#Loan rates #Loan #rates

Loan rates

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Best Personal Loans for 2019

Find a great rate on your personal loan.

Save time and money by comparing the best personal loans offered by the highest rated lenders. Use our comparison table to easily view your options or learn more about each company below.

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Note from the editor: Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. In full transparency, our company may receive compensation from partners listed on our website. Learn more about how we make money by visiting our advertiser disclosure.

A personal loan is typically an unsecured loan that offers you access to cash that can be used towards debt consolidation, home improvements, or typically whatever else you need money for. Personal loans are generally offered with fixed interest rates that are lower than other financing options, allowing for a straightforward repayment process.

In this guide, you can compare personal loans from some of the top lenders in the industry, see who we rated as the best for different credit tiers, and find answers to some of the most common questions for borrowers.

Compare Personal Loan Companies

Simplify your personal loan search by comparing personal loan companies by rates, terms, minimum credit scores, and more. Click on the “Lender Details” option below each button to find additional lender information.

Min. Credit Score

• Rate Beat Program will beat a competitor’s published rate by 0.10%
• Accepts joint applications for every loan type
• LightStream has one of the highest loan limits; allowing borrowers take out up to $100,000
• Zero origination, prepayment penalties, or late fees

Min. Credit Score

• SoFi has one of the highest loan limits; allowing borrowers take out up to $100,000
• Unemployment protection is available for up to 12 months
• Access to member perks including exclusive events, SoFi wealth advisors, and career planning
• Zero origination, prepayment penalties, or late fees

Min. Credit Score

• Ability to add a cosigner
• Interest rate reductions available to those with a Citizens Bank checking or savings account
• No fees ever

Min. Credit Score

• Prosper was founded in 2006 and has funded more than $12 billion in loans
• Receive funds in less than a week after approval
• No prepayment penalty

Min. Credit Score

• Trusted lender with A+ BBB rating, more than 300,000 customers served and over $5 billion in funded loans
• Funds can be deposited next day directly into your bank account
• No hidden fees or prepayment penalties

Min. Credit Score

• Available in all 50 states – get the financing you need no matter where you live
• Easy application process – borrowers can apply online, in person, or over the phone
• Lower rates – Low starting APR with no application, origination, or prepayment fees
• Military member benefits

Min. Credit Score

• Access to free credit monitoring, a credit simulator, and free educational resources
• Upgrade may allow you to temporarily reduce your monthly payments due to hardships
• Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications
• No prepayment penalties

Min. Credit Score

• Ability to lower interest rate by adding a cosigner
• Direct pay discount allows you to lower your interest rate when your loan is issued directly to the creditor
• FreedomPlus may offer you a lower interest rate if you have retirement savings of $40,000 or more

Min. Credit Score

• Founded in 2007, LendingClub is the largest online lender for personal loans in the U.S.
• Ability to add a cosigner
• Borrowers facing hardship have the option to make interest-only payments for three months
• No prepayment penalties

Min. Credit Score

• Upstart considers factors other than your credit score when assessing your loan application
• Accepts applicants with a part-time job or a job offer letter
• Receive funds as quick as next day after approval
• No prepayment penalties or hidden fees

Best Personal Loans for 2019

Below are reviews of LendEDU’s picks for the best personal loan companies. You can find information about interest rates, term lengths, fees, and more in the reviews below.

The following eight companies are the highest rated based on our Editorial Ratings. These ratings are in no way affected by compensation and are strictly based on the details and competitiveness of the products offered. In order to make the list, lenders must also offer personal loans in at least 40 states and must not require borrowers to be a member of the bank or credit union.

Here are our choices for the best personal loans by credit tier. Click an option below to learn more about the lenders in that tier.

Best Personal Loans for Excellent Credit

Credit range: 690 to 850

The personal loan lenders in this category will typically only accept borrowers with excellent credit or good credit. If you fall into this range, you may be able to find a loan with the best rates and friendliest repayment terms in the industry.

