A personal loan is a great tool that provides you access to much-needed cash when you need it for a set period of time. Unlike credit cards or lines of credit, the interest rates offered through personal loans are lower and more attractive. They’re also fixed which means that you can easily account for it in your budget of monthly bills. Best of all, these are unsecured loans which means that it requires no collateral. The only problem is, which personal loan will give you the best deal? If you don’t have the time to shop around, we’ve got you covered. Below are the 10 best unsecured personal loans available online.
*Please note that while we do everything in our power to provide accurate information with recommendations that we came up with during our research, this article does not constitute financial advice. As of now we do not earn any revenue from you clicking and buying anything from any of these companies, however we do plan to add that feature.
Top 10 Personal Loan Companies Of 2020 Reviewed
1. LightStream
Best Personal Loan Rates For people with good to excellent credit, your best bet for a personal loan is LightStream. You can pretty much use the money from the loan to finance almost anything. You can use it for home improvement, a car purchase, medical costs, preK-12 education, weddings, vacation, adoptions, or debt consolidation. One of the best thing about LightStream is that it tailors the rate based on the purpose of the loan. No other lender does this. What this means is that you may qualify for a home improvement loan for 4.99% or an unsecured auto loan for 3.09%. Debt consolidation will result in a higher interest rate, starting around 5.49%, because it has a higher risk compared to the purchase of a new car.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 3.09% to 14.24% with AutoPay; 3.59% to 14.74% without AutoPay |
2 to 7 years | $5,000 – $100,000 | None | 660 |
Another great feature offered by LightStream is their Rate Beat program where they will beat their competitor’s interest rate by 0.10 percentage point. Of course, this comes with the condition that you were approved for a regular fixed rate loan that features the same terms, purpose, amount, and repayment option.
If you plan on using the personal loan for home improvement, you may be able to qualify for an extended loan period of up to 12 years without any home equity requirements as long as you have excellent credit. This can enable you to easily make monthly payments for expensive projects such as pool installation. Plus, if you choose autopay, you get a 0.50% discount applied to your interest rate.
2. SoFi
Best Personal Loan For Excellent Credit Individuals with strong credit, at least 660, can avail of personal loans with favorable rates and perks from SoFi. It’s like this elite club of borrowers who are able to enjoy low-interest rates as well as career support and financial advice through an online forum and social events around the country.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| Fixed: 5.950% APR to 14.490% APR (with AutoPay)
Variable: 5.825% APR to 14.365% APR (with AutoPay) |
3 to 7 Years | $5,000 – $100,000 | The late fee is the lesser of 4 percent of the payment due or $5. Only applies if payment is more than 15 days late. | 660 |
One of the best things about this online lender is its Employment Protection program. If you lose your job through no fault of your own, the lender will suspend your monthly payments and even provide you with job placement assistance. The career support provided to their borrowers include career coaching and networking events.
While credit score is a criterion, it isn’t the only factor that SoFi weighs when considering a borrower. According to them, your creditworthiness is determined by your free cash flow – how much money you have after you’ve paid all your expenses. This means that you will most probably get the best rates if you have a high income. You can opt between fixed rates and variable rates, something you don’t usually see with online lenders. Variable-rate loans are perfect for short-term loans as the rate is typically lower and there’s less chance for it to change due to market fluctuations.
One of the other perks you can avail from SoFi includes discounts. If you opt to pay with Autopay, you can get a 0.25% discount on your interest rate. If you already have a SoFi loan, you can avail of a 0.125% Member Rate Discount on another kind of loan from them. Another perk is the flexible payment options which means you can change payment due dates. Best of all, SoFi does not charge any fees – prepayment penalties, overdraft fees, and origination fees. You will incur a late fee of 4 percent of the payment due or $5, whichever is lesser. This only applies if the payment is more than 15 days late.
