Best Personal Loans for 2018

Citizens Bank is a financial services company that offers a very wide range of financial products, including traditional savings and checking accounts, student loans, mortgages, and some of the best personal loans. Unlike many other well-known online lenders, Citizens Bank has a great many physical locations throughout the country. In fact, they are the 13th largest retail bank in the United States. Their website offers an easy online application process that is able to approve borrowers for personal loans without requiring them to come in to a physical branch location of Citizens Bank. It is definitely one of the best personal loan companies available today.

Citizens Bank serves a large range of borrowers and offers personal loans for debt consolidation, vacations, special occasions, and major purchases. Their unsecured personal loan amounts range from a minimum of $5,000 to a maximum of $50,000. For the most part, they are a fairly traditional personal loan lender. Their stated APR on their website runs from 5.99% to 18.99% for fixed-rate loans. Personal loan terms run from 36 to 84 months. These are great terms and is why Citizens Bank offers some of the best personal loans available.

Citizens Bank offers some guidance online for would-be applicants. For starters, it requires a minimum income of $24,000 for approval and a "reasonably strong credit history."

Citizens Bank does state that it charges no origination, application, disbursement fees, or prepayment penalties. There are interest rate reductions for AutoPay through a Citizens Bank checking or savings account, and for customers using AutoPay.

Citizens Bank also has an app for smartphone users. One helpful option available through Citizens Bank that isn’t often available through other online personal loan lenders is the ability to obtain a cosigner. If a potential borrower applies and is rejected, they can reapply with a well-qualified cosigner. Citizens Bank will issue the personal loan using only the credit score of the well-qualified cosigner, which also saves the primary borrower money through a reduced interest rate.

This is a good choice for a borrower with average to excellent credit who would like to know that their lender is very established. Citizens Bank is one of the few well-known lenders online who also have physical locations, which might make a difference to borrowers nervous about online-only lending institutions. Here is a summary of what you can expect:

Unsecured loans available from $5,000 to as much as $50,000
APR rates from 5.99% to 18.99% on personal loans
Terms vary from 36 to 84 months
Physical branch locations available
No fees ever
Online applications and online management of loans
Ability to use a cosigner
Smartphone app

2. Marcus by Goldman Sachs®

LendEDU Rating (4.80 / 5.0)

(Details)

Marcus is backed by Goldman Sachs' 148 years of financial expertise
Borrow up to $40,000
Zero origination or prepayment fees
No late fees – you only pay interest for the additional days

Check Rate

Estimated APR

6.99% - 24.99%

Loan Terms

3 to 6 years

Max Amount

$40,000

Origination Fees

No origination fees

Min. FICO 8.0

660

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

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Marcus Personal Loans is a division of Goldman Sachs bank, one of the largest and oldest banks in the U.S.. In fact, the online personal loan lender is named after Marcus Goldman, one of the bank’s founders. While Goldman Sachs has been in business since 1869, Marcus Personal Loans was launched in 2016. It offers personal loans to those with prime credit. Goldman Sachs is headquartered in New York City.

Marcus Personal Loans offers online personal loans that you can apply for with a short and easy online application. They perform an initial soft credit check and then let you know if you qualify and how much you would pay in interest if you borrow from them. After that, you submit a full application and they perform a hard credit check and confirm your rate and acceptance. Their turn around time for funding loans is actually quite quick. You can get the money in as little as two business days if you are approved.

Their no-fee personal loans are for amounts between $3,500 and $40,000. Their APRs start at as low as 6.99% and go up to as high as 24.99%. Only the most creditworthy applicants qualify for the largest loans amounts and lowest rates. What you will pay will depend on your personal, financial, and credit situation. The term lengths on Marcus Personal Loans are between 36 months and 72 months. In order to qualify for a Marcus Personal Loan, however, you have to have fairly high credit. While most borrowers have a 660+ FICO, you’re more likely to get approved if your score is higher.

There are no origination fees or prepayment fees on Marcus Personal Loans. While that is fairly common with online personal loan lenders, what is truly unique is that they also don’t charge late fees – you only pay interest for the additional days. That means that if you’re late on your loan, you will not be financially penalized. Another feature of Marcus Personal Loans is that they allow borrowers to choose their monthly payment and loan amount. This allows borrowers to better customize their loan so that it’s right for them and their lifestyle.

There are a number of great benefits of getting a Marcus Personal Loan. The easy online application make it easy to borrow. The fact that they don’t perform an initial hard credit check is also great. It allows you to be pre-approved and to see what kind of rate you would qualify for without having a hard credit check impact your credit. Another benefit of Marcus Personal Loans is that they allow you to customize your monthly payment and loan amount. This makes their loans far more flexible than other lenders who only have a few term lengths to choose from.

