How Experian personal loan offers are generated
Experian runs a marketplace where partner lenders set their own approval criteria. When you sign in, Experian compares your credit file to those criteria and shows offers you are likely to qualify for. Some offers carry Experian's No Ding Decline label, which means a declined application will not affect your credit score. Experian itself never lends the money; the loan agreement is always with the lender.
Our matching service works in a similar spirit, with a narrower focus. We concentrate on smaller loans and on borrowers who are still building or repairing credit, and we route your single request to multiple lenders so you do not have to fill out the same application again and again.
Typical terms for a $200 to $5,000 personal loan
| Credit profile | Typical APR range | Common terms | Common amounts |
|---|---|---|---|
| Excellent (740+) | 8% to 15% | 12 to 36 months | $1,000 to $5,000 |
| Good (670 to 739) | 15% to 22% | 12 to 36 months | $1,000 to $5,000 |
| Fair (580 to 669) | 22% to 32% | 6 to 24 months | $500 to $3,000 |
| Rebuilding (below 580) | 30% to 35.99%, sometimes higher where state law allows | 3 to 18 months | $200 to $1,500 |
These ranges are illustrations drawn from published lender disclosures, not quotes. Your offer depends on the lender, your state, and your full application. See rates and terms for a worked example.
Four ways to get a better personal loan offer
- Borrow the smallest amount that solves the problemA smaller loan means less interest, and lenders approve smaller requests more readily when your credit is thin.
- Pick the shortest term you can comfortably affordLonger terms lower your monthly payment but raise your total cost. Use the calculator on our homepage to see both numbers.
- Add positive payment history firstIf your file is thin, Experian Boost can add on-time utility and phone payments to your Experian report at no cost.
- Compare APR, not just the paymentAPR includes interest and most fees, so it is the fairest way to compare two offers side by side.
Watch the origination fee
Some lenders deduct an origination fee of 1% to 10% from your loan before depositing it. On a $2,000 loan with a 5% fee, you receive $1,900 but repay the full $2,000 plus interest. If you need exactly $2,000 in hand, ask for enough to cover the fee, or choose a lender that doesn't charge one.
Who a personal loan is right for
A personal loan makes sense when you have a clear, one-time cost and a steady income to repay it on schedule. It is usually a poor fit for ongoing expenses like rent every month, because borrowing to cover a recurring gap tends to make that gap bigger. If you're in that situation, a nonprofit credit counselor accredited by the NFCC can review your budget for free.
See what you could borrow
Loans from $200 to $5,000. Checking your rate won't affect your credit score.
Personal loan questions
What can I use an Experian personal loan for?
Most lenders allow almost any personal, family, or household purpose, including emergencies, car repairs, medical bills, moving costs, and consolidating debt. Lenders usually do not allow the money to be used for business expenses, tuition, gambling, or anything illegal.
Are personal loans through Experian fixed rate?
Nearly all personal loans offered through marketplaces, including the lenders in our network, have fixed APRs. Your payment stays the same every month until the loan is paid off.
Is there a prepayment penalty?
Most personal lenders do not charge one, but check the agreement. Paying early on a simple-interest loan reduces the total interest you pay.