Check your Approval Odds for a $7,500 loan
Image: 7500How (and where) to get a $7,500 personal loan
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If you’re planning to take out a $7,500 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Average monthly payments for a $7,500 unsecured loan by loan duration and credit score range
| Loan duration | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
| 1–12 months | $749.53 | $705.03 | $739.82 | $687.59 |
| 13–24 months | $405.33 | $384.40 | $363.65 | $349.41 |
| 25–36 months | $279.57 | $272.22 | $257.31 | $242.32 |
| 37–48 months | $228.52 | $222.05 | 209.43 | $197.58 |
The best $7,500 personal loans
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
Personify
Personify Financial might be a good option if your credit isn’t great and you need to borrow a small amount of money quickly. You’ll likely have to pay a very high interest rate and an origination fee, which can make your loan more expensive. But the lender offers prequalification, which can help you see your potential rate and other terms before applying.
PNC Bank
A PNC Bank personal loan might be worthwhile if you need a personal loan and have good credit or can apply with a co-applicant with a solid credit history. But it’s not available in every state, and you’ll need to borrow a larger sum of money to lock in the lowest rate.
Upgrade
Upgrade offers some flexible loan terms and amounts, and you’ll have the option to prequalify. The lender doesn’t charge prepayment penalties (which is good if you pay your loan off early), but it does charge an origination fee that will add to your costs.
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
How to get a $7,500 loan
Before searching for a $7,500 loan, it’s a good idea to check your credit scores and reports. Understanding your credit situation can help give you a sense of your ability to get a $7,500 loan and the kinds of loans that might be available to you.
After checking your credit, you can begin to shop around for a loan. It might be helpful to see what your bank or credit union has to offer, but it’s best to compare potential options from various lenders so you can find the best rates and terms for you.
If a lender offers prequalification, you can see the terms you might be offered without affecting your credit. Just keep in mind that you might need to provide personal information required to run a soft inquiry on your credit reports. And there’s no guarantee your estimated terms will be your final ones.
Once you’ve researched available loans, you can start to assess the best option for you. Making sure your lender will offer you a loan at your preferred amount is a necessity, but the lender might also have eligibility requirements and state availability restrictions that determine your ability to apply, including your intended use for the funds. You might also want to consider how fast the lender may send you your funds after approval.
Your potential interest rate, the length of the loan and any fees will affect the overall cost. We recommend using a loan calculator to determine how much you might end up paying over the life of the loan.
FAQs about $7,500 loans
Depending on the lender and your bank, you may see personal loan funds within a few days — or even on the same day — of approval. But there’s no guarantee and ultimately it’ll depend on the policies of the lender and your bank. Some lenders may promise same-day payday loans or fast funding, but they can come with a high interest rate or costly fees. Consider if the speed is worth any associated costs or other compromises.
Your ability to get a $7,500 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.