Do you want to get a loan without having any property to present as collateral? Thus, the personal loan is what we are talking about. What do I mean? A personal loan is a money that an individual borrows from a financial institution such as a bank. Yet, the good thing about it is that you don’t even need collateral to get this kind of loan.
In other words, personal loans are installment loans. That is to say, that borrows can receive a sum of money to repay it in equal monthly installments. Let me show you something you might need to know. What? Some prompt reasons to get a personal loan are consolidating or refinancing existing debt.
What does this mean? When you have a case study to pay off existing debts, a personal loan is one way to refinance the debt. Thus, it cost you nothing to get it and only requires the exact amount to be paid back.
I have a few of the best personal loans to show you. On that note, you have to read on for more details.
|Lender||Best For||APR range||Credit Score Required|
|Payoff||Credit card consolidation||5.99% – 24.99%||640-660*|
|Lending Point||Bad credit||9.99% – 35.99%||585|
|Best Egg||Quick approval||5.99% – 29.99%||640*|
Of Course, to find the right personal loan is very hard, but we have helped you to make that very simple. Now you can make your choice from the above set of personal loans, which best suits your need.
What made the above loans the best personal loans?
Here is what we considered to make out that list of best personal loans available.
According to our findings, the best personal loans are issued by LightStream. Meanwhile, they provide you with excellent loans based on low-interest rates, low fees, and a wide range of dollar amounts. Furthermore, the APR of LightStream ranges from 4.99% to 16.79%, and thus, it’s low when compared to other lenders. On the other hand, many personal loans offer to charge up to 36% which is high to what LightStream offers.
Again, one big thing about this lender is that you can borrow up to $5,000 to $100, 000 from anywhere. Guess what? Thus, this will cover most people’s personal loan needs. More so, you can get the loan approved on the same day you applied. Isn’t that great? Of course, it is because this is uncommon with other lenders. LightStream demands a credit score of up to 660, according to the third-party sources. In fact, am sure that a typical American can obtain that score, hence, it’s within a fair credit range.
Meanwhile, LightStream is not the yardstick to a better personal loan provider, especially for people with the subpar credit score. Take, for instance, LendingPoint offers a loan with a credit score far low 585, yet, you can borrow up to $2,000 to $25, 000. Guess what their APR is like; 9.99% -35.99%. But, LendingPoint may charge an origination fee, which is equal to 6% of the loan amount.
2020 Personal Loan statistics
|Lender||APR||Loan Amount||Origination Fee||Score Required|
|Payoff||5.99% – 24.99%||$5,000 – $35,000||0% – 5%||640-660*|
|FreedomPlus||5.99% – 29.99%||$7,500 – $40,000||0% – 5%||620|
|Best Egg||5.99% – 29.99%||$2,000 – $35,000 ($50,000 with mail offer)||0.99% – 5.99%||640*|
|LendingClub||6.95% – 35.89%||$1,000 – $40,000||1% – 6%||580-640*|
|Prosper||6.95% – 35.99%||$2,000 – $40,000||2.41% – 5%||640|
|Avant||9.95% – 35.99%||$2,000 – $35,000||Up to 4.75%||600|
|LendingPoint||9.99% – 35.99%||$2,000 – $25,000||0% – 6%||585|
What to consider before choosing a personal loan: Tips
- Compare and make research on loans to other options first.
- Make sure the money you borrow is equal to the demand at hand, which to refinance debt.
- Have in mind the cost of the loan you want before signing.
- Make sure you have a good credit score, or better still, improve it.
- Have your part under control to get pre-qualified, while the loan is approved.
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