Top 5 Lenders: Finding the Best Place to Get a Personal Loan in 2021
Personal loans have become a popular choice for people looking to finance various expenses, such as home renovations, debt consolidation, or unexpected emergencies. With so many lenders on the market, it can be challenging to know where to start your search for the best personal loan. In this article, we will explore the top 5 lenders to help you find the right personal loan that fits your needs and budget.
1. SoFi
SoFi is known for offering some of the lowest interest rates on personal loans, making it an excellent choice for people looking to save money on interest charges. Its loan amounts range from $5,000 to $100,000, with terms ranging from two to seven years. SoFi doesn’t charge any origination fees, and customers can also benefit from perks such as unemployment protection and career coaching.
2. Marcus by Goldman Sachs
Marcus by Goldman Sachs is another lender that offers competitive interest rates, with loan amounts ranging from $3,500 to $40,000 and terms of three to six years. It’s known for its flexible repayment options, such as choosing your monthly payment due date or skipping a payment once a year. Additionally, it doesn’t charge any sign-up fees or prepayment penalties.
3. Discover
Discover is a reliable lender that offers personal loans of up to $35,000 with terms of three to seven years. It also doesn’t charge any origination fees, prepayment penalties, or application fees. Discover also gives customers the option to receive funds as soon as the next business day after being approved.
4. LightStream
LightStream is an online lender that offers personal loans ranging from $5,000 to $100,000. It’s a good option for people looking for quick funding as it can process loan applications on the same day and give customers access to the funds as soon as the following business day. LightStream is also known for its Rate Beat Program, which promises to beat any competitor’s interest rate by 0.10% if a customer can provide proof of a better rate.
5. Avant
Avant is a lender that specializes in offering personal loans to people with low credit scores. Its loan amounts range from $2,000 to $35,000, with terms of two to five years. Avant charges an administration fee of up to 4.75%, but it doesn’t have prepayment penalties. Additionally, it provides customers with free access to their credit score and monthly updates.
Final Thoughts
Before applying for a personal loan, it’s essential to assess your financial situation carefully and ensure that you can make the monthly payments on time. It’s also crucial to shop around and compare different lenders to make sure you’re getting the best deal possible. By considering the top 5 lenders mentioned above, you can find a personal loan that fits your needs and budget without breaking the bank.
