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Personal Loans

Best Debt Consolidation Loans by Credit Score

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

debt consolidation
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Updated – November 15, 2018

Dealing with multiple loan payments can be a hassle. Even worse is having to pay high interest rates on one or more of your loans. A debt consolidation loan can be a great way to fix those problems by refinancing all your loans into one with a new rate and term.

Debt consolidation provides three benefits:

  1. Make payments simple: If you owe a lot of lenders and are having a tough time keeping track of all the payments, then consolidating will make your life easier. You’ll only owe one lender and have to keep track of one due date. There’s less of a chance of anything falling through the tracks.
  2. Lower your interest rate: This is where you have to run the numbers to see if debt consolidation makes sense for you. What’s the average interest rate you’re paying on your debt? If it’s quite high (which is likely if you have a lot of consumer debt), you may benefit from consolidating under better terms. Just remember to only use a personal loan if the interest rate is lower than the one you are already paying.
  3. Improve your credit score: If your credit cards are currently maxed out, your credit score will suffer. When you pay off your credit card debt with a personal loan, you will often receive a boost to your credit score, so long as you don’t start using your cards again.

But not all lenders will work with just anyone. Generally, you need to have a good credit score to qualify for the best interest rates on debt consolidation loans. Even then, some lenders offer better terms than others.

We searched through MagnifyMoney’s personal loan marketplace to identify the best lenders for you depending on whether you have excellent (700 and above), good (640-699), average (600-639) or poor (below 600) credit. To compare lenders evenly across the board, we assumed that you’re looking for a $10,000 loan and that you have a college degree. For each credit category, we picked the top two lenders who had the lowest APRs.

Here are the results from our analysis. If you’re in the market for a debt consolidation loan, it’s a good idea to customize your debt consolidation loan search so that you can find the best loan to help you get out of debt faster.

Personal Loans for Debt Consolidation

Start Shopping Here – LendingTree

At LendingTree, you can make dozens of personal loan companies compete for your business with a single online form. When you fill out the form, LendingTree will do a soft pull – which means your score will not be negatively impacted. Dozens of lenders will compete and you may be matched with lenders who want your business. You may be able to compare and save in just a few minutes. We recommend starting here. You can always apply directly to other lenders – but many of the lenders we recommend already participate in the LendingTree personal loan online tool.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Best debt consolidation loans for excellent credit

LightStream

APR

3.34%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.

What we like

If you’ve managed your credit well and have the credit score to prove it, LightStream can be a great option to consolidate your debt. It has some of the lowest interest rates out there — as low as 3.34% APR (that’s with a 0.50% auto-pay discount).

Going along with those low interest rates are low fees. LightStream doesn’t charge any fees at all, including origination fees or prepayment fees. The company offers loan terms from 24 to 144 months. While it’s generally best to pay off your debt as quickly as possible, sometimes having a longer-term loan makes sense, and many other lenders don’t offer loans for as long as 12 years.

The final thing we like about LightStream is that it’s quick to fund your loan. If you are approved for a loan on a business day before 2:30 p.m. Eastern time and provide the company with your bank account details, you can have your loan funded on the same day you are approved.

What could be better

If you’re trying to take advantage of the 0.50% auto-pay discount, you’ll need to set this up before your loan is funded. You won’t qualify for this interest rate discount if you do it after the fact.

Additionally, the company makes it a bit difficult if you’re trying to pay your loan off early. If you want any extra payments to go toward the principal (and not interest), you’ll have to schedule your extra payment to occur on the same day as your normal monthly payment. There’s no other way to specify that you want extra payments to go toward your principal balance.

Credit history required

LightStream doesn’t say what kind of credit history you need to qualify for a loan. But the company does describe those with excellent credit (and thus the best odds for approval at the lowest rates) as people with five or more years of credit history.

Fees and fine print

LightStream is a great option for folks who qualify for these loans because the company does not charge any fees at all. This means no origination fees or prepayment penalties. If you miss a payment, it’s not totally free because the company could report that to the credit bureaus, which could harm your credit score.

FreedomPlus

APR

4.99%
To
29.99%

Credit Req.

700

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

0.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan.... Read More

What we like

FreedomPlus also offers some of the lowest personal loan rates in our marketplace. Those rates are running as low as 4.99% APR.

Another thing we like about FreedomPlus is that it offers multiple different interest rate discounts. The lender doesn’t specify the amounts, but you can get discounts for three things:

  • If you have a co-applicant for your loan
  • If you use at least half of your loan to pay off high-interest credit card debt (FreedomPlus will pay it for you)
  • If you have at least $40,000 in retirement savings

These discounts may (or may not) make your interest rate better than what you could get with other lenders. But at least the company is rewarding customers for good financial behavior, such as paying off high-interest debt and saving for retirement.

What could be better

Unfortunately, FreedomPlus doesn’t operate in all states. Even in some of the states in which it does operate, there are state-specific minimums: $6,500 in Massachusetts, $5,500 in Ohio, $10,500 in Arizona and $3,500 in Georgia.

We also don’t like that FreedomPlus has a narrower range of terms than LightStream. You can only choose from a term length between 24 and 60 months.

Further, FreedomPlus doesn’t provide a lot of information on its website. Rather, the company directs you to contact it for more details. That could be inconvenient if you’re shopping lenders. It also puts you in a high-pressure sales situation since you must speak with someone to get the relevant details unless you’re comfortable blindly applying for a loan.

Credit history required

FreedomPlus generally requires you to have about three years worth of credit history to stand a good chance of being approved for a loan.

Fees and fine print

The company has a variable origination fee — between 0.00% - 5.00% — depending on your loan’s APR. If you make a late payment, you’ll pay either a flat $15 fee, or 5% of your payment amount, depending on whichever is greater. If the company processes a personal check, that’s another $15. If your monthly payment is returned, it’s yet another $15 fee.

Best debt consolidation loans for good credit

RocketLoans

APR

5.98%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More

What we like

Even if you don’t have stellar credit, the interest rate that RocketLoans charges isn’t bad (assuming you are offered a low-end rate). RocketLoans is charging between 5.98% and 29.99% APR. The high end is the same rate you may find on a high-interest credit card. If you fall into that interest rate band, it may be worth reassessing this lender.

RocketLoans is also fast at funding your loan. If everything matches up correctly among you, RocketLoans and the bank, you may be able to receive the money the same day.

What could be better

RocketLoans isn’t available in every state. If you live in Nevada, Iowa or West Virginia, you can’t use the company to consolidate your debt.

The company only offers two different term lengths — 36 or 60 months. You can pay it off sooner, of course, and there’s no penalty for doing so. But this means you’ll only get a maximum of two different options for a given loan amount, which may not fit your budget.

