10 Personal Loan Requirements You Need to Know Before Applying


7) What’s the interest rate?

Interest rates are usually negotiable. The higher your credit score, and/or if you have a co-signer, then you might be able to negotiate for a lower interest rate. It’s also more common for consumers with good credit histories (and sometimes those with bad ones) to pay less than prime when borrowing from lenders such as online personal loan providers. Before accepting any personal loan offer, find out what your interest rate will be and ask about any fees that may come along with it.

8) Repayment period

The repayment period is typically between one and seven years, but it can be even longer than that if you request a longer payment period. This term represents how long it will take you to pay off your debt based on your regular monthly payments. For example, if you have a $15,000 loan at an annual interest rate of 5 percent with a five-year repayment period, it will take you 100 months (8.3 years) to pay off your debt—at least according to your original plan.


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