Finding a Good Personal Loan Company for Your Needs

When choosing a personal loan company, consider the interest rates they offer. According to our research, some companies charge as low as 5.99% APR, while others can be as high as 36%.

Look for companies with flexible repayment terms, such as loan terms ranging from 3 to 72 months. This allows you to choose a repayment plan that fits your budget.

Check if the company offers a pre-approval process, which can give you an estimate of how much you can borrow and what your monthly payments will be. This can save you time and effort in the long run.

A good personal loan company should also have a clear and transparent application process, with no hidden fees or charges.

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LightStream offers a personal loan with no origination fees, allowing you to keep more of your money.

Some personal loan companies, such as Discover, have a wide range of loan amounts available, from $2,500 to $50,000.

LendingClub's personal loans have competitive interest rates, with some loans starting as low as 6.95% APR.

Axos Bank is a solid option for borrowers with excellent credit. They offer personal loans from $5,000 to $35,000 with repayment terms from one to five years.

One of the standout features of Axos Bank is their fast loan funding - you could get your funds as soon as the next business day.

Here are some key benefits of using Axos Bank:

However, it's worth noting that Axos Bank may be difficult to qualify for if you don't have good credit, and they charge origination fees from 0% to 2% as well as late and insufficient funds fees.

Freedom Plus is a great option for those looking to consolidate high-interest debt. You can borrow between $10,000 and $50,000 with terms ranging from two to five years.

To qualify for a better rate, you'll need to use at least 85% of your loan proceeds to pay off existing debt, or consider adding a cosigner or showing proof of retirement savings.

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One of the benefits of Freedom Plus is their quick approval decisions and fast loan funding. This can be a huge relief for those who need access to cash quickly.

However, it's worth noting that you'll need to borrow at least $10,000 to qualify, and there's an origination fee ranging from 1.99% to 4.99%. Also, if you live in Nevada, Freedom Plus isn't an option for you.

Here are the key benefits and drawbacks of Freedom Plus at a glance:

Prosper is a great option for borrowers who need a home improvement loan. You can borrow between $2,000 to $40,000 with a three- or five-year repayment term.

Prosper offers some flexible terms, such as no minimum income requirement and no prepayment penalty. This means you can focus on paying off your loan without worrying about extra fees.

If you're approved for a loan, funding can take as little as one business day. However, keep in mind that Prosper is a peer-to-peer lender, so loan funding can sometimes take longer compared to other lenders.

You can expect to pay origination fees ranging from 2.4% to 5%. Late fees are also charged, so make sure to pay your loan on time.

Here are some key details about Prosper:

LendingPoint is a great option for borrowers with near-prime credit, specifically those with a credit score in the upper 500s or 600s. You can borrow $2,000 to $36,500 with terms from two to five years.

LendingPoint offers a streamlined approval and application process, which can lead to fast loan funding. This is a significant advantage for those who need cash quickly.

One of the benefits of LendingPoint is that it allows borrowers to pre-qualify for a loan, giving them an idea of their chances of approval. You can also expect to pay origination fees ranging from 3% to 6%.

LendingPoint has a relatively wide range of APRs, from 7.99% to 35.99%. This means that rates can be higher than other lenders, but it's essential to consider the overall cost of the loan.

Here are some key facts about LendingPoint personal loans:

Keep in mind that LendingPoint does not accept joint applications, so you'll need to apply individually. It's also worth noting that rates can be higher than other lenders, but the origination fee can be lower in some cases.

PenFed is a great option if you're looking for a personal loan with flexible terms. You can borrow as little as $600 up to $50,000 with repayment terms ranging from one to five years.

One of the benefits of PenFed is that it allows cosigners, which can be a big help if you're having trouble getting approved on your own.

However, keep in mind that you'll need to join the credit union if you're approved and want to accept the loan. This can be a bit of a hassle, but it's worth it if you need a loan.

Here are the key benefits of PenFed loans at a glance:

Just be aware that PenFed doesn't disclose its minimum income requirements, so you'll need to apply to find out if you qualify.

SoFi is a top choice for borrowers looking for a personal loan with a range of perks. You can borrow up to $100,000 with repayment terms from two to seven years.

SoFi borrowers have access to several perks, including unemployment protection, career coaching, and investing advice. These perks can be a game-changer for those who need a little extra support.

One of the standout features of SoFi is that there are no fees. That's right, no origination fees, no late fees, no prepayment penalties. This can help you save money and keep more of your hard-earned cash.

However, it's worth noting that SoFi doesn't disclose minimum income or credit requirements. This means that borrowers may need to meet with a loan officer to discuss their individual situation.

Funding with SoFi can take a bit longer compared to other lenders, so be sure to plan ahead. But overall, SoFi is a great option for those who want a personal loan with a range of perks and a flexible repayment schedule.

Here are some key facts about SoFi loans:

Personal loans can be a great option for borrowing money, and here are some of the benefits you can expect.

Low interest rates are a significant advantage of personal loans. They often have lower interest rates than credit cards, which can save you a lot of money.

Personal loans have fixed monthly payments, making it easy to know how much you owe every month.

