personal loan terms

personal loan terms

Fixed Rate Loans

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

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Understand Personal Loan Terms, Agreements, and Prepayment Penalties

Using a personal loan to take an important trip (visiting a family member who lives overseas, for instance) or pay a wedding could help you create memories for years to come. However, before you make a decision, it’s important to review personal loan terms and understand how many payments it will take to pay off the loan so you can prepare. You also want to consider if it will cost you to pay it off early and other elements of how the personal loan works.

What Is in a Personal Loan Agreement?

It’s important to read the loan agreement.

The loan agreement is where you’ll find items like the loan term and interest rate ranges.The loan agreement could also contain loan repayment details – things like whether your bank account can be automatically drafted for payments – and also personal privacy information.

One critical item is the length of time you have to pay off the loan. Personal loan terms typically are two to five years in length, and sometimes up to seven years. Ideally, your lender will give you a choice of several different term lengths. This is important, especially, if you are using the loan proceeds to pay off credit cards.

A credit card is a revolving loan that doesn’t require you to pay it off in a set time period. A personal loan is a fixed-term loan, so the payments are set so you can pay it off in full at the end of the loan term, assuming you make all of your monthly payments. If you prefer to make a higher monthly payment so you can pay the loan off faster, and potentially save some money on interest versus a longer term, this is great as long as the payments fit in your budget.

The loan agreement will also provide information on fees. Some personal loans may have fees. Some types of fees include origination fees, closing costs and application fees. These upfront fees increase the total overall cost of the loan. A prepayment fee is another charge that can be assessed, if you pay the loan off early. There is no prepayment penalty on personal loans from Discover, and Discover also offers personal loan terms of 36, 48, 60, 72, or 84 months.

How Do PrePayment Penalties Work?

A prepayment penalty is nothing more than a fee that lenders charge if you want to pay off some or all of your loan early.

If you’re considering a personal loan, it’s important to take note of any prepayment penalties a given provider might charge, because this could add to the overall cost of the loan.

If there is a prepayment penalty, the lender is required to inform you of this at the time of borrowing the money.

Some lenders attach a prepayment penalty to loans, while others avoid this practice altogether.

As a borrower, there is no real benefit of a loan with a prepayment penalty. Conversely, the downfall is that you don’t have the opportunity to pay the loan off early, unless you want to pay an additional fee.

The lender is the one that benefits from this arrangement. Here’s how:

  • The lender is protected against the financial loss of paid interest in the event that the borrower pays off the loan before it reaches full term
  • Protection against the borrower refinancing the loan shortly after inception

How Much Is a Prepayment Penalty?

It’s not enough to know that your loan has a prepayment penalty. You must also have a clear understanding of how much you’ll pay if the penalty comes into play.

These penalties vary from lender to lender, which is why it’s so important to compare your options. If you’re going to secure a loan with a prepayment penalty, you’ll want to opt for the one that has the most favorable terms.

A prepayment penalty can include one of the following:

  • A fixed amount that never changes, even as you pay down your loan
  • A percentage of the remaining balance

Mortgages are the most common type of loan with a prepayment penalty, but personal loans can also include this condition (Good news! Discover does not).

When you have this knowledge upfront, it’s easier to choose a lender.

Discover Personal Loans can send the loan proceeds to you or directly to your creditors as soon as the next business day after acceptance. And there’s a 30-day guarantee if you change your mind. Even after you’ve received the money, you can simply return the funds within 30 days at no cost.

So if you’re considering a personal loan to pay down debt, take your dream vacation or pay for a wedding, be sure to review and understand the loan agreement to make the financial decision that’s best for you.

Published March 13, 2018

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See how low your monthly payments could be with a Discover Personal Loan.

