The Top 5 Best Banks for Personal Loans in 2021
Looking for a personal loan can be a daunting task as there are several banks and lending institutions to choose from. It is important to do your research and compare the offers available before settling on a loan that meets your needs. In this article, we will be discussing the top 5 best banks for personal loans in 2021, based on their interest rates, loan amount limits, repayment periods, and overall customer satisfaction.
1. LightStream
LightStream is one of the best banks to consider for a personal loan due to their low-interest rates, flexibility in loan amounts, and fast approval rate. They offer fixed rate loans ranging from $5,000 to $100,000, with an APR starting at 2.49% for borrowers with good credit. Additionally, LightStream does not charge any origination or prepayment fees, making it a great option for those looking to save money. The only disadvantage of LightStream is that their high credit score requirements may make it difficult for some borrowers to qualify.
2. Discover
Discover bank offers personal loans ranging from $2,500 to $35,000 with APRs starting from 6.99%. One of the advantages of Discover is that they offer flexible repayment terms, ranging from 36 to 84 months. They also do not charge any origination, prepayment, or application fees. Discover’s customer service representatives are available 24/7 to respond to any queries, making the loan application process stress-free.
3. SoFi
SoFi is an online lender that offers personal loans ranging from $5,000 to $100,000 with an APR starting at 5.99%. SoFi is a great option for individuals with good credit and high income, as they offer a range of benefits including career counseling, financial advice, and other member perks. SoFi also offers flexible repayment terms ranging from 24 to 84 months, and they do not charge any origination or prepayment fees.
4. Marcus by Goldman Sachs
Marcus is another online lender that offers personal loans with APRs starting at 6.99%. They offer loans ranging from $3,500 to $40,000, making them a great option for debt consolidation, home improvements, or other major purchases. Many borrowers appreciate the fact that Marcus does not charge any fees, including origination or late fees. The only disadvantage of Marcus is that they generally have longer approval times compared to other lenders.
5. U.S. Bank
U.S. Bank is a traditional lender that offers personal loans ranging from $1,000 to $50,000 with APRs starting at 6.49%. U.S. Bank’s loans have flexible repayment terms ranging from 12 to 60 months, allowing borrowers to tailor their loans to their needs. Additionally, they do not charge any origination, application, or prepayment fees. U.S. Bank is a great option for borrowers who prefer a traditional bank that has built a reputation for strong customer service.
Conclusion
In summary, it is essential to compare offers from different lenders before choosing a personal loan that suits your needs. With factors such as interest rates, loan amounts, and repayment periods varying between lenders, consumers must do their research and select a bank that fits their needs. The banks reviewed in this article; LightStream, Discover, SoFi, Marcus by Goldman Sachs, and U.S. Bank, are among the best banks to consider for a personal loan in 2021 due to their favorable policies.
