Personal loans offer customers a much lower interest rate as compared to credit cards and other debt categories.
And in our analysis of looking up for the best loan scheme option available for the US citizen, we consider several factors such as loan amounts, interest rates, time period and more.
Also you can obtain a loan with a short term payback (Less than 1 year) or a rather long term plan (More than 1 year). So whichever plan you’re preparing to subscribe to, here are the 10 best that’ll make it worth your time and efforts.
This platform is best known for allowing high loan amounts (between $5,000 and $100,000) and extended loan terms. It requires a credit score of 650, a minimum $45,000 annual income and it’s available in all US states with the exception of Mississippi. Compared to other lenders, SoFi does not charge borrowers an origination and late payment fees.
Although this loan option is regulated to not be used outside personal, family and household purposes. access to the funds takes as little as 2 days or with a couple of extended days when loan amount is averagely higher.
Apply via https://www.credible.com/a/sofi-pl/
It offers personal loans from as little as $5,000 up to $100,000, though depending on the purpose of the loan, you can gain more or less. This is because LightStream’s personal loans can be used to finance purchases outside personal and household purposes, such as purchasing a land, new car, RV or jewelry.
It also features a long term repayment plan between 2 to 7 years, long enough to make the most out of it, which proves to be a smooth method in spreading out large expenses over time. Also the card offers no origination, prepayment or late fees and offers low competitive rates. Additionally, it is available to all US citizens in all 50 states.
This subsidiary of one of the biggest investment banks in the US, Goldman Sachs offers loans for personal uses between $3,500 and $40,000 with repayment periods of 3 to 6 years. It does not charge sign-up, late payment or prepayment fees just like the ones mentioned above. It also offers direct consolidation payments to third-party lenders but does not allow co-signers or co-applicants.
Additionally, though this lender does not disclose the minimum credit score required, borrowers should have a minimum score of 660.
Apply via https://www.credible.com/a/marcus-pl/
This online base lender is best known for fast funding and below average credit. Loan amount falls within $2,000 to $36,500 and repayment terms range from 2 to 5 years.
Eligibility of this service consists of having a minimum credit score of 600 and living in one of the 48 eligible U.S. states, thus excluding Nevada and West Virginia. As already mentioned, funding is processed very quickly, taking not more than a single working day to receive funds after the loan has been approved.
With a minimum credit score of 560 and APR ranging between 6.55% to 35.97%, this mobile credit lender offers loan amounts starting from $1,000 and ending at $35,000 and it’s available in all 50 US states with the exception of Iowa, Vermont and West Virginia. It also has a loan term of 3 and 5 years and charges an origination fee between 2.9% and 8% of the loan as well as late repayment fees of $15 after 15 days of payment period.
Additionally, loans can be used upto a certain degree to cover business expenses and has a turnaround time of 4 days to receive funds after it has been approved.
Apply via https://www.credible.com/a/upgrade-pl/
This credit lender requires a minimum credit score of 560 and APR ranging
8.93% to 35.93% to qualify for a personal loan of $1,000 to $50,000 with a period of repayment ranging from 3 to 5 years. This lender is known to favor borrowers with damaged credit although it charges high APRs and 4.25% to 8% origination fee
Apply via https://www.credible.com/personal-loan/
This platform is best known for allowing loan amounts between $2,500 and $35,000, a bit lower as compared to the other options mentioned here. It requires a credit score of 660 and a minimum of $25,000 annual income. This loan option can be used for financial emergencies, medical bills, adoption and fertility costs, auto repairs and pet emergencies and funds are sent the same day as soon as it’s been approved.
Apply via https://www.credible.com/a/discover-pl/
Upstart is best known for very little loan amount or for a quick emergency settlement. It requires a minimum credit score of 600 and APR ranging between 5.4% to 35.99% to qualify for a personal loan of $1,000 to $50,000 with a period of repayment ranging from 3 to 5 years. It has a high approval rate of 27% more than the known average.
Additionally, this loan option charges an origination fee up to 8% of the loan amount and is available in every state in the US except West Virginia and Iowa.
Apply via https://www.credible.com/a/upstart-pl/
Avant has a range of repayment terms for low to middle-income borrowers earning not less than $20,000 annually, which is twice lower than the average income. Borrowers must possess a fair to good credit score (minimum of 580) and APR ranging 9.95% to 35.99% to qualify for a personal loan of $2,000 to $35,000 with loan term reaching 5 years.
Apply via https://www.credible.com/a/avant-pl/
Personal loans are useful and help immensely in any kind of personal expenses including for emergency situations like medical bills or car repairs, making improvements to home such as broken windows or petty furniture maintenance, and the most popular reason; to finance a vehicle. Whatever your reasons are, know which is the right institution to request a loan from, either from online lenders, banks or credit unions and the geography in which the loan is offered. Also don’t skip the terms and conditions as though it was a pop up notice in your favorite mobile app or website. Make sure you understand the contract and feel free to ask for clarification if there’s anything that’s amiss.