Another big benefit of Marcus Personal Loans is that they have no fees. While not having prepayment fees and origination fees is becoming more standard in online personal loans, the fact that Marcus also has no late fees (you only pay interest for the additional days) is truly unique and beneficial. After all, if you’re late on your payments you’re probably already dealing with financial distress – you don’t need more of it. Another benefit of Marcus Personal Loans is the amount that you can borrow. The amounts vary from a low of $3,500 to as much as $40,000 – which is a wide range to choose from depending on your needs.

While there are many great benefits to Marcus Personal Loans, there are also some key drawbacks. The first is that their interest rates are slightly higher than other online lenders who are targeting 660+ FICO borrowers. If you have excellent credit, you might be able to borrow money for less via another online personal loan company.

Also, if you don’t have great credit, then you likely will not be able to qualify for a Marcus Personal Loan because they are targeting prime borrowers. Still, the fact that they do not perform a hard credit check when you apply online until after you’ve been pre-approved means that it’s easy to to fill out their quick application and see if you qualify.

3. LightStream

LendEDU Rating (4.83 / 5.0)

(Details)

Rates as low as 4.99%* APR w/ AutoPay
Qualify for loans between $5,000 and $100,000
Choose between payment plans of 2 to 7 years*
Zero application, origination, or pre-payment fees

Check Rate

Estimated APR

4.99% - 14.24%

Loan Terms

2 to 7 years^*

Max Amount

$100,000

Origination Fees

No origination fees

Credit Needed

660

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 9.34% APR with a term of 3 years would result in 36 monthly payments of $319.58. LightStream disclosures here.

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LightStream is a division of SunTrust Bank, which has existed in some form or another since the early 1890s, long before online lending took off. These days, LightStream exclusively makes online personal loans at competitive interest rates. Its website boasts "Loans for Practically Anything" and online reviewers agree. The only significant categories unavailable are business loans, post-secondary education, and the refinancing of existing LightStream loans. LightStream's offerings land it on the list of our best personal loan lenders.

LightStream targets the highly qualified borrower market, which means it routinely offers the lowest personal loan rates available – but only to a subsection of online loan-seekers. That said, when LightStream means a loan for practically anything, that’s exactly what it means. Virtually any stated purpose can be approved, from unsecured auto loans to purchasing a horse.

Terms for their loans range from 24 to 84 months* and rates start at 4.99%* APR w/AutoPay and go up to a maximum rate of 14.24% APR if enrolled in their AutoPay feature. However, it’s possible that through their Rate Beat Program those rates can be reduced further. All interest rates are fixed. The actual rate a borrower receives may be influenced by their creditworthiness, loan purpose, loan amount, loan terms, and whether they sign up for AutoPay from their bank account. Rates are half a point higher when a borrower chooses to be invoiced monthly instead of paying automatically. Though LightStream offers the best personal loan interest rates of all the lenders on this page, it does not mean that you will qualify for them.

Loan amounts range from $5,000 to an amazing $100,000. Interestingly, LightStream does not publish a minimum credit score requirement, only stating that it will take several factors into consideration when approving a loan. The company offers unsecured personal loans, as well as secured and unsecured auto loans, depending on an applicant's credit profile.

LightStream advertises that they charge no fees. This means no origination or servicing fees, and no prepayment penalty. By signing up for AutoPay, borrowers can save a hefty half a percentage point in interest each month, which can save a lot of money over the life of the loan.

Since the application process is entirely online, borrowers don’t have to travel to a physical branch of LightStream’s parent company, SunTrust Bank, to fill out an application. And the company’s Rate Beat Program will beat a competitor’s published rate by 0.10% if certain conditions are met (see site for details). For borrowers who qualify, LightStream has it all – competitive rates, long loan terms, and a huge variety of approved loan purposes.

LightStream doesn’t publish a minimum credit score requirement, and this combined with their emphasis on well-qualified borrowers makes them unlikely to be a good choice for those seeking a debt consolidation loan on high-interest cards or wanting to raise their credit score. However, their very low rates make them a competitive choice for the most qualified borrowers. Here is a summary of what you can expect:

Unsecured loans available from $5,000 to as much as $100,000
APR ranges from 4.99% - 14.24%* APR w/AutoPay, or slightly higher with no AutoPay feature
Loan terms from 24 - 84 months*
No origination fees
No prepayment penalties
Very low advertised rates for well-qualified borrowers
Rate Beat Program available

4. SoFi

LendEDU Rating (4.65 / 5.0)

(Details)

Qualify for a loan as much as $100,000
Fixed rates as low as 6.58% APR
No application or origination fees
No late fees or prepayment penalties
Unemployment protection is available

Check Rate

Estimated APR

6.28% - 14.87%¹

Loan Terms

3 to 7 years

Max Amount

$100,000

Origination Fees

No origination fees

Credit Needed

660

Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

Show Disclaimer

Since beginning in 2011, SoFi (or Social Finance) has grown into one of the best loan companies in the nation. The online lender covers many different types of loans in different industries; for instance, home mortgages, parent financing, personal loans, student loan refinancing, and mortgage refinancing all fall under the SoFi umbrella. One of these services, unsecured loans, competes well by offering competitive interest rates and terms to a wide variety of applicants. Out of all of the personal loan companies that we have reviewed, we have chosen SoFi as one of the best.

