Best Personal Loans for 2018

LendKey is a platform of community banks and credit unions, which are known for providing a more personalized customer experience and competitive interest rates. Advertised rates and terms are subject to change without notice. While most banks and lenders decline poor credit applications, these services specialize in getting poor credit approved: Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Avant is available in 46 states and the District of Columbia. Best Egg charges origination fees, which consumers should think about before applying.

How to decide which option is better

Review Breakdown: Personal Loans

Fair or average credit ( to FICO score) lands between bad credit ( and below) and good credit ( to ). Here are your best options for fair credit loans: Personal loans for fair credit: You won’t qualify for the lowest-rate personal loans with fair credit, but you may still find affordable loans. Learn more about personal loans. A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments, typically over two to five years, along with interest. The annual percentage rates on loans from mainstream lenders can range from 6% to 36%. 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.

Trying to figure out how to get the best unsecured personal loan online? Find out how below!

16 Best (& Worst) Uses for a Bad Credit Personal Loan

Its biggest selling point is the same-day approval and availability of funds within 48 hours, a lifesaver in some circumstances. Freedomplus charges origination fees ranging from 0. There are no prepayment penalties. You can prequalify with a Soft Pull, which does not affect your credit score. However, Freedomplus requires a phone screening with each applicant before the loan is approved. The Freedomplus personal loan is a good option for you if you have less than perfect credit, and need access to funds quickly, without visiting a physical branch.

With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan. Read More You can get approved within a day and receive your loan within just about 48 hours. They do charge an origination fee, but there are no fees or penalties for prepayment. The Prosper personal loan process is a little different than a traditional lender. It is not a bank, but rather a peer-to-peer lender.

From these listings, peers investors choose which loans they would like to finance. When your loan listing is financed, the money is transferred to your bank account.

It offers loans terms of either 36 or 60 months. Your APR is determined during the application process, and is based on a credit rating score created by Prosper. Your score is then shown with your loan listing to give potential lenders an idea of your creditworthiness. Your loan listing will remain active for 14 days. Origination fees range from 2. In order to qualify, you must:. Also, you can check your Prosper rate with a soft credit pull, which will not affect your credit score.

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. Origination fees vary between 2. APRs through Prosper range from 6.

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. If you have made past credit mistakes, or have very little credit, there are personal loans out there for you.

Many of these lenders offer rates much lower than what you would be paying on a credit card, shaving month and hundred or thousands of dollars off of your debt. It never hurts to shop around and look for the best rates available, especially if the lender does a soft credit pull to show you your options.

This does not impact our rankings or recommendations. You can learn more about how our site is financed here. The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear.

MagnifyMoney does not include all card companies or all card offers available in the marketplace. Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen magnifymoney. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Variable rates from 6. SoFi rate ranges are current as of September 1, and are subject to change without notice.

Not all rates and amounts available in all states. 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.

Interest rates on variable rate loans are capped at Lowest variable rate of 6. 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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. Maximum interest rate on loans for residents of AK and WY is 9. Personal loans not available to residents of MI who already have a student loan with SoFi. To qualify, a borrower must be a U.

Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors.

Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. 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. Applications are subject to additional terms and conditions. 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. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Brittney Laryea is a personal finance writer for MagnifyMoney. Her work covers a range of personal finance topics. If you feel as if you are drowning in your debts, you may already be considering options for assistance, like one of several debt consolidation methods or filing for bankruptcy.

The assistance you ultimately turn to will heavily depend on the severity of your financial situation. What is debt consolidation and how does it work? Comparing debt consolidation and bankruptcy. When you consolidate debts, you essentially roll multiple debts into one. A new loan or line of credit is used to pay off previous debts, leaving you to manage one monthly payment.

Popular debt consolidation products include personal loans , balance transfer credit cards, home equity loans and home equity lines of credit. Ideally, the consolidation loan will have more favorable terms than existing debts, like a lower interest rate or monthly payment. In addition, consolidating debts could help reduce the number of bills a borrower is responsible for keeping up with. Bankruptcy is a federal protection that helps individuals and businesses who cannot afford to repay their debts.

Bankruptcy can eliminate consumer debts and may help debtors repay what they can through court-approved debt repayment plans. The law allows individuals to file for either Chapter 7 liquidation or Chapter 13 repayment bankruptcy.