3. LendingClub
Best Personal Loan With Co-singer The LendingClub is one of the biggest peer-to-peer lending platforms. In fact, it was one of the pioneers in this industry. As a peer-to-peer platform, the site connects borrowers with people or investors who are willing to fund the loan. The company is responsible for screening the borrowers and assigns them a grade based on their credit score and income data. This grade will help determine the range of interest rates that you are preapproved for. Borrowers are given a number of offers from which they can choose from. Once you choose, the loan will be listed. The grade is then also used by investors to determine whether or not they want to fund the loan.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 5.99% – 35.89% (4.99% with excellent credit) | 3 or 5 years | $1,000 – $40,000 | Origination fee of 1% – 6% of loan amount; Late fee is $15 or 5 percent, whichever is greater; $15 returned payment fee; $7 check processing | 600 |
What people love about the LendingClub is that it opens the chance for people with only a fair or average credit score to get a loan without collateral. And the lowest interest rate it offers is actually at par with some of the lenders who require a much higher credit score for their borrowers. However, you will be required to meet other criteria such as a minimum credit history of 3 years and a debt-to-income ratio of less than 40% for single applications and 35% for joint applicants.
Speaking of joint applicants, LendingClub is one of the few that allow joint applications. In order to qualify for the loan, one of the borrowers will have to meet the credit score criteria of 600 or more. The other borrower can have a credit score as low as 540. Another criteria for this kind of application is that the combined debt-to-income ratio of the applicants should not exceed 35%.
Another thing that makes this online lender stand out is its Direct Pay Loans program. This enables certain borrowers to qualify for a loan IF they agree to use a part of the loan to pay off existing creditors directly. The borrowers can choose to pay up to 80% of their loan amount which may reduce their debt-to-income ratio.
For borrowers who need the money fast, you may need to consider something else. The LendingClub takes a few days (around 6 days on average) after approval to wire the money. And unlike our two previous lenders, the LendingClub charges fees. But if you make on-time payments, you shouldn’t worry about late fees and unsuccessful payment fees. In fact, you’ll be happy to know that this lender reports your payments to all three credit reporting agencies which will mean good things for your credit score.
4. Prosper
Prosper is also a peer-to-peer lending platform like the LendingClub. Again, borrowers will be matched to investors who want to fund their loan as an investment. The platform performs the evaluation and provides offers to the borrower from which he can choose from. The borrower is also given a rating (a risk-to-return ratio) based on various data points including credit history. Only the investors can see this rating. It is up to an investor if he wishes to fund the loan.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 5.99% – 35.99% | 3 or 5 years | $2,000 – $35,000 | Origination fee of 1% – 5% of loan amount; fees for late payment and unsuccessful payment | 640 |
Prosper has similar rates compared to the LendingClub, starting at 5.99%. However, this platform has a higher credit score requirement, 640, and a smaller range of loan amounts. Borrowers must also have a minimum credit history of two years and a debt-to-income ratio no more than 50% (excluding mortgage).
What we love about Prosper is that there is no restriction on what you can use the loan for. Also, there are no prepayment penalties so if you have the money, you can make additional payments anytime to lower your balance. To help you become financially responsible as well as to stay transparent, you can easily track the progress of your loan online through your account.
Unfortunately, Prosper is not available in some states, namely Iowa, North Dakota, and West Virginia. So if you live in any of these states, you will have to opt for a different lender. Also, you will be required to pay an origination fee of 1 to 5%, depending on your credit score. The fee will be deducted from your loan amount. You’ll need to make sure that you account for this when requesting the loan amount.
5. Upstart
Best Personal Loan For Students Another peer-to-peer lending site, Upstart gives borrowers who have a short credit history and work history a chance to finance their future. In short, it enables young individuals who have good credit but not enough history to back them up as good risks or are new to credit but have a high earning potential. How are they assessed then? Well, Upstart considers their credit score if they have it as well as their college degree, the area of study, employment, and income.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 7.43% – 29.99% | 3 or 5 years | $1,000 – $50,000 | Origination fee of 0% – 8% of loan amount. ACH return check fee $15; Late fees: 5 percent of the monthly amount due or $15, whichever is greater | 620 |
The minimum requirements also include having no bankruptcies, tax liens or civil judgments; having a regular job (part-time or full-time) or source of income with an annual income of at least $12,000 OR a full-time job offer letter starting in 6 months, and a debt-to-income ratio of 45% or below.
While there are no restrictions on how you can use the money, there is a minimum loan amount restriction in certain states. Ohio has a minimum loan amount of $6000 and $7000 in Massachusetts.
What sets Upstart apart from other lending platforms is its partnership with over 12 coding boot camps. If you’re a college graduate that has been accepted by one of these partners, you may qualify for a loan to pay for the tuition even if you don’t have a regular source of income.
