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Frequently Asked Questions

Top Questions

A personal loan is an unsecured loan that can be used for many purposes. It can provide you the ability to to pay off high interest debt (like credit card), make a major purchase, take a dream vacation or invest in your home or career. With low interest rates and a variety of repayment options, personal loans allow you to customize the way you pay for life’s experiences.

Yes! A personal loan can be a great way to consolidate your credit card debt into one monthly payment, while also lowering your interest rate compared to credit cards.

One of the benefits unique to CommonBond is our best-in-class customer service. We’re here for you every step of the way and will make sure you are taken care of. You can reach us via phone, LiveChat, and email and we'll never put you on hold. Also, we believe that business can and should be a positive force for change. Continuing our long-time partnership with Pencils of Promise, every Personal Loan funded by CommonBond will help fund the education of a child in need abroad.

Eligibility

CommonBond will lend anywhere between $1,000 and $50,000, but your own maximum borrow amount may depend on credit factors, such as your other personal loan debt and monthly free cash flow. Certain states also have restrictions on the minimum you can borrow.

We currently require that all of our members are U.S. citizens or permanent residents who live in a state in which we can lend.

At this time cosigners are not able to be added to personal loan applications.

Understanding Your Loan Terms

Variable Rates: * 2 year variable: 4.49 - 8.29% APR * 3 year variable: 4.74 - 8.54% APR * 4 year variable: 5.09 - 8.74% APR * 5 year variable: 5.44 - 8.94% APR * 6 year variable: 6.32 - 9.47% APR * 7 year variable: 6.89 - 9.99% APR

Fixed Rates: * 2 year fixed: 5.74 - 9.24% APR * 3 year fixed: 5.99 - 9.49% APR * 4 year fixed: 6.49 - 9.99% APR * 5 year fixed: 6.99 - 10.49% APR * 6 year fixed: 7.94 - 11.12% APR * 7 year fixed: 8.59 - 11.74% APR

All rates include the 0.25% ACH discount

No, there will never be any origination or application fees with CommonBond Personal Loans.

Nope! There will never be any prepayment penalties with CommonBond Personal Loans.

In the event that you are experiencing financial hardship or unemployment, reach out to us at care@commonbond.co or call us at (855) 205-2230 to discuss your options - we’re always here to help.

Once approved, we will send the funds electronically to your checking or savings account. You will receive the funds 2-3 business days after you sign the final paperwork.

The Borrowing Process

As of October 2016, CommonBond supports:

  • Chrome: version 49 and up

  • Firefox: version 29 and up

  • Safari: version 9 and up

  • Internet Explorer: version 10 and up