Chapter 7 bankruptcy is referred to as liquidation bankruptcy because a borrower may have to sell some of their assets to pay off their debts. Most other debts are discharged, with some exceptions more on that in a minute. In a Chapter 13 filing, a court approves a repayment plan that lets the borrower repay their creditors over three to five years.

Any remaining amount owed on the debts will be discharged after all payments are made under the repayment plan. Some debts, like most student loans, most tax obligations, child support, alimony and court and criminal fines are not eligible for discharge in bankruptcy. Life after debt consolidation or bankruptcy. Chapter 7 You must complete credit counseling within the six months prior to filing for bankruptcy, as well as a post-bankruptcy debtor education course for debts to be discharged.

Chapter 13 You must complete credit counseling within the six months prior to filing for bankruptcy, as well as a post-bankruptcy debtor education course for debts to be discharged. Chapter 7 A bankruptcy trustee or bankruptcy court liquidates nonexempt assets sufficient to repay creditors. Some assets are exempt under federal and state law, and exemptions vary by state.

Filing Chapter 13 may stop home foreclosures, though you must make timely mortgage payments during the Chapter 13 plan.

You can also prevent repossession of some assets by restructuring secured-debt payments within the Chapter 13 repayment plan. A Chapter 13 bankruptcy discharge does not eliminate long-term obligations like a home mortgage. You will continue to pay the remainder of the obligation after the repayment plan ends. You may see your credit score drop slightly, because applying for new credit generates a hard inquiry on your credit report and can shave a few points off your score.

However, you can expect your credit score to improve as you make on-time payments on your new loan. Your credit score might actually improve in the short term if you pay off revolving debts like credit cards but keep the accounts open. Closing accounts lowers your credit limit, raising your credit utilization ratio — a major factor in credit scores — and in turn lowering your credit score.

Not paying off debt or adding additional debt can also impact you negatively. A Chapter 7 filing stays on your credit report for 10 years, while a Chapter 13 filing should fall off your report after 7 years. You may see accounts included in the bankruptcy filing removed from the report before the bankruptcy is removed. Any individual account that was included in the bankruptcy will be removed 7 years from its delinquency date.

The amount your score falls will vary depending on how many accounts are part of the bankruptcy and whether they were delinquent or charged off. Your credit score prior to bankruptcy also plays a factor in this — borrowers with higher credit scores prior to filing for bankruptcy can expect to see larger drops in credit score. Balances on consolidated debts will decrease or be marked as paid off, and a new loan will be added to your credit report. Chapter 7 Bankruptcy will drop off your credit report 10 years from the filing date.

Accounts included in the bankruptcy will be removed 7 years from their delinquency dates. Chapter 13 Bankruptcy will drop off your credit report after 7 years from the filing date. The time frame varies from several months to several years, based on the term of the debt consolidation loan.

Chapter 13 The legal process may take several months; the repayment period will last three to five years. Credit card companies may charge a fee to make a balance transfer between credit cards. Generally, interest is not paid on unsecured debts. Interest on secured debts are paid through the Chapter 13 plan. How bankruptcy courts determine that rate varies by state, but the Supreme Court case Till v.

If you are owed a tax refund, the money may be delayed or the funds may be turned over to trustee. Discharged debt is taxable as income, so if you have debts discharged you may need to set aside funds to pay the tax when the time comes. You can build your credit score by adding positive information to your credit report. Paying your bills in full and on time can help both keep your credit utilization low and establish a record of on-time payment history.

Making and following a budget can help prevent you from piling up more debt. It would be wise to start saving some amount of money in an emergency fund, as it may keep you from turning to high-cost debt when you encounter unexpected costs.

Having the bankruptcy on your credit report will weigh down your credit score for a while, but the process also gives you a fresh start. He adds most filers have at least some credit offers soon after filing, although they may not receive the best rates.

You can rebuild your score over time by adding positive information to your credit history, like on-time payments, and using very little of your available credit. If you need an idea of where and how to start rebuilding, LendingTree has tips on rebuilding your credit after filing bankruptcy, here. The same advice as debt consolidation stands as far as managing your cash: Debt consolidation may be a more attractive option compared to bankruptcy if you have a reasonably good credit score and can pinpoint the root of why you got into debt in the first place.

A good credit score will help you qualify for a debt consolidation loan at a lower interest rate, making it less expensive overall for you to pay off your debts.