6. Earnest
Earnest is another online lender that uses your educational background as well as your work history when considering your application. Unlike Upstart, however, you will need a good credit score even if you have a short credit history. This lender also considers your saving habits and earning potential when qualifying you for a loan.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 5.49% – 18.24% | 3 to 5 years | $5,000 – $75,000 | Fee for unsuccessful payment | 680 |
What makes Earnest stand out is that they allow the borrower to determine how much they want to pay per month and calculates the interest rate from there. This way, it reduces the chances of late payments and defaults. Another great feature of this lender is that the cap on the APR is 18.24% which is a big deal for people who are new to credit.
Another feature that makes Earnest an ideal choice for some is that it has no origination fees, prepayment penalties, and late fees. You can move your payment date anytime within the loan period as long as it is not more than 6 days past the due date.
One thing to take note is that you cannot use this platform if you live in Alabama, Delaware, Kentucky, Nevada or Rhode Island. Also, you can’t use the loan for college tuition, business capital, or in real estate.
7. Payoff
Best Personal Loan For Credit Card Debt Unlike all our other picks, Payoff is a personal loan lender that is strictly for paying off your credit card debt. By using Payoff, you can potentially increase your credit score by 40 points. And you don’t have to worry about any fees except for the origination fee which will depend on the term of your loan.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 8.00% – 25.00% | 2 to 5 years | $5,000 – $35,000 | Origination fee of 2% to 5% of loan amount. No late fee. | 640 |
To get approved, you’ll need a good credit score, a debt-to-income ratio of 50% or less, a credit history of three years, 2 lines of credit that show on-time payments, and 0 current delinquencies.
One thing that we love about Payoff is that it helps people stay disciplined about their finances while enabling them to pay off debt. It has member advocates who will help you stay on track and give you financial guidance along with tools and other resources.
Along with that, Payoff gives you the option to defer, skip, or change payment date if you are experiencing hardship as long as you work with their representative in coming up with a plan to stay on track. And because it has partnered with Alliant Credit Union, First Tech Federal Credit Union, and Technology Credit Union, you can access your FICO score monthly for free.
Unfortunately for residents of Massachusetts, Mississippi, Nebraska, Nevada, Ohio, and West Virginia, Payoff isn’t available in their states.
8. Best Egg
If you have good credit and need the cash quickly, Best Egg is your best bet. It can fund your loan within a day, deposited directly into your bank account.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 5.99% – 29.99% | 3 or 5 Years | $2,000 to $35,000 | Origination fee ranges of 0.99% – 5.99%; $15 for a late payment and $15 for a returned payment | 640 |
Like some lenders, Best Egg charges an origination fee which is deducted from your loan amount at the onset so you don’t need to worry about it costing you more in the long term or requiring you to pay something out-of-pocket. However, you will need to factor that fee when requesting your loan amount. There are no prepayment penalties though you will be charged a $15 late fee after three days of your missed payment date. You will also be charged a fee of $15 for insufficient funds.
In comparison with other lenders, Best Egg doesn’t offer a lot of perks except for the option of changing your due date and the payment options which include electronic funds transfer, online, snail mail, or Western Union Quick Collect. Basically, if fast funding is what you’re looking for, then go for this lender. Otherwise, feel free to shop around more.
9. LendingPoint
Best Personal Loan For Fair Credit Those with average to bad credit scores can still get a personal loan at lower interest rates with LendingPoint. It only requires a credit score of at least 600, a minimum annual income of $20k, and a debt-to-income ratio of less than 35%.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 17.47% – 34.99% | 2 to 4 Years | $2,000 and $25,000 | Origination fee of 0% to 6; late fee is $30 after 15-day grace period | 600 |
Those with average to bad credit scores can still get a personal loan at lower interest rates with LendingPoint. It only requires a credit score of at least 600, a minimum annual income of $20k, and a debt-to-income ratio of less than 35%.
Unlike other online lenders, LendingPoint will use other factors when considering you for a loan. These include credit history, credit card debt, employment status, current delinquencies and bankruptcies, charge-offs in the last 12 months, and open tax liens.
What borrowers love about this lender is the ability to customize your repayment options such as choosing your payment schedule (every other week, every 28 days, or monthly). This means you can easily budget your payments and avoid late fees. You can also choose when to pay the origination fee – upfront or included in the interest. Also, there is no restriction on what you can use the money for, whether it’s to pay for student loans or increase business capital.
