• Eligibility varies by lender but generally includes: • Age: Typically 21–59years old. • Citizenship: Must be a resident or citizen of the country •income to cover repayments. • Credit Score: A minimum credit score of 520 or higher. • Employment: Salaried or self-employed with verifiable income. • Lenders may also consider debt-to-income ratio, credit history, and financial stability.

• Common documents include: • Proof of identity (e.g., driver’s license, passport, or Aadhaar card). • Proof of address (e.g., utility bill, mortgage statement). • Proof of income (e.g., pay stubs, tax returns, bank statements, or benefit/award letters).

• Loan amounts typically range from $10,000 to $1,000,000, depending on the lender, your creditworthiness, and financial situation.

• Interest Rates: Vary based on creditworthiness, ranging from 4.61% to 6% . • Fees: May include: • Origination fees (1%). • Prepayment penalties (some lenders charge, others don’t). • Always ask for the Annual Percentage Rate (APR), which includes interest and fees for easier comparison.

• Approval to funding can take 2–5 days, depending on the lender and completeness of your application. • Funds are typically disbursed within a few days to a week after approval, sometimes as fast as the same business day.

• Soft Inquiry: Prequalification usually involves a soft credit check, which doesn’t impact your score. • Hard Inquiry: A formal application triggers a hard credit pull, which may slightly lower your score temporarily (usually minimal impact). • Responsible repayment can improve your credit score over time by improving your credit utilization ratio and payment history.

• Yes • Improving your credit score before applying can help secure better rates.

• Personal loans are versatile and can be used for: • Debt consolidation (paying off high-interest credit cards). • Home improvements or repairs. • Medical expenses. • Major purchases (e.g., appliances, weddings). • Emergency expenses or small business needs. • Some lenders, like U.S. Bank, advise against using personal loans for discretionary spending or college tuition, recommending alternatives like student loans or 0% APR credit cards.

• Repayment periods typically range from 6months to 15 years • Payments are usually monthly and fixed, making budgeting predictable. • Some lenders allow early repayment without penalties, reducing total interest paid, while others may charge prepayment fees.

• Yes • we don’t charge prepayment penalties but others do so confirm with your lender.

• Late payments may incur fees and negatively impact your credit score. • Non-repayment could lead to notices, legal proceedings, or court action • For secured loans, defaulting risks losing collateral (e.g., a home or car). • Contact your lender immediately if you’re struggling; they may offer options like forbearance or loan modification.

• Most lenders, offer fully online applications, requiring only a computer or smartphone. • Online processes are typically quick.

• Key questions to ask your lender: • What is the total cost of the loan, including interest rate and fees? • What is the APR, and are there any hidden fees? • Is the interest rate fixed or variable? • Are there prepayment penalties? • What are the consequences of late or missed payments? • How will the loan funds be disbursed (e.g., to your account or directly to creditors)? • Ensure the lender provides a monthly repayment schedule and discloses all terms, .

• Requirements vary. • In the U.S., SoFi requires borrowers to be U.S. citizens or have eligible status. 18. How do I contact customer support? •We offer support via phone, email, or online dashboards.