The funds you need to pay for personal expenses

Ever wonder why some loans are called a “personal” loan? Is it a loan that every person can get? Are these loans that anyone will be approved for? A personal loan is a loan that lets you borrow funds to pay for personal expenses. It allows you to obtain a lump sum of money and then repay those funds over time, generally with fixed monthly payments. You can use the funds from a personal loan to pay for a wide variety of personal needs such as appliances, medical emergencies, special occasions, or even vacations.

Are there loans that approve everyone?

Like other loans, approvals for personal loans can depend on financial indicators such as your income, credit history, and debt-to-income ratio. Many people believe that it is impossible to get a personal loan with bad credit. However, there are actually a number of lenders who specialize in providing loans to people with less-than-perfect credit. With some careful research, you can find a personal loan option that meets your needs and helps you improve your financial situation. Plus, borrowing money and repaying it on-time can often improve your credit score.

Are personal loans for anyone?

If you need extra cash to pay for auto or medical bills, or to finance an unexpected emergency or special occasion, you might want to consider a personal loan. Used wisely, a personal loan can quickly give you the funds you need without putting a strain on your savings. Personal loans can also give you the flexibility to consolidate bills and credit card debt into one easy-to-manage, monthly payment. However, personal loans are not the right choice for everyone. Consider the pros and cons of taking out a personal loan before deciding.

How a personal loans works

A personal loan is a type of installment loan that allows you to borrow a fixed amount of money in one lump sum. Online lenders will loan anywhere from $2,500 to $25,000.¹

These funds can be used for personal and household expenses, including appliances, weddings, auto repair and moving expenses. Interest rates on most personal loans are fixed so they will not change as you repay your loan, and repayment terms often vary by lender. While there may not be loans that approve anyone, Reprise works with individuals with all kinds of credit history to find a solution that’s right for them.

Pros of a personal loan

The biggest advantage of taking out a personal loan is that you will get one lump sum of money that you can use personal or household expenses. This can make it easy for you to make a large purchase, consolidate debt or distribute the funds over several needs. In addition, personal loans with online lenders offer fixed interest rates and predictable monthly payments that are easier to manage. Reprise also offers fast approval time and fast funding with money delivered to your bank account the next business day after approval.

The right personal loan for everyone

Depending on your situation, personal loans can be a great solution when you need extra cash fast. Online lenders provide fast funding from $2,500 to $25,000¹ with an application that you can fill out from the comfort of your home. Personal loans offer an easy and flexible way to pay for many different expenses when you don’t have the cash available. Online lenders will look at the total picture of a person’s application to find a product that works best for each applicant. If you have a fair credit score, limited credit background, or you’ve hit a few bumps along the way, Reprise can help you find the personal loan that’s right for you.

¹The $25,000 loan amount is inclusive of the amount financed and any applicable fees. Not all applicants will qualify for the maximum $25,000 loan amount.