You can take out a small or large personal loan, allowing you to borrow what you need.

Since most personal loans are unsecured, you can borrow money without risking your assets.

Here are some of the different types of personal loans that are available:

Overall, personal loans can be a convenient and affordable way to borrow money.

Choosing a lender is a crucial step in getting a personal loan. You should research the lender to ensure they're legitimate and licensed in your state. Verify their rate and fee disclosure, and find out if they allow you to check your rate with a soft or hard credit check.

Look for lenders that don't promise guaranteed approvals or rush you through the loan process. Origination fees can range between 2% and 6%, but some companies charge up to 10%. Avoid lenders that charge prepayment fees that make it difficult to pay off your loan early.

To get the best personal loan rates, you'll typically need good to excellent credit. Compare your rates from multiple lenders to find the best option. You can also build your credit by paying all your bills on time, paying down credit card balances, or becoming an authorized user on someone's credit card account. If you don't have good credit, you can still get a personal loan, but you won't qualify for the lowest interest rates or best terms.

Here are some partner lenders that offer cosigned personal loans:

To find the right lender, it's essential to consider multiple factors. Credible, a reputable loan comparison platform, looked at 10 categories to give users a comprehensive view of their partner lenders.

Interest rates are a crucial factor to consider when choosing a lender. Credible evaluated the interest rates offered by each lender to ensure users get the best deal.

Repayment terms vary significantly among lenders. Credible considered the repayment terms offered by each lender to help users make informed decisions.

Repayment options are also a key consideration. Credible looked at the different repayment options available, including their pros and cons.

Lenders have different maximum loan amounts. Credible evaluated the maximum loan amounts offered by each lender to ensure users have access to the funds they need.

Loan funding time is another essential factor. Credible considered the time it takes for lenders to disburse loans, so users know what to expect.

Fees can add up quickly. Credible evaluated the fees charged by each lender to help users avoid unnecessary expenses.

Discounts can help reduce the cost of borrowing. Credible looked at the discounts offered by each lender to ensure users get the best deal.

Customer service availability is crucial when dealing with financial matters. Credible considered the customer service options offered by each lender to ensure users have access to support when they need it.

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Lenders have different minimum credit score requirements. Credible evaluated the minimum credit scores required by each lender to ensure users know what to expect.

Some lenders allow users to request rates with a soft credit check. Credible looked at which lenders offer this option to help users minimize the impact on their credit score.

Here are the 10 categories Credible considered when evaluating lenders:

To qualify for a personal loan, you'll typically need good to excellent credit, which is usually considered to be a credit score of 700 or higher. However, some lenders offer personal loans for poor and fair credit, but these loans generally come with higher interest rates compared to good credit loans.

You'll also need to have verifiable income, which can be from a traditional job, self-employment, or other sources. Some lenders have a minimum income requirement, while others don't, but you'll likely have to show proof of income.

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A low debt-to-income ratio is also important, as lenders typically like to see a ratio of 40% or less. This means that the amount you owe in debt payments each month should be less than 40% of your income.

Here's a breakdown of typical personal loan APRs by credit score:

To get the best personal loan rates, you'll typically need good to excellent credit. Choosing a shorter loan term could also get you a better rate. If you want to get approved for better interest rates, consider comparing your rates from multiple lenders, building your credit, or finding a cosigner.

When choosing a personal loan company, it's essential to consider your loan options. Some companies offer fixed-rate loans, which can provide a predictable monthly payment and interest rate.

You can borrow from $1,000 to $100,000 with many personal loan companies, depending on the lender and your creditworthiness.

If you're looking for more options beyond what's offered through Credible, there are other personal loan companies worth considering. These lenders have been evaluated by Credible, but you won't be able to easily compare rates with them on the Credible platform.

Some lenders offer debt consolidation, which can help you qualify for a lower interest rate than you've been paying. This could save you money on interest and potentially help you pay off your debt faster.

Upgrade is a good option if you need a small amount of money, as low as $1,000. However, it has a high origination fee, which is deducted from the loan proceeds.

Upgrade's loans feature low fixed rates that will never change, affordable monthly payments, and no prepayment penalties. They also offer quick online applications and checking your rate won't impact your credit score.

Here are some key features of Upgrade loans:

Keep in mind that Upgrade's APRs range from 9.99%-35.99%, and the origination fee is 1.85% to 9.99% of the loan amount.

If you're looking to borrow a large amount of money, you've got options. Lenders often offer personal loan amounts from $1,000 to $50,000, but some lenders can go up to $100,000 for borrowers with strong income and high credit scores.

However, it's essential to check your lender's cutoff when you apply, as some lenders may have much lower maximum loan amounts, such as $35,000 or less. This can be a significant factor when comparing lenders, especially if the lender charges a high origination fee.

To give you a better idea, here are some examples of loan amounts and their corresponding maximums:

Keep in mind that larger loans may require a stronger credit history and higher income to qualify.

Loans from $2,000 to $36,500 are available from LendingPoint, with no prepayment penalties. This range is perfect for borrowers who need a significant amount of money for a big purchase or debt consolidation.