If you are looking to get approved, SoFi is one of the best places to start the application process. Borrowers can qualify for financing ranging from $5,000 to $100,000 for any of the standard borrowing reasons. Whether you need a small personal loan or a very large one, SoFi has your back. SoFi can be considered one of the best personal loan lenders now that the company offers both fixed and variable annual percentage rates (APR). Fixed APRs start as low as 6.58%, and the rates max out at 14.87%. The lowest possible variable APR is 6.28% while the maximum variable APR is 12.58%. These are some of the best personal loan rates in the industry!

Five possible payment plans are available. Borrowers can choose to pay back their unsecured personal loans within three, four, five, six, or seven years. Longer plans generally have lower APR while shorter payment plans have higher APR. SoFi adheres to industry standard by offering a no hidden fee application process. In other words, there are no application fees or origination fees on a SoFi unsecured financing. On top of this, there is no prepayment penalty for paying off the debt before the payment plan ends.

There are several aspects of SoFi and its unsecured personal loans that are beneficial to potential borrowers. The first thing to mention is flexibility. SoFi has the most flexible APR package by offering both variable and fixed personal loan rates. Many other online lenders only offer fixed rates on its loans. On top of this flexibility, SoFi has some of the lowest personal loan rates compared to other lenders. SoFi is one of the best places to apply online in 2018!

Another unique aspect of a SoFi unemployment protection. If a borrower loses their job and source of income, then they are eligible for this protection. SoFi temporarily halts payments until the borrower can find a new job; additionally, SoFi even helps its customers find new opportunities in the workplace. SoFi also offers the AutoPay options to borrowers, so they can make each monthly payment without having to go through any trouble.

One last benefit to mention is the application process. Since SoFi makes its name as an online lending platform, it is only natural that its online application takes only a few minutes.

SoFi offers unsecured financing with a few unique aspects compared to other lenders. There are both good aspects and limitations to its unsecured loans. If you are considering SoFi for an unsecured personal loan, then here are a few pointers to keep in mind.

Both variable and fixed APRs are available
There is a $5,000 minimum for unsecured financing
You can get a loan of up to $100,000
5, 7, 10, 15, and 20 year repayment terms
There are five payment plans (3, 4, 5, 6 or 7 years) of moderate length
There is no prepayment penalty
The application process is completely free
SoFi utilizes a credit score-based underwriting system

5. Prosper

LendEDU Rating (4.15 / 5.0)

(Details)

Easy online application
Low interest rate
Single monthly payment
Checking your rate won't affect your credit score

Check Rate

Estimated APR

6.95% - 35.99%⁴

Loan Terms

3 or 5 years⁴

Max Amount

$40,000

Origination Fees

2.4% - 5% of the loan amount

Credit Needed

640

For example a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a *2.41% origination fee for an APR of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $308.54. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 2.41%-5%. Annual percentage rates (APRs) through Prosper range from 6.95% APR (AA) to 35.99% APR (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Show Disclaimer

Prosper is a peer-to-peer (P2P) marketplace lending platform operating exclusively online, which has to date facilitated more than $12 billion in loans. It was the first large-scale P2P online marketplace lending platform, and in some ways paved the way for future P2P lending platforms to enter the marketplace. These days, Prosper offers loans for a variety of purposes, including debt consolidation and healthcare financing. All loans through Prosper remain unsecured, no matter the designated purpose.

A personal loan through Prosper could be as low as $2,000 or as high as $35,000, and is always unsecured. The minimum credit score requirement for a loan is currently 640. Prosper offers only fixed-rate loans. Much like its main competitor, LendingClub, Prosper uses a proprietary formula to gauge how risky a borrower is and assign an interest rate based on that assessment. Borrowers should expect to have their credit score, credit report, income, and debt-to-ratio examined, but all the factors that go into an assessment by Prosper aren’t publicly known.

Annual percentage rates (APR) available through Prosper vary from a low of 6.95% to a high of 35.99%, depending upon the borrower, and Prosper offers 36 and 60 month loan terms.** Like many other P2P marketplace lending platforms, the company makes its money by charging investors an annual servicing fee of 1% and charging the originating bank a marketing fee associated with each originated loan.

Applying through Prosper is easy, and done 100% online. In fact, its website allows borrowers to get an idea of whether they qualify without an impact to their credit score. By entering general information such as the desired loan amount, loan purpose, and rough credit score, Prosper will tell a prospective applicant whether they are likely to get a loan approved, all without impacting their credit score. Of course, a full credit check is still required for a final decision, but this is a helpful way for those shopping for a loan to find out whether Prosper is a likely fit for them. With Prosper, borrowers never pay prepayment fees.