Credit history required

The company does not say what sort of credit history is required to get a debt consolidation loan.

Fees and fine print

RocketLoans charges three different fees:

  • Late payment fee: $15
  • Origination fee: 1.00% - 6.00% of the loan amount
  • Returned check fee: $15

Best Egg

APR

Up to 5.99%
To
29.99%

Credit Req.

660

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.

Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

What we like

BestEgg has similar interest rates to RocketLoans, ranging from up to 5.99% to 29.99% APR. You can also take out loan amounts as small as $2,000 to consolidate your debt, which is a lot less than the minimum requirement for other lenders. Also, there are no prepayment penalties for paying off the loan early.

Heads-up, though: The minimum loan amount does vary by state, so it may be different depending on where you live. Georgia residents can’t take out loans of less than $3,000, Massachusetts residents must borrow at least $6,000, and New Mexico and Ohio residents must borrow at least $5,000.

What could be better

If you live in Iowa, Vermont or West Virginia, you’re out of luck when it comes to getting a BestEgg loan. That’s because the company doesn’t operate in those states.

You can take out a loan of up to $35,000 to consolidate your debt through BestEgg. That may sound like a good thing at first, but consider this: The company only offers you the choice of a three- or five-year term. If you take out a large amount of money, you’ll also need an equally high income to make those whopping payments. Instead, if you’re facing a large amount of debt, it’s worthwhile to also consider a lender that offers more options.

We also don’t like that BestEgg charges a $7 monthly payment fee unless you’re signed up for automatic payments. Signing up for auto-pay simplifies things for both you and the lender, but you shouldn’t be penalized if you’re not able to do that for some reason.

Credit history required

Unfortunately, BestEgg does not disclose this information.

Fees and fine print

Here’s a quick summary of the fees that BestEgg charges:

  • Origination fee: 0.99% - 5.99%
  • Late payment fee: $15
  • Returned payment fee: $15
  • Payment processing fee for people not enrolled in auto-pay: $7

Best debt consolidation loans for average credit

OneMain Financial

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Loan approval and actual loan terms depend on your ability to meet our standard credit criteria (including credit history, income and debts) and the availability of collateral. Loan amounts subject to state specific minimum or maximum size restrictions. Collateral offered must meet our criteria. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. CA minimum loan amount is $3,000. GA minimum loan amount is $1,500 for present customers and $3,100 for others.

What we like

If you like working with bankers in person, this might be a better option for you since you’ll be required to visit a OneMain Financial branch to get your money. This means that if you are approved by noon and can make it to a branch, you could get your money that day.

What could be better

On the flip side, visiting a local branch to complete the loan application process could be inconvenient if you live in a suburban or rural area and there aren’t any locations close to you. These loans are also very expensive.

We also don’t like that the company’s loan policies vary across the country depending on your state of residence. This makes it difficult to easily compare lenders without contacting OneMain Financial to get the most accurate information for your situation.

Credit history required

Your credit history is important to OneMain Financial. But the company itself doesn’t have any listed requirements. Rather, your credit history is taken into account along with your debt-to-income ratio and your ability to make the loan payments on time.

Fees and fine print

There are no prepayment penalties with a OneMain Financial loan. The cost of origination or late fees varies depending on the state in which you live. You’ll need to contact OneMain Financial to get this information.

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

What we like

These loans come with low rates, starting at 5.99% APR. Peerform is also open with its pricing scheme, listing in detail the APR and origination fees that come along with each credit grade, which you can see here.

What could be better

Peerform is a peer-to-peer lender, which means that the company relies on regular everyday investors to fund your loan. You could view this as a good thing since it’s not some mega-corporation that’s getting rich off funding personal loans, but it also means that it could take a while (up to two weeks) for your loan to be fully funded by investors. It’s even possible that your loan listing could end without enough investors to fund your loan, which means you may be offered less money than what you sought — or you may not even receive a loan at all.

These loans are also a bit on the fee-heavy side. For example, the company is trying to push you toward digital payments, because it will charge you a $15 fee per payment if you choose to send in a check.

Credit history required

Like many lenders, Peerform does not detail exactly what type of credit history is required to get a loan. Rather, the company takes into account other factors — such as whether your credit score is above 600 — when deciding whether to create a listing for your loan.

Fees and fine print

Here is a summary of fees that Peerform charges on its personal loans:

  • Origination fee: 1.00% - 5.00%
  • Unsuccessful payment fee: $15
  • Late payment fee: $15 or 5% of the amount due, whichever is more
  • Check payment fee: $15 per check payment

Best debt consolidation loans for bad credit

Avant

APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Up to 4.75%

SEE OFFERS Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More

What we like

Avant does offer smaller loans than many other lenders. You can take out a loan starting at $2,000, ranging up to $35,000, depending on the state in which you live. That’s helpful if you’re trying to work your way out of just a few thousand dollars of debt.

You can also get your money relatively quickly if you are approved for a debt consolidation loan with Avant. If you finish the application process and are approved for a loan before 4:30 p.m. Central time on a weekday, you could have your money the next day.

What could be better

Avant’s rates, fees, loan amounts and loan terms are dependent upon the state in which you live, so you’ll need to check for yourself on its website. But for Illinois (where Avant is headquartered), we noticed that these loans do come with higher fees than normal. They also come with high interest rates, starting at 9.95% APR.

This isn’t unusual since Avant is willing to work with people with less-than-stellar credit scores. It does make it inconvenient for you because you’ll need to assess whether it’s cheaper to consolidate your debt with a personal loan rather than paying it off as is.

Once you add on the upfront administrative fee to the high interest rate, you may find that this loan isn’t a deal at all in the long run compared to what you’re currently paying. The only way to know is to do the math.

Credit history required

Again, Avant doesn’t disclose how long your credit history needs to be to get a loan with the company.

Fees and fine print

In Illinois, where Avant is based, you can expect to pay the following fees if you take out a debt consolidation loan:

  • Administrative fee: Up to 4.75% of the loan amount
  • Late fee: $25
  • Returned payment fee: $15

Tower Federal Credit Union

Tower Federal Credit Union
APR

8.74%
To
11.74%

Credit Req.

580

Minimum Credit Score

Terms

12 to 72

months

Origination Fee

No origination fee

APPLY NOW Secured

on Tower Federal Credit Union’s secure website

Tower Federal Credit Union offers both personal lines of credit and more common signature loans that feature a fixed term. ... Read More

What we like

We like that there is a wide range of options for term lengths at Tower Federal Credit Union. You can choose from six different term lengths, ranging from one to six years. Having a wide range of options is good for you as a consumer because this effectively offers you up to six different monthly payment amounts that you can choose from to fit into your budget.