10. Avant
Best Personal Loans For Bad Credit Those with even lower credit – 580 – don’t have to resort to payday loans for money. Avant offers loans to individuals with a minimum credit of 580 and has a gross annual income of at least $20k.
| APR | Loan Term | Loan Amount | Fees | Minimum Credit Score |
| 9.95% – 35.99% | 2 to 5 years | $2,000 – $35,000 | Origination fee is 4.75%. $25 late fee. $15 returned payment. | 580 |
Aside from servicing people with bad credit, Avant stands out because of its late-fee forgiveness policy. A late payment will incur a $25 late fee but if you follow that up with three on-time payments in a row, that late fee will be refunded to you.
Another great thing about this lender is how fast it can disburse funds, as soon as the next business day. In addition, the origination fee is fixed at 4.75%. It will not vary no matter how low your credit score is.
Take note that if you live in Colorado, Iowa, and West Virginia, you aren’t eligible to apply.
How to Choose the Best Personal Loan; The Ultimate Buying Guide
Financial planners will tell you that it’s not wise to use personal loans to solve a financial situation such as home renovation, a vacation, or a large purchase such as an appliance. It’s better to save the money first before incurring the expense. While that is great in theory, it isn’t always possible in practice.
For a lot of us, a personal loan provides us with an influx of cash when you need it at a much lower interest rate for a fixed amount of time compared to a line of credit or credit card. Another great thing about personal loans is the fact that there are a lot of lenders in the market for you to choose from. The only problem would be in finding the one that would provide you with the best rate and terms. With the right lender and terms, you can get your money and potentially save thousands of dollars as well. This guide should help you learn all about personal loans including how to find lenders, what are the right terms and rates, and what the requirements are for getting one.
What is a Personal Loan?
A personal loan is an installment loan that you can take out for any personal reason, hence the name. While you may be required to state the reason why you’re applying for the loan, theoretically you can use it for any purpose you want. In contrast, mortgages and auto loans are installment loans that are earmarked for specific purposes.
Most personal loans are between $1000 and $5000 with the term between two to five years, all of which depend on your creditworthiness. Now, once you’re approved for the loan, you will get the entire loan amount up front. Payments will be due on a monthly basis until the term is finished. Because this is an unsecured loan, there’s no need to provide collateral. For the same reason, the interest rate is higher than the secured loans. There are 21.1 million outstanding personal loans in the US.
Should I Get a Personal Loan?
Good question. As we’ve mentioned before, financial planners will advise you to refrain from getting a personal loan for anything other than an emergency or for consolidating high-interest debt. A personal loan is also a good option if you’re a business owner who needs to pay his suppliers before payments from customers come in. But if you’re planning on having a wedding or taking a vacation, then it would be infinitely wiser for you to just save up until you have enough money to spend. The same goes for purchasing big ticket items such as appliances.
For home repairs, you may choose to go with a personal loan if you aren’t willing to risk your house. But remember, the terms are better and the interest rate is lower for home equity loans because there’s less risk to the lender. This could mean a lot of savings for you as long as you’re able to keep up with payment. Basically, taking a personal loan is the sensible option if you want to save money on interest or you don’t want to put up an asset such as your house at risk.
Personal Loans vs Payday Loans
Some people often mistake that these two loans are the same but that’s not the case. Payday loans are short-term loans with very high-interest rates, ranging from 400 to 700 percent APR. The amount is usually limited to several hundred dollars. As the name implies, the loan is due on the borrower’s next payday which is typically 14 days (two weeks) from the date of the loan to as long as 45 days. On the due date, you will need to pay the loan amount in full along with interest. Typically, once a borrower is approved, he/she will need to give a check to the lender that he will deposit on the due date or provide access to his/her bank account.
Compared to personal loan lenders, the payday lenders are not allowed to operate in certain states such as New Jersey, New York, and North Carolina. Also, not all of them are licensed and, therefore, trustworthy. Because you provide access to your bank account, you’ll need to ensure that the payment is there before the lender gets his money. Otherwise, you risk getting overdrawn, incurring bank fees that will just add to the already large amount of debt you owe.
Are There Risks When Taking Out a Personal Loan?