Prosper is offering unsecured loans for almost any purpose, and it’s possible for borrowers to save a lot of money by using a loan through Prosper to consolidate debt or avoid higher-interest options. Here is a summary of what you can expect:

Unsecured loans from $2,000 to $35,000
Fixed interest rate loans only
Borrowers are assigned a proprietary Prosper score that judges their risk factors
No prepayment fees, and a one-time origination fee to borrowers
Fixed APR from 6.95% to 35.99%
Easy online application
Minimum credit score of 640
Better rates for creditworthy borrowers
No joint loan applications

6. Upgrade

LendEDU Rating (4.48 / 5.0)

(Details)

Qualify for a loan as much as $50,000
Rates as low as 6.87%
No prepayment penalties
Credit monitoring tool

Check Rate

Estimated APR

6.87% - 35.97%

Loan Terms

3 or 5 years⁵

Max Amount

$50,000

Origination Fees

1% - 6% of the loan amount

Credit Needed

620

Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements.

Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

Show Disclaimer

Upgrade is a personal loan lender based in San Francisco which launched in April 2017. While the company hasn't been around for very long, two members of the founding team, Soul Htite and Renaud Laplanche, previously co-founded Lending Club, the popular peer-to-peer personal lender. Lending Club is one of the top online personal lenders serving over 2 million U.S. customers and giving out over $28 billion in loans so far. Upgrade is slightly different in that it targets borrowers who don’t have ideal credit and the company gives out the loans themselves.

If you’re interested in getting a loan from Upgrade and your credit isn’t perfect – you’re in luck. Upgrade’s minimum credit score is 620 although their borrowers’ average credit score is 675. They also use alternative underwriting criteria, which means that they look at things outside just your credit score and income to make lending decisions. One of those things is your free cash flow. Upgrade requires that you have at least $1,000 left over each month after you pay all your bills. Free cash flow is different than just your income because it looks at things like how much you pay in rent or for your mortgage, how much you pay in taxes, and the average cost of living where you live. That means that it will likely require that you make more in order to qualify for a loan if you live in an expensive city than if you live in a cheap rural area.

Upgrade makes loans between $1,000 and $50,000 and their term lengths are either 36 or 60 months. How much you will pay in interest will depend on your personal financial situation, but their typical APR is between 6.87% and 35.97%. Upgrade charges a fixed interest rate over the life of your loan. They have a very quick application and it typically takes a day to get your cash after you verify your income and financials. They have no prepayment penalties. Upgrade has a number of unique programs for borrowers. For example, they provide a payment reduction option for people experiencing financial emergencies. They will temporarily or permanently modify your monthly payments. They also have programs that help you improve your credit including a credit score simulator and a credit monitoring tool. They also offer these tools to help people improve their credit score if they don’t currently qualify for an Upgrade personal loan. Upgrade loans are currently not available in Connecticut, Colorado, Iowa, Maryland, Vermont, or West Virginia.

Upgrade personal loans could be a good choice for those who have bad credit. By looking at alternative lending criteria other than just your income and your credit score, they provide an opportunity for people who might not have ideal credit to borrow money or get a more favorable rate.

They also specifically go out of their way to try to make it easier for people to repay their loans if they struggle by offering to reduce their payments if they experience a financial crisis. They also allow you to decide when your monthly payment due date is in order to ensure that it's at a time for that works best for you. Another benefit of Upgrade is that they help you build your credit score whether or not you qualify for an Upgrade Personal Loan.

Upgrade personal loans are a good option you don't have great credit as they might be more likely to lend to you at a lower interest rate than other lenders because they use different criteria to make lending decisions. They also have a number of different programs that will help people who struggle with their debt. They also offer loans for as little as $1,000 to as much as $50,000 – which allows borrowers to borrow just what they need. However, Upgrade offers only two term lengths – which isn’t as many options as other lenders.

Whether Upgrade personal loans is the best personal loan option for you will likely depend on what kind of rate that you qualify for. Some of their personal loan rates are actually quite expensive, and it might not make sense to pay such a high interest rate when you could potentially qualify for a lower interest rates with another lender.

7. FreedomPlus

LendEDU Rating (4.46 / 5.0)

(Details)

Qualify for a loan as much as $35,000
Rates as low as 4.99% APR
Simple online application
Loan decision in as little as 2 - 3 hours

Check Rate

Estimated APR

4.99% - 29.99%

Loan Terms

2 to 5 years

Max Amount

$35,000

Origination Fees

0% - 5% of the loan amount

Credit Needed

640

All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $16,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you qualify.

Show Disclaimer

FreedomPlus Personal Loans is an online lender that looks at more than just your credit score when making lending decisions. The company is based in San Mateo, California and their loans are made by Cross River Bank. The company was founded in 2013 though their parent company Freedom Financial Network started making online loans in 2008.

