The Top 5 Lenders Offering Personal Loans with No Origination Fee
Personal loans are an excellent option for individuals who require some additional money to tide over a difficult patch. With personal loans, you can pursue diverse requirements such as home renovation, car repairs, or even medical bills. A personal loan can give you the financial means to meet your immediate needs without having to break the bank. However, before considering any personal loans, it is essential to compare the different terms that lenders offer. In this article, we will take a look at the Top 5 Lenders Offering Personal Loans with No Origination Fee.
What is an Origination Fee?
An origination fee is a processing fee that lenders charge you for processing your loan application. The fee usually ranges from 0.5% to 5% of the loan amount. Origination fees are not always transparent and can often lead to confusion and frustration for consumers, especially when they discover them after processing their loan application.
Most lenders charge an origination fee to cover the administrative costs associated with your loan. You may have to pay this fee upfront or have it added to the total amount of your loan. However, some lenders are now offering personal loans without origination fees. Here are the Top 5 Lenders that offer Personal Loans without Origination Fees.
1. SoFi
SoFi is a well-known lender that offers personal loans with no origination fees. They offer fixed rates starting from 5.99% and variable rates starting from 5.74% with a repayment period of up to 7 years. They also offer unemployment protection, career coaching, member events and discounts, and no late payment fees.
2. LightStream
LightStream is another lender that offers personal loans with no origination fees. They have fixed rates starting from 2.49% APR with autopay and flexible repayment periods of up to 12 years. LightStream offers a rate beat program where they will beat any qualifying rate by 0.10% if you meet their credit approval criteria.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs also offers personal loans with no origination fees. They offer fixed rates starting from 6.99% APR, flexible loan terms, and loan amounts ranging from $3,500 to $40,000. Marcus also offers free credit score and financial education tools to help you manage your finances better.
4. Discover
Discover is another lender that offers personal loans with no origination fees. They offer fixed rates starting from 6.99% APR, flexible repayment periods, and loan amounts ranging from $2,500 to $35,000. Discover also offers a 30-day money-back guarantee if you decide that the loan is not right for you.
5. Rocket Loans
Rocket Loans offers personal loans with no origination fees and a fast application process. They offer a fixed rate starting from 7.161% APR, flexible loan terms, and loan amounts ranging from $2,000 to $45,000. Rocket Loans also offers a prequalification process that does not impact your credit score.
Conclusion
Personal loans are a great way to finance your needs when you don’t have the cash on hand. However, it is important to compare different lenders’ terms and conditions before making a decision. By choosing a lender that offers personal loans with no origination fees, you can save money and avoid confusion about unexpected fees. The Top 5 Lenders in this article typically offer better rates, flexible repayment periods, and other valuable benefits to make the borrowing experience a more fulfilling one.
