The purpose of some loans are easy to understand, such as student loans and mortgage loans; mortgage loans help you with purchasing a home, and student loans help you pay for school. Personal loans, on the other hand, are a bit different. Personal loans can be helpful for personal matters, such as home improvements and credit card debt consolidation. To save you from feeling flustered by all the options out there, we’ve done some research to help you make your decision. Here is a list of great personal loans for borrowers with good credit.
LendingClub
With LendingClub, you can apply online via
their quick application process, receive money quickly if you are approved, and
you can make fixed monthly payments. You can borrow as little as $1,000, and
much as $40,000. To check your rate, create an account through the site (this
will not affect your credit). This lender approves borrowers with a credit
score of at least 600. Their typical annual percentage rate is between 6.95%
and 35.89%.
*NerdWallet
Laurel Road
At Laurel Road, you can borrow between $1,000 and $45,000. The entire application process can be done online, and you can receive funds in as quickly as two days. On their website, you can calculate what your monthly payments will be and also check your rates. If you opt for monthly automatic payment, you will be eligible for a discount of 0.25%. The minimum credit score for a personal loan is 700. You can expect their annual percentage rate to be between 8.01% and 16.30%.
LightStream
LightStream boasts uncomplicated lending. This lender also discounts automatic payment, but at a higher rate than Laurel Road at 0.50%. You can borrow between $5,000 and $100,000, if your credit score is at least 660. Their annual percentage rate is between 3.99% – 16.99%. Through their website, you can apply for your desired loan and receive funds as soon as the same day you apply.
SoFi
SoFi’s annual percentage rate is between 5.990% and 16.240%. Their online application process is easy and you have access to customer support 7 days a week. What’s great about SoFi is their willingness to pause payments if you lose your job; they’ll even help to find you a job. You can borrow between $5,000 and $100,000. Their minimum credit score is 680.
Wells Fargo
Wells Fargo boasts of a quick and easy online application process. You can borrow between $3,000 and $100,000. If approved, you can expect funds by the next business day. The bank offers a 0.50% discount for automatic payments. Their annual percentage rate is between 7.49% and 24.49%. To qualify for a loan here, you must be a current customer and have a credit score above 660.
Personal loans are great for funding huge and necessary expenses, including home improvements, unplanned needs, and debt consolidation. It’s important to compare each lender in your decision making process. Visit the bank or call their customer service number to inquire about any questions you may have.