Rates for these loans are also relatively low. For example, if you opt for a one-year loan, rates start at 8.74% APR. Be warned: The longer your term length, the higher the minimum APR. If you instead opt for a six-year loan, rates instead start at 11.74% APR. At some point, you may need to reassess whether the interest rate you’re receiving is really lower than your current debts’ interest rate.

What could be better

Since this is a credit union, you’ll have a different working relationship. It’s not as simple as applying with any old online lender, getting the money, paying it back and having everything be all right.

First, you’ll need to join Tower Federal Credit Union. There are pretty strict membership requirements, but you can always join by making a minimum $35 donation to the TowerCares Foundation. You’ll need to deposit at least $15 in a savings account to establish your membership. Then, after you’ve applied and established your membership, you can apply for this loan.

You’ll also need to maintain your bank account if you’re older than 22. If more than a year passes without any activity in the account and if your balance is less than $100, you’ll pay a $3 quarterly inactivity fee. So, you can see, going with a credit union may boost your odds of approval if you have a low credit score, but it’s certainly not without a great deal of work compared to a regular online lender.

Another downside of getting a personal loan with Tower Federal Credit Union is that there’s no way to know how much money you can take out without applying for the loan first. That’s because the credit union will offer you a range of borrowing limits based on your credit score and ability to pay, which it determines after you apply for a loan. This could be inconvenient if you go through all the hassle of applying for a loan only to find out the loan amount won’t work for you.

Credit history required

Tower Federal Credit Union will look at your credit when deciding whether to approve you for a loan. But it doesn’t detail what sort of credit history is required to be approved for a loan. Besides your credit history, it’ll also look at your ability to repay the loan.

Fees and fine print

If you make a late payment, you’ll pay a $20 fee. That’s just a touch higher than with other lenders. Additionally, you can make your monthly payment over the phone, but if you do so, there’ll be another $9 processing fee.
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3 reasons to use a personal loan to pay off debt

 

How to choose the right debt consolidation loan

To help ensure you select the best debt consolidation loan for your financial situation, consider these four tips:

  1. Do the math: See what a debt consolidation loan will cost you in the long run compared to your current debts. A debt consolidation loan may give you a lower payment or a lower interest rate, but if you choose a long-term loan, you may end up paying more in interest charges by the time your term ends. LendingTree, MagnifyMoney’s parent company, has a debt consolidation calculator so that you can run the numbers.
  2. Consider which types of debt you want to consolidate: Generally speaking, student loan debt is consolidated separately from your other types of debt, such as credit card debt, medical debt and auto loan debt.
  3. Consider whether other types of loans are right for you: Home equity lines of credit, home equity loans, personal lines of credit and 0% introductory APR credit cards are also reasonable options for debt consolidation.
  4. Check whether you’re applying for a secured or an unsecured loan: If it’s a secured loan (backed by an asset such as your car) and you fail to make your payments, the lender can repossess the item. Unsecured loans, on the other hand, aren’t backed by this kind of collateral, but often come with higher interest rates. Make sure you consider the trade-offs before you apply for the loan.

This article contains links to LendingTree, our parent company.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Personal Loans

No Credit, or Poor Credit? Here Are Your Loan Options

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Mixed Race Young Female Agonizing Over Financial Calculations in Her Kitchen.

Updated September 24, 2018
Don’t have a credit history established, or have a low credit score? It can be challenging to find lenders that will approve you if you have a thin credit file or poor credit, but it’s not impossible.

You still have options when it comes to personal loans, and these options come from reputable lenders.

What’s even better is that these lenders will only conduct a soft credit inquiry when you apply to find out what rates they can offer you. This means your credit score won’t be negatively affected, so you don’t have to worry about damaging it further.

In this article we’ll review how to find reputable lenders, why you should stay away from two popular options people turn to when they’re in a poor credit situation: payday and title loans. And what you can do to increase your credit score.

Check for approval without a credit hit

It’s worth noting low scores aren’t always indicative of how responsible you are with credit. A low score, or thin file, could just be a result of a short credit history. If you have a clean history (no late payments, low credit utilization, etc.), you’ll have an easier time obtaining a loan over someone who has had delinquencies on their record, but might have a higher score.

If you have bad (or no) credit, you should apply to as many lenders as possible that use a soft pull to ensure you don’t hurt your credit score. We recommend starting with LendingTree, where you can use one short application form to get rates from multiple lenders at one.

LendingTree: Dozens of lenders partner with LendingTree – and many of them may approve people with poor or no credit. You can fill out a simple form and compare multiple offers in minutes. We highly recommend starting your shopping experience here first to have a good chance of getting a loan.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Here are 5 personal loan lenders for people who have less than ideal credit (meaning under 700) that will let you check your rate without impacting your credit score:

LendingClub: People with credit scores below 600 may get approved. You can borrow $1,000 – $40,000 and get the money deposited into your account within a few days. Fixed APRs range from 6.95% –35.89% on monthly terms of 36 or 60. LendingClub has an origination fee of 1.00% - 6.00% its loans. LendingClub is not available in Iowa or West Virginia.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Upstart: Borrow between $1,000 and $50,000 for 36 & 60 months with APRs ranging from 8.89% to 35.99%. While the minimum credit score needed to qualify is 640 (Upstart will also consider applicants who don’t have a score), you must have a clean credit history. You could also be eligible for next day funding.

APR

8.89%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Avant: You could borrow anywhere from $2,000 to $35,000 through Avant, and you could receive your funds as soon as the next business day. APRs range from 9.95% – 35.99%. Although the minimum credit score Varies, you have a much better chance if your score is above 580. Avant is available in all states except Colorado, Iowa, West Virginia, and Vermont.

APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Up to 4.75%

SEE OFFERS Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More

Prosper: Another peer-to-peer marketplace lender, Prosper’s loans are similar to LendingClub’s. You can borrow $2,000 to $40,000 with APRs ranging from 6.95% to 35.99% on 36 or 60 month terms. There’s an origination fee of 2.41% - 5.00%, and its minimum credit score is 640.

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

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on LendingTree’s secure website

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Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

OppLoans: If you have no or bad credit, Opploans is an online lender that could help. If your credit score is below 550 (or if you have no credit score at all), OppLoans will work with you. You can check to see if you are approved without impacting your score. And – unlike payday lenders – OppLoans offers much more affordable borrowing options. They also have great reviews – with a customer service rating of 4.9/5 stars.

APR

99.00%
To
199.00%

Credit Req.

