A smarter personal
loan
Check your rate in minutes
Won’t affect your credit score
Fair & fast personal loans
$1,000 – $150,000§ | 3 & 5 year terms‡ | 2.92% – 35.99%‡
Next day funding
Applicants can get money in just 1 business day after accepting their loans**
Lower rates
56% lower rates than traditional models*
No prepayment penalty
You may pay off part or all of the loan at any time with no fee
personal loans for any occasion
eFUND123 FAQ
What is a personal loan?
An unsecured personal loan is money borrowed from a lender that is not secured by property such as a house or car over a fixed period of time.
What’s the difference between an interest rate and an APR?
The interest rate is only one factor of the cost of the loan. The total cost can be understood by the APR which is the annual cost of a loan inclusive both of interest rate and all other associated fees. For example, the cost of an origination fee is included in the APR. When comparing loan products, it is important to compare the APR of each product.
How long will it take to get my money?
Personal loan funds are transferred on the next business day if the terms are accepted before 5pm ET Monday-Friday excluding holidays. If the terms are accepted after 5pm ET, on a weekend, or on a holiday, the funds will be transferred on the following business day provided that funds are not being used to directly pay off credit cards. For loans that are being used for education-related purposes, there is an additional 3 business day period between when you accept your loan and when you will receive the funds.
Will it affect my credit score?
Checking your rate on eFund123 will not affect your credit score. If you proceed with your application after receiving a rate your credit score may be impacted. When you check your rate, we make a “soft credit inquiry.” Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. If you are offered a loan and proceed with the application, a “hard credit inquiry” will be completed to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.
Do I pay a fee if I pay off my loan early?
There is no prepayment penalty for paying off a loan on eFund123 early. You may pay off part of all of the loan at any time with no fee. By prepaying, you will pay less overall interest because the loan is outstanding for a shorter time.
†† 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 will be reported to the credit bureaus.
§ 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. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
‡ The full range of available rates varies by state. The average 3-year loan offered across all lenders using the eFund123 Platform will have an APR of 25.79 and 36 monthly payments of 37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
* As reported by the Consumer Financial Protection Bureau, based on an internal eFund123 study which compares outcomes from eFund123’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).
** If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.