Top 10 Best Personal Loans: A Comprehensive Review
Personal loans can be incredibly useful for a number of reasons, whether it’s for consolidating debt, paying for a large expense, or just needing some extra cash. However, with the plethora of choices available in the market, it can be challenging to determine which personal loan is best for your specific needs. In this comprehensive review, we dissect the top 10 best personal loans available to help you make the best possible choice.
1. LightStream
LightStream is popular for its low interest rates and loan terms. It offers an APR as low as 2.49%, and you can borrow anywhere from $5000 to $100,000.
2. SoFi
SoFi provides competitive low rates, no fees, and flexible payment options, making it an excellent choice for borrowers. Plus, it provides job protection that will temporarily pause your loan payments if you are unemployed.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs does not charge any fees and offers flexible loan terms. Plus, they offer direct payment to creditors, which can be perfect for debt consolidation.
4. Payoff
Payoff is ideal if you’re looking to consolidate credit card debt. It provides free monthly FICO score updates to help you monitor your progress towards debt-free living.
5. Discover Personal Loans
With Discover Personal Loans, you can easily check your rate with no impact on your credit. Apart from providing flexible repayment terms, they also offer 30-day money back guarantee with no prepayment penalties.
6. Upstart
Upstart uses a unique method of assessing risk, and thus approves more loans for younger borrowers with less credit history. They offer quick disbursement of funds, sometimes as soon as the next business day.
7. Prosper
Prosper offers a peer-to-peer lending platform, making it different from traditional personal loan providers. Its loans can be funded by investors, and it offers competitive terms.
8. LendingClub
LendingClub is a peer-to-peer lending platform that can help borrowers with lower credit scores. While its rates tend to be higher, it may be an option for those who find it difficult to get approved else where.
9. Avant
Avant is known for its easy application process and wide range of loan amounts. It can approve loans ranging from $2,000 to $35,000.
10. OneMain Financial
OneMain Financial has been a longstanding provider of personal loans. They are known for their quick approval process and having physical branches throughout the U.S.
Fun Facts About Personal Loans
- As of 2020, the total personal loan debt in the United States is over $305 billion.
- Historically, personal loans have lower interest rates than credit cards.
- Despite common misconception, personal loans can have a positive effect on your credit score if used responsibly.
Conclusion
Selecting the perfect personal loan can be a challenging task, given the various options available. It’s crucial to keep in mind your financial standing, the terms and conditions, and the benefits that one loan may offer over another. Armed with the right information, you can confidently choose the personal loan that best meets your needs.