The better your credit score, the more debt consolidation options you have. Jeffrey Arevalo, an financial wellness expert at Greenpath Financial Wellness, recommended you consider your income, the types of debt you have and your assets in deciding if bankruptcy is right for you — and, if so, which type of bankruptcy you would need to file. The assets you own may affect whether or not you opt for bankruptcy over debt consolidation, too.

To be eligible for Chapter 7 bankruptcy you must prove you cannot afford your debt payments. To do so you must:. To have student loans discharged, you have to file an adversary proceeding, a lawsuit filed in bankruptcy court.

The chances of any individual borrower passing the test are slim, according to John Colwell, president of the National Association of Consumer Bankruptcy Attorneys. On top of that, Colwell told MagnifyMoney, the process is an additional expense for an already cash-strapped debtor, who would have to pay a lawyer to file the lawsuit and combat an aggressive opposition from the student loan companies. In February , the U. He advised anyone considering bankruptcy with private loans to first speak with an experienced bankruptcy attorney who has had success with discharging student loans.

However, if you opt to file for Chapter 13 bankruptcy, the repayment plan may reduce your payment to something more manageable for your budget — or you may have no payment at all for three to five years as you pay down your debts. If you have federal student loans and are struggling to make payments, it may be beneficial to contact your loan servicer and ask about forbearance, deferment or your eligibility for one of several repayment plans.

Some private student loan companies offer similar options. If you understand the differences but are struggling to make up your mind or having trouble understanding your options, you should contact a professional. Lynch recommended speaking to multiple financial professionals, including a credit counselor or bankruptcy attorney, and weighing their recommendations before making a final decision.

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at brittney magnifymoney. Holly Johnson is an award-winning writer who is obsessed with frugality, budgeting, and travel. And carrying debt can be troublesome if it has high interest rates. Credit cards, for example, had an average rate of That can make it hard for you to manage payments and pay down your debt sooner. While it would be nice to wish our debt away, you may be considering the next best option: It could help you save money and potentially pay down debt faster.

There are pros and cons to consider anytime you restructure your debt or take out a new loan. The advantages of debt consolidation are often important enough for consumers to overlook any potential downsides. One of the biggest advantages of debt consolidation is the potential to save money and time on your debt, said financial planner Justin Pritchard of Approach Financial in Montrose, Colo. One goal of debt consolidation is to get a lower interest rate. With a lower rate, more of your payments are going toward your principal balance each month.

Pritchard notes that high interest rates make it difficult to pay down debt, whereas a lower rate can help you make a bigger dent in your balance with each monthly payment you make. Financial planner Neal Frankle of Credit Pilgrim said debt consolidation can simplify repayment. By consolidating your debt into a single new loan, you can go from multiple monthly debt payments down to one. This could make it easier to stay on top of your payments and focus on your end goal, Frankle said.

If you continue spending on your credit card while you make payments, you can get stuck in a cycle where your new credit card charges outpace any progress you make. If you consolidate debt with a personal loan, you could opt for a fixed interest rate. That would make your monthly payment and repayment period easier to manage. Just be wary of accumulating new debt on your paid-off credit card. While securing a lower interest rate can help you save money on your debt, consolidating with a personal loan or another financial product does come with risks.

Financial planner Dan Kellermeyer of New Heights Financial Planning said debt consolidation may not provide a long-term solution if you have trouble controlling your spending. That way, you can get to the root of your problem and prevent a situation where you consolidate debt but continue racking up new debt. Depending on how you choose to consolidate your debt, you may have to pay upfront costs.

For example, personal loans can come with origination fees from 1 percent to 8 percent. Home equity loans, on the other hand, come with closing costs similar to those of a traditional mortgage. These costs or fees can offset your savings, Pritchard said. Before you consolidate debt to save money or speed up your repayment timeline, you may want to consider the different loan options available.

Consider this breakdown of the popular debt consolidation methods, along with their pros and cons. These cards may let you transfer multiple credit card balances and loans over to the new rate, helping you save money on interest and score a single monthly payment. If you continue using your credit card after you consolidate, you may have trouble paying off your debt before the promotional period ends.

Balance transfer cards make the most sense for people with high credit scores because they can usually qualify for the promotional rates.

