Questions and answers

No. Lendmira is an independent educational site; it doesn't make loans or credit decisions. When you check your rate, your request is passed to lenders or brokers who may make you an offer.

Lendmira doesn't check your credit. A lender or broker you hear from may run a soft inquiry to prequalify you and a hard inquiry if you formally apply; ask which before you agree, and see prequalification explained.

Lenders and brokers working with Lendmira may contact you by phone, text or email, as described in the consent you give on the form. You're never obligated to accept an offer.

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No. Never pay an upfront fee, buy a gift card or wire money to get a loan, whoever asks; legitimate lenders take fees out of the loan or add them to the balance. If someone asks, stop and read how to spot loan scams.

There's no single cutoff: some lenders work with scores below 580, but the rate climbs as the score falls. See what each band typically pays in loans by credit score, and Funditia's guide on how to improve your credit score.

Prequalification usually uses a soft inquiry, which doesn't affect your score; a hard inquiry happens when you formally apply. Prequalification explained covers what an estimate does and doesn't promise.

It's your monthly debt payments divided by your gross monthly income, and lenders use it to judge whether you can take on a new payment. Lowering it, by paying down balances or borrowing less, can improve your odds; see how to get a loan.

Yes, but options are narrower: credit unions, credit-builder loans and a cosigner are the usual routes. Borrowing with no credit history walks through each.

A cosigner with strong credit and income can help you qualify or get a lower rate, but they're fully on the hook if you miss payments. Read cosigners and co-borrowers before you ask someone.

The lender must send you an adverse action notice that gives the reasons or tells you how to request them, and names the credit bureau if a report was used. You can then get that report free and dispute any errors.

It depends mostly on your credit: roughly 7%–13% with excellent credit (740+), 12%–20% with good credit, 18%–30% with fair credit and 28%–36% below 580. For comparison, commercial banks averaged 11.90% on 24-month personal loans in August 2026; see how personal loans are priced.

The interest rate is what you pay on the balance; the APR adds certain upfront fees, such as an origination fee, so it shows the fuller yearly cost. Compare APRs on offers with the same term, as shown in APR vs. interest rate.

It's a one-time charge for making the loan, usually a percentage of the amount and often taken out of the money you receive, so you may need to borrow a bit more. Some lenders charge none; our origination fee guide shows how to compare a no-fee offer with a lower-rate one that has a fee.

Many personal loans have no prepayment penalty, but some loans do, so check the loan agreement or ask before you sign. The early payoff calculator shows how much interest extra payments save.

A common fee of $15 per $100 borrowed for two weeks equals an APR of about 391%, and rolling the loan over adds a new fee each time. Payday loan alternatives such as credit union PALs, capped at 28% APR, usually cost far less.

Yes. Federal credit unions can charge no more than 18% APR on most loans, a ceiling the NCUA has extended through September 10, 2027, and up to 28% on payday alternative loans. State-chartered credit unions follow their state's rules.

Call your lender before the due date and ask about a due-date change, deferment or a hardship plan; acting early gives you more options. See what happens when you miss a payment and hardship and forbearance.

Paying the highest APR first (the avalanche) saves the most interest; paying the smallest balance first (the snowball) gives quicker wins. Debt payoff strategies compares both with the math.

It can cut what you owe, but it usually means falling behind first, damages your credit, comes with fees, and forgiven amounts of $600 or more are reported to the IRS on Form 1099-C. Debt relief companies can't charge you before they settle a debt; compare options in debt settlement vs. consolidation.

Under Regulation F, a collector is presumed to be harassing you if it calls more than 7 times in 7 days about a debt, or within 7 days after a phone conversation about it; calls before 8 a.m. or after 9 p.m. are generally off-limits. Your rights with debt collectors covers the rest.

Usually only after the lender sues and wins a judgment. Federal law then limits garnishment to 25% of disposable earnings or the amount above 30 times the federal minimum wage, whichever is less, and many states protect more.

It depends on where you live: some states authorize them with fee caps, while others ban them or cap rates at about 36%, which keeps payday lenders out. Check your state's rules on our state lending laws map.

Sometimes. Banks can export the rate allowed in their home state, and some online lenders partner with banks to do so; Colorado and Oregon have used a federal opt-out to limit this. See Oregon and Colorado for how it works.

Search the company on your state regulator's website, linked from each state page, or on NMLS Consumer Access. An unlicensed lender is a red flag; see how to spot loan scams.

Each state sets a statute of limitations, commonly several years, and it can differ for written contracts and credit cards. Old debt and the statute of limitations explains how the clock works and what can restart it.

Yes. The federal Military Lending Act caps the all-in rate (MAPR) at 36% on most consumer credit to active-duty servicemembers and their dependents, on top of any state limits. Our glossary explains MAPR and related terms.