Money at Your Fingertips: Best Personal Loans to Consider

Credit comes in various forms, but the majority slot into two principal categories. “Secured credit,” which involves collateral to secure the loan, includes mortgages and auto loans. The second category, “unsecured credit,” doesn’t require collateral. This category’s standout player is the humble credit card, accompanied by the less familiar yet equally important “personal loans.”

Personal loans offer several advantages over other credit types for financing purchases:

• Unlike a home equity loan or refinancing your car, a personal loan requires no collateral, meaning you aren’t risking your valuable assets.
• With good to strong credit, you’ll likely secure a personal loan at an interest rate lower than a credit card would offer.
• Personal loans do not bind any existing credit card limit.
• Generally, personal loans allow you to finance a higher amount compared to credit cards.

Let’s now explore some of the top providers of personal loans in the United States.

Avant

Avant provides personal loans across 42 states and caters to individuals with fair credit. With a credit score as low as 580, you could still secure a loan, although lower credit scores attract higher interest.

• Loan Amounts: $2,000 to $35,000
• Minimum Credit Score: 580
• Interest Range: 10% – 36%
• Payment Terms: 24 to 60 months
• Funding: Typically, the next business day post-approval

Discover

This well-known credit card company also offers personal loans. With a high customer satisfaction rating, Discover provides an efficient online application process, often approving applications on the same day.

• Loan Amounts: $2,500 to $35,000
• Minimum Credit Score: Generally, 690+, but at least $25,000 annual income required
• Interest Range: 6% – 25%
• Payment Terms: 36 to 84 months
• Funding: Typically, the next business day post-approval

LendingClub

LendingClub caters to individuals with no or poor credit by allowing co-signers on personal loans, a feature not offered by most lenders. The main borrower must be 18 or older and have a bank account.

• Loan Amounts: $1,000 to $40,000
• Minimum Credit Score: 620 (for at least a co-signer)
• Interest Range: 7% – 36%
• Payment Terms: 36 or 60 months
• Funding: Usually within three days

LightStream

A division of SunTrust Bank, LightStream offers low-interest personal loans with generous loan amounts and long repayment terms.

• Loan Amounts: $5,000 to $100,000
• Minimum Credit Score: 680 with a clean recent payment history
• Interest Range: 2.5% – 20%
• Payment Terms: 24 to 144 months
• Funding: Can be on the same day as the approval

Marcus by Goldman Sachs

Marcus specializes in debt consolidation loans, distributing loan proceeds directly to the lenders you aim to pay off.

• Loan Amounts: $3,500 to $40,000
• Minimum Credit Score: 720 with a clean recent payment history
• Interest Range: 7% – 20%
• Payment Terms: 36 to 72 months
• Funding: One to four business days post-approval

Navy Federal Credit Union (NFCU)

NFCU offers its members excellent deals on personal loans, approving borrowers based on overall financial health, not just credit score. Membership is available to active military members, veterans, and eligible family members.

• Loan Amounts: $250 to $50,000
• Minimum Credit Score: No minimum – overall financial situation is reviewed
• Interest Range: 7.5% – 18%
• Payment Terms: 36 to 180 months
• Funding: Can be on the same day post-approval

Rocket Loans

Rocket offers personal loans to borrowers even with fair to poor credit, providing same-day funding. They assess the borrower’s overall financial situation, not solely their credit score.

• Loan Amounts: $2,000 to $45,000
• Minimum Credit Score: 580 – the overall financial situation is reviewed
• Interest Range: 6% – 30%
• Payment Terms: 36 or 60 months
• Funding: Can be on the same day post-approval

SoFi

SoFi charges no fees – no origination fees, prepayment penalties, or late fees.

• Loan Amounts: $5,000 to $100,000
• Minimum Credit Score: 660
• Interest Range: 5% – 19.5%
• Payment Terms: 24 to 84 months
• Funding: Can be on the same day post-approval