Best in Personal Loans This 2019
Certain instances make a personal loan sensible: when you need quick cash, pay off a big expense, or consolidate your credit card debt. As an unsecured loan, you do not need perfect credit to obtain a personal loan. There is also no need for a collateral.
But finding the right provider for your personal loan remains crucial. As with anything, it must match your particular needs so that you do not end up paying for anything unnecessary. Below are some of the best providers in the market right now.
- Lending Club
As one of the biggest peer-to-peer lenders, Lending Club is made attractive by its low interest rates, wide availability, transparency, fixed rate loans, and joint applications. They offer loans up to $40,000 with loan terms between 30 to 60 months. The lending marketplace matches you with individual lenders rather than lending you the money itself. APR is 6.95% to 35.89%.
There are no fees for personal loans from SoFi, just interest. It started as a student loan lender and provides an empowering range of tools to borrowers in repaying their loans. The maximum loan is $100,00 in terms of 3, 4, 5, 6 or 7 years. Other benefits include unemployment protection, interest rate discount on future loans, career coaching and entrepreneur program, flexible repayment options, and low APR. The current range is range 6.99% to 14.99% with automatic payments.
- Marcus by Goldman Sachs
Marcus specializes in personal loans and savings accounts. It is useful in debt consolidation, credit card consolidation, and home improvement. The interest rates are competitive at 6.99% to 24.99%. Loans can be taken online up to $40,000 with terms from 36 months to 72 months. The interest rate is fixed with a fixed monthly payment, too. Further, there are no origination fees, no prepayment fees and there are no late fees.
Similar to Lending Club, Prosper is a marketplace lender where individual investors join forces to fund your loan. Personal loans are available up to $40,000 with 6.95% to 35.99% APR. Be aware of the 1% to 5% origination fee though and high interest rates for low credit borrowers.
A good fit for younger borrowers, Earnest provides personal loans even if you have little to no credit history. It evaluates more criteria compared to other providers like your education, income, and savings. The maximum loan is up to $75,000 with loan terms between 12 to 36 months. The APR is 6.99% to 18.24%. It is quick and easy to apply, the mobile app is functional, and it offers multiple settings on your preferred monthly payment. It is definitely the best choice if you are looking for flexibility.