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LAST UPDATED: March 19th, 2021

Signature Loan offers signature loans, a type of unsecured, fixed rate personal loan that relies upon a borrower's credit history and e-signature for approval, and provides an easy repayment process.

It is interesting to note that you don't need perfect credit to qualify for a personal loan with Signature Loan. Many of its lending partners are willing to work with consumers of all credit levels - even those with low or bad credit.

Signature Loan connects borrowers with lenders in its network, offering loan amounts up to $35,000. To qualify for a personal loan through Signature Loan, applicants must be at least 18 years old, U.S. citizens or permanent residents (not a resident of Maine), have an email address, phone number, and a checking account. Approval usually occurs within minutes, and borrowers can use their loan for a variety of purposes, such as debt consolidation or home improvement.

Continue reading for a full review of this personal loans company.

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The Good

  • Time in Business
  • Eligibility Factors
  • Loan Availability
  • Loan Rates and Terms
  • Quick Application Process
  • No Prepayment Penalties

Time in Business

When seeking a lender for a personal loan, you're likely to gravitate toward an organization that has years of experience - that knows the ins and outs of the industry and how to mitigate potential roadblocks and hazards. Signature Loan has been acting as a servicer to help people find personal loans for 22 years, a longer amount of time than many competing lenders in the industry.

Eligibility Factors

There are a number of factors used to determine eligibility and rates. These include but are not limited to credit score, age, and employment. 

While many other lenders place a high value on past financial decisions and experience, Signature Loan puts more of an emphasis on your current and future financial situation. In order to qualify, an applicant must earn at least $1,000 per month after taxes, and all credit scores have a chance of approval.

Loan Availability

Signature Loan connects borrowers to lenders. Remember, Signature Loan itself does not approve loan applications. Instead, it is a service that will help applicants find the right lender for them. 

Signature Loan works with lenders in 49 U.S. states, and residents of Maine are ineligible to take advantage of Signature Loan's services. If you live anywhere else in the United States, though, you can benefit from Signature Loan's committed customer service and useful tools to help find the personal loan you need.

Loan Rates and Terms

Signature Loan provides an interest rate range for consumers - 5.99 percent to 35.99 percent APR. Most marketplace lenders do not provide any interest rate information as it will generally vary by lender in their networks. Thus, it is helpful to know up front what interest rates you can expect from Signature Loan.

Additionally, many lenders impose a maximum loan term of 36 months, but Signature Loan's maximum loan term is six years, making it one of the longest terms available among lenders. This permits the borrower to have time and flexibility to repay the loan and not have the stress of paying it back more quickly.

It is important to note that some lenders do offer loan terms up to 15 or 20 years. This can be helpful if you would like to keep your monthly payments low, but you will likely be charged higher interest on a long-term loan.

Quick Application Process

Borrowers can apply online for a Signature Loan personal loan. By providing basic personal and financial information, Signature Loan will connect you with various loan offers from lenders in its network. 

Loans from Signature Loan are easily and quickly processed due to the company's capability to seal loans utilizing E-signatures. Most competitors do not accept this form of a signature, which is easily performed over the internet. This can cut wait times on receiving the consumer's loan significantly.

In addition, Signature Loan states that borrowers can generally expect to receive funding with one week of approval, which is faster than some other lenders. 

No Prepayment Penalties

Signature Loan guarantees that neither they nor the loan originators will ever charge the consumer a prepayment penalty fee. Signature Loan states directly on their loan rates page that if you choose to pay your loan off early, you will only be responsible for the interest rate that you acquired during the term that there was a balance outstanding on the loan.


The Bad

  • No Service in Maine
  • Unknown Credit Score Minimum
  • Unknown Lenders
  • Poor Customer Service

No Service in Maine

Signature Loan does not service the state of Maine. If you reside in this state, you will need to find a different lender for your personal loan needs.

Unknown Credit Score Minimum

Although it appears as though Signature Loan works with most credit scores, they do not disclose a specific minimum credit score requirement to apply and be considered for approval.

Unknown Lenders

Because the company is a middleman agency, neither the website nor the live agent could or would identify which companies work with Signature Loan. This potentially leaves credibility and reliability to trust.

Poor Customer Service

Contacting Signature Loan and reaching a customer service agent requires you first to press a number and listen to the answer to a question you probably have little desire to hear, and then press 8 (Not 0) in order to reach an agent. The agent will clearly explain that they do not have answers to common and frequent questions including details on APRs, which banks they work with, minimum credit ratings accepted, and more. The support options leave you with more questions instead of fewer. 


The Bottom Line

Signature Loan has been in the business of personal loans for 22 years, which can provide some peace of mind, but its time in business is not necessarily indicative of the best service in the industry. 

As with most companies in the industry, Signature Loan offer loan ranges up to $35,000, with rates ranging from 5.99 percent to 35.99 percent, but these will both vary by lender in Signature Loan's network.

Because Signature Loan is not a direct lender and connects borrowers with multiple lenders instead, borrowers with less-than-perfect credit have a greater chance of approval for a personal loan. This is unique, especially considering that Signature Loan offers unsecured loans, which generally require perfect credit scores. As part of the application process,  most lenders will require an e-signature, making it quick and easy, but some lenders may require some extra steps, particularly if you have poor or bad credit, providing them with some security as they will not be asking for collateral as is the norm with a secured loan.

Signature Loan is a good option to look into for your personal loan needs, but we would also recommend researching other lenders and comparing rates and terms before making a final decision.

There are currently no Signature Loan reviews. If you have borrowed from this company, please tell us about your experience by leaving a review.

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