Personal loans are among the most versatile types of loans, providing funds for pretty much any purpose, as long as it’s not illegal. Individual lenders may put restrictions on what their loans can be used for. For example, you generally can’t use a personal loan for college education.
Some lenders may offer numerous personal loan options for different purposes (like medical bills, debt consolidation or weddings), each with its own APR range. LightStream by SunTrust Bank is one example. However, the vast majority of personal loan providers offer loans with nearly limitless uses.
- Typical loan length: 12 to 60 months (sometimes 84+)
- Typical APR range: 6% to 36%
- Minimum loan amounts: $1,000 to $3,000
- Maximum loan amounts: $25,000 to $100,000
- Credit score required: 600 to 700 (average of 660)
- Collateral: Required for secured personal loans, not for unsecured loans