550

Minimum Credit Score

Terms

6 to 36

months

Origination Fee

None

SEE OFFERS Secured

on LendingTree’s secure website

There are several other personal loan lenders that will do a soft credit check. You can find them on our personal loan table here. While many of these lenders have minimum credit score requirements, you’ll find they take other factors into account aside from your FICO score.

Additionally, since these lenders only do a soft credit pull, you’re free to shop around for the best rates without fear of damaging your credit score.

Why You need to Stay Away from Payday Loans and Title Loans

Not eligible for personal loans? Don’t turn to payday loans or title loans.

If you’re not familiar with either, you might be wondering what’s so bad about them. After all, they seem convenient – most offer “fast cash,” and if you live in a populated area, you’ll probably find a payday loan or title loan shop nearby.

However, both require you to give something in exchange for funds, and neither require any sort of stringent approval process to ensure borrowers can afford the loans.

Payday Loans

Payday loan companies require you to write a check for the amount you wish to borrow, plus a set fee. The lender holds onto the check until the loan becomes due (typically on the borrower’s next payday, hence the name), and gives the borrower the money they need in the meantime.

The problem? If you can’t pay when the loan balance becomes due, you can choose to extend the term of the loan. When you do, you get hit with more fees. The APR on payday loans is extremely high, so you’ll pay more each time you extend your loan term.

Payday loans are on the smaller side – anywhere from $100 to $1,000. According to PayDayLoanInfo.org, the average term is two weeks, with 400%+ APRs. When you factor in fees, the APR can go up to 780%.

[Stuck in a Payday Loan Trap? Here are the ways out.]

Title Loans

Title loans require you to give your car’s title to the title loan company in exchange for an amount equal to the appraised value of your car. You usually have to own your car outright to be eligible for a title loan, and the term is around 30 days.

Like payday loans, if you can’t pay on time, you may choose to roll the loan over to the next month, incurring more fees. If you can’t pay back the loan at all, you run the risk of the lender repossessing your car.

As you can tell, both of these options are bad ideas if you want to stay clear of getting into a horrible debt cycle. These loans are purposely too expensive for borrowers to afford. If people are looking for quick cash because they don’t have any, it stands to reason they’ll be in the same situation a week or two from the time they borrow.

Non-Profit Credit Counseling to Rebuild Credit Score

You want to make every effort to improve your credit score, even after you’re approved for a loan, because having a good credit score will benefit you in other areas of life. For that reason, you might want to consider teaming up with a non-profit credit counseling service.

These companies can provide you with personalized advice on your specific situation so you can work on rebuilding your credit score. They can also work with your creditors and negotiate on your behalf to possibly lower interest rates or get better terms on your existing debt.

It can be tricky to find a reputable credit counseling agency – even with a non-profit organization. If you’re interested in a credit counseling service, USA.gov lists a few considerations and questions you should ask before committing. You want to make sure the credit counseling agency is actually going to help you get your credit and financial situation under control.

Alternative to Ways to Build Your Credit Score

If you don’t qualify for a personal loan, and don’t want to turn to payday or title loans, there are a few steps you can take to increase your credit score. This post has 6 tips to help get you started. These methods won’t boost your score immediately, but over time, you’ll see an improvement.

The Federal Trade Commission also has 6 alternatives to payday loans on its website, which might apply to your situation. For example, if you’re a member of a credit union, you could inquire about a loan through them as you have an established relationship already.

Also, if you haven’t started budgeting and tracking your spending, you should – doing so can help you spot problem areas with your money.

Read the Fine Print and Shop Around

Regardless of which loan you decide to apply for, always consider the cost. You want to make sure you’re getting the best possible terms, which means getting the lowest APR offered. Typically, cash advances and credit cards are going to have higher APRs than personal loans but lower than payday lenders.

Remember to always read the fine print. Loans of any type have plenty of fees associated with them that you should avoid. Shop around for the best deals and work on improving your credit score so better options become available to you.

*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.

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Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Reviews, Student Loan ReFi

3 Best Parent PLUS Loan Refinance Options

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

mortar board cash

Updated January 10, 2018

Are you a parent who is still repaying student loans taken out to help your children finance their education? While rising student loan debt totals are concerning for graduates, Parent PLUS loans can be troubling for those in their 40s and 50s trying to plan for retirement.

If you’re in this situation, you should consider refinancing your PLUS loans to lower your interest rate and make the loan more affordable. Direct PLUS loans have had interest rates ranging from 6 – 8% over the last few years, and many refinance programs have rates as low as 2% – 4%. Refinancing can save you hundreds of dollars per month.

Below are the best Parent PLUS refinance programs currently available. We encourage you to check each one out to see which suit your needs the most. You should shop around with each lender with whom you think you can qualify. All credit inquiries made within a 30-day period count as one inquiry in the eyes of the credit bureaus.

A Word of Warning on Refinancing

Thankfully, most student loan refinance programs and Parent PLUS refinance programs don’t have fees associated with the loan, so you don’t need to worry about paying origination or application fees. However, you should do the math to make sure refinancing is worth the paperwork.

If you extend your repayment term, you’ll have a lower monthly payment, but you’ll pay more over the life of the loan due to the amount of interest that will accrue. Additionally, if you’re trying to retire sooner rather than later, extending your term might not be in your best interest.

Ideally, you should find a lender willing to refinance your loan on similar terms with a lower interest rate.

Beyond interest rates, you should also be aware that refinancing your Federal Direct PLUS loan means giving up several benefits specific to Federal student loans. Private lenders don’t offer the same repayment assistance, though some lenders are more flexible than others.

For example, you’ll no longer have access to different repayment plans, such as the Graduated, Extended Repayment Plan or Income-Contingent Repayment. Your loans won’t be eligible for forgiveness under the various Federal student loan forgiveness programs. You’ll also lose out on the benefit of forbearance and deferment, which temporarily allows you to pause payments in the event you experience financial hardship.

If you haven’t been struggling with paying back your PLUS loans, then losing these benefits might not concern you, but it’s a factor you should consider. Otherwise, if you experience difficulty making payments, you should reach out to your lender to see if any other payment arrangements can be made.

SoFi Parent PLUS Refinance Program

SoFi is one of the leaders in the student loan refinance industry, and it offers refinancing specifically for Parent PLUS loans.

  • You can refinance a minimum of $5,000 up to the cost of attendance
  • Fixed APRs range from 3.67% – 7.86% (with autopay)
  • Variable APRs range from 0.06% – 4.94% (with autopay)
  • No application or origination fees, and no prepayment penalties
  • Soft credit inquiry with pre-approval; hard inquiry once you apply for the loan
  • Should have good credit, but it also takes your employment and credit history into account
SoFi

APPLY NOW Secured

on SoFi’s secure website

Laurel Road Bank (formerly known as DRB) Parent PLUS Refinance Program

Laurel Road Bank also offers a Parent PLUS refinance program with low interest rates.