These cards are also best for consumers who can stop using their credit cards so that they can focus on paying off their debt for good. Check our marketplace for balance transfer cards. Consider the length of each promotional period and fees. A debt consolidation loan is a personal loan used to consolidate debt. Personal loans come with a fixed interest rate, monthly payment, and repayment schedule.

Personal loans can offer attractive interest rates that can help consumers save money in debt repayment. Debt consolidation loans help you create a debt payoff plan. While debt consolidation loans can lower your monthly payments, you may end up paying more in interest if you stretch out your repayment timeline, Kellermeyer said. Consolidating debt only moves your debt, and it could make it easier to rack up more. Debt consolidation loans are best for consumers who need a structured way to pay off their debt.

Compare lenders using our personal loan marketplace. Double-check lender fees, rates, and borrowing limits. A home equity loan is a fixed-rate debt that uses the equity you have in your home as collateral. Since this is a secured loan , you may qualify for a lower interest rate than you could get with other debt consolidation options. You can refinance revolving debt such as credit card debt into a loan product with a fixed interest rate and fixed monthly payment.

So this option may not be available to some homebuyers. Home equity loans may come with costs such as an application or loan processing fee, an origination or underwriting fee, a lender or funding fee, an appraisal fee, document preparation and recording fees, and broker fees. Start your search by reviewing our guide to home equity loans. Weigh the benefits of a home equity loan compared with the idea of using your home as collateral. A home equity line of credit HELOC is a line of credit that lets you borrow against the equity in your home.

HELOCs typically come with variable interest rates. Instead, you get the option to borrow amounts that you need up to a preset limit. HELOCs can come with fees, including for applications, title searches and appraisals. HELOCs typically come with variable interest rates, meaning your payment could go up or down throughout the life of your loan. HELOCs are best for consumers who have a lot of equity in their homes and want a line of credit to borrow against.

Debt management plans are overseen by credit counseling agencies, according to Kevin Gallegos, vice president of new client enrollment at Freedom Debt Relief. This type of plan may land you a lower interest rate and reduced fees. Joseph Martin, a credit counselor with Take Charge America , a national nonprofit credit counseling and debt management agency, said credit counseling agencies do a lot of the work for you with these plans.

Once you make your single payment each month, they also take steps to disburse the funds for you on your behalf. A debt management plan could help you secure a lower interest rate, Gallegos said. Debt management plans typically charge a monthly administration fee.

These fees can add up over the course of a debt management program. But these fees can be offset by the interest you save. If you enroll in a debt management plan, you need to stop using your credit cards to receive the full benefit. Martin said you can take part in a confidential, free credit counseling session at a nonprofit agency. Consider checking in with the National Foundation for Credit Counseling. Consolidating debt can be a good move if it helps you save money or repay your debt faster.

The right debt consolidation method for you can vary. Consider what kind of debt you have and how much you have of it, your current interest rates and which consolidation methods are available.

By doing some research, you can wind up with the best debt consolidation product for your unique needs. Holly Johnson is a writer at MagnifyMoney. You can email Holly here. Louis is a personal finance writer who works with Fortune financial services firms, FinTech startups, and non-profits to help promote financial literacy. He covers a variety of personal finance topics and especially likes writing about credit and loans. Many college students, graduates and parents or grandparents of students have taken out student loans to help pay for educational expenses.

Building credit can be important for your financial and personal life. A high score can make qualifying for new loans or credit cards easier, may save you money with lower interest rates or insurance premiums and could even help you rent an apartment or home.

Because so many people have student loans — and for many new college students, the loans may be the first time they use credit — understanding how student loans can affect your credit is important. Protecting your credit while repaying student loans.

Can refinancing student loans help or hurt your credit? As with other types of installment loans, such as a personal loan or auto loan, your student debt can help or hurt your credit score depending on how you manage your loans and your overall credit profile. But student loans have a few features, such as deferment or forbearance, that may not be as common with other types of installment loans.

Understanding these features, how they work and the impact they could have on your credit can help you manage your student loans with confidence. If you want to see where you stand with your credit, you may be able to check your credit reports and scores for free through a variety of financial institutions and online tools.

Whether you take out a student loan or something else, a new credit account can lead to a dip in your credit score for several reasons. For one thing, the new account could decrease the average age of accounts on your credit reports — a higher average age is generally better for your score. Additionally, if you applied for a private student loan, the application could lead to the lender reviewing your credit history.

