Do you desire a loan? With so many options to choose from we will help you to find the best unsecured personal loans at a good rate.
Whether you are thinking about starting a business, improving your home, fixing your credit situation, going on that dream vacation there is always going to be a company that fits your needs. I strongly recommend that you choose an online lender. With online lenders you will be able to get lower interest rates and more loan features than with a traditional bank. I encourage you to get rates today, which can be done in 2 minutes.
What is an unsecured personal loan?
An unsecured loan has no collateral behind it, but only the creditworthiness of the borrower to verify capacity to repay. Because there is not property behind the loan, borrowers will usually have to have higher credit scores to be approved for the loan. Another thing to take into consideration is that interest rates are also dependent on the creditworthiness as well as the income of the borrower. Some personal loan companies look at other factors like education, employment history, etc. An unsecured loan may be taken out for household, medical expenses, vacation, debt consolidation, etc.
Secured vs unsecured loan
Since unsecured loans are a greater risk to the lender they often have higher interest rates than secured loans, but they also don’t leave the borrower at risk of losing their house or car. Unsecured loans will help you to sleep better at night knowing that your major items are safe. You will need a higher credit score and annual income than with a secured loan. Sometimes borrowers with insufficient credit can provide a cosigner to take on legal obligation to pay the debt if the borrower cannot.
Personal loan companies
SoFi
SoFi is the face of online lending. SoFi offers exceptional rates and perks to those with high credit and income. A credit score of 680 is required to get a loan through SoFi, but most SoFi borrowers have credit scores that are over 700. You don’t have to make a specific amount to borrow with SoFi. With that said, SoFi wants you to be able to pay off your loan each month and have money to spare.
Most people who borrow on the SoFi platform make around $100,000. For those who can qualify, SoFi offers perks like not charging late fees, letting you change payment due dates, and giving you protection if you lose income through no fault of your own. Their forbearance unemployment protection is one of SoFi’s best features. If you were to ever lose your job SoFi would temporarily pause payments and even go out there way to help you find a job.
SoFi offers highly varied loan amounts from $5000 to $100,000. The rate is usually fixed between 7.08% and 15.37% and variable rates are between 5.81% and 14.11%. Loans can be repaid in 3 to 7 years which is rare. Funding typically takes about a week. Another plus of SoFi is that loans can be transferred from parent to child.
With SoFi you can earn $100. All that you have to do is click this link and you will receive $100 when you apply.
Laurel Road
Laurel Road specializes in student loans, especially for healthcare professionals. They offer student loan refinancing to make bouncing back from college loans more feasible for graduating students. They also offer excellent personal loans, however. Laurel Road offers loans from $1000 to $45,000, with fixed rates between 5.5% and 11.74%. This is one of the lower top rates in the industry, so even if you are hit with Laurel Road’s highest rates you won’t be paying too much. Loan terms are offered in three or five year periods. Laurel Road has high expectations for their personal loan borrowers. You must have a credit score of 680 or above and an annual income of 60,000 or more in order to receive a loan from this company. What I love about Laurel Road is that they have a great reputation. The company received an “A+” BBB grade, which means that they are trustworthy and they run their business with integrity. Laurel Road is great at handling the complains and concerns of their borrowers. By clicking this link you will receive $80 with Laurel Road.
Earnest
Earnest is a big player in the online lending industry. Earnest is for borrowers who want to quickly pay off refinanced college debt, but it is great for personal loans as well. This company isn’t about fees. There is no late fee, origination fee, or prepayment fee. This means that you will receive the full extent of your loan. You can expect to receive funding within a week of being approved. To qualify for a loan with Earnest, you will need a minimum credit score of 680 and proof of consistent income. If you have had a bankruptcy in the past three years or live in Delaware, Alabama, Kentucky, Rhode Island, or Nevada, you cannot get a loan through Earnest. You can get a personal loan rate with Earnest for as low as 6.99%. Borrowers will be able to get a loan anywhere from $5K-$75K.
Upstart
Upstart all started by students exchanging a percentage of their income over the course of a decade in exchange for mentorship and capital from investors. In 2014 Upstart began offering fixed term lending. Upstart offers loans for individuals of all ages. However, they are a big hit for young adults. Upstart considers various factors like education and job history, and may offer better rates for those without much of a credit history, using an innovative algorithm. You can pay off your loan early with no fee with Upstart, but there is usually an origination fee. Upstart offers rates from 8.36% to 29.99%, which are higher than other lenders. With a minimum credit score of only 640 and other aspects taken into account as well, this may be one of the only options for many borrowers.