  • A minimum of $5,000 is required to refinance and there’s no maximum amount
  • Fixed rates: 3.50% – 7.02% (with autopay)
  • Variable rates: 3.02% – 6.44% (with autopay)
  • Terms of 5, 7, 10, 15, and 20 years are available, though you can request a specific term under 20 years
  • Also offers a hybrid loan (mix of fixed and variable rates), but you must inquire about it
  • Child needs to have graduated college and be professionally employed
  • No origination fee or prepayment penalty
  • Available in all 50 states
  • Soft credit check first and then hard inquiry when you apply for the loan
Laurel Road Bank

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on Laurel Road Bank’s secure website

CommonBond Parent PLUS Refinance Program

CommonBond is dedicated to making the refinance process as simple as possible for students, and has recently introduced a refinance program specifically for Parent PLUS loans.

  • The maximum amount you can refinance is $500,000
  • Fixed APRs range from 3.20% to 7.25% (with autopay)
  • Variable APRs from 2.69% to 7.21% (with autopay)
  • Hybrid APRs (5 years at fixed, then 5 years at variable) are offered
  • No application or origination fees, and no prepayment penalties
  • 5, 7, 10, 15, and 20 year terms available (hybrid loans offered on a 10 year term)
  • Temporary loan forbearance is available if certain requirements are met
  • Soft credit inquiry first, then hard credit inquiry if you apply for the loan
CommonBond

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on CommonBond’s secure website

Keep in mind some lenders, such as SoFi, CommonBond, and Laurel Road Bank, offer the option to transfer your PLUS loans to your child. The Direct PLUS loan doesn’t offer this choice. It’s a great option to have if your child can handle making the payments.

There are many Parent PLUS loan refinance programs being created in wake of the success private lenders have had with refinancing regular student loans. Keep an eye out for them in case you’re not eligible for these. You can also check with your local credit union to see if they have any options available, but be sure the math works out in your favor, as some aren’t offering the best rates. Don’t forget – it’s worth shopping around for the most savings!

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Personal Loans

PNC Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

personal loan_lg

Updated November 08, 2017
With about 2,800 branches in 19 states and the District of Columbia, PNCis the fifth largest bank in the United States. It’s primarily located in the eastern half of the US, with most of its branches and its headquarters being in the northeast.

If you’re looking for a personal loan from a trustworthy, familiar source, PNC might be your answer. It offers an unsecured personal loan on par with most lenders, as well as a secured loan that allows up to $100,000 to be borrowed.

Most traditional banks haven’t been able to compete with online-only lenders in the personal loan space, so let’s see how PNC compares.

PNC Bank
APR

7.24%
To
17.15%

Credit Req.

0

Minimum Credit Score

Terms

60

months

Origination Fee

0.00% - 0.00%

APPLY NOW Secured

on PNC Bank’s secure website

Personal Loan Details

PNC has three personal loan options – secured and unsecured installment loans, and a line of credit. For the purpose of this review, we’ll be focusing on the installment loans.

Most online lenders only offer unsecured loans. In case you’re not sure of the difference:

  • Secured loans require an agreement to let your creditor use your assets as collateral in the event you default on your loan. This protects the creditor as it can sell your assets and recoup the cost of the loan.
  • Unsecured loans are the exact opposite – there’s no collateral involved. There’s less risk for the borrower and more for the creditor.

While secured loans seem to take the creditor’s side, the bonus is they often have more favorable terms because creditors are taking on less risk. You may have access to better interest rates or more money.

A simple example of a secured loan is a mortgage loan. Your home (property) is used as collateral. If you don’t pay your mortgage, your mortgage lender can seize the property and sell it.

Now that you know what it means to have a secured or unsecured loan, we’ll take a look at the differences between the details.

PNC’s unsecured personal loan allows you to borrow between $1,000 to $25,000 on a variety of terms: 6 months, and 1, 2, 3, 4, and 5-year options are available.

PNC’s secured loan allows you to borrow much more – between $2,000 and $100,000. The collateral required for this loan is non-real estate (a vehicle, for example).

Both the unsecured and secured loans have fixed interest rates.

Unfortunately, you can’t check APRs or sample payments for secured loans online, and when we called, we were told they vary based on your credit. They were unable to give any APR range.

The APR for unsecured loans varies by the loan amount:

  • For a $5,000 loan, the APR ranges from 9.49% – 21.99%
  • For a $10,000 loan, the APR ranges from 6.74% – 19.24%
  • For a $15,000 loan and up, the APR ranges from 5.99% – 18.49%

A payment example: if you borrow $20,000 on a 5-year term with an APR of 7.74%, your monthly payment will be $403.04.

The Pros and Cons

Applying for a personal loan with a bank is typically a bit more time consuming than applying with an online-only lender. This is because banks are thorough with the documentation they request.

However, PNC states the application should take no longer than 15 minutes online.

Unfortunately, if you’re looking at the secured loan option, you can’t apply online. You can only apply by phone, or in person at a branch. You can apply online with the unsecured loan option.

PNC’s APRs are also quite high, especially for the loan amounts. Many online-only lenders are offering better rates starting in the 5% range.

An additional negative might be that PNC only offers fixed rates. While variable rates aren’t stable, they’re usually lower than fixed rates. If you’ll have the ability to pay the loan off soon after it’s disbursed, having the lower variable rate can be beneficial.

If you fall on hard times, there’s a possibility that PNC will allow you to defer your payments, but this is reviewed on a case-by-case basis.

PNC urges borrowers to contact the bank at the first sign of trouble – before their payment is due.

Application Process and Documents Needed to Apply

If you’re applying for an unsecured loan, you can easily apply online and be done within 15 minutes. PNC recommends having the following information ready:

  • Your photo ID
  • Annual income, plus any other sources of income you have
  • Employer information (if you’ve been working there for less than 2 years, have your previous employer information as well)
  • Address/proof of residence (if you’ve been living there for less than 2 years, have your previous address ready)
  • If you’re applying with a co-applicant, you’ll need the same information for them
  • If you’re applying for a personal loan to consolidate debt, you’ll need account statements as PNC needs to know your account number, monthly payment, and outstanding balance

PNC’s application is straightforward, and it also has a checklist available for you on the application in case you need to reference it.

PNC will use a hard credit inquiry when applying for a loan with them.

Who Qualifies for a Personal Loan With PNC?