Your student loans will also increase your current debt load. While the amount you owe on installment loans may not be as important as outstanding credit card debt, it could still negatively impact your score. Credit scores aside, lenders may consider your debt-to-income ratio when you apply for a new credit account. Having a large amount of student loan debt could make it more difficult to qualify for a loan or credit line later, even if you have a good credit score.

Often, students who take out student loans will have their new loan or part of the loan disbursed near the start of each term. Each disbursement could count as its own loan on your credit reports. So even if you only send one payment to your servicer every month, the servicer allocates the payments among each individual loan. Each of these student loans could impact your age of accounts and overall debt balance. Your payment history is one of the most important factors in determining a credit score.

Being 30 or more days past due could lead to a negative mark on your credit reports that can hurt your credit score. Falling further behind could lead to a larger negative impact on your score, as your loan servicer reports your payments , , , and then days past due. Unless you bring your accounts current, they could be sent to collections, which could be indicated on your credit reports and hurt your score more.

The lender may also be able to sue you to take money directly from your paycheck or, in some cases, your tax return or bank account.

Other student loans may default sooner. Even if you can stay on track with your student loans, having to make the monthly payment could cause trouble keeping up with other bills.

Showing that you can manage different types of accounts, such as installment loans and revolving accounts credit cards, lines of credit, etc. Likewise, if your only credit account is a student loan, opening a credit card might help your score. Since your credit history is one of the most important credit-scoring factors, try to always make on-time payments as you repay your student loans.

Doing so could help you build a solid credit history, which can lead to a higher score. Continuing to take out new student loans each term could lower your average age of accounts. But your average age of accounts will still increase as you repay your loans. But the account will still stay on your credit reports for up to 10 years from when it was closed, and it could impact your credit history and average age of accounts during that period. Once you take out student loans, you may be able to defer making full or any payments until after you leave school.

But once you start repaying the loans, a misstep could lower your credit score. Here are a few ways you could keep your student loans from hurting your credit. Many student loans offer an in-school deferment period, which lets you put off loan payments until six months after you leave school. In-school deferment lets you focus on your schoolwork and makes student loans affordable, as many students might not have enough income to afford monthly payments. Doing so could hurt your credit score.

To avoid missing the first — and subsequent — payments, you may want to enroll in an auto payment program with your student loan servicer. You may be able to choose from several federal student loan repayment options. The main options include the standard, extended, graduated and income-driven plans. Choosing an extended, graduated or income-driven plan, rather than the standard plan, could lower your monthly payments. If you choose an income-driven plan, be sure to renew your repayment plan every year and send your loan servicer updated documentation to remain eligible.

Although the nonstandard plans could wind up costing you more in interest overall, the lower payments could make managing all your bills easier, which can be important for maintaining and building credit. If you do find yourself struggling to make payments, be sure to reach out to your loan servicer. With federal student loans, you may be able to switch repayment plans, or temporarily place your loans into deferment or forbearance to stop making payments.

Some may also have other hardship options, such as temporarily reduced payment amounts or interest rates. If you use the second method — and this if the first time you rehabilitated the student loan — the default associated with the loan will also be removed from your credit reports.

Although the late payments associated with the loan will remain for up to seven years from the date of your first late payment, having the default removed could help your score.

If you use the program, you may be able to request the removal of the default from your credit reports by contacting the lender, but the late payments on the account could remain. When you submit a private student loan application, the resulting hard inquiry could have a minor negative impact on your score.

Shopping for a private student loan , comparing the pros and cons of different lenders, and submitting multiple applications so you can accept the loan with the best terms is generally a good idea.

Hard inquiries usually only have a small impact on credit scores, and scores often return to their pre-inquiry level within a few months, as long as no new negative information winds up on your credit reports. While multiple hard inquiries can increase score drops, particularly for those who are new to credit, credit-scoring agencies recognize the importance of rate shopping. As a result, multiple inquiries for student loans that occur with a to day window depending on the type of credit score only count as a single inquiry when your score is being calculated.

If you already have a good-to-excellent credit score and a low debt-to-income ratio, you may want to consider refinancing your student loans. When you refinance your loans, you take out a new credit-based private student loan and use the money to pay off some or all of your current loans.

