Best for Home Improvement Loans SoFi is a solid option for good credit consumers, offering low rates, no fees and flexible payments. LightStream is aimed at borrowers with strong credit with no fees and with low rates that vary depending on the purpose of the loan. Enough income to pay off existing debts and a new LightStream loan. Best for Online Loans for Good Credit Best for Online Loans for Credit Card Consolidation LightStream targets borrowers with strong credit with no fees and with low rates that vary depending on the purpose of the loan.
These loans are available from traditional banks, credit unions and online lending platforms that make it easy to apply online without having to visit a bank branch. In addition, many personal loans can be financed in a few business days so you don't have to wait to get the money you need. The best personal loans offer low interest rates for well-qualified borrowers, flexible loan amounts, and limited repayment terms and fees. Approved borrowers are rewarded with comparatively low APRs.
In addition, SoFi does not charge origination fees, late fees, or prepayment penalties, a notable feature because personal loan lenders often charge origination or late payment fees at a minimum. However, if you are considering a SoFi debt consolidation loan, please note that the lender does not offer direct payment to the borrower's other creditors. This means that the loan funds will be deposited into your bank account and you will have to pay your other lenders individually. The platform offers customers a number of benefits and discounts, including unemployment protection and the ability to change the due date of their payment once a year.
LightStream does not offer prospective borrowers the ability to prequalify for a loan. This fact, combined with the minimum credit rating requirement, makes the platform better suited to those with a strong credit profile. Applicants with excellent credit are also more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can file a joint application.
Marcus does not disclose this information. Borrowers can access APR between 6.99% and 19.99% with a discount of 0.25% for those enrolled in autopay. And, like other major lenders, Marcus does not charge any fees, including those for registration, late payment and prepayment. In addition, borrowers can benefit from the platform's timely payment reward and flexible payment dates.
As with many other top lenders, Marcus allows applicants to prequalify with a smooth credit withdrawal, making it easy to see your lending options without hurting your credit. While Marcus customers don't have access to a mobile app to manage their loans, the lender compensates for the loss of convenience with robust customer support options. Borrowers can contact customer service seven days a week from 9 a.m. Eastern Time and access to extensive online resources.
Read our full SoFi personal loan review to learn more. A personal loan is money that is borrowed from a bank, credit union, or online lender that you pay in equal monthly installments, usually for two to seven years. We always recommend that you know your credit score and compare personal loans from several lenders before making a decision. Multiple types of accounts within your credit history, such as credit cards, car loans or other installment loans and a mortgage.
Beyond offering affordable personal loans, Upgrade streamlines the loan process with a mobile application that allows borrowers to view their balance, make payments and update personal information. SoFi is an online lending platform that offers fixed rate unsecured personal loans in every state except Mississippi. Loans used to finance education-related expenses are subject to a waiting period of 3 working days between loan acceptance and funding, in accordance with federal law. These generally have lower interest rates and are sometimes easier to qualify than personal loans.
You can check your rate before you apply and loan funds can be disbursed the next business day after the loan closes. With zero fees and customizable payment terms, Marcus offers one of the best personal loans for borrowers with good credit. Discover personal loans can be a smart way to consolidate or refinance the debt of borrowers with excellent credit. Upstart has made its mark in the personal loan space due to its AI-based and machine-learning approach to borrower qualification.
This can save you time and money by limiting your options by location, loan amount, desired APR, and loan purpose. However, some lenders may set a limit on the amount of loans you can have open through them, such as two loans. Failure to repay these loans on time has trapped many borrowers in a cycle of endless borrowing, in which they have to renew or extend the loan to a later date, accumulating interest rates and higher charges. Universal Credit personal loans offer competitive rates and some flexibility to borrowers with bad credit.