Personal loans are loans that are not backed by any sort of collateral, i.e. your house or car. Personal loans aren't like credit cards, which are revolving loans. With credit cards and other types of revolving loans, interest rates fluctuate as a result of being based on prime. In addition, credit cards and revolving loans have no fixed payment terms. Personal loans are a type of installment loan, with a fixed repayment term and fixed interest rate. If approved, you will receive a lump sum up front and then pay the money back (plus interest) in regular monthly installments.

Your credit rating is going to be the most influential variable lenders will use when determining whether or not to extend rate quotes to you, and ultimately to fund your request. General requirements that must be satisfied for approval consideration: must be a citizen of the United States, at least 18 years of age, have an active bank account and be currently employed. Please note that all final rates, terms and fees will be underwritten by the lender NOT MyChoiceLoans. Any questions concerning presented rates, terms and fees should be directed to that potential loan lender.

You can receive no obligation rate quotes within seconds of submission. The entire process from requesting rate quotes to having your loan funded can take 48 hours or less. However, in some cases funding will take longer than 48 hours. If a rate quote is offered and accepted, your potential lender will advise you what to expect in terms of the total time for your request to fund.

It is important to us that we set clear expectations when it comes to trying to help those with histories of poor credit. We are partnered with several providers that exclusively assist consumers with bad credit. These lenders have less rigid borrowing criteria than many traditional banks and lenders and will analyze your total financial picture, and not just your credit score. This means, variables including but not limited to your job history, education, time at current residence, etc. will be taken into account IN ADDITION to your credit. And while we are able to assist many challenged credit types, we can't help everyone and do not make any guarantees to be able to.

If you are lacking credit, we won't be able to help you at this time. Individuals with no credit history are going to require a co-signer with strong credit, and at this time, our system is not set-up to process requests with co-signers. If you do not have any credit, please do not submit your information on this site.

Currently, lenders participating in the MyChoiceLoans.com network are offering borrowing amounts ranging from $500 to as much as $40,000 with terms between one to six years. Please note, if approved, not all borrowers will qualify for the maximum borrowing amount of $40,000 and/or terms of 72 months.

Interest rates, terms and conditions will vary depending on the loan and lender. Candidates with excellent credit can expect lower rates. You can learn more about thepotential APR rates and costs of your loans here?. If approved for a loan, each lender is required by the Federal Truth in Lending Act law to present to you the terms of the loan, the rates and all costs associated with the loan prior to you executing the loan documents. Each lender has different loan terms, such as the loan amount, the APR for the loan, repayment schedules, etc.. Please review the fee and rate information provided to you by your lender thoroughly and completely before agreeing to the terms of the loan. Until you add your e-signature to your loan, which makes your loan final, you are under no obligation to continue with the application process and can exit at anytime.

Yes. If you are currently unemployed, you should not submit a request as rate quotes will not even be extended to you by lenders. If you become unemployed after taking out a loan, it is critical that you get in touch with your lender right away to discuss what options you have.

There is no charge to use the MyChoiceLoans service. MyChoiceLoans may receive compensation from a lender in certain circumstances.

If rate quotes are presented, in order to finalize your loan, you must select a rate quote and then apply for credit directly with the lender with which you have selected. It is at this time that the lender will ask for any additional info needed for running your data through their final underwriting procedure. Most lenders will perform a hard credit check with one of the three major credit bureaus, Experian, Equifax, Trans Union, under the Fair Credit Reporting Act, in order to evaluate your request promptly and adequately. Your permission will be asked for prior to any hard credit inquiry being performed. Your lender will let you know if you've been approved. If you are approved, as required by the Federal Truth in Lending Act law, all rates, terms, costs and repayment schedules related to your loan will be laid out for your review, before you are given the opportunity to execute the loan documents. Feel free to ask your lender any questions that you have related to your loan prior to e-signing your documents and making your loan.

Fund will be electronically transferred into your bank account.