Can a personal loan hurt my credit score?

A personal loan will have an immediate impact on your credit score, as would any new application for credit. However, this impact is temporary. As long as you continue to make on-time payments and repay your loan within the term offered to you, a personal loan will not hurt your credit score. In fact, maintaining positive financial habits throughout repayment may help improve it.

Where can you get a personal loan?

Personal loans are offered by most banks and credit unions. The easiest way to find one may be to ask your primary banking institution about their product offerings. Many institutions also offer special relationship rates or terms for existing customers.

What information do I need to apply for a personal loan?

To apply for a personal loan, you’ll need your completed loan application, proof of identity, proof of income and verification of employment, and proof of address. These are most commonly used to process your loan application, although your bank may have their own unique requirements outside of these documents.

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THE 10 BEST PERSONAL LOANS FOR JANUARY 2025

The 10 best personal loans for January 2025