Personal Loans, Explained Without Spin
The bigger, structured cousin of the payday loan: fixed monthly payments, no collateral at most lenders, and pricing driven by your credit profile. Real APR ranges, payment math you can check, and a guide for every state.
- APR 6%–36% from banks and credit unions for fair-plus credit
- Online lenders reach sub-580 borrowers at much higher rates
- Fixed payments — total cost known before you sign
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What the payments actually look like
Illustrative math on a $5,000 loan over 24 months — the structure every personal loan follows:
| APR | Monthly payment | Total repaid | Total interest |
|---|---|---|---|
| 10% (good credit) | $230.72 | $5,537.28 | $537.28 |
| 24% (fair credit) | $264.36 | $6,344.64 | $1,344.64 |
| 60% (subprime online) | $362.35 | $8,696.4 | $3,696.4 |
| 150% (weak-credit online) | $664.33 | $15,943.92 | $10,943.92 |
Same loan, same term — the APR alone moves the total cost from $537.28 to $10,943.92. That spread is why comparing offers beats comparing advertising.
Guides
Personal loans by state
Local guides for all 51 jurisdictions:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Personal loans: FAQ
How much can I borrow with a personal loan?
Most lenders offer $1,000–$50,000; bank and credit-union products reach $35,000–$50,000 for strong profiles, while online bad-credit lenders typically top out at $10,000–$15,000. Your income and debt-to-income ratio cap the amount more than any advertised maximum.
What APR should I expect?
It depends almost entirely on your credit profile and lender type: banks and credit unions run roughly 6%–36% APR; online lenders for weak credit commonly charge 60%–200%+. Always compare the APR, not the monthly payment.
Personal loan vs payday loan — which is cheaper?
Per dollar, a personal loan is far cheaper if you qualify: a $2,000 personal loan at 36% APR costs about $187/mo over 12 months ($2,244 total), while repeating capped payday fees on $2,000 can exceed that in weeks. The payday route exists for borrowers personal loans decline.
Are personal loans available in every state?
Yes — personal lending is legal in all 50 states and DC, unlike payday lending. Rate caps and available amounts still vary by state and lender type; each state guide below covers the local picture.
Do personal loans require collateral?
Most are unsecured — no collateral, just your signature and income verification. Secured personal loans (backed by savings, a vehicle, or other assets) offer lower APRs and are worth considering if unsecured offers come back expensive.
Ready to check offers?
One short form, several licensed lenders, and the legal cost of your state shown before you commit to anything.
Check My Eligibility →Disclosure. All City Payday Loan is not a lender, not a broker, and does not make credit decisions. Rates and terms are set by third-party lenders and depend on state law and the lender's underwriting; short-term loans carry APRs that may range from 35.99% to 359.99%. A payday loan is a short-term tool for a temporary cash gap — it is not a solution for long-term debt problems. Late or missed payments may result in additional fees and collection activity. Check your lender's license with your state regulator before you sign.