These loans are available from traditional banks, credit unions and online lending platforms that make it easy to apply online without having to visit a bank branch. In addition, many personal loans can be financed in a few business days so you don't have to wait to get the money you need. The best personal loans offer low interest rates for well-qualified borrowers, flexible loan amounts, and limited repayment terms and fees. Approved borrowers are rewarded with comparatively low APRs.
In addition, SoFi does not charge origination fees, late fees, or prepayment penalties, a notable feature because personal loan lenders often charge origination or late payment fees at a minimum. However, if you are considering a SoFi debt consolidation loan, please note that the lender does not offer direct payment to the borrower's other creditors. This means that the loan funds will be deposited into your bank account and you will have to pay your other lenders individually. The platform offers customers a number of benefits and discounts, including unemployment protection and the ability to change the due date of their payment once a year.
LightStream does not offer prospective borrowers the ability to prequalify for a loan. This fact, combined with the minimum credit rating requirement, makes the platform better suited to those with a strong credit profile. Applicants with excellent credit are also more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can file a joint application.
Marcus does not disclose this information. Borrowers can access APR between 6.99% and 19.99% with a discount of 0.25% for those enrolled in autopay. And, like other major lenders, Marcus does not charge any fees, including those for registration, late payment and prepayment. In addition, borrowers can benefit from the platform's timely payment reward and flexible payment dates.
As with many other top lenders, Marcus allows applicants to prequalify with a smooth credit withdrawal, making it easy to see your lending options without hurting your credit. While Marcus customers don't have access to a mobile app to manage their loans, the lender compensates for the loss of convenience with robust customer support options. Borrowers can contact customer service seven days a week from 9 a.m. Eastern Time and access to extensive online resources.
Wells Fargo has thousands of branches along with online banking, offering competitive rates and same-day funding. Prequalification for Wells Fargo Customers Only Wells Fargo only allows you to prequalify for loans if you are already a bank customer; if you are not a customer, you will need to undergo a thorough credit investigation to verify your lending options. Similarly, only current Wells Fargo customers can apply online or by phone; non-customers will need to visit a Wells Fargo branch to apply. Read our full review of Wells Fargo personal loans.
LightStream specializes in home improvement loans with fast financing times, and your home is not needed as collateral. If you are buying and are approved for a better rate, LightStream's Rate Beat Program will offer a 0.10 percentage point lower rate. You also won't pay origination fees, prepayment or even late fees with LightStream, but paying late could cause you to miss your loan agreement. The only charges you'll pay are interest charges.
While LightStream has attractive terms, it is not as accessible to borrowers with fair credit or bad credit as other lenders. Lightstream requires a minimum credit score of 680, which could make it difficult for some to qualify, especially since co-signers or joint applications are not allowed. Make a note of the details if you accept a loan because you won't be able to change its due date later. Read our full review of LightStream personal loans.
In general, we recommend that you check Wells Fargo for a bank loan. The company has a long history in the industry and offers a variety of loans with different terms. It also provides additional banking services and assistance at the branch. Unexpected expenses, such as a car repair or hospital bill, can affect your monthly budget, and a small personal loan can ease the immediate cost.
American Express only offers personal loans to cardholders, but the terms can be relatively competitive if you have good credit. 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. On the other hand, banks often restrict the use of personal loan funds for post-secondary education expenses, business purposes and illegal activities. Prospective borrowers apply for a loan online or in person and then wait for approval or rejection of the decision.
Personal loans allow you to borrow a lump sum to pay a large expense and then pay it back over time in monthly installments. Your personal loans are also available to borrowers in 50 states, but they are not available in Washington, D.C. Borrowers cannot use Marcus personal loans to refinance existing student loans, but the platform supports other forms of debt consolidation with a consolidation calculator and direct payment to external lenders. Personal loans typically have repayment terms of between two and seven years and offer interest rates as low as 3% for highly qualified borrowers.
As with most credit products, the rate you receive on a personal loan from a bank depends largely on your credit rating. Bank loans can offer benefits to your customers, but they generally have stricter credit rating requirements than online loans. Personal loans work by lending money to the borrower if they meet certain requirements set by the lender. Provides a number of personal loan options for debt consolidation, home improvement, medical expenses and auto finance, to name a few.
These generally have lower interest rates and are sometimes easier to qualify than personal loans. These loans, which are secured by your home (meaning your home is offered as collateral) tend to have lower interest rates than personal loans. . .