Personal Loans
Borrow money with fixed monthly payments.
What Is a Personal Loan?
- Borrow a specific amount
- Fixed interest rate
- Fixed monthly payments
- Set payoff date
- Unsecured (no collateral)
Loan Details
| Feature | Details |
|---------|---------|
| Amount | $1,000 - $50,000 |
| Terms | 12 - 60 months |
| APR | 8% - 29% |
| Fees | Origination fee (0-5%) |
| Prepayment | No penalties |
How to Apply
Step 1: Check Your Rate
- Go to Lending → Personal Loans
- Click Check Your Rate
- Soft credit check (no impact to score)
- See estimated rate and terms
Step 2: Choose Your Loan
Select:
- Loan amount
- Repayment term
- See monthly payment
Step 3: Complete Application
Provide:
- Income information
- Employment details
- Financial information
Step 4: Verify Information
We may ask for:
- Pay stubs
- Bank statements
- ID verification
Step 5: Get Decision
- Most decisions: Instant
- Some: 1-2 business days
Step 6: Receive Funds
Approved? Money sent to:
- Your ClapPay wallet
- Your bank account
Typically within 1 business day.
What Affects Your Rate
Lower rates for:
- Higher credit scores
- Stable income
- Low debt-to-income
- Longer account history
Using Your Loan
Use for almost anything:
- Debt consolidation
- Home improvement
- Major purchases
- Medical expenses
- Emergency costs
Not for: Illegal activity, gambling, securities
Managing Your Loan
View in Lending → My Loans:
- Balance
- Payment due date
- Payment amount
- Payoff date
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