LightStream

What we like: Beat any qualifying rate

Editorial Rating ( 4.62 / 5.0 )

• Minimum annual income of $45,000
• $100 satisfaction guarantee on your experience
• Rate Beat Program (0.10% below competitor rates if terms are met)
• AutoPay discount of 0.50%

As soon as the same day

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 9.34% APR with a term of 3 years would result in 36 monthly payments of $319.58. LightStream disclosures here.

More About LightStream

LightStream targets highly qualified borrowers which means it routinely offers some of the lowest personal loan rates available – but only to a subsection of online loan-seekers. Your actual APR will be determined after a thorough review of your application. LightStream loans can be used for virtually any purpose, as stated on the company’s website. Loan terms for all purposes outside of home improvement have a maximum loan term of 7 years.

If you don’t qualify for an unsecured loan through LightStream, you may be able to take out a secured loan for the purchase of a new, used, or classic car.

After receiving a loan, if you are not satisfied, you can complete a questionnaire and receive $100. This guarantee expires 30 days after receiving your loan.

LightStream is so confident in their product that they have a Rate Beat Program in which they offer to beat a competitor’s published rate by 0.10% if certain conditions are met (see site for details).

Since the loan application process is entirely online, borrowers don’t have to travel to a physical branch of LightStream’s parent company, SunTrust Bank, to fill out an application.

What we like: Career coaching

Editorial Rating ( 4.45 / 5.0 )

• Minimum Annual Income of $50,000
• Unemployment protection program
• Pre-qualify for rates with no commitment
• AutoPay discount of 0.25%

7 days on average

Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

More About SoFi

Since beginning in 2011, SoFi (or Social Finance) has grown into one of the best loan companies in the nation. SoFi offers personal loans for credit card consolidation, home improvements, relocation assistance, medical procedures, and more. The lender also offers both fixed and variable annual percentage rates (APRs).

The loan application process is fairly straightforward. You can prequalify for a loan with a soft credit pull in 2 minutes with no commitment. When ready, you can complete your online application with the help of SoFi consultants that will require a hard credit pull. Funds can be expected within a few days after finalizing some additional agreements with the lender.

A unique perk offered by SoFi is their unemployment protection program. If borrowers lose their jobs and sources of income, they will be eligible for this program. SoFi temporarily halts payments until the borrower can find a new job. Additionally, SoFi even helps its customers find new opportunities in the workplace.

Citizens Bank

What we like: Great customer service

Editorial Rating ( 4.43 / 5.0 )

• Minimum annual income of $24,000
• Loyalty discount reduction of 0.25%
• No collateral required
• AutoPay discount of 0.25%

3+ days on average

Fixed interest rates from 7.29% – 20.89% (7.29% – 20.89% APR) based on applicable terms. Lowest rates range from 6.79%-20.39% (6.79%-20.39% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

LOYALTY DISCOUNT: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

AUTOMATIC PAYMENT DISCOUNT: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Personal loans must not be used for educational expenses or as a small business loan.

More About Citizens Bank

Unlike many other lenders, Citizens Bank has physical branch locations throughout the country, but consumers can also complete applications completely online if they’d like. Their website claims that approved borrowers can expect their funds within 2 business days.

Citizens Bank offers tools along the way to help you with the process. These tools include a personal loan calculator to determine your monthly payments and potential interest rate, as well as repayment examples based on current rates.

Citizens Bank also allows applicants to add a cosigner, which is uncommon for online personal loan lenders. If rejected when applying alone, potential borrowers can reapply with well-qualified cosigners.

Citizens Bank also offers a smartphone app for users to keep up with their loans on-the-go.

Best Personal Loans for Average Credit

Credit range: 630 to 689

The personal loan lenders in this category will typically only accept borrowers with average credit and above. If you fall into this range, you likely won’t receive rates similar to the excellent and good credit range, but you can still receive competitive rates and repayment terms.

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SOURCE: http://lendedu.com/blog/best-personal-loans

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