7 Questions to Ask Your Personal Loan Lender

Taking out a personal loan can be a really exciting and anxiety-inducing time. On the one hand, you’ll be able to get something that you really want, or that will help you. On the other hand, it can be a big commitment.

You don’t need to stress, though. By asking the right questions, you can help ease your fears.

1. How much is the interest rate?

The biggest question of all is this: just how much is this going to cost you? This is likely where the best personal loan companies will differ.

Oftentimes, lenders advertise their lowest rates. You can see this by phrasing such as “rates starting from” or “rates as low as.” Those can be an indication of how much you might be charged, but it’s definitely not a guarantee, especially if you have less-than-perfect credit.

Instead, the best course of action is to shop around and check your rate with as many personal loan companies as you can in order to find the one that offers you the best rates.

2. What are the fees?

Along with the interest rate, the fees that you have to pay will be another big factor impacting how costly the personal loan will be for you. Ask your lender if they charge these fees, and if they do, how much they are:

Origination fees
Late payment fees
Prepayment penalties
Returned payment fees

You may not have to pay all of these fees. For example, if you always pay on time, you’ll never have to worry about a late payment fee. But it’s still a good idea to know how much these might be, in the event you ever do have to pay them.

3. Do you offer any rate discounts?

Check with the top personal loan companies to see if they offer any rate discounts. For example, many lenders will reduce your interest rate slightly if you sign up for auto pay. There may be others too, but you won’t know unless you ask.

Sometimes lenders will consider certain non-traditional information when matching you with a loan. At Upstart, for example, our model takes your education¹ into account when you apply for a loan.

4. How will I get my money?

Another good question to ask is how you’ll receive your money. Depending on the lender, they may send you a check or give it to you in person or deposit the money into your checking account.

If you’re getting a debt consolidation loan, some personal loan companies even offer to send your funds directly to your old lender to pay off your debt for you, so that you don’t have to do it yourself.

5. How long will it take to get my money?

It’s important to know when you can expect your money, especially if you need it for a time-sensitive emergency. At Upstart, you can receive your money as soon as the next business day after applying.

But it’s also a good idea to know this so that you can keep an eye out for the money, and not potentially be a victim of theft. If you leave a check sitting in your mailbox, for example, someone could steal it.

6. Do you report to the credit bureaus? Which ones?

If you’re working hard to pay off your personal loan, you might as well get credit for it—literally. Paying off a personal loan with on-time payments can go a long way towards helping you grow your credit score, but only if your lender reports those payments to the credit bureaus.

That’s why it’s important to check with your lender to see if they do, in fact, report your payments to each of the three credit bureaus. Most lenders do, but sometimes smaller lenders may only report to one or two credit bureaus.

7. Do you offer any additional perks?

Sure, any personal loan lender will try to help connect you with money when you need it—that’s what their business is, after all. But some online personal loan companies go above and beyond, offering other special perks too.

For example, you may be able to choose your own payment due date or skip a payment every once in a while. These can be helpful in making a decision if you’re trying to decide between two personal loan companies. But it’s still usually best to choose the loan with the lowest rates.

Bottom line

At the end of the day, the journey to finding the right personal loan for you does not have to be stressful. By asking the right questions, you can properly assess the information you’ve gathered and make the most sound decision that can improve the quality of your financial future.

¹Neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

Upstart Network, Inc. (NMLS #936133) is not a lender. All loans on its marketplace are made by regulated financial institutions.

All mortgage lending is conducted by Upstart Mortgage, LLC dba Upstart Home Lending. (NMLS #2443873). Equal Housing Opportunity.

Checking your rate won’t affect your credit score: When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.
Upstart’s model considers education: Neither Upstart nor its lending partners have a minimum educational attainment requirement in order to be eligible for a loan.
41% more approvals and 33% lower rates than a traditional model: As of publication in April 2026, and based on a comparison between the Upstart model and a hypothetical traditional model using Upstart data from Jan – Dec 2025. For more information on the methodology behind this study, please see Upstart’s Annual Access to Credit results here.
Unsecured Loans: While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle. It is important to review your promissory note for these details before accepting your loan.
Loan amounts from $1,000 -$75,000: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($1,500), MA ($7,000). Maximum loan amounts may vary by state.
Closing and funding timeline: In April 2026, 10% of funded HELOCs achieved a closing timeline of 2 days or less and a funding timeline of 7 days or less. This timeline assumes consumers close with our remote online notary, provide supporting documentation promptly, and ensure the information provided is accurate and consistent with our verification process. Delays, discrepancies, and other unforeseen factors may impact the closing timeline. MBA’s 2025 Home Lending Study reports an average industry closing time of 37 days.
APRs from 6.2% – 35.99%, with 3 or 5 year terms: The full range of available rates varies by state. The lowest rates are only available to the most qualified applicants. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 17.50% and a 7.25% origination fee of $725, for an APR of 21.23%. In this example, the borrower will receive $9275 and will make 60 monthly payments of $252. APR is calculated based on 5-year rates offered in March 2026. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Instant deposits: To receive instant funding, your bank account must support instant transfers. If your account does not support instant transfers, funds will be available to you depending on your bank’s transaction processing time and policies.
Always On Commitment: We are committed to maintaining your credit limit as long as you continue to meet program eligibility and account requirements. To ensure the safety and security of all our members, we reserve the right to adjust or close lines in specific circumstances, including account default or late payments, suspected fraud, violation of our terms of service (including abusive behavior), or when necessitated by legal or regulatory requirements.
Cash Line draws: You may request a draw at any time. Only one draw may be outstanding at a time; after it is fully repaid, you may request another.
HELOC APRs as low as 6.52%: Terms shown here are subject to change without notice. APRs for initial advances range from 6.52% to 18.00% based on rates offered as of April 2026. The lowest rate is only available to consumers willing to become a member of a credit union and to those who meet a minimum FICO score of 780, CLTV under 70%, and DTI under 45%. Your actual rate will depend on many factors such as your credit history, combined loan-to-value ratio (CLTV), line amount, loan term, lien position, and property state. Origination fee to open an account is between 0% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.00%. Property insurance is required.
No annual fee, prepayment penalty, or fees to redraw: Terms shown here are subject to change without notice. Origination fee to open an account is between 0% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.00%. Property insurance is required.
2,500+ Variables:As of 3/31/2026. “Variables,” often also referred to as “features,” refers to raw variables and combined variables considered in our AI models. A “raw” variable is a non-combined, conceptually distinct unit of data, such as “applicant-reported savings.” A “combined” variable is data that has been transformed, combined, or otherwise engineered from a raw variable or set of raw variables, such as “applicant-reported savings” divided by “loan amount.
Fully automated loans: In Q2 2026. Percentage of Loans Fully Automated, which is defined as the total number of loans in a given period originated end-to-end (from initial rate request to final funding for personal loans and small dollar loans, and from initial rate request to signing of the loan agreement for auto loans) with no human involvement required by the Company divided by the Transaction Volume, Number of Loans in the same period.