Top 5 Banks Offering the Best Personal Loan Rates in 2021

Top 5 Banks Offering the Best Personal Loan Rates in 2021

Personal loans have become a popular option for many individuals who require funds for various reasons. However, choosing the right bank with the best rates for your personal loan can make a significant difference in savings. In this article, we have compiled a list of the top 5 banks offering the best personal loan rates in 2021.

1. SoFi

SoFi is a well-known online lender that offers fixed-rate personal loans with competitive interest rates ranging from 5.99% to 20.69% APR. The loan amounts vary from $5,000 to $100,000, with terms of 2 to 7 years. They have no origination fees or prepayment penalties and even provide unemployment protection, which can temporarily pause your payments in the event of a job loss.

2. LightStream

LightStream offers personal loans for debt consolidation, home improvements, and other personal expenses at a competitive APR ranging from 2.49% to 19.99% for applicants with excellent credit. They offer loan amounts starting from $5,000 to $100,000 with a term of 2 to 7 years. The best part is they offer a rate-beat program, which means they will beat any qualifying rate from a competitor by 0.10% points.

3. Discover

Discover is a well-established bank that offers personal loans with no origination fees, prepayment penalties, or collateral requirements. Their interest rates range from 6.99% to 24.99% APR with a loan amount up to $35,000. Their loan terms extend from 3 to 7 years, and you can access your FICO credit score for free even if you’re not a Discover customer.

4. TD Bank

TD Bank offers unsecured personal loans with competitive rates, starting from 6.99% to 18.99% APR. They provide loan amounts ranging from $2,000 to $50,000 with a 12 to 60-month term. TD Bank does charge origination fees, but they may waive them if you have a TD Bank checking account.

5. Upgrade

Upgrade is another online lender that offers personal loans with competitive rates, which range from 6.98% to 35.97% APR. The loan amounts vary from $1,000 to $50,000, with a 3 to 5-year repayment term. The unique thing about Upgrade is their credit health tools, which provide personalized recommendations to improve your credit score.

In conclusion, it is always wise to review the interest rates, fees, and terms of each bank’s personal loans before making a decision. These top 5 banks offer competitive interest rates, flexible loan terms, and various other features that make them standout. Consider your needs, credit score, and financial goals before deciding which bank to choose for your personal loan.

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