FreedomPlus Personal Loans focusses on lending to those whose credit score is at least 640 - although the average score of FreedomPlus borrowers is 720. To qualify, you also have to earn at least $30,000 a year and have a debt-to-income ratio as of under 40%, although the average debt income ratio of borrowers is closer to 20%. FreedomPlus Personal Loans offers loans of between $10,000 and $35,000 for term lengths of between 2 to 5 years. Their interest rates start at just 4.99% APR and go up to 29.99% APR. They charge an origination fee of anywhere between 0% and 5%, depending on which state you live in. They have a very simple online application to fill out and they have no hidden fees.

While they decide who to lend to based primarily on traditional lending criteria like your credit score and income, they look at other criteria to set your interest rate. Like with many other lenders, you get a discount if you have a co-signer on your account. But they also have an interest rate discount for those who have a minimum of $40,000 in retirement assets. If you have at least that amount, your interest rate could drop by 2% to 4% - a significant difference! They also provide a discount on your rate if you use at least 50% of the amount of your loan to pay down existing debt. They make loan decisions quickly potentially responding to you within anywhere from 2 to 3 hours. Once you accept the loan and complete the paperwork, you can get money within 48 hours.

Some of the benefits of choosing FreedomPlus include their very quick online application and fast approvals. If you need money quickly, FreedomPlus Personal Loans is a good lender to approach. They make the lending process very easy. The fact that they also have some unique discounts for borrowers is also a benefit. These discounts are connected to factors that they have found increases a borrower’s likelihood to repay their loans and therefore they are willing to pass those savings on. That could significantly decrease the amount you pay in comparison to another lender. For that reason, they might be a good option for you.

Another great thing about FreedomPlus is that they have a relatively low cut off credit score and minimum annual income. This means that more people will potentially qualify for a loan with FreedomPlus.

From their extremely quick online application to the fact that you can get discounts based on being financially responsible, FreedomPlus could be a great lender for those who are hoping to find a bank to lend to them who will look past their credit score and give them a good rate anyways.

Some of the downsides of FreedomPlus loans are that the top end of their interest rate spectrum is quite high at 29.99%. In addition, they charge an origination fee which can be as high as 5%, which is a significant amount. In addition, they do not offer very flexible loan amounts. The lowest amount you can borrow is $10,000, which is a significance amount and more than some people might want to borrow. For these reasons, another lender might be a better choice.

8. LendingClub

LendEDU Rating (4.48 / 5.0)

(Details)

Fixed rates from 6.16% to 35.89% APR
Qualify for loans between $1,000 and $40,000
Choose payment plans up to 5 years
Zero application or prepayment fees

Check Rate

Estimated APR

6.16% - 35.89%

Loan Terms

3 to 5 years

Max Amount

$40,000

Origination Fees

1% - 6% of loan amount

Credit Needed

600

Show Disclaimer

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer. LendingClub is headquartered in San Francisco, California, but connects borrowers and investors across the United States through its online-only lending platform. Only borrowers in Iowa and West Virginia are ineligible to apply, based upon state laws. The majority of loans facilitated by LendingClub are unsecured personal loans used by borrowers to consolidate debt and pay off higher-interest credit cards, although personal loans can be used for almost any purpose. LendingClub now makes auto loans and small business loans, too.

Borrowers who sign up with LendingClub can borrow as little as $1,000 or as much as $40,000 in an unsecured loan, and the APR varies wildly based upon how risky LendingClub considers the borrower. At the time of approval, borrowers are assigned a risk grade between A and G, with an A grade being the safest borrower. APR for the most well-qualified borrowers is currently as low as 6.16%, while those deemed risky by LendingClub could expect to pay as much as 35.89%. This is a large range and your creditworthiness will determine if you qualify for the best rates.

Currently, LendingClub is accepting borrowers with credit scores as low as 600, although they look beyond credit score and also check an applicant’s credit report, calculate their debt-to-income ratio, and consider other factors. In turn, investors get to pick and choose whether they want to invest with a risky borrower and earn a higher rate of return, or invest with a safer borrower with a lower rate. LendingClub makes its money by charging borrowers an origination fee and investors a servicing fee. Loan terms are available up to 60 months, and LendingClub never charges a prepayment penalty for paying off a loan early. It also allows joint loan applications.

One of the best things about using LendingClub is that borrowers can apply for and manage their loan completely online. The website interface for LendingClub is known for being user-friendly, which makes sense considering all of its business is conducted through the website. LendingClub does not yet have an app for borrowers to track their accounts on the go, but borrowers can log in to their accounts using the browser on their smartphones.

