Best for Home Improvement Loans SoFi is a solid option for consumers of good credit, offering low rates, no fees and flexible payments. LightStream targets borrowers with strong credit with no fees and low rates that vary depending on the purpose of the loan. Enough income to pay off existing debts and a new LightStream loan. PNC and Wells Fargo are examples of large banks offering personal loans to borrowers in all 50 states.
However, not all banks offer personal loans. Personal loans are often available from banks, credit unions, and online lenders. Prospective borrowers apply for a loan online or in person and then wait for approval or denial of a decision. If approved, borrowers receive their funds as a lump sum payment to their bank account and interest starts to accrue in the first month.
Personal loans require fixed monthly payments for the entire term of the loan, usually between one and seven years. The best place to get a personal loan is where you can access the most favorable loan terms and limits that fit your needs. Bankrate scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience. The survey found that 39% of recent personal loan borrowers used a loan to manage the cost of a large event, which could include a wedding or vacation.
The loan application may require additional personal information, including employment status and academic history. When it comes to buying personal loans, the better your credit score, the more options you have. What's more, SoFi does not charge origination fees, late fees, or prepayment penalties, a prominent feature because personal loan lenders often charge origination or late payment fees at a minimum. From planning a big event to facing an unexpected expense and consolidating debt, see all the ways to use a personal loan.
The impact of COVID-19 has left millions of Americans without a reliable source of income, and many may be seeking personal loans to cover emergency expenses. Personal loans have fixed rates and monthly payments for a set term, so you'll always know what you owe and for how long. However, if you have good credit and are interested in a personal loan, look for options; you may be able to qualify for an even lower interest rate. There are many reasons to get a personal loan, such as an unexpected hospital bill or a necessary car repair.
Unlike other personal loan providers, Discover loans can also be used to cover small business expenses. Record all personal income, including salary, part-time pay, retirement, investments, and rental properties. Calculate your potential loan payments to decide if you can repay the personal loan you're considering. However, you can't use personal loan funds to pay for your education expenses, and some lenders may further restrict your use.