There are no tax documents for your personal loans. Login to your account on our secure portal to review your statement and loan documents.
Yes, the personal loan will report to the credit bureaus as an installment debt.
A secured personal loan requires collateral, such as a home or car, to back the loan. If the borrower defaults, the lender can seize the collateral to recover the debt. An unsecured personal loan does not require collateral and is based solely on the borrower’s creditworthiness. As a result, unsecured personal loans typically have higher interest rates as they pose a higher risk to the lender.
The interest is the cost of borrowing money expressed as a percentage, while the APR includes all the costs associated with borrowing, such as interest rate, fees, and other charges. That is why the APR is often higher than the interest rate.
Our fixed interest rate personal loans offer simple interest rates. The interest rate is set at the time of origination, accrues daily, and does not change. Interest is charged only on the principal balance and unlike credits card interest is not charged on interest that is accrued.
There is no prepayment penalty. You can pay the loan off at any point and only pay the interest that accrued until that point.