LendingClub is a great non-traditional choice for borrowers to obtain an unsecured personal loan, particularly for debt consolidation purposes. Here is a summary of what you can expect:

Unsecured loans from $1,000 to $40,000
Fixed rate loans with easy to understand terms
Borrowers are assessed and assigned a risk grade at application
Origination fees that differ according to risk grade
Fixed APR from 6.16% - 35.89%
Credit score minimum of 600, but with better rates going to well-qualified borrowers
Easy online interface
Loan terms up to 60 months, with no prepayment penalties
Allows joint loan applications

9. Best Egg

LendEDU Rating (4.20 / 5.0)

(Details)

Use a Best Egg loan to pay off credit cards, for home improvements or other unexpected expenses
Personal loans up to $35,000
Apply online in just minutes, have funds in as little as one day!

Check Rate

Estimated APR

5.99% - 29.99%

Loan Terms

3 to 5 years

Max Amount

$35,000

Origination Fees

0.99% – 5.99% of loan amount

Credit Needed

640

*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.

Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

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Best Egg is an online lending platform that provides some of the best personal loans for things like debt consolidation, credit card refinancing, personal expenses, big purchases, or home improvements. To date, over $4 billion in loans has been made to over 250,000 customers. Best Egg has an A+ rating with the Better Business Bureau. Using Best Egg’s online loan application you can check your rate in only a few minutes with no impact to your credit score. Once approved and verified, customers could get their money in as little as one business day. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender.

Applying for a loan from Best Egg is a three-step process. First, you check your rate by filling out an application that takes only a few minutes. If approved, you would select the loan offer that works best for you. After that, you may be required to send verification documents. Once verified, your loan could be funded in as little as one business day. Best Egg offers fixed rate loans with either 3 or 5 year repayment terms, but since Best Egg does not charge a pre-payment penalty, you can repay your loan in a shorter amount of time if you want. Best Egg allows you to borrow anywhere from $2000-$50,000 and you can hear back from them in as little as a few minutes. Best Egg charges interest rates that can range anywhere from 5.99% to 29.99% depending on your credit and the specifics of your loan and also charges an origination fee which is anywhere from 0.99% to 5.99%. The origination fee on a 5 year loans is at least 4.99%.

Best Egg considers a number of things when deciding whether to lend to you including the information on your loan application, information from credit bureaus, your credit score, and your debt-to-income ratio. Best Egg loans are designed for people who have strong and good credit histories.

One of the benefits of a Best Egg loan is that you can quickly apply and get an answer within minutes. Also, the fact that you might be able to get your money quickly is a huge benefit for those who are experiencing unexpected expenses and need their money ASAP. Another benefit of Best Egg is that you can borrow up to $35,000, which is more than many online lenders usually allow. Also, there are no hidden fees or pre-payment penalties.

Best Egg offers quick personal loans with competitive interest rates. Best Egg charges origination fees, which consumers should think about before applying. Best Egg’s origination fee can be as high as 5.99%. In addition, the interest rates at Best Egg can range up to 29.99%. Ultimately, Best Egg is a good option for an online loan if you can qualify for a low interest rate from them. We always recommend that consumers compare all available options to find the best option for their unique circumstance. Whether or not it makes financial sense to choose a Best Egg loan depends on your personal financial situation and the interest rate that you qualify for with Best Egg.

Fixed rate terms of 3 or 5 years are available
There is a $2,000 minimum of unsecured financing, however minimum loan amounts vary by state
You can get a loan of up to $35,000, but offers up to $50,000 may be available for qualified customers
There is no prepayment penalty or hidden fees
There is an origination fee of between 0.99% - 5.99%
The application process is completely free
The application process is completely free
The Annual Percentage Rate (APR) ranges from 5.99% - 29.99% and will depend on your credit score

10. Avant

LendEDU Rating (4.63 / 5.0)

(Details)

Qualify for loans between $2,000 and $35,000*
Choose payment plans from 2 to 5 years**
Checking your loan options won't impact your credit score

Check Rate

Estimated APR

9.95%-35.99%*

Loan Terms

2 to 5 years

Max Amount

$35,000

Origination Fees

Up to 4.75% of loan amount

Credit Needed

580

* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. Avant branded credit products are issued by WebBank, member FDIC.

For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

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Founded in 2012 and previously known as AvantCredit, this company has provided access to over $4 billion in personal loans to date. It has focused on building a proprietary formula to judge a borrower’s creditworthiness, utilizing advanced algorithms and analytical tools. By doing so, it claims to be a more discerning lending platform able to determine a borrower’s likelihood of satisfactory repayment. Currently, personal loans through Avant are available in most, but not all, states. Avant is seeking to redefine the way it assesses borrowers in the application process, but most of the terms offered to borrowers remain fairly standard in terms of lending options.

Fixed APR ranges from a low of 9.95% for the most well-qualified borrowers up to a high of 35.99% for riskier borrowers. Avant does not offer access to variable rates. Since their internal process for applicants is secret, it’s not always easy to judge how likely a borrower is to be approved, but many of the general lending guidelines apply. Borrowers with higher credit scores, low debt-to-income ratios, and stable income are more likely to be approved and have access to higher credit amounts.

