MoneyUnder30.com

Personal Loans Compared

Personal loans are often a good alternative to credit cards for financing large purchases that you need a year or more to repay.

You can use personal loans for anything you want — consolidating other debt, a wedding, the trip of a lifetime — and personal loans work just like a mortgage or car loan. After you’re approved, you received a disbursement for the loan amount. You then make a fixed monthly payment of principal plus interest for an agreed upon period of time (the term). Most personal loans have terms between three and five years.

Here are our some of my recommended personal loan providers, organized by cost and credit requirements (the top lender offers the lowest rates but requires the best credit — as you go down, the lenders approve more credit levels but charge higher rates).

Low APR personal loans for excellent credit

Easy online application; low rates for nearly any purpose

The LightStream “Anything Loan” is a personal loan product offered by SunTrust bank. The Anything Loan features an easy online application with a very transparent rate chart that tells you what interest rate you can expect by the purpose of your loan and how long you’ll take to repay it. LightStream also offer very competitive interest rates and there are no additional fees for this loan. Good credit is required.

APR Range Term Amount Fees Credit Accepted
1.99% – 9.99% 2 – 7 years $5,000 – $100,000 None Excellent

Highly qualified applicants can borrow up to $100,000 at low rates.

  • Rates from 5.5% to 8.99% APR with Auto-Pay.
  • No origination fees; no application fees; no prepayment fees; and no balance transfer fees.
  • Loans from $10,000 to $100,000.
  • We provide unemployment protection to our community members.
APR Range Terms Amount Fees Credit Accepted
5.5% – 8.99% 3, 5 or 7 years $10,000 – $100,000 None Excellent

Personal loans for average to good credit

Fair loan rates for college grads, even with no credit history

Upstart is new kind of lender that considers your education and job to be as important as your credit score when making a loan. That means that young adults can get loans with Upstart even without a credit history if you’re a college a graduate and employed. On average, Upstart APRs are 30% lower than other lenders.

APR Range Term Amount Fees Credit Accepted
5.7% – 25.27% 3 years $3,000 – $35,000 1% – 6% Any

3- or 5- year loans for most credit levels.

Prosper is a peer-to-peer lender, meaning you’re borrowing from hundreds of individual investors, not a bank. As a result, many borrowers who cannot get approved for a bank personal loan have success with Prosper. The better your credit, the lower your APR, and the interest rates for borrowers with poor credit can get steep. There’s also a one-time closing fee of between 2 and 5 percent (again, this depends on your creditworthiness).

APR Range Terms Amount Fees Credit Accepted
5.99% – 35.36% 36 or 60 months $2,000 – $35,000 2%-5% of loan amount Average, Good, Excellent

3- or 5- year loans for any purpose.

Like Prosper, LendingClub is a peer-to-peer lender, not a bank. This means approval decisions are made based on more than your credit score alone. Investors have been hungry to fund these kinds of loans recently, meaning approval chances are good — but you don’t know what your interest rate will be until you apply (although you don’t have to accept the loan if you don’t like the rate). As with Prosper, a one-time origination fee of between 1.11 and 5 percent applies at closing.

APR Range Terms Amount Fees Credit Accepted
5.99% – 32.99% 36 or 60 months $1,000 – $35,000 $1.11% – 5.00% Average, Good, Excellent

Personal loans for all credit levels

Next business day funding; check your rate without affecting your credit score.

Avant is an online lender that offers personal loans and credit lines between $1,000 and $35,000 for many credit levels. With Avant, you can apply for and sign your loan entirely online and, in many cases, funds are deposited into your bank account on the next business day. Avant’s Website lets you check your loan rate before you apply so it doesn’t affect your credit.

APR Range Term Amount Fees Credit Accepted
Varies by state 12- 48 months $1,000 – $35,000 None All Credit Levels

Personal loans for up to $10,000; perfect credit not required

NetCredit offers fast and easy online approval for personal loans in the following states: Alabama, California, Delaware, Georgia, Idaho, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, Virginia, and Wisconsin.

NetCredit features friendly customer service, funding straight to your bank account, and the opportunity to build credit as you pay off you loan on time. Plus, you can check your eligibility without affecting your FICO® score.

APR Range Terms Amount Fees Credit Accepted
Varies by credit 12 – 60 months $1,000 – $10,000 None Most credit levels

Easy personal loan approval for most applicants

You can use a personal loan from Springleaf Financial Services for a wide range of purposes.

APR Range Terms Amount Fees Credit Accepted
15.99%-39.99% 12 – 60 months $1,000 – $25,000 Origination fee; varies Most credit levels