To have the best chances of being approved for a loan with PNC, you need very good and established credit, along with a reasonable debt-to-income ratio. Your loan terms greatly depend on these two factors. Being a customer with PNC doesn’t increase your chances of getting approved.

Just a note – if you choose the secured loan and want to use your vehicle as collateral, it must be less than 8 years old and have less than 80,000 miles on it.

Who Benefits the Most from a Personal Loan With PNC?

Borrowers looking for a larger loan amount would benefit from the secured personal loan with PNC.

SoFi is the only other personal loan lender offering that much money, and while the loan is unsecured, it doesn’t have any physical locations. If you feel more secure applying in-person and receiving assistance from a trusted bank, you might prefer to go with PNC.

However, most borrowers will benefit from going elsewhere to get an unsecured personal loan.

The Fine Print

There is no prepayment penalty for either loan, so you can pay your loan in full at any time.

There’s no origination nor annual fee for the unsecured personal loan.

When called, a PNC representative wouldn’t disclose any other fees associated with the loan (late fees, returned payment fees, etc.).

Transparency

Since there is so little information on its website about the secured loan, it was important to find out as many details as we could from a call.

Unfortunately, the PNC representative that answered the call wasn’t very helpful. The most she could offer was that the loan rates and terms were dependent upon credit, and that the credit score and debt-to-income ratio of an applicant was extremely important.

When asked about late fees for the loan, she said “another department” handles that, and was unable to transfer the call to the appropriate personnel, as you need to have a loan with PNC before fees can be discussed.

This was rather disappointing. Most lenders are open to discussing these details with potential borrowers – fees can make a huge difference when considering loan options. To be one of the few lenders unwilling to discuss fees and rates beforehand kicks PNC’s transparency down a notch.

PNC Bank
APR

7.24%
To
17.15%

Credit Req.

0

Minimum Credit Score

Terms

60

months

Origination Fee

0.00% - 0.00%

APPLY NOW Secured

on PNC Bank’s secure website

Alternative Personal Loan Solutions

As mentioned, SoFi* is the closest competitor as it allows borrowers a maximum of $50,000 as well. The minimum you can borrow is $5,000. Most personal loan lenders have limits of around $25,000 – $35,000.

SoFi offers fixed rates and variable rates, while PNC only offers fixed rates for its installment loans. SoFi’s fixed APR ranges from 6.99% – 15.49%, and its variable APR ranges from 6.40% – 12.70%, if you’re enrolled in autopay (with a cap of 14.95%).

There are no fees associated with SoFi’s personal loan, including no late payment fees.

You can borrow funds on 36 to 84 month terms, and personal loans are available in all states except Mississippi.

SoFi also offers unemployment protection. If you lose your job through no fault of your own, you can apply for payment assistance.

SoFi uses a Soft Pull when you first apply to get your rates, which means your credit score won’t be affected. If you choose to move forward with the loan, a hard credit inquiry will be used.

SoFi
APR

6.99%
To
15.49%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 6.99% APR to 15.49% APR (with AutoPay). Variable rates from 6.26% APR to 13.99% APR (with AutoPay). SoFi rate ranges are current as of October 26, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.26% APR assumes current 1-month LIBOR rate of 2.22% plus 4.285% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

If you want to get a personal loan from a more traditional lender, Marcus by Goldman Sachs®. Is a great option. Goldman Sachs Bank USA has been around for over a century and Marcus is one of their brands that offers no-fee, fixed-rate personal loans, along with high-yield online savings accounts and certificates of deposit. Getting a personal loan through Marcus is an entirely online experience, making it easy to get the money you need from the comfort of your home.

Marcus personal loans have rates that range between 6.99% – 24.99% APR, with terms between 36 to 72 months.

There are a lot of perks that come with getting a personal loan through Marcus. First, there are absolutely no fees.Marcus doesn’t charge an initial origination fee for their personal loans and you won’t have to pay a late payment fee if you end up paying late or missing a payment, though, that payment will accrue additional interest and your total payment will be larger. Marcus also offers the chance to defer payments after you have made on time payments for a full year.

There is a only a Soft Pull on your credit when you initially apply for the loan, so you can compare rates and terms without the worry of your credit score being affected.

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More

If you’re looking for good alternatives to PNC’s unsecured loan, take a look at Earnest. You can borrow between $5,000 and $75,000 with terms that range from 36 to 60 months.

There are no hidden fees associated with Earnest’s personal loan, and it’s offered in 23 states plus the District of Columbia.

You’ll need a minimum credit score of 650 to be eligible for approval with Earnest, and a minimum of 680 to be approved with SoFi, but both lenders take other factors into account, unlike PNC. Your employment history, education, and salary matter as well.

Earnest
APR

6.99%
To
18.24%

Credit Req.

650

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

*referral link

It Pays to Shop Around

While it would be convenient to have the first lender you apply with be the best solution, that’s not always the case, even with a trusted lender like PNC. Personal loans from bigger banks are falling by the wayside as online-lenders are offering much better rates and terms. Do yourself a favor and shop around to get the best rates, even if you have a prior relationship with the bigger names out there. If you shop around within a 30-day window, your credit won’t take a big hit.

*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.


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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Best of, Life Events, Reviews

Tie the Knot With These 5 Wedding Loans

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Frugal Wedding

Your wedding day is bound to be one of the most important days of your life, and because of this, you may be tempted to go all out.

According to WeddingWire, the average cost of a wedding ceremony in the United States runs around $27,000, with another $4,000 for the honeymoon. Further, 80% of engaged couples are millennials who pay approximately 40% of the wedding costs themselves — that’s a big chunk of change.

If you’re tying the knot, you may be looking to use a personal loan to help cover wedding costs. Here’s what to consider before you commit to a loan and five lenders you should consider.

Cut costs before considering a loan

Kicking off your marriage with fresh debt may not be the best idea. That’s why, before taking out debt, you should review your wedding’s costs to see where you can save.

Consider these average costs from The Knot’s 2017 Real Weddings Study and ways you could cut costs:

image

Wedding planner

Skip out on a wedding planner and take advantage of free wedding planner apps, such as The Knot and Zola. These apps can keep you focused and organized from the day of engagement to the day of the ceremony.

Venue

Opt for a cheaper venue. For example, a church or firehouse that has a reception hall attached might not cost as much as a hotel ballroom.

Catering

The more guests you have, the more expensive catering becomes. To bring down this cost, opt for a buffet rather than a sit-down dinner. Keeping your food options simple and trimming your guest list will also help minimize the catering fee.