The lender will generally send the money directly to your loan servicers. Refinancing can save you money if you qualify for a lower interest rate than your loans currently have, and combining multiple loans into one could make managing your debt easier.

When it comes to credit scores, refinancing student loans is a bit like taking out a new loan. Shopping around and submitting applications during a short period could help you get the best rate while limiting the negative impact of the inquiries.

After getting approved for refinancing, the new loan may be reported to the credit bureaus, which could lower your average age of accounts. Your other loans will be paid off, but they could stay on your credit reports for up to 10 more years. Your overall installment-loan debt will stay the same, and as long as you continue to make on-time payments, your score may improve over time.

Louis DeNicola is a writer at MagnifyMoney. You can email Louis at louis magnifymoney. Nick Clements has worked in consumer banking for nearly 15 years and is the co-founder of MagnifyMoney. Are you tired of paying a high interest rate on your student loan debt?

We have created the most complete list of lenders currently willing to refinance student loan debt. We recommend you start here and check rates from the top 7 national lenders offering the best student loan refinance products. All of these lenders except Discover also allow you to check your rate without impacting your score using a soft credit pull , and offer the best rates of You should always shop around for the best rate.

Student Loan Consolidation vs. If you go to other sites they may claim to compare several student loan offers in one step. Just beware that they might only show you deals that pay them a referral fee, so you could miss out on lenders ready to give you better terms. Below is what we believe is the most comprehensive list of current student loan refinancing lenders. You should take the time to shop around. So set aside a day and apply to as many as you feel comfortable with to get a sense of who is ready to give you the best terms.

SoFi was one of the first lenders to start offering student loan refinancing products. More MagnifyMoney readers have chosen SoFi than any other lender.

The only requirement is that you graduated from a Title IV school. In order to qualify, you need to have a degree, a good job and good income. Bottom line Bottom line. SoFi is really the original student loan refinance company, and is now certainly the largest.

SoFi has consistently offered low interest rates and has received good reviews for service. SoFi has taken a radical new approach when it comes to the online finance industry, not only with student loans but in the personal loan, wealth management and mortgage markets as well. With their career development programs and networking events, SoFi shows that they have a lot to offer, not only in the lending space but in other aspects of their customers lives as well.

Earnest focuses on lending to borrowers who show promise of being financially responsible borrowers. Because of this, they offer merit-based loans versus credit-based ones. Earnest, who was recently acquired by Navient, is making a name for themselves within the student refinancing space.

With their flexible repayment options and low rates, they are definitely an option worth exploring. CommonBond started out lending exclusively to graduate students. Over time, CommonBond has expanded and now offers student loan refinancing options to graduates of almost any university graduate and undergraduate.

CommonBond not only offers low rates but is also making a social impact along the way. Consider checking out everything that CommonBond has to offer in term of student loan refinancing. LendKey works with community banks and credit unions across the country. Although you apply with LendKey, your loan will be with a community bank. Over the past year, LendKey has become increasingly competitive on pricing, and frequently has a better rate than some of the more famous marketplace lenders.

LendKey is a good option to keep in mind if you are looking for an alternative to big bank lending. If you prefer working with a credit union or community bank, LendKey may be the route to uncovering your best offer. As a lender,Laurel Road Bank prides itself on offering personalized service while leveraging technology to make the student loan refinancing process a quick and simple one.

Consider checking out their low-rate student loan refinancing product, which is offered in all 50 states. Citizens Bank offers student loan refinancing for both private and federal loans through its Education Refinance Loan. No degree is required to refinance: If you are a borrower who did not graduate, with Citizens Bank, you are still eligible to refinance the loans that you accumulated over the period you did attend.

In order to do so, borrowers much no longer be enrolled in school. Citizens Bank offers a 0. You lose certain protections if you refinance a federal loan: Any time that you refinance a federal loan to a private loan, you will give up the protections, forgiveness programs and repayment plans that come with the federal loan.

The Education Refinance Loan offered by Citizens Bank is a good one to consider, especially if you are looking to stick with a traditional banking option. Consider looking into the competitive rates that Citizens Bank has to offer.

Discover, with an array of competitive financial products, offers student loan refinancing for both private and federal loans through their private consolidation loan product. Just keep in mind that if you apply for a student loan refinance with Discover, they will do a hard pull on your credit.

In order to figure out which personal loan lender is the best for you, you should compare their interest rates, term lengths, fees, and eligibility requirements.