A personal loan through Avant can be used for most consumer purposes and isn’t limited to credit card debt consolidation. The loan terms range from 24 to 60 months and from $2,000 to $35,000. The minimum amount of $2,000 is very low compared to other traditional lenders, and makes Avant a great choice for those who need access to a small personal loan. Although the final approval process can take days, if a borrower is approved their funds could be deposited into their bank account as soon as the following business day. Personal loans through the Avant platform are charged interest and an origination fee, but no prepayment fees. Interestingly, Avant does not publicize a minimum credit score, although its website says most borrowers have credit scores between 600-700.

Although the full application process might not be instant, most borrowers can expect a provisional decision within 15 minutes of applying through Avant’s easy to use website. Avant also has an app for smartphone users. The app allows borrowers to manage their loan from their smartphone, including seeing upcoming payments and payment history. Users can even adjust their payment or make additional payments through the app.

Avant is a good choice offering some unique benefits and a mobile app with lots of options for managing borrowers’ loans. Here is a summary of what you can expect:

Unsecured loans available from $2,000 to $35,000*
APR ranges from 9.95% - 35.99%*
Loan terms are available from 24 months up to 60 months**
Origination fee of up to 4.75%
Proprietary application process
Possible minimum score of 580
Easy to use mobile app for tracking and paying loans
Checking your loan options won't impact your credit score

11. Upstart

LendEDU Rating (4.43 / 5.0)

(Details)

Rates as low as 8.69% APR for fixed rates
Qualify for loans between $1,000 and $50,000
Choose between payment plans of 3 or 5 years
Zero application or prepayment fees

Check Rate

Estimated APR

8.69% - 29.99%

Loan Terms

3 or 5 years

Max Amount

$50,000

Origination Fees

0% - 8% of the loan amount

Credit Needed

620

Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender's range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender's Terms and Conditions for additional details.

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Upstart found its start recently in 2012 when ex-Google employees decided to create a tech-lending platform. Upstart is unique because it incorporates a peer-to-peer lending system which breaks from traditional companies. Peer-to-peer lending means anyone can invest in a loan application, so this means that borrowers are funded by multiple individual investors instead of Upstart itself. The tech peer-to-peer lending platform specializes in unsecured personal loans which is its main product.

Borrowers looking for an online personal loan from Upstart can expect funding for anywhere between $1,000 and $50,000. This is a standard range compared to many competitors. Like the other best companies, you can obtain both large and small personal loans. Upstart uses a peer-to-peer system, there is a wide range of potential fixed APRs during financing. The minimum APR starts at 8.69% and can run all the way up to 29.99%. The qualifying rate is determined by Upstart’s underwriting process by taking into account credit score and other data points. Only those with the highest credit scores will be approved for the best personal loan rates.

Upstart only offers two different possible payment plans during the financing process. Borrowers can choose between either three or five years to pay back a personal loan. There is no threat of a prepayment penalty for those who decide to pay off debt sooner rather than later. This is a standard feature of many personal loan lenders.

Upstart works with one of the best personal loan servicers that boasts the progressive underwriting process that utilizes multiple sources of information. Plainly put, it is not dependent solely on credit score. It utilizes data such as current and future earning potential, education history, and job history. This is great news for people with sub-par credit because they can qualify for some of the best personal loan interest rates than offers from other lenders.

Another credit to Upstart that deserves mentioning is the online application process. While this is somewhat standard among tech-lending platforms, the application is fast and easy. It takes roughly two minutes to complete, and borrowers can see their interest rates immediately. In addition to a super quick application process, Upstart guarantees next day loan disbursement. Only a few companies match this speed which makes Upstart a great choice for someone in dire need of funds. Another positive of borrowing from Upstart is the AutoPay feature for its unsecured personal loans. Borrowers can set up AutoPay which deducts from a selected account and saves the borrower a monthly hassle when repaying on an installment basis.

Whoever may be looking at Upstart for an unsecured personal loan would do well to consider some of these points. Borrowers can qualify for some solid loan options, but there is also room for less than desirable possibilities.

Peer-to-peer lending system
Innovative underwriting process
Possible loan options: $1,000 to $50,000
APR range: 8.69% - 29.99%
Three or five year payment plan options
No prepayment penalty
Next day loan disbursement

12. Payoff

LendEDU Rating (4.22 / 5.0)

(Details)

Rates as low as 5.99% APR for fixed rates
Qualify for loans between $5,000 and $35,000
Choose payment plans from 2 to 5 years
Zero application or prepayment fees

Check Rate

Estimated APR

5.99% - 24.99%

Loan Terms

2 to 5 years

Max Amount

$35,000

Origination Fees

0% - 5% of loan amount

Credit Needed

640

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Founded in 2009 and based in Costa Mesa, California, Payoff is a peer-to-peer (P2P) online lender that focuses on helping its borrowers consolidate and get rid of credit card debt. The company begun as an online portal that incorporated social media aspects to encourage and support people paying off their credit cards, and has evolved into a true P2P lender connecting investors with borrowers. One thing that sets Payoff apart from many other P2P online lenders is the fact that Payoff focuses exclusively on debt consolidation loans. To date, the company has helped refinance more than $100 million in credit card debt for its borrowers.