Flowers

Almost every wedding incorporates flowers, so you may not want to do away with this tradition. But instead of hiring a florist, you could save by having your bridesmaids help you arrange the flowers yourself (keep in mind that flowers that are in season in your area will have a cheaper price tag).

Gown

When shopping for a wedding gown, keep an eye out for bridal shows and sales. You’ll also want to consider second-hand shops, as wedding dresses have only been worn once and are typically in excellent shape.

Photographer and videographer

Check your contacts to see if you know any photographers or videographers who’d be willing to capture your wedding at a discount. If not, contact local studios to see if they have an associate or intern you could book for less.

Music

Do you really need a DJ or live band at your wedding? Consider creating your own wedding playlist and plugging into your venue’s sound system instead.

Wedding cake

A large number of cake tiers drives up the cost of a wedding cake. Stick with one or two tiers using less expensive fillings for a smaller price tag. You can then order a sheet cake on the side to have enough cakes to serve all of your guests.

Decor

Your decor is probably the easiest category to save on — using sites like Pinterest can help you come up with ideas of centerpieces and decorations you can make yourself.

Still need a loan? What to look for in a wedding loan

A personal loan is likely your best option for covering wedding expenses you can’t cover out of pocket. Unless your credit card has a promotional 0% APR, it likely has a higher interest rate than you’ll find on a personal loan. Furthermore, you may not want to tie up your assets by opting for a secured loan.

With a personal loan, you’ll make payments over a set period of time. In the MagnifyMoney personal loan marketplace, you’ll find loan terms from one to 12 years. The rate you receive will depend on your credit score and the lender.

When choosing a loan, there are a few things you’ll need to consider:

  • Credit score: Applicants with higher credit scores will receive better offers than those who don’t have the best credit. Equifax considers a score of 725 to 759 as good, and 760 to 850 as excellent.
  • Loan amount: The more money you borrow, the harder it will be to pay back. Never take out more than you need — so make sure to review your wedding expenses first to see where you can cut back, so you know exactly how much to take out.
  • Term: The shorter the term you select, the larger your monthly payment obligation will be. On the other hand, you’ll have the debt paid off much faster. Check your monthly budget to determine the shortest term you can afford.
  • Interest rate: Higher interest rates mean larger monthly payments. Always shop around and select the loan with lower rates.
  • Fees: Some personal loans come with fees. Check to see if there are any application, origination or prepayment fees, as some lenders charge these.

5 personal loans to pay for a wedding

You have many different lenders you can choose from to apply for a personal loan for your wedding. While you can shop among local banks and credit unions, you should also consider online lenders to ensure you’re getting the best deal.

LendingTree, which owns MagnifyMoney, offers a tool you can use to find loan offers. Using the tool, you’ll input basic information about yourself and what you’re looking for out of a loan. Afterwards, you can review different lenders and apply for a loan.

To help kickstart your search, consider these five lenders:

LenderLoan termsAPR rangeOrigination feesMinimum credit score required

Earnest

36 to 60 months

6.99% to 18.24%

No origination fees

680

First Midwest Bank

12 to 60 months

7.42% to 12.44%

$100 documentation fee

680

LightStream

24 to 84 months

5.74% to 16.99% with AutoPay

No origination fee

660

Peerform

36 months

5.99% to 29.99%

1.00% to 5.00%

660

PenFed Credit Union

36 to 60 months

Starting at 6.49%

No origination fee

N/A

Earnest

Earnest is an excellent choice: their personal loans have no origination or early prepayment fees and their interest rates are on the lower side. While they do list a minimum credit score of 680 in their eligibility requirements, they also state that they consider other things, such as:

  • How much money you have in savings
  • Your educational background
  • Your earning potential

Applicants must be 18 years of age, U.S. citizens or long-term permanent aliens with residence in either the District of Columbia or one of 45 partner states (excluding Alabama, Delaware, Kentucky, Nevada, and Rhode Island).

Loans of $5,000 to $75,000 are available in terms of 36 to 60 months at rates from 6.99% to 18.24%. Once you receive an offer from Earnest, you have seven days to accept it.

First Midwest Bank

First Midwest Bank offers low APR rates of 7.42% to 12.44% for loans between $5,000 and $25,000. In addition, they allow you to repay the loan in as little as 12 months or as long as 60 months.

The downside to First Midwest Bank is the $100 loan documentation fee, and the 680 minimum credit score with five years of good credit history requirement, which may not be attainable for all couples.

Applicants must be at least 18 years of age and live in one of the following 26 states to qualify: Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.

LightStream

You won’t have to worry about any origination, prepayment or hidden fees with LightStream’s personal loan. However, for the best rates on offer, applicants will need to have excellent credit (a minimum 660 credit score will be considered), five years of good credit history and proof of their ability to save.

Couples can take out between $5,000 and $100,000 with terms between 24 and 84 months. If you’re willing to sign up for AutoPay, you’ll enjoy 0.50% off your APR, making the range 5.74% to 16.99%.

LightStream also has two additional perks that set them above other lenders. First, if you have a better offer from a competitor, LightStream will not only match it, but give you a rate that’s 0.10 percentage points below the competitor. Second, if you are unhappy with any part of the loan process, LightStream will refund you $100.

Loans can be approved and funded the same day you apply if you’ve completed all of the steps by 2:30 pm EST.

Peerform

Peerform is a peer-to-peer lender with a lower 600 minimum credit score requirement. The company will even allow you to check your eligibility with a soft credit pull that won’t affect your credit score.

Applicants can borrow between $4,000 and $25,000 at APR rates between 5.99% and 29.99% with a 36-month term. However, it is important that couples are aware of the many fees involved with using Peerform.

All personal loans are subject to origination fees of 1% to 5% and check processing fees of $15 per check. If you send your payment in late, or your payment is rejected due to insufficient funds, you’ll have to pay additional fees. When you submit an application with Peerform, you may receive multiple loan offers. You’ll be able to review each offer and choose the best one.

PenFed Credit Union

In order to apply for a personal loan with PenFed Credit Union to cover your wedding expenses, you’ll need to first become a member. Eligibility depends on where you’re employed, where you volunteer, whether you are in the military and which associations you belong to.

If you qualify, you can borrow between $500 and $25,000 at a starting APR of 6.49%. Terms range from 36 to 60 months, and the loan does not have any origination or other fees attached to it. This credit union doesn’t have a minimum credit score requirement, but they do state that all loans are subject to a minimum $50 monthly payment.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS: ,

Advertiser Disclosure

Personal Loans

Top 6 Personal Loans for Handling Medical Debt

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Personal Loans for Handling Medical Debt

Updated November 03, 2017
With medical debt plaguing 26% of adults, it’s no wonder people are looking for an easier way to pay it back. According to a study by The Henry J. Kaiser Family Foundation, this problem isn’t exclusive to the uninsured, either. Those who have health insurance are struggling to afford crippling bills as well.