Each lender also has different benefits and downsides to consider. Read on to learn more about what they offer so you can make the best decision for yourself.

Fixed interest rates from 6. Lowest rates range from 5. Subject to additional terms and conditions, and rates are subject to change at any time without notice.

Such changes will only apply to applications taken after the effective date of change. The borrower will be eligible for a 0. The following are qualifying accounts: Please note, our checking and savings account options are only available in the following states: This discount will be reflected in the interest rate and Annual Percentage Rate APR disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans.

The Loyalty Discount will remain in effect for the life of the loan. Borrowers will be eligible to receive a 0. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any month period, the borrower will no longer be eligible for this discount.

Personal loans must not be used for educational expenses or as a small business loan. 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. For the most part, they are a fairly traditional personal loan lender. Their stated APR on their website runs from 5. 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. 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. 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:. 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. Applications are subject to additional terms and conditions. Marcus Personal Loans is a division of Goldman Sachs bank, one of the largest and oldest banks in the U.

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 APRs start at as low as 6. 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. There are no origination fees or prepayment fees on Marcus Personal Loans. Another feature of Marcus Personal Loans is that they allow borrowers to choose their monthly payment and loan amount.

There are a number of great benefits of getting a Marcus Personal Loan. The easy online application make it easy to borrow. 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.

Another benefit of Marcus Personal Loans is the amount that you can borrow. While there are many great benefits to Marcus Personal Loans, there are also some key drawbacks. If you have excellent credit, you might be able to borrow money for less via another online personal loan company. 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. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. LightStream is a division of SunTrust Bank, which has existed in some form or another since the early s, 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. Virtually any stated purpose can be approved, from unsecured auto loans to purchasing a horse. 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. 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. For borrowers who qualify, LightStream has it all — competitive rates, long loan terms, and a huge variety of approved loan purposes.

However, their very low rates make them a competitive choice for the most qualified borrowers. Fixed rates from 6. Variable rates from 6. SoFi rate ranges are current as of July 16, 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 Lowest variable rate of 6. 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.

The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Terms and Conditions Apply. To qualify, a borrower must be a U.

Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors.

Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Since beginning in , 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. 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. The lowest possible variable APR is 6. 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. 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 ! 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. Origination fees vary between 2.

Annual percentage rates APRs through Prosper range from 6. 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. 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. The minimum credit score requirement for a loan is currently 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.

Annual percentage rates APR available through Prosper vary from a low of 6. 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. 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. 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. 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. Upgrade is a personal loan lender based in San Francisco which launched in April 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. 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.

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.

How much you will pay in interest will depend on your personal financial situation, but their typical APR is between 6. 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.

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. 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.

All loans available through FreedomPlus. 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: You could qualify for a loan for just 6 months or all the way up to 60 months.

The online form is simple, and by filling out just one application, you get access to NorthStarCash. This is great because you only receive loan offers from lenders who work in your state.

You then get to review the details carefully to make sure they work for you. If you do, you simply sign a loan agreement with the lender. Then you can receive your loan funds anywhere between one and five business days. From start to finish, NorthStarCash. Read our full review of NorthStarCash. Avant is a solid lender for borrowers of any credit type. The minimum credit score requirement comes in at just on the FICO scale.

Most borrowers with this lender actually report quick upticks in their credit scores. More than half of all Avant loans are used to consolidate debt. Users report an average of a point jump in credit score within the first six months of having the loan.

Not only that, you get monthly updates on your VantageScore, plus access to the ReadyforZero app, which can help you tackle your debt. Payoff time is relatively quick, with loan terms lasting either two or five years.

With over , customers helped and a decision within minutes of applying online, Avant offers a lot to borrowers who need financial help while remedying a bad credit score. Read our full review of Avant. LendingPoint targets poor and fair credit borrowers looking for a personal loan.

Finally, applicants must live in one of the following states: Once you sit down to apply online, it should take no more than five minutes. Pick one and receive your funds as soon as one day later. Read our full review of LendingPoint.

OneMain is a well-established lender specifically targeting individuals with bad credit. The minimum credit score is just and typical APRs range from You can use an automobile, truck, motorcycle, camper, or RV as collateral. Whatever you choose, you must have an appraisal completed to ensure its value meets your loan amount. Vehicles also must be insured while the loan is active.