R1000 - R120 000

  • We offer flexible repayment periods on all financial loans
    • You don't need a bond or security for a Personal Loan
    • All credit profiles are welcome to apply for a Personal Loan
    • Our personal financial cash loans range from

    R1000 - R120 000

  • We offer flexible repayment periods on all financial loans
  • We assist clients nationwide as we accept electronic applications and don't make use of original documentation to payout loans

    If you require more information or have any other questions, please use the following contact information:

    REPRESENTATIVE EXAMPLE: Total amount of credit: £300 for 6 months. Total amount payable: £554.58 in six instalments of £92.43. Total charge for credit: £254.58 (Interest Only). Interest rate 169.7% pa (fixed) Representative 883.6 %APR

    H&T offers personal short-term loans up to £1,000! Applying online is fast and easy, and we'll transfer your money straight into your bank account. You can also visit us in-store and, if approved, get instant cash in hand.

    Short-term loans should only be used for short-term financial needs and are not appropriate for long-term borrowing, or if you are in financial difficulty. Personal cash loans are subject to status. Terms and conditions apply.

    We make the effort to understand people and don't solely judge them on their credit score.

    H&T loans are paid back over your chosen period so there is no lump sum to repay in one go.

    With a H&T loan the amount you pay back will NOT change. There are no hidden charges or fees.

    Loans are directly funded by H&T. You will always deal with us throughout your loan term.

    Only a lender or lending partner can provide you with information on their rates and terms. This will typically happen shortly after your loan request is complete, and you are connected with a lender or lending partner. does not make credit decisions or determine rates and terms. Remember, you are under no obligation to accept the loan offer if the terms are not satisfactory for whatever reason.

    Repayment on personal loans is generally performed either monthly or once every two weeks, depending either on your preferences or your lender's or lending partner’s terms. You may be able to have funds withdrawn automatically from your bank account on the date agreed upon with your lender or lending partner. Be sure that you read and fully understand all policies regarding repayment and understand what you will have to do as a borrower to repay the loan. Your loan cannot be conditioned upon repayment by electronic funds transfer or automatic withdrawal. Consult your lender or lending partner for more details.

    On the whole, the eventual cost of a personal loan will vary a great deal based on factors related to the requester, the state the requester lives in, the lender or lending partner, and the requester's repayment. Other factors that matter are the amount of money that is borrowed, the period of time of the loan and the specific interest rates used. Your credit score may also be taken into consideration.

    While specific terms of personal loans will vary depending on our state, your lender or lending partner and your specific circumstances, below is a general range of common terms.

    • Loan amount: $1,000 – $35,000
    • Lending period: 90 days - 72 months
    • Payment frequency: Once a month or twice a month
    • APR: Will vary based on your credit score, repayment history and other factors.
    • Prepayment penalty: None

    Customer Notice: A personal loan is an online installment loan with loans sizes between $1,000 and $35,000. A personal loan can be a great option for those customers looking to borrow money for a wedding, home improvement, or family vacation. The online process is designed with customer convenience in mind.

    Legal Disclaimer:’s Terms of Use and the Privacy Policy apply to the use of this website and its services. connects borrowers with lenders or lending partners and thus the specific terms and conditions of the specific lender or lending partner will apply to any loan a borrower takes out. We are compensated by these lenders or lending partners for connecting you with them, and the compensation received may affect which offer you are presented with. Any display of APR, loan amounts, interest or other loan details are estimations only, and actual amounts will vary by lender or lending partner and by borrower. Please note that some lenders or lending partners may perform credit checks as part of their credit transaction approval process. The lender or lending partner you connect with may not offer the best possible terms and borrowers should always compare all available options before making any decisions. THE OWNERS AND OPERATORS OF THIS WEBSITE ARE NOT LENDERS, they do not broker loans and they do not make loans or credit decisions. Nothing on this website is an offer or a solicitation to lend. Any information you submit to this site will be provided to a lender or lending partner. The operator of this website is not an agent, representative or broker of any lender or lending partner and does not endorse or charge you for any service or product.

    Availability: Every state has its own set of rules and regulations that govern personal loan lenders. Your loan amount, APR and repayment term will vary based on your credit worthiness, state and lender or lending partner.

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