How one request reaches several lenders

You estimate a payment, send one request, lenders in our network review it, you compare any offers you receive and the lender you choose funds and services the loan. Our role ends once you pick a lender.

1. Check your numbers. Estimate a monthly payment with the calculator before sharing any information.
2. Send one request. Complete the request form with the amount, purpose, income and contact details.
3. Lenders review it. Lenders in our network that may serve your state look at the request and decide whether to make an offer.
4. Compare and decide. Review each offer's APR, fees, payment and total cost, then accept one or decline them all.
5. The lender funds and services the loan. If you accept, the lender completes its checks, sends the money and handles repayment.

Whether you arrived looking for a dash of cash for a car repair or a larger amount to combine debts, the steps are the same. The details below explain what happens at each one.

Start by estimating what a loan would cost each month. Entering an amount, APR and term in the calculator shows an estimated payment, total repaid and interest without submitting any information to lenders.

For example, the representative example of $2,000 over 24 months at 24.99% APR comes to an estimated $106.73 a month, $2,561.52 in total and $561.52 in interest. Seeing that figure early helps you choose an amount and term you can carry. Try a few APRs, because lenders set the actual rate, and typical APRs across lenders run from about 6% to 35.99%. The personal loan calculator explains the math in plain words.

The request form asks for the amount you want between $500 and $5,000, the purpose, your contact details, income, housing cost and the identity and banking details lenders need. Using the form is free.

Have your ID, Social Security number, recent pay information and checking account details nearby so you can finish in one sitting. Answer accurately; lenders may later confirm income and identity, and mismatched figures can lead a lender to withdraw an offer. You can read more about what each question is for on the request form page.

We pass your request to lenders in our network that may lend in your state and at the amount you asked for. Each lender applies its own criteria and decides independently whether to make an offer.

Lenders commonly look at credit history, income, existing debts and how stable your income has been. Many look for a debt-to-income ratio under roughly 36% to 43%. Many lenders begin with a soft credit inquiry, which does not affect your score, though practices vary and each lender discloses its own. Not every request receives an offer, and a lender may offer a different amount or term than you requested. We do not make credit decisions and cannot change a lender's answer.

Offers come directly from lenders and should list the APR, amount, term, monthly payment, fees and total repaid. Compare total cost first, then the payment, and remember that declining any offer is free and carries no obligation.

• Check whether an origination fee is deducted from the money you receive.
• Confirm whether you can repay early without a penalty.
• Look at the first due date and whether it lines up with when you are paid.
• Read the late-fee and returned-payment terms before you sign.

A lower monthly payment over a longer term can cost more overall, so set the offers side by side before choosing. If none of them fits your budget, you can walk away and revisit the idea later.

Once you accept an offer, the lender may ask for documents, complete a full application and then send the funds. From that point on, the lender handles payments, statements, payoff requests and any questions about the account.

Some lenders fund as soon as the next business day; it depends on the lender and your bank. Weekends, holidays and requests for extra documents can add time. A full application at this stage can include a hard credit inquiry. Your loan agreement is with the lender, so questions about due dates, autopay or hardship options go to the lender's customer service team rather than to us.

Our service is free for borrowers. Lenders in our network may pay us when a request is matched or a loan funds, which is how we keep the form free; that compensation never comes out of your pocket directly.

Lender compensation can influence which lenders see a request and the order in which offers appear, and our advertiser disclosure explains it fully. We never ask you for an upfront fee, a gift card or your banking password, and anyone who does is not acting for us.