Personal loans are not risk-free. Upon receiving your application, the lender will have to check your credit. Now, there are two ways for him to do this. One is a soft inquiry. With a soft inquiry, the credit check will not be counted negatively against your score. This is typically done when you are preapproved for a loan or credit card. It also occurs when someone does a background check on you or when you check your own score from sites like MyFICO and Credit Karma.
A hard inquiry, on the other hand, occurs when a lender checks your credit report in order to decide whether you should get approved. Some examples include applying for a credit card, auto loan, or mortgage. This type of inquiry can slightly lower your credit score and typically stay on your credit report for two years.
What does this mean to you? If you’re going to be shopping for a personal loan, it would be best if you check your credit score and send applications only for those loans that you will most likely get approved on. Be consistent with the requested amount for the loan. Also, you’ll want to finish your shopping within a month. This is because credit bureaus will be able to pick up on the fact that you’re only shopping around for the best terms and rates. Because of that, they will combine multiple hard inquiries made to your credit report into one, as long as they were all done within a certain period of time, typically a 14 to 45-day window.
Another risk you take on when getting a personal loan is the risk of default. If you are unable to make payments on your loan, you may default on the loan. Defaulting can seriously damage your credit because the loan can go to collections which will stay on your credit report for years. This will make it harder for you to borrow money in the future. Not to mention, expensive.
What are the Requirements for a Personal Loan?
The most common requirements for a personal loan include:
- Minimum Credit Score: most lenders will require that you have a fair to good credit score when you apply for a personal loan. Each lender has different cutoffs on what makes a credit score fair or good. In general, anyone who has 720 or higher has excellent credit while 690 to 719 is considered good credit. 630 to 689 is considered fair or average credit while 629 and below is bad credit. Keep in mind that the higher your credit score is, the lower the interest rate will be.
- Clean credit history: defaults, collections, or bankruptcies in your credit report will definitely not be in your favor. You may not get approved but if you do, be prepared for a really high-interest rate.
- Stable income: a lender needs to know that you have the ability to pay for the loan over time. If you don’t have a steady source of income, it could mean late payments or default on the loan.
- Proof of identification: the lender wants to make sure that you really are the one asking for a loan. This is because identity theft is a common occurrence.
How to Apply for a Personal Loan?
- Step 1: check your credit score. Doing this will give you an idea of whether you meet any lender’s criteria.
- Step 2: determine how much you can afford to pay. Check your monthly personal or monthly family budget to see how much you can spare to pay for the loan. This will help you in choosing which lender is offering the best deal for you. A low-interest rate wouldn’t matter at all if you can’t afford the monthly payment. You could end up defaulting on the loan and damaging your credit. Longer terms may not be ideal because these tend to have higher interest rates. However, these have lower monthly payments which could be a better fit for your budget.
- Step 3: get pre-qualified for a loan. Make sure that the lender will only perform a soft inquiry. With pre-approved offers, you’re able to see what kind of rates you’re liable to get. Take note that there is no guarantee that you will be approved when you submit a formal application or that you will get the interest rate you were initially given.
- Step 4: shop around. Look over the offers and compare the amounts, interest rates, monthly payments, APR, origination fees, etc. Also, check the fine print in the offers. See what benefits are offered by the lender such as no prepayment penalties, etc.
Who are the Lenders?
There are several organizations that offer personal loans. First of all, banks. Not a lot of banks offer unsecured personal loans. The ones that do require borrowers to have good credit. However, if you are a customer of that bank, you may be considered. If you’re a customer in good standing, you may even get lower rates.
You can also get a personal loan from a credit union. These not-for-profit financial institutions require you to become a member first which also means you must be studying, working, or are located in a specific area that they are serving. With credit unions, borrowers can apply for a small personal loan (less than $2500) with lower interest rates and more flexible terms. Even those with bad to average credit can be considered.
Online lenders are the most conventional lenders because you can shop around and get answers to your questions while sitting in the comfort of your own home. Even better, competition is so fierce among online lenders that often have benefits or features you are unlikely to see with the traditional lenders such as flexible payments or waiving of a late fee, etc.
How to Choose a Lender?
Below are the factors you’ll need to consider when shopping for the best lender.
Interest Rate
Your interest rate could be a fixed one or a variable one. A fixed rate will stay the same throughout the duration of the loan. A variable one will change depending on the fluctuations in the market. Most variable rates are lower than fixed rates but there is a chance that you’ll end up with a higher interest rate sometime in the future while you’re still repaying the loan.
