Personal loans are a great way to cover a variety of expenses, from weddings and vacations to home repairs and emergency costs. But with so many lenders offering personal loans, it can be difficult to know who offers the best rates and terms. LightStream, SoFi, Marcus, Universal Credit, and Discover are all popular options for personal loans, each with their own unique benefits and drawbacks. LightStream targets borrowers with strong credit with no fees and low rates that vary depending on the purpose of the loan.
To qualify for a LightStream loan, you must have enough income to pay off existing debts and a new LightStream 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. What's more, SoFi does not charge origination fees, late fees, or prepayment penalties, a prominent feature because personal loan lenders often charge origination or late payment fees at a minimum. However, if you are considering applying for a debt consolidation loan from SoFi, 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 APRs 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 fees for enrollment, 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 starting at 9 am., Eastern Time. Universal Credit makes finding a personal loan accessible even for those with damaged credit but it does come with some trade-offs. It's still smart to compare as many lenders as possible to find the best personal loan for your needs. By definition, the best personal loan rates have to be below average so 10% is a good benchmark to beat. The loan application may require additional personal information including employment status and academic history. Your personal loans are also available to borrowers in 50 states but they aren't available in Washington D.
C. On the other hand if lower rates and in-person support are important then a bank loan or credit union loan might be the best option. Upstart borrowers cannot use personal loans to finance illegal activities or purchase weapons firearms or illegal drugs. Discover is an online bank that also offers customers credit cards retirement solutions and personal loans in all 50 states. A personal loan is a predetermined amount of money that a bank or private lender gives to a person. Personal loans typically have repayment terms of between two and seven years and offer interest rates as low as 3% for highly qualified borrowers.