1. Personal Loan Pro
The 2017-founded, BBB-accredited company Personal Loan Pro aims to inform its customers about the newest loan products and lenders while also introducing them to the lending industry as a whole. On the Barrelhead, LLC founded it and keeps it up to date (OTB).
Personal Loan Pro is a website that compares loans and acts as a marketplace to help you locate the best lender for your borrowing need. You can use the free service to compare lenders and find the best ones for you. It’s crucial to remember that Personal Loan Pro is a loan matching service rather than a lender to consumers. Some of their partners are well-known lenders including Upgrade, SoFi, and Lending Club.
You are matched with loans through Personal Loan Pro that are appropriate for you. You must complete a brief and simple online application, which won’t have an impact on your credit score unless you choose one of the available borrowing options. The company’s database will analyze this information and decide what to do based on things like credit score, requested amount, and other things. You will be given a range of lender options.
2. LightStream
The online consumer lending division of Truist Bank, formerly known as SunTrust Bank (Member FDICnational), dubbed LightStream, provides personal loans with comparatively low interest rates. Most loans are intended for borrowers with strong to exceptional credit histories and scores.
With loans ranging in size from $5,000 to $100,000 and a variety of uses, Lightstream also touts the absence of origination, late payment, and prepayment penalties as well as rate reductions for customers who set up autopay.
Use the online application form on Lightstream’s website to apply for a personal loan. Your application will be reviewed by Lightstream, and your credit will be thoroughly checked. You will get an email letting you know whether your application was accepted.
3. LendingPoint
LendingPoint is a company that offers unsecured personal loans between $2,000 and $36,500 to customers with all types of credit. It was first introduced in 2015. Consumers with poor to fair credit are the company’s major target market. Although consumers with fair credit are the company’s primary market, other factors are taken into consideration as well. The stability of the consumer’s employment, financial history, income, and whether your credit is growing over time are also considered.
Loans can be used for a variety of things, including debt consolidation, wedding expenses, car repairs, and kitchen renovations. You can still apply for loans even if you’ve filed for bankruptcy. Up to 7 million people submitted loan applications to LendingPoint in 2020.
In addition to offering very small loans, they also impose origination costs of up to 6%. Customers can prequalify with LendingPoint to see if they are eligible for loans and to see what offers they can afford. The loan is disbursed as soon as the following working day after application approval.
4. Upgrade
A fintech company called Upgrade was founded in 2017 and provides customers with personal loans. The loans can be taken out for anything from home renovations to debt reduction. However, they do not provide loans for funding college fees.
Personal loans from $1,000 to $50,000 are offered through Upgrade, with repayment terms ranging from 2 to 7 years. Additionally, an origination fee of 2.9% to 8% is charged by Upgrade. Customers can use a prequalification method to determine which loan offers they can afford before filling out the application form for an upgrade personal loan.
The online application can be completed and submitted. By the following business day, the loan will bee approved and disbursed.
5. SoFi
Unsecured personal loans are available through the internet lending network known as SoFi, which stands for Social Finance. Available loans range from $5,000 to $100,000 and have terms of two to seven years. Although a credit score of 680 is needed, highly qualified people may be eligible for large loan amounts and low interest rates.
Loans can be used for personal, family, or home needs, and borrowers frequently receive their money a few days after being approved. Personal loans, according to SoFi, are encouraged for people with “a robust monthly cash flow” and “a respectable financial history.”
6. LendingClub
LendingClub is an online marketplace that links investors and borrowers through its network of lending partners. Peer-to-peer marketplace lending, which links borrowers and lenders willing to fund their loans, was made possible with its help. Borrowers with a track record of on-time payments and a strong financial background are most suitable for LendingClub.
After considering potential customers, LendingClub oversees the loans once they have been approved. The risk is that LendingClub doesn’t make the final decision regarding whether or not to lend money to investors.
Based on credit and income information, LendingClub assigns a rating to each permitted borrower. This rating informs the choice. The range of interest rates that the borrower may choose from is also determined using this information, which is only accessible to investors.
7. Best Egg
Loan amounts start at just $2,000 and go up to $50,000, so you don’t have to borrow more than you need.
If a personal loan application is approved or denied depends on several variables. Although underwriting criteria differ from lender to lender, they frequently contain details from an applicant’s credit history and other factors that indicate their ability to repay the loan, such as their income (customers with larger incomes are viable for lower interest rates.)
8. Prosper
Prosper provides unsecured personal loans via Web Bank. Your home or vehicle will not be used as security for an unsecured personal loan.
One of the first sites for peer-to-peer lending, Prosper was established in 2006. Prosper has made up to $12 billion in personal loans through its online platform by connecting would-be borrowers with potential investors. However, because investors must decide whether to fund your loan or not, Prosper takes longer to approve and pay out loans.
People in all 50 states and the District of Columbia are eligible to apply for loans from Prosper that range from $2,000 to $40,000. You can choose a loan with a three- or five-year term. Your APR with Prosper will range from 7.95% to 35.99% based on several factors, including your creditworthiness and ability to repay the loan.
9. Spring Loans
Spring Financials is a 2016-founded Canadian online consumer lending company that offers Canadians an immediate personal loan of up to $15,000. All applications can be submitted online or over the phone rather than in person. The entire process only takes a few minutes. You can sign the loan documents right away and get the money you’ve been accepted for as soon as the following day once you’ve been allowed (authorization also takes around an hour).
They provide personal loans that can be utilized for a variety of things, including debt relief, urgent medical expenses, and significant purchases. The low minimum credit score makes these loans available to a wide spectrum of users. The loans can also be easily repaid using a payment plan that is flexible and works for you.
10. Citi Bank Loans
Low $2,000 personal loan amounts are accessible, and competitive fixed interest rates are offered. You must have an eligible Citibank account with sufficient balances averaged over the previous three months to be eligible for the most competitive rates, and you also need to have excellent or decent credit.
Both salaried and self-employed applicants can quickly obtain money through Citibank’s personal loan program, which enables them to meet a variety of personal financial demands. These loans come with attractive low interest rates, no requirement for collateral, and no paperwork.
