How do personal loans work?

[CFM56-7B Turbofan]

Yes, this is a totally irrelevant place to ask a question like this, but I'm too lazy to sign up elsewhere, which is why this is under "Off-topic"

 

I need a few hundred bucks fast for some parts. Can I get that much right away? How much interest would I pay, and how would I pay it back? Any downsides? Whats the catch?

 

Stupid question but need an answer 

 

[KuJoe]

You mean like the payday advance loans? The interest rate is usually over 200%, it should only be used in emergencies and even then there are usually much better alternatives.

[CFM56-7B Turbofan]

Just now, KuJoe said:

You mean like the payday advance loans? The interest rate is usually over 200%, it should only be used in emergencies and even then there are usually much better alternatives.

Never heard of that. I mean personal loans you get from your bank.

[KuJoe]

Just now, CFM56-7B Turbofan said:

Never heard of that. I mean personal loans you get from your bank.

Oh, in that case it depends on your bank. I've only even gotten auto loans from my bank so I don't really know for personal loans. Sorry.

[Ithanul]

Probably best to get a credit line instead if you only need a few hundred.

 

The interest rate on the loan depends on your credit score and length of loan (two that I remember off the top of my head).

 

Usually personal loans amounts start around a grand or more, this depends on your bank of course.  How fast you get the loan can take a few hours or longer depending how busy the underwriter is that day.