Top 5 Banks for Personal Loans in 2021: Which One Should You Choose?
Personal loans have become an attractive financial option for many people in recent years. They are particularly popular for individuals who need to make a large purchase or who want to consolidate their debt. However, choosing the right bank for a personal loan can be overwhelming. With so many options available, how can you determine which one is the best fit for your needs? In this article, we will explore the top five banks for personal loans in 2021 and help you determine which one is right for you.
1. Chase Bank
Chase Bank is a well-established name in the banking industry, known for its wide variety of financial products. They offer personal loans ranging from $1,000 to $50,000, with competitive interest rates starting at 6.99%. One of the biggest advantages of getting a personal loan from Chase Bank is that they offer an easy online application process. Additionally, they have a reputation for excellent customer service, making them a popular choice for personal loans.
2. Wells Fargo
Another popular bank for personal loans is Wells Fargo. They offer loans ranging from $3,000 to $100,000, with competitive interest rates starting at 5.49%. One of the benefits of getting a personal loan from Wells Fargo is their online loan calculator that can help you determine how much you can borrow and what your monthly payments will be. They also offer a personal loan rate discount for customers who have a Wells Fargo checking account.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a newer player in the personal loan market, but they have quickly gained a reputation for offering some of the best rates. They offer loans ranging from $3,500 to $40,000, with interest rates as low as 6.99%. One of the biggest advantages of getting a personal loan from Marcus is that they don’t charge any fees – not even late fees. Additionally, they offer a mobile app that makes it easy to manage your loan on-the-go.
4. Discover
Discover is another well-known name in the financial industry, offering a range of banking and credit products. They offer personal loans ranging from $2,500 to $35,000, with competitive interest rates starting at 6.99%. One of the unique features of getting a personal loan from Discover is that they offer a 30-day money-back guarantee. That means if you change your mind within 30 days of getting your loan, you can return the money with no interest or fees.
5. LightStream
Finally, LightStream is a lesser-known option that is gaining in popularity thanks to its low interest rates and flexible repayment options. They offer loans ranging from $5,000 to $100,000, with interest rates as low as 2.49%. One of the benefits of getting a personal loan from LightStream is that they have a specific category for personal loans that are used to refinance credit card debt. They also offer a rate beat program, which means they will beat any competitor’s loan rate by 0.10%.
Conclusion
Choosing the right bank for a personal loan is an important decision. While each of the options listed in this article offers competitive rates and good customer service, it’s essential to consider your personal needs when making a decision. Consider how much you need to borrow, what your monthly payments will be, and what flexibility the bank offers in terms of repayment. By doing your research and comparing the different options, you can find the perfect bank for your personal loan needs in 2021.