A borrower with Payoff can expect a fixed APR between 5.99% – 24.99%, with actual interest rates between 5.94% - 22.60%. No variable rates are available. Available loan terms come as short as 24 months or as long as 60 months, and amounts available range from a minimum of $5,000 to a maximum of $35,000. If you need a very small personal loan, you may have to look elsewhere.

Payoff’s origination fees vary according to loan term, as opposed to the creditworthiness of the borrower. Expect to pay an origination fee between 0-5% depending upon whether the length of the loan is 24, 36, 48, or 60 months, respectively. The good news is, the origination fee is all that the borrower pays other than interest. Payoff states that they have eliminated all other common fees, including application fees, late fees, and prepayment fees from their loans.

According to a study of Payoff users between March and July 2016, the average borrower saw a 40 point uptick in their FICO score within two months of receiving a Payoff Loan if they used it to pay off at least $5,000 in credit card debt. The minimum FICO score required by Payoff is 640, which makes it one of the P2P companies with the highest minimum score requirement.

Payoff has favorable reviews online from their borrowers, and is one of the more flexible P2P lenders. They’ve also eliminated late fees. If you experience a sudden financial hardship, such as unexpected job loss, Payoff claims it will work with you to adjust your payments and avoid defaulting on your Payoff loan. Not only that, Payoff offers extra services such as resume review and interview advice.

They also offer a streamlined application process that allows prospective borrowers to link their bank accounts to Payoff instead of independently uploading supporting documents for proof of income and resources. Payoff borrowers receive free monthly FICO score updates to help them stay on top of their credit score as they pay off their loan.

Payoff offers some services other P2P lenders can’t match, such as flexible payments during job loss, but is more limited than most other P2P lenders because it only offers personal loans for the purpose of credit card debt consolidation. Here is a summary of what you can expect:

Unsecured loans from $5,000 to $35,000
Loan purpose is limited to debt consolidation
Fixed interest rates only
Easy application process
Origination fees that vary according to length of loan term
APR from 5.99% - 24.99%
Credit score minimum of 640
Loan terms up to 60 months

13. LendingPoint

LendEDU Rating (4.15 / 5.0)

(Details)

Specialize in lending to those with at least 600 credit score
Qualify for loans between $3,500 and $20,000
Choose between payment plans of 24 to 48 months
No prepayment penalty

Check Rate

Estimated APR

17.47% - 34.99%

Loan Terms

2 to 4 years

Max Amount

$25,000

Origination Fees

0% - 6% of loan amount

Credit Needed

600

Show Disclaimer

LendingPoint is an online lender that offers affordable personal loans to people who might have trouble getting approved for loans at reasonable interest rates otherwise. They target customers whose credit scores are ‘NearPrime™’ and specialize in lending to people with a credit score of at least 600 and a salary of $20,000 or more. LendingPoint uses alternative underwriting criteria that considers more than just your credit score. They decide whether or not to lend to you based on a number of other factors including your employment status, your current debts, your current delinquencies and bankruptcies, any charge-offs you have in the last 12 months, open tax liens, earning potential, and your debt-to-income ratio. LendingPoint is headquartered in Kennesaw, Georgia and was founded in 2014.

LendingPoint offers personal loans of between $3,500 and $20,000 with loan terms that range from 24 to 48 months. Their interest rates are fixed and they charge between 17.47% and 34.99% APR - depending on your credit and financial situation. They have an origination fee that varies from state to state, but can be as little as 0% or as much as 6% of your loan. Their online application is quite easy to fill out and you can potentially hear back from them within minutes and get funded as soon as the next business day.

Other than their alternative underwriting criteria that looks at your full financial picture, another thing that distinguishes LendingPoint from other online lenders is that you have more flexibility in your repayment. They have an option of two scheduled monthly payments rather than just one which makes it easier to budget for your loan and can reduce how much interest you’ll pay over the life of your loan. As of July 9th, 2018, LendingPoint currently operates in 34 states including Alabama, Alaska, California, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, South Carolina, South Dakota, Utah, Washington, and the District of Columbia.

LendingPoint is a relatively good option for personal loans for those who have a reasonably good credit history, but are not prime borrowers. If your credit score is between 600 and 700, then their products are designed with you in mind and you might get a lower rate than you would elsewhere for that reason. They offer competitive interest rates and the opportunity to borrow more than you might be able to from other lenders. One key benefit is that they look at more than just your credit score not just when deciding whether to lend to you but also in setting your interest rate. That means that you might pay less or that if you've been turned down for loans from other lenders, you might be able to get a loan from LendingPoint based on other broader aspects of your financial and credit history.