Frequently Asked Questions

To apply you must: (1) be at least 18 years old, (2) be a U.S. citizen or permanent resident, (3) have a valid government-issued ID, (4) have verifiable income of at least $1,000/month, (5) have an active U.S. bank account, and (6) have a valid email and phone number.

U.S. citizens and lawful permanent residents (green card holders) are always eligible. Some partner lenders also accept certain visa holders — eligibility varies by lender.

You'll need your Social Security Number, a government-issued photo ID (driver's license, state ID, or passport), proof of income (pay stub, W-2, 1099, benefit statement, or bank statements), and your bank routing and account numbers. Most information is entered manually — physical document uploads are usually only needed at the final verification step.

Yes. Social Security, SSDI, pension income, VA benefits, and other regular government benefit income all count as verifiable income. As long as you meet the $1,000/month minimum, these sources are accepted.

Yes. Self-employed applicants are welcome. You'll typically verify income with recent tax returns (1099s, Schedule C), bank statements, or profit-and-loss statements depending on the lender.

Often yes — though some lenders prefer to see at least 3-6 months at your current employer. Your overall employment history, not just current tenure, is considered.

Bear Loan processes one primary application at a time, but some partner lenders allow you to add a co-borrower or co-signer after you receive initial offers. A qualified co-borrower can sometimes help you access lower rates.

No. All applications must be submitted by the primary borrower. It's a federal requirement under the Equal Credit Opportunity Act (ECOA) that loan decisions be made based on the actual applicant's information.

Personal loans through our network range from $200 to $50,000. Your approved amount depends on income, credit profile, debt-to-income ratio, state of residence, and the lender's underwriting criteria. Most borrowers qualify for $2,000–$15,000.

APRs across our network range from approximately 5.99% to 35.99%, depending on credit profile, loan amount, term length, and state. Excellent credit (740+) typically sees rates in the 6–12% range; fair credit (580–669) usually falls in the 18–28% range.

Most personal loans offer repayment terms from 12 to 60 months (1–5 years). Some lenders offer terms up to 84 months for larger loans. Shorter terms mean higher monthly payments but less total interest paid.

The vast majority of personal loans in our network have fixed rates — meaning your APR, monthly payment, and total cost stay the same for the entire loan term. A few lenders offer variable-rate options, but these are clearly labeled.

The most common is an origination fee (typically 0–8% of the loan amount), deducted from your disbursed funds. Some lenders charge late-payment fees and NSF (insufficient funds) fees. All fees are disclosed in the APR and on your loan agreement before you sign.

Most of our partner lenders do NOT charge prepayment penalties, meaning you can pay off your loan early without extra cost. We specifically flag any lender who does charge a prepayment penalty so you can factor it into your decision.

Each lender independently sets rates based on their underwriting model. Key factors include your credit score and history depth, debt-to-income ratio, loan amount, term length, state of residence, and employment. Better credit and shorter terms typically yield lower rates.

Many partner lenders offer a 0.25%–0.50% APR reduction for enrolling in autopay. Some offer additional discounts for existing bank relationships or specific loan purposes (e.g., debt consolidation). These discounts are shown transparently in each offer.

After funding, your relationship is with your specific lender. Most offer autopay (recommended — usually earns an APR discount), online one-time payments, phone payments, and mailed checks. You'll receive login credentials for your lender's portal after signing.

No, but it's often incentivized with a 0.25%–0.50% APR discount. Autopay also helps avoid missed payments and late fees.

Your lender will typically charge a late fee (usually $15–30) and report the late payment to credit bureaus if it goes more than 30 days past due. Repeated missed payments can damage your credit significantly. If you anticipate trouble, contact your lender BEFORE the due date — most have hardship programs available.

Yes. Most of our partner lenders don't charge prepayment penalties, meaning you can pay extra or pay off the loan early to save on interest. Any lender that does charge a prepayment fee is clearly flagged in your offers.

Most lenders allow one or two due-date changes during the life of your loan. Contact your lender directly to request a change.

Your relationship moves directly to your chosen lender after funding. They handle all servicing, payments, questions, and support. Bear Loan' team remains available for questions about our matching service, but we don't service individual loans.

Yes. Personal loans are reported to major credit bureaus (Experian, Equifax, TransUnion). On-time payments help build credit; missed payments hurt it. Installment loans can actually improve your credit mix if managed responsibly.