The Top 5 Personal Loan Banks You Should Consider in 2021
Personal loans are a great way to meet your financial goals without having to dip into your savings. But with so many personal loan options available, it can be overwhelming to choose the right one. In this article, we’ll take a look at the top 5 personal loan banks you should consider in 2021.
1. SoFi
SoFi is a leading online lender known for its low APRs and no fees. SoFi offers unsecured personal loans of up to $100,000 with rates starting at 5.99%. What sets SoFi apart from other lenders is its unique lending process that takes into account factors other than credit score, such as education and earning potential. SoFi also offers unemployment protection, which allows you to pause your loan payments if you lose your job.
2. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a popular personal loan lender that offers loans of up to $40,000 with rates starting at 6.99%. With no fees and a simple online application process, Marcus is a great option for those looking for a hassle-free personal loan. Marcus also offers a unique feature where you can skip one payment per year without penalty.
3. Discover
Discover is a well-known credit card issuer that also offers personal loans of up to $35,000 with rates starting at 6.99%. Discover offers fixed rates and terms of up to 84 months. What sets Discover apart from its competitors is its flexible repayment options, including the ability to change your payment due date and set up automatic payments.
4. LightStream
LightStream is another online lender known for its low APRs and same-day funding. LightStream offers unsecured personal loans of up to $100,000 with rates starting at 2.49% for borrowers with good credit. LightStream also offers a unique rate beat program, where they will beat any competitor’s rate by 0.10% (terms apply).
5. Upstart
Upstart is a newer player in the personal loan space, but it has already established itself as a top lender. Upstart offers loans of up to $50,000 with rates starting at 8.69%. What sets Upstart apart from other lenders is its use of artificial intelligence to evaluate creditworthiness. This allows Upstart to lend to individuals with little or no credit history.
Conclusion
When it comes to personal loans, there are plenty of options available. The key is to choose a lender that offers the right mix of low rates, flexible terms, and borrower-friendly features. By considering one of the top 5 personal loan banks we’ve highlighted in this article, you can be sure you’re getting a loan that fits your needs and budget.
