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Personal loans can be amazing in taking care of your financial needs. However, it is important to understand some fundamentals. You cannot get up and jump right into getting your loan because that is impossible; you must understand what certain lenders are offering, their eligibility criteria, and what features will benefit your situation.
The Best Personal Loans Options
SoFi – The Best Overall Option
SoFi offers loans that combine great interest rates and propose remarkable advantages like temporarily pausing your payments if you get unemployed. Their interest rate starts very low at 5.99%. Moreover, eligible borrowers can get up to $100,000 worth of funding.
The borrowing amount ranges between $5,000-$100,000 with an APR range of 5.99% – 18.85%, along with an AutoPay discount. Besides credit of $680 or above, their other qualification needs consider your income, employment, and credit history. You can opt for a payment plan ranging from two to seven years. Moreover, it can take some time between your application review and the funds to come to you.
LightStream – Best Lender for Good Credit
If you retain good credit, you are in luck. LightStream caters specifically to such people and proposes low-interest rates starting from 3.99% for specific categories of personal loans. Highly eligible borrowers can take loans up to one grand, so if you seek a special interest rate and good loan amount, then LightStream is your best bet.
While you get the same amount range as SoFi, the APR ranges from 3.99% – 16.99% (AutoPay available). Their qualification requirements compel numerous years of credit history with a blend of different account types and minimum or zero late payments. You must prove good income and savings. LightStream’s repayment options are between 24-144 months, and you get funds very quickly; in some cases even on the same day.
Avant – The Best Lender for Bad Credit
Everybody knows how difficult building a credit score can be, for you have to take care of many aspects. But if you have no credit history or a bad one, what should you do. Do not stress as we did not forget you. There are personal loan options for you too, and a good one is Avant. Qualified borrowers can get up to $35,000 funding, and the interest rate begins at 9.95%. Yes, this is not the lowest rate, but this is among the most suitable options, and it is significantly lower than most alternative personal loan options for your situation.
The funding range is $2,000-$35,000 with an APR of 9.95% – 35.99%. Avant asks for your credit score and reviews your income depending on what amount you need. Their repayment time is from 24 – 60 months. If you are all set, you can get the money the next day in your account.
Marcus – Best Lender for Debt Issues
Goldman Sachs’s Marcus provides personal loans, which can be an amazing help for those struggling with high debt because it offers remarkable repayment time. If you retain great credit, you can qualify for the low interest of 6.99%. You can get a loan of $40,000 if you qualify. Jointly, these aspects could save you from your tough situation.
Offering an APR range of 6.99% – 19.99% with funds from $3,500-$40,000, Marcus requires a valid bank account along with Tax ID or social security. With a fantastic repayment period of 36-72 months, they can deposit your funds within two to four days after approval.
Having ample knowledge no matter what situation you are about to tackle helps in making wise decisions. Personal loan matters can be very difficult to navigate, especially if you do not educate yourself first. We are confident this article will help you find the best lender fitting your loan needs.