10 Best Places to Get an Online Personal Loan
Economic times have been tough for most of us. It’s often difficult to stretch the paycheck from one pay period to another. When something unexpected blows your budget for the month, you may be wondering what to do to close the gap. One solution is to take out an online personal loan to get you through the tough times. It’s important to avoid predatory loan providers lest you end up paying hundreds of percentage points for small loans. When you need to get an online personal loan, it is important to compare interest rates and go with the financial company that offers the most competitive rates. Most people with decent credit can save by comparing. Even if you have bad credit but are employed, there is a loan for you. Here are the 10 best places to get an online personal loan.
- Rating: 4.5
- Minimum credit rating: None
- APR: 5.39-35.99%
Nerd Wallet recommends Upstart for people with bad or no credit. Upstart offers online personal loans ranging from $1,000 to $50,000. This is one of the better options for applicants with short credit histories. It’s good for borrowers trying to build their credit rating. Once approved, funds can be available within 1 business day. You can also use this company to consolidate debt or send a direct payment to creditors. You can also choose the payment date for your loans or change the payment date. The company charges a set-up fee. Must have a minimum gross income of $12,000 from full or part-time employment for 6 months or other regular income. You must be a US resident with a valid address, bank account, and email address. The loan terms are between 3 and 5 years. At 36 months, a 5.39% loan will cost you $2,285.74 for $1,000.
9. Loan Club
- Rating: 4.5
- Minimum credit rating: 600 or higher (good to fair)
- APR: 6.34-35.89%
Lending Club offers online personal loans to applicants with a credit score of 600 or higher. Loans range from $1,000 to $40,000. The company performs a gentle credit check on your pre-qualification and offers joint loan options if you have a co-signer. You can change the payment date to the most convenient due date. The company charges a processing fee and you have two options for the repayment period. Lending Club is a reputable financial company with high ratings in the online personal loan industry.
8. Luminous flux
- Rating: 5.0
- Minimum credit rating: 660 or higher (good or excellent credit rating)
- APR: 4.99-19.99%
Lightstream offers loans ranging from $5,000 to $100,000 to those with good or excellent credit. The advantages of Lightstream loans are the low interest rates with a 0.5% discount for automatic payments and no fees. On the other hand, you must have a multi-year credit history with no pre-qualification option on the site. It does not offer direct payment to creditors for consolidation loans. It is one of the better and lowest-interest loans for applicants with good to very good credit ratings.
7. Lending Office
- Rating: 4.0
- Minimum credit score: 600 or higher
- APR: 7.99-35.99%
Lending Point is an online personal loan recommended for applicants with bad credit who need money fast. The interest rate depends on your credit rating. The company offers loans from $2,000 to $36,500. After pre-qualification, they carry out a gentle credit check and offer the option of changing your payment terms. The money can appear in your account a day after the loan is approved. The APR is high, so it’s not the best option for applicants with good to excellent credit. It is best for borrowers with either bad credit or limited credit history. This company does not participate in co-signed or joint loans.
- Rating: 4.3
- Minimum credit rating: Not stated on the website
- APR: 5.99-24.99%
Investopedia recommends Discover the best online personal loan provider for debt consolidation. The APR is reasonable compared to other online personal loans and you can get your money the day after approval. The company makes loans ranging from $2,500 to $35,000. They advertise that applications do not affect your credit score, so we assume they will not affect your credit score. They charge no origination or management fees and send payments to creditors or deposit funds into your bank account on your behalf. The loan terms are between 36 and 84 months.
- Rating: 4.3
- Minimum credit rating: 550
- APR: 5.94-35.97%
Upgrade is a lender that offers online personal loans to people with bad credit who have a minimum credit score of 55 or better. Loan amounts range from $1,000 to $50,000. The APR is based on your creditworthiness. The company charges a processing fee ranging from 2.9% to 8% of the loan amount, but offers discounts for automatic payment. They also offer direct payments to creditors. Most loan funds are released within a day of loan approval.
4. Rocket loan
- Rating: 4.2
- Minimum credit rating: 580
- APR: 5.97-29.99%
Rocket Loans offers loans to applicants with a secure monthly income stream and a minimum credit score of 580. Loans from $2,000 to $45,000 are available, with most approved loan funds being released on the same day. Rocket loans are available to applicants in most states. The company charges a processing fee of between 1 and 6 percent of the loan and does not send funds directly to creditors. They don’t offer a co-signer or joint program, but they are one of the fastest lending companies for those with bad to excellent credit.
3. Loans under 36%
- Rating: 4.8
- Minimum credit rating: None
- APR: 5.99-35.99%
Loans Under 36% is a lending company that offers online personal loans to those with bad credit, limited credit history or those with excellent credit at competitive interest rates. The loans offered are based on personal income and can go up to $35,000. Depending on the loan amount, borrowers can choose between loan terms of between 3 and 72 months.
2. Lease tree
- Rating: 4.6
- Minimum credit rating: 350
- APR: 2.49-35.55%
The 10 best personal loans recommends Lending Tree as one of the top lenders compared to the sea of lenders in the financial market. It is a lender that supports borrowers with bad to excellent credit and offers the most competitive rates based on credit history. Borrowers can choose from loan amounts of up to $50,000 based on personal income with loan terms ranging from 12 to 144 months. The company offers online personal loans to those who qualify.
- Rating: 4.9
- Minimum credit rating: 600
- APR: 3.49-35.99%
Credible offers loans up to $100,000 for applicants with a stable source of income and a minimum credit score of 600 or higher. Submit an application to receive multiple offers from lenders. The loan terms are between 12 and 84 months. Interest rates are competitive and better for those with excellent credit. Loans taken out through Credible do not affect your credit score. The application process is simple and once approved, funds are released within 24 hours.