Annual Percentage Rate
The APR is the overall rate of the loan which includes the monthly interest rate plus any extra fees you’ll be paying such as origination fees. This is one of the best ways to compare each of the rates offered to you.
Loan Terms
Each lender’s terms may vary from how much they will lend to the limitations on what you can use the money for. Each lender also has a minimum and maximum loan amount which means you can only consider those who can meet your amount. For example, the LendingClub has a maximum loan amount of $40,000 while SoFi has a maximum of $100,000. If you need to borrow $60,000, then you need to only consider lenders who can offer that amount. No lender will ever make a personal exception to increase their maximum amount.
Aside from the amount, lenders will also have limitations on their loan periods. Typically, the loan period ranges from two years to seven years. But the loan period may extend far longer if the amount you borrow is larger. For example, LightStream offers an extended loan period of 12 years for loans amounting to $25,000 and above, provided you meet certain conditions.
Some lenders place restrictions on how you can use the money. For example, Payoff will only issue personal loans that will be used to pay off credit card debt. Don’t lie in your application because this could be seen as loan fraud which may result in larger fees or extra charges.
- Discounts: some lenders such as SoFi provide a discount on the interest rate if you sign up for automatic payments. The discount can range between 0.25 to 0.5 percent, depending on the lender.
- Fees and Penalties: As strange as it may seem, some lenders will charge you a fee if you payback the loan too early or ahead of schedule.
You can incur a fee if you’re late in making a payment. Avant and Upstart are two of our picks that will charge you a late fee. Though some lenders may waive that late fee so it’s best to check if your preferred lender does that. Autopay is a good option if you always forget to pay on time. If the lender tries to withdraw the payment and the amount inside the account is insufficient, you may also incur a minimal fee for the returned payment.
A prepayment or origination fee is charged by most lenders. This could range from 1 to 6 percent, depending on your credit score. This fee is charged to pay for the cost of research that was done by the lender for your loan approval. Two of the few lenders that have no origination fee is SoFi and LightStream.
Repayment Options
Some lenders will automatically withdraw the payment from your account. Others may offer a variety of options including check by mail and online payment. Some like Best Egg allows you to change the due date of your payment which can help you avoid missing a payment, incurring a late fee, and damaging your credit score.
Extra Features
Some lenders provide consumer-friendly features such as paying the loan amount directly to your creditors, eliminating that extra step for you. Others will allow you to return the entire loan amount within a certain period of time (i.e. 30 days) with no interest and extra charges if you change your mind once the loan has been finalized. If you lose your job through no fault of your own, SoFi will temporarily suspend payments and provide you with an employment assistance program to help you get another job.
Some lenders such as Avant will report your on-time payments to credit bureaus so you can raise your credit score. Some will waive an occasional late fee while others will let you skip a payment if hardship arises.
Comparison Table (the 3 Top Online Lenders):
| LightStream | SoFi | LendingClub | |
| APR | 3.09% to 14.24% with AutoPay; 3.59% to 14.74% without AutoPay |
Fixed: 5.950% APR to 14.490% APR (with AutoPay)
Variable: 5.825% APR to 14.365% APR (with AutoPay) |
5.99% – 35.89% (4.99% with excellent credit) |
| Loan Amount | $5,000 – $100,000 | $5,000 – $100,000 | $1,000 – $40,000 |
| Loan Terms | 2 to 7 years | 3 to 7 Years | 3 or 5 years |
| Fees | None | The late fee is the lesser of 4 percent of the payment due or $5. Only applies if payment is more than 15 days late. | An origination fee of 1% – 6% of the loan amount; Late fee is $15 or 5 percent, whichever is greater; $15 returned payment fee; $7 check processing |
| Minimum Credit Score | 660 | 660 | 600 |
| State Restrictions | No State Restrictions | Loans prohibited in Mississippi and Nevada | Lending is prohibited in Iowa, West Virginia, Guam and Puerto Rico |
| Restrictions on the use of the loan | No business, college or post-secondary expenses | None | Not disclosed |
| Repayment Options | Autopay
Online By mail |
Autopay
Online Check |
Autopay Check |
Because each consumer is different – different financial history, income, budget, and needs, there’s no best personal loan company for everyone. The most important thing you should keep in mind is that the loan you get has to have terms and rates that you can afford.
