Personal Loan Financing | Liberty Savings Bank

The funds from a personal loan can be used for a variety of purposes. Personal loans are commonly used to help with debt consolidation, medical expenses, home improvement projects, student debt, a move, a wedding, or a vacation.

An unsecured personal loan is money borrowed from a lender that isn't secured by property like a house or car. While most online personal loans through Liberty Savings Bank are unsecured, other lenders may place a lien on other accounts you hold with them. Always review your promissory note (aka the written agreement from the lender) for these details before accepting your loan.

If you accept your loan before 5 p.m. ET Monday - Friday, your funds will be transferred the next business day. If you accept the online loan after that time period, the funds will be transferred the following business day.

For personal loans being used for education-related purposes, it'll be an additional 3 business days in accordance with federal law.

You can borrow between $1,000 and $50,000⁴ on a personal loan. Note that certain states have specific minimum loan amounts. The exact amount you may borrow depends on what you qualify for based on your application information.

It's possible. Some lenders and lending platforms provide personal loans for bad credit or no credit at all. Different lenders have different minimum credit requirements for their personal loans. At Liberty Savings Bank, our model considers other factors such as your education³ and employment in addition to your financial background. It's important to remember that while you may qualify for a personal loan with low credit, your loan may come with higher interest rates.

It will not. When you check your rate, we make a soft credit inquiry on your report, which doesn't impact your credit score. If you accept your rate and proceed with your application, we will make a hard credit inquiry to verify your information. This action will be recorded as a hard inquiry on your report and it may impact your credit score.

All personal loans through Liberty Savings Bank offer a fixed interest rate and range between 4.6% - 35.99%.⁵ The rate you qualify for is based on various factors including your education³, work experience, and credit history. As a reminder, the interest rate is only one factor of the cost of the loan. The total cost of your loan is reflected in the APR (annual percentage rate), which is the annual cost of a loan that includes both interest rate and all other associated fees.

1. When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.

2. If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.

3. Liberty Savings Bank does not have a minimum educational attainment requirement in order to be eligible for a loan.

4. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state.

5. The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 13.89%, no origination fee, for an APR of 13.89%. In this example, the borrower will receive $10,000 and will make 60 monthly payments of $233. APR is calculated based on 5-year rates offered in August, 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

All loans are originated by Liberty Savings Bank which is part of the Upstart marketplace.

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