You can repay the loan in terms from 24 to 72 months, which gives you flexibility in choosing a repayment plan that suits your needs. This is a great feature for borrowers who want to spread out their payments over a longer period.

LendingPoint's fixed monthly payment and simple interest structure make it easy to understand and manage your loan. This transparency is a big plus for borrowers who want to avoid any surprises or hidden fees.

Here are the loan features of LendingPoint at a glance:

Upgrade offers personal loans from $1,000 to $50,000 with flexible repayment terms ranging from 24 to 84 months. You can get pre-approved in just minutes and receive your funds as soon as the day after approval.

The origination fee for Upgrade loans ranges from 1.85% to 9.99% of the loan amount, which is deducted from the loan proceeds. This fee can be a significant cost, so it's essential to factor it into your loan decision.

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Upgrade accepts borrowers with poor and fair credit, making it a viable option for those with less-than-perfect credit scores. However, be aware that the interest rates for these borrowers may be higher.

Here are some key facts about Upgrade personal loans:

Upgrade also offers a feature called Autopay, which can help you save money on interest by making timely payments. However, be aware that the lender's interest rates can be high if your credit is less than stellar.

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Paying for medical procedures can be a significant financial burden, and a personal loan can help you cover these expenses.

A personal loan can be used to pay for medical bills, allowing you to pay for procedures and then pay off the loan over time.

Covering medical expenses is a common source of debt, and a personal loan can provide a solution to this problem.

By using a personal loan to cover medical bills, you can avoid going into debt from medical expenses.

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Moving to a new place can be a costly affair, and it's not just about the destination, but also about the journey. No matter if you're moving to another state or just across town, it can be expensive.

Renting a truck to haul your belongings can cost anywhere from $20 to $40 per day, depending on the size of the truck and the distance you're moving.

Hiring professional movers can be even more expensive, with costs ranging from $200 to $1,000 or more, depending on the weight of your belongings and the distance they need to travel.

A personal loan can help you cover these expenses, giving you the freedom to move whenever and wherever you want.

The annual percentage rate (APR) and interest rate on a personal loan are both borrower costs, but they're slightly different. The interest rate is how much you pay each year to borrow money, expressed as a percentage, and it's usually fixed.

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APR, on the other hand, includes not only the interest rate but also other loan fees, such as origination fees. This gives you a more complete picture of your loan costs compared to just the interest rate.

The APR includes fees, making it a more accurate representation of the total cost of the loan. To illustrate, let's consider a loan with an interest rate of 10% and an origination fee of 2%. In this case, the APR would be 12%, giving you a better idea of the total cost.

Here's a breakdown of how APR and interest rate compare:

Fees can add up quickly, so it's essential to understand what you're getting into. Some lenders charge origination fees, which can range from 0 to 12 percent of the loan amount, although this varies widely.

Origination fees are deducted before your loan is disbursed, so it's crucial to factor them into your budget. Late fees, returned payment fees, and prepayment penalties are other potential costs to consider.

You can avoid some or all of these fees by choosing a lender that doesn't charge them, or by signing up for autopay. Some lenders also offer low origination fees if you only borrow what you need.

Here are some common personal loan fees to watch out for:

Make sure you understand all of the fees related to the loan, as they'll be deducted from your funds. This could be an unpleasant surprise if you need a very specific amount of cash.

If your bank offers loyalty discounts or other perks, you might be able to reduce your overall loan costs.

Borrowers who already have accounts with their bank could qualify for these discounts if they take out a personal loan with them.

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Secured vs Unsecured Loans: What's the Difference?

Secured loans require collateral, like a vehicle or other item of value, to qualify for a loan. This makes it easier to get approved, even with bad credit.

Secured loans tend to come with lower interest rates compared to unsecured loans, because they're less risky for the lender. However, if you can't keep up with your payments, the lender could seize your property.

Unsecured loans, on the other hand, don't require collateral. These loans are riskier for lenders, so they often come with stricter requirements and smaller loan amounts. You'll likely need good to excellent credit to qualify for an unsecured loan.

Here's a quick comparison of secured and unsecured loans:

When you're considering a loan, it's worth looking beyond the basic terms to see if there are any extra benefits that can make your loan more manageable.

Consider lender-specific perks, like getting a reduced interest rate if you set up autopay. This can be a huge money-saver over time.

Some lenders offer rewards programs that give you cash back or other perks for making on-time payments. Be sure to ask about these programs when you're shopping around.

Setting up autopay can also help you avoid late fees and penalties, which can add up quickly.

Remember to read the fine print and understand what's included in the lender's extra benefits.

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Repaying a loan can be a long and costly process, but there are ways to minimize the damage. A two-year term may have high monthly payments, but it will save you hundreds or even thousands over the life of your loan.

The time it takes to pay back your loan has a significant impact on how much interest you'll pay. A long loan term means lower monthly payments, but you'll end up paying more in interest.

If you can afford it, aim for a higher monthly payment to cut down on interest. This will save you money in the long run and help you pay off the loan faster.

A six- or seven-year term may seem appealing with lower monthly payments, but it's essential to consider the extra interest you'll pay. This can add up to a significant amount over the life of the loan.

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