LightStream
LightStream is a fantastic lender that offers high loans at low rates, with no fees, to those with good credit or a co-signer. To use LightStream you should have a credit score of at least 660. Also, you should have several years of good credit history and a reputation of making payments on time.
With LighStream you will not have to prove your minimum income. What LightStream cares about is, are you able to pay your loan off or not?
To make getting approved with LightStream easier, you should have a variety of credit accounts. If you have a co-signer with good credit, you can have a credit score below the minimum, opening up lending options. LightStream is a great option for those who are consolidating debt or making home improvements, since it has low rates and long repayment terms. Loan amounts are offered between $5000 and $100,000. The rates are between 3.09% and 14.24%. If you need money fast, this can be a great option for you, since they often fund the same day as you apply. Repayment can be from two to seven years, or up to 12 years for home improvements.
Do you have poor or low credit? If so, then you will love that Avant reaches out to those with low credit scores who need to consolidate debt or make essential expenses. This is a lending company geared towards the middle class, requiring only an annual income of $20,000. They offer flexibility in loan payments as well. You can borrow from $2000 to $35,000 at rates between 9.95% and 35.99%. While these are some of the higher rates in the industry, these are the only loans some borrowers can get, since they require a credit score of only 580. The average credit score for Avant borrowers is between 600 and 700. Avant doesn’t hold back from fees. Borrowers can expect fees for opening the account, making late payments, and making unsuccessful payments. There is not, however, a fee for prepayment. This means that you will feel say when you pay off your loan before your loan term ends. Avant can get you your money as soon as the next business day, and repayments plans are monthly, from two to five years.
Rocket Mortgage
Rocket Mortgage is a product of Quicken Loans that was created to give borrows a better online experience. Rocket Mortgage offers loans fast to those with a good credit score and history. The minimum credit score to apply for a loan with Rocket Mortgage is 640, but most borrowers have higher credit scores. Borrowers must have at least two years of good credit history to qualify. You must earn at least $24,000 to get a loan through Rocket Loans, although most recipients have annual incomes closer to $78,000. This company will get you money fast, usually the next business day or the same day for loans under $25,000. Personal loan amounts are offered between $2000 and $35,000, with rates between 5.98% and 28.99%. Rocket Mortgage charges a fee to open your loan, late fees, and unsuccessful payment fees. You can choose a repayment plan of three or five years.
LendingTree
Lending Tree is a rare company on this list. How you ask? LendingTree is not in itself a loan company. Nor is LendingTree a P2P lender such as Lending Club. Rather, they connect borrowers with lenders from their network that offer the best loans for each borrower. Citi Bank, Wells Fargo, and more all offer loans to Lending Tree customers. When you apply for your loan through Lending Tree, they gather competitive loan offers from all of their lenders so that they can offer you the best possible loan for your needs. Lending Tree has access to lenders that the borrower may not be able to directly contact. These lenders may accept lower credit scores or offer lower rates than other companies. LendingTree rates are dependent on a number of different factors. Your rates can be anywhere from 6 to 36%.
OneMain Financial
OneMain Financial is another loan provider that focuses on those who don’t have good credit and may not qualify for a traditional loan. If your credit score isn’t your best feature, you need money fast, and you don’t mind a brick and mortar experience, OneMain may be right for you. With OneMain you can kiss a credit score requirement goodbye, so you can feel hopeful applying no matter what your credit score is. There is no minimum credit history or annual income either, although most recipients have an annual income of $49,000. Most recipients of loans have scores between 600 and 650, lower than what is acceptable for most loans. Funds are typically released the same day as approval, so you can get money fast, but you will need to visit one of the OneMain branches to complete your loan application. OneMain offers loans between $1,500 and $30,000. The thing that you might dread with OneMain is that they have some of the highest rates in the industry, between 16.05% and 35.99%. Repayment plans are two or five years.
Bottom line
If you are shopping for an unsecured personal loan there are a lot of options available to you. In general, the higher your credit score and annual income, the better your rates will be. This said, some of these companies take into account your education and expected earnings or allow a cosigner, increasing your options even if your credit score isn’t superb. If you have a less than stellar credit score, low annual earnings, and no cosigner, there are still options for you, although your rate is likely to be higher than other borrowers. If you really need the loan to consolidate debt or pay necessary medical expenses or home maintenance, even a high rate is worth it to get the money you need fast. Whatever company you choose, make sure you choose a plan that is realistic for you.