A personal loan, often called a signature loan. The primary requirement of these loans is the borrower’s signature and their promise to pay. Like other loans, you'll make fixed monthly payments during your loan term until it's paid in full.

Personal loans are an unsecured term loan. This means that the loan isn’t secured by collateral, like a borrower’s car loan or home mortgage. The term requires that the loan is paid off during a predetermined timeframe, which is typically through monthly payments during the duration of the loan term, unlike a credit card or line of credit.

Because they are not secured by collateral, personal loans typically require a history of good credit. Always talk with your Hercules loan professional to determine what options you might have.

Personal loans can be used for a variety of purposes, including:

• Major expenses like medical bills, home improvements and emergencies
• Debt consolidation to pay off high-interest credit cards or loans
• Short-term expenses like taxes, vacations and weddings

Personal loans can be a great tool for short-term expenses, but Hercules advises that you watch your total unsecured debt carefully. High levels of unsecured debt can prevent you from being approved for other loans and affect your credit score negatively, thereby affecting the interest rate you will pay for all loans.

Hercules offers flexible personal loans to help you finance your everyday needs. With competitive interest rates, our personal loans offer a cost-effective option for your expenses. Additionally, no collateral is required. Depending on your situation, we offer flexible repayment terms up to six years.