a personal loan so you know how much interest you have to pay back on your borrowed sum.
However, there can be other charges that also need to be considered. A loan origination fee will be a part of a lot of personal loans. This is the fee that is paid to the lender as soon as you have gotten the borrowed funds. This covers the likes of processing the application.
The loan origination fee varies from lender to lender. It can be as low as 1% of the total borrowed sum and even up to 8% of this total. Some lenders might just charge a flat fee. A lot of the time, this fee will automatically be deducted from your borrowed sum.
Therefore, make sure to factor this fee into the equation when you are stating how much you want to borrow. You should also look to see what the penalties are when you miss payments or if there are any charges to consider if you want to pay off the loan at an earlier date.
A secured loan is when the borrower has to provide some sort of collateral in order to receive the funds from the lender. This means that it will be secured debt. Common forms of collateral for a loan include real estate and vehicles.
In contrast, an unsecured loan is when the borrower does not have to put up any collateral in order to get the funds from the lender. Most personal loans will be unsecured.
The lender will have deemed that your credit history and income are sufficient enough that they trust that you will meet the repayment obligations and not have any issues.
A personal loan is usually going to be anywhere from about $1,000 to $100,000 in size. Most personal loans though will be under $20,000. This will be an ideal way to pay for some medical expenses or a new car for example. You will have to submit an application in order to get these funds and then make a monthly repayment, with interest on top.
Whether you need a personal loan to restructure your finance or make a purchase, your state may influence the amount you can qualify for. In this chart using Experian data, you can see the highest average personal loan balance is in Washington state. However, the highest average states are separated by only a couple of hundred dollars. The exception to this is Montana, which is over $3,000 lower for average personal loan balances.
A credit card is usually not going to be funding as many significant purchases and will be ideal for smaller transactions. It allows you to pay for something now and pay for it in the near future.
A credit card will have a limit on what you can borrow and you have to pay back at least a minimum amount each month or else significant charges can come into effect. The interest rates on credit card debt are usually higher than what you get with a personal loan.
The annual percentage rate (APR) of a product is a very useful way to objectively compare different types of loans with each other. The APR figure will include both the interest rate on the borrowings, as well as any additional finance charges. The rate will be based on an annual total and it will be a percentage.
For a personal loan, the interest rate on the borrowings from a given lender will be added in with the origination fee that is charged to come up with the APR.
There are a number of reasons for taking out a loan, but this can also influence the average loan amount. In this chart with LendingTree customer data, you can see that credit card refinancing has the highest average loan amount followed by debt consolidation.
This shows that debt restructuring is one of the more costly reasons to take out a loan. On the other end of the scale, the average loan amount for vacations is the least costly reason. This may suggest that consumers may use other finance methods to cover the cost of vacations.
Therefore, when you know the APRs of personal loans from different lenders, you can quickly see which one is going to be most cost-effective in terms of APR. To save you from having to manually calculate the APR of a lender, there are many useful online calculators that can do this for you.
The pre-qualification stage of a personal loan is when the lender will give you a quick oversight of what your creditworthiness looks like and what sort of loan you can expect to get.
There is not going to be a guarantee that you will get the exact loan that you are previewing. Instead, it is supposed to be a guiding reference for you before you submit your final application.
The process sees you submit a pre-qualification form that requires info such as your job, income, and any current debt. A soft credit check is conducted by the lender to see your credit history and score. You will then either be approved or denied the pre-qualification.
You will get info about this loan if you get approved. You then can decide if you want to accept this pre-qualified offer or not. If you want to proceed, you then complete the final application for a personal loan.
Like all forms of credit, taking out a personal loan is going to have an impact on your credit. In the beginning, your score may drop slightly after you have first gotten the loan.
The process of a lender conducting a hard check on your credit history can slightly hurt your credit score in the short term also.
However, as you pay back the loan on time, your credit score will often increase your score. This is because you are able to demonstrate your ability to borrow funds and then repay them in a responsible manner.
Therefore, if you are diligent and do not mess up and miss any payments during the lifetime of the loan, you should have no negative issues regarding your credit score resulting from the personal loan.
The length of time in which you can get a personal loan will often depend on different factors. Some lenders will approve and issue borrowings quicker than others. The application process does not take long at all for you to complete.
Usually, it will take 3-7 days for your application to be approved or denied. Following acceptance of the loan, online lenders will often be able to deliver your funds slightly quicker than traditional banks. In most cases, you should receive the borrowed funds within seven business days.
A lot of people like to negotiate when they are buying a good or service. There are certain types of lenders that might allow you to negotiate the final rate a bit more than others.
The bigger banks usually do not do so. However, the likes of a local community bank or credit union might have a bit of leeway when it comes to negotiating a lower rate.
If you have a track record with the bank or the credit union that you are getting the loan from, you can try to leverage your good relationship over the years with the institution.
You can also point towards other forms of financial ability and explain your justified need for a personal loan.
If you have a good or excellent credit score, then you will likely have no problems in securing a personal loan. This is because the lender can be confident that you have a track record of handling different forms of debt in a responsible manner.
If your credit score is average or poor, you may run into some issues. As these types of people will be seen as riskier borrowers than those with good scores, additional checks may be needed.
To compensate for the higher level of risk, these people will usually pay a higher rate of interest. The total sum that they can get will also often be limited.
However, there are some lenders that have special offerings for people with poor credit scores. Therefore, people with all types of history should have a decent chance to qualify for some sort of a personal loan.
The scope of a personal loan can vary widely. In some cases, the loan will be as small as $1,000 or as high as $100,000. The amount that you can borrow will depend on the lender and your level of risk. For low-risk people, you will be likelier to get a higher sum.
However, if your credit history is only average there can be tight restrictions on how much you can borrow.
There are numerous online calculators that can give you an idea of how much you can expect to get. These will take factors into consideration such as your current credit score and income.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Credible Terms and Conditions:
Credible is so confident in the personal loan rates you’ll find on Credible, we’ll give you $200 if you find and close with a better rate elsewhere. See full terms and conditions
Upstart Terms and Conditions:
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Upgrade Terms and Conditions:
Personal loans made through Upgrade feature APRs of 5.94% – 35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.
Figure Terms and Conditions:
Figure APRs start at 5.99% for the most qualified applicants and are higher for other applicants. For example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.99% and a 3.00% origination fee. Your total loan amount would be $51,500. Origination fees range from 0-4.99% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. The advertised APR includes an autopay discount of 0.50%. APRs start at 5.49% for customers that do not opt in to autopay.
Figure’s APRs can be as low as 2.99% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 2.99%. The total loan amount would be $52,495. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.75% for opting into Credit Union Membership (0.50%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
LendingClub Terms and Conditions:
A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
Marcus By Goldman Sachs® Offer Terms and Conditions:
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. You may be required to have some of your funds sent directly to creditors to pay off down certain types of outstanding unsecured debt. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans. Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions
SoFi Terms and Conditions:
Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 10/25/21 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings, checking, or other account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA /SIPC. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank.