What is a Signature Loan?

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Key takeaways

Signature loans provide quick access to funds without the need for collateral.
You make fixed monthly payments over a set period to repay the money borrowed.
Borrowers with poor credit can still qualify but with higher interest rates and stricter repayment terms.

A signature loan, also known as a good faith or character loan, is a personal loan that requires only the borrower’s signature as a promise to repay. It is an unsecured loan that does not require collateral but instead depends on your creditworthiness.

This type of borrowing can be an attractive option for those in need of quick funds who don’t want to risk losing assets. But they’re not for everyone. Securing a signature loan for bad credit can be challenging due to the lender’s reliance on your credit history. If you do get one – it is possible – you’ll probably be stuck with high interest rates and extra fees.

Despite this, signature loans remain a valuable tool for anyone seeking flexible borrowing options without the need for collateral.

How does a signature loan work?
How to get a signature loan
Is a signature loan different from a personal loan?
What credit score do you need for a signature loan?
What are signature loans used for?
Where can you get a signature loan?
How much can you borrow on a signature loan?
Are signature loans a good idea?
Can you get a signature loan with bad credit?
A signature loan is a short-term financial solution
Bottom line

How does a signature loan work?

A signature loan is a type of unsecured personal loan where your signature serves as a legal promise to repay the funds.

To determine if they’ll lend you money, lenders rely heavily on your credit history, income, credit score, and debt-to-income ratio.

Once the application is approved, you get a lump sum of cash. You repay the cash plus interest and fees at a fixed rate over a fixed term. The repayment term can be as little as twelve months to seven years. The set repayment term means you will make the same monthly payment over the life of the loan.

The interest rate you qualify for and the fees charged depend on the lender and your credit history. A signature loan for bad credit will come with a higher interest rate and additional fees. It’s not uncommon to find an annual percentage rate (APR) as high as 36% when you have a very low credit score. The higher interest rate helps mitigate the risk taken on by lenders. While the APR may be high, it is still lower and easier to repay than many short-term borrowing options.

How to get a signature loan

Getting a signature loan relies heavily on your credit score, income, and existing debts. To qualify for a personal loan of this type, you will need fair to excellent credit, above 600, stable income, and a low debt-to-income (DTI) ratio below 36%.

Review your credit history

Before applying, check your credit score and review your credit report for errors. Since signature loans are unsecured, lenders rely heavily on your credit profile to assess risk. A higher score can help you meet signature loan requirements and secure better terms.

Compare multiple lenders

Not all lenders offer the same rates or fees. Take the time to shop around and compare interest rates, loan amounts, repayment terms, and eligibility requirements. Whether you’re applying through a bank, credit union, or online lender, evaluating several options increases your chances of approval and finding a loan that fits your needs.

Submit a loan application

Once you choose a lender, fill out the loan application. You’ll typically need to provide proof of income, identification, and employment details. These documents help lenders assess if you can afford the loan.

Sign the documents and receive your loan

If approved, review the loan agreement carefully. Once you sign the paperwork, funds are often deposited into your account within a few days, or even the same day with some online lenders.

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Is a signature loan different from a personal loan?

A signature loan is a type of personal loan. Some lenders even offer signature personal loans for bad credit borrowers. Other types of personal loans include:

Unsecured loans
Secured loans
Debt consolidation loans
Variable-rate loans
Installment loans

Signature loans are unsecured personal loans relying solely on your creditworthiness.

Secured loans require collateral, such as a car or savings account, which the lender can claim if the borrower defaults. This collateral often results in lower interest rates and makes them easier to be approved for. Unsecured loans tend to have higher interest rates due to the increased risk for lenders. Although the costs may be higher, this option is convenient if you prefer not to pledge assets as collateral.

Signature loans are a form of installment loan. They come with a fixed annual percentage rate, terms, and set monthly payments. You can use them to finance major life events, home improvement projects, or combine debts, whatever you prefer.

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What credit score do you need for a signature loan?

You generally need a good credit score to be approved. This would be a FICO score of 670 or higher or a VantageScore of at least 661. The higher your score, the lower the risk you’re considered. This, in turn, results in more favorable terms and lower interest rates.

Obtaining a signature loan with bad credit is still possible. Some lenders specialize in lending to borrowers with poor scores. These lenders typically charge higher interest rates and have stricter conditions to offset the increased risk.

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What are signature loans used for?

Signature loans are versatile. You can use them for a wide range of personal financial needs. Many borrowers consider signature loans a better option than traditional emergency loans for bad credit, due to their longer repayment terms. They can help cover unexpected medical bills, urgent car repairs, or last-minute travel.

They’re also a popular tool for payday loan consolidation. If you’re juggling multiple short-term, high-interest loans, consolidating them into a single, manageable monthly payment through a signature loan can help reduce financial stress. It’s a more sustainable alternative for people thinking, “I need money now but can’t get a loan.”

Additionally, signature loans are often used to cover major life events, such as weddings, moving expenses, or even starting a small business. Because they’re unsecured, you don’t need collateral, just your creditworthiness and a steady income.

Whether you’re facing an emergency or planning ahead, a signature loan can offer the flexibility and fast access to funds you need.

Pros and cons of signature loans

Pros:

No collateral required
Fixed interest rates
Predictable monthly payments
Quick approval process
Can improve credit with on-time payments
Flexible use of funds
Good option for debt consolidation
Available from online and traditional lenders

Cons:

Requires good to fair credit
Strict income verification
Limited loan amounts
Not ideal for large purchases
May include origination fees
Shorter terms than secured loans

Where can you get a signature loan?

Banks

Traditional banks can be a good starting point if you have a solid credit history. Visit a bank you already have a relationship with, as they may be more inclined to lend you money at a reasonable rate. Note that most banks have strict lending criteria that not everyone meets.

Credit unions

Credit unions are member-owned financial institutions. They often offer more favorable terms and flexible lending criteria. Interest rates are capped at 18%, making them a more affordable option. You will likely have to become a member of your local credit union to qualify, but most credit unions have broad eligibility criteria.

Online lenders

Many of the best personal loan lenders operate entirely online, offering quick approval and fast funding. One big advantage of online lenders is that they tend to consider applicants with lower scores. Online marketplaces are particularly helpful as they let you prequalify with multiple lenders by submitting a single application. You get to compare amounts, terms, interest rates, and fees, then apply with the lender that offers you the best deal.

How much can you borrow on a signature loan?

How much you can borrow varies widely depending on the lender, your credit score, and your monthly income. Typically, amounts range from $1,000 to $50,000. Lenders assess your income, score, and debt-to-income ratio to determine the amount you qualify for.

Are signature loans a good idea?

Whether it’s a good idea depends on your credit history, financial situation, and personal needs. If you have a higher credit score, can secure a low-interest rate, and can afford the monthly payments, then it may be worth it. Use it to consolidate high-interest debt, cover unexpected expenses, or fund large purchases and pay it back as agreed.

If you have a poor score or can’t afford the monthly installments, then it can hurt more than help. You may do more damage to your score and end up in debt.

Before borrowing money, consider whether you really need the funds. How much will it cost in total? Can you afford to repay the funds as agreed?

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Can you get a signature loan with bad credit?

It is possible to get a signature loan with bad credit. There are lenders that specialize in offering signature loans for individuals with poor scores. These lenders consider factors beyond credit scores, such as income, employment history, and overall financial stability. The catch is that you will be matched with higher APRs, possibly as high as 36%, making them an expensive borrowing option.

A better option may be to add a cosigner. Applying with a friend or family member lessens the risk for the lender, making them more inclined to offer you a lower interest rate.

A signature loan is a short-term financial solution

A signature loan is designed as a short-term financial solution to address immediate monetary needs. They offer quick access to funds, making them ideal for emergencies, unexpected expenses, or short-term financial gaps.

While the fast funding makes them appealing, it’s important to remember that, like other short-term loans, they come with higher interest rates, especially for those with less-than-perfect credit. Always compare offers and make sure you can repay the money before signing an agreement.

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Frequently asked questions

1. Are signature loans hard to get?

Getting approved depends largely on your credit score, income, and financial history. Borrowers with good credit typically find it easier to secure approval with favorable terms. If you have poor credit, it will be hard to get approved. If you are approved, it will be with higher interest rates.

2. Do signature loans hurt your credit?

When you apply, the lender will conduct a hard inquiry on your credit report which can temporarily lower your score by a few points. Make timely payments and your score will improve. If you miss payments or make any late your score will suffer.

3. What is the difference between a signature loan and an installment loan?

A signature loan is a type of installment loan. They are repaid in fixed monthly payments over a set period of time. The exact monthly payment will depend on the amount borrowed and the interest rate the fees charged by the lender. The payment amount remains the same.

4. Is a signature loan a personal loan?

A signature loan is a type of personal loan. It’s called a “signature” loan because your promise to repay is all that’s required. Like other personal loans, it’s typically unsecured and can be used for a variety of purposes, such as debt consolidation, emergency expenses, or major life events.

Bottom line

Signature loans can be a solution when you need money quickly. They offer fast funding without the need for collateral, so you won’t have to risk losing a valuable asset. You can even get a poor credit signature loan, but be careful with the interest rate and fees offered.

Compare lenders to get the best deal. Always ensure you have sufficient income to cover the monthly payments. Consider all borrowing options to make sound financial decisions. Otherwise, your short-term financial solution will do more harm than good.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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What is a Signature Loan?

Key takeaways

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How does a signature loan work?