While there isn’t always an “easy” or quick solution, refinancing your medical debt with a personal loan that has lower interest rates and more favorable terms may help. However, before you consider refinancing, you should exhaust your options with your hospital first.

If you’re looking for help with affording the medical debt, we’re covering how you can try to lower the amount of medical debt you owe, and which personal loan lenders are the best for refinancing medical debt.

Negotiating Medical Debt With a Hospital

Are you struggling to pay back any medical debt you owe? Your first stop should be the hospital at which you received treatment. You may be able to negotiate with the billing department or settle on a lower amount owed. The worst thing you can do is ignore your medical bills only to have them sent to collections. You want to do everything in your power to avoid that.

Plus, some hospitals, particularly non-profits, offer something called charity care for low-income families or those who are uninsured. You never know what financial aid programs your hospital has unless you ask.

Have you tried negotiating with the hospital to no avail? Then you might want to consider trying a professional service, such as copatient.com. Besides negotiating your medical bills on your behalf, Copatient also reviews your bills for any errors.

Hospitals aren’t exempt from making billing errors, and it’s important to ensure you’re on the hook for the correct services received, especially if you have insurance coverage. In fact, on its website, Copatient states that 80% of the billing statements it reviews contain errors. Unfortunately, medical bills can be hard to understand, which is why having a second pair of trained eyes to review it may help.

As Copatient doesn’t require you to pay for its services unless it’s successful at negotiating your bill, it could be worth a try. It charges you 35% of what it saves you, so if you were able to save $8,000, the fee would be $2,800.

Maybe you’ve tried negotiating your medical debt and either weren’t successful, or still can’t afford to pay. In that case, refinancing your medical debt is a solution you should look into, especially if your interest rates are high. Here are our top six choices for personal loan lenders for those with excellent and good credit.

1. SoFi

We recommend refinancing with SoFi for a variety of reasons, and medical debt is no exception. While it doesn’t have a specific program for medical debt, most personal loan lenders will allow you to use a personal loan for just about anything, medical expenses typically included.

SoFi has some of the lowest APRs of any lender, with fixed rates ranging from 6.99% to 15.49%, and variable rates ranging from 6.40% to 12.70%. You can refinance $5,000 to $50,000 on 36 to 84 month terms as well.

The minimum FICO score . Having a stable employment and education history will help you qualify for a better rate, too. You must be employed to be approved for a loan, and SoFi’s personal loan isn’t available to residents of Mississippi.

SoFi uses a Soft Pull to provide you with estimated rates, and if you want to move forward with the loan, then it will use a hard credit pull. That means you can see if the loan is workable for you before committing and before having the inquiry impact your credit.

There are also no hidden fees with SoFi, so what you see is what you get in terms of the loan amount as there is No origination fee and no pre-payment penalty.

SoFi
APR

6.99%
To
15.49%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 6.99% APR to 15.49% APR (with AutoPay). Variable rates from 6.26% APR to 13.99% APR (with AutoPay). SoFi rate ranges are current as of October 26, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.26% APR assumes current 1-month LIBOR rate of 2.22% plus 4.285% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2. Earnest

Earnest is similar to SoFi in terms of its low APRs. Fixed APRs range from 6.99% to 18.24%, with terms that go from 36 to 60 months. With Earnest you can refinance $5,000 up to $75,000.

The only downside to Earnest is that it isn’t available in many states. You must be a resident of the following states to be approved: AK, AR, AZ, CA, CO, CT, FL, GA, HI, IL, IN, KS, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, Washington DC, WI, WV, and WY.

If you don’t reside in a state on this list, check back often as Earnest has been adding several states to its roster over the last year.

You should have a minimum credit score of 650 to be approved for a loan with Earnest, though it also takes into account your savings, employment history, education history, and income. You can apply for a loan using your LinkedIn account (which pre-fills some fields for you), but it isn’t necessary.

Earnest doesn’t have origination fees or pre-payment penalty fees, though it does use a hard credit inquiry when you complete the application. According to its FAQ, it is working on building a tool that will give you preliminary rates and terms on a personal loan without a hard pull.

Earnest
APR

6.99%
To
18.24%

Credit Req.

650

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

3. LightStream

LightStream is an online division of SunTrust and offers great deals on personal loans. $5,000 up to $100,000 on terms ranging from 24 to 144 months. Fixed APRs range from 3.34% to 16.99%, and there is No origination fee. Rates do vary based on the term you select, so be sure to look at all your options here.

LightStream has one of the faster application processes – if you get all the necessary documents in by 2:30pm ET, you may be eligible for same-day funding. Additionally, if you’re unhappy with the services provided by LightStream, its customer service is backed by a $100 guarantee.

LightStream requires a hard credit inquiry, which makes it a slightly less attractive option. You might want to check with the personal loan lenders that use a soft credit pull first.

APR

3.34%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.

4. Upstart

Upstart and the following two lenders are better options for those with less-than-ideal credit, or those that haven’t been getting approvals elsewhere.

You can refinance $1,000 up to $50,000 with Upstart (be aware it says $35,000 on its FAQ page and $50,000 when you check your estimated rates). Fixed APRs range from 8.89% to 35.99% on its 36 & 60 month terms.

You need a minimum FICO score of 640 to qualify for a loan with Upstart, but that’s just one part of the equation. You should still have a clean credit report – no delinquencies, no collections, less than six inquiries on your credit report within the last six months, and you’ll also be required to verify your income.

Upstart has origination fees ranging from 0.00% - 8.00% of the loan amount, so take this into consideration when applying.

The good news is that Upstart uses a Soft Pull to give you estimated rates. A hard credit inquiry will happen should you choose to move forward with the loan.

APR

8.89%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

5. Prosper

Prosper, like LendingClub below, is a peer-to-peer marketplace. That means investors (individual and corporate) can fund your loan request, giving you a slightly better chance of approval.

You can refinance between $2,000 to $40,000 on terms of 36 or 60 months, and fixed APRs range from 6.95% to 35.99% . That’s a high cap, and as with any loan, you should run the numbers to make sure consolidating your medical debt this way will save you money.

Prosper isn’t available to residents of Maine, North Dakota, or Iowa. You need a minimum FICO score of 640 to qualify, and Experian is used to run credit. A Soft Pull is used at first, and a hard pull will not be used unless your loan gets funded.

There are no fees at all to post a listing to the marketplace, but if you want to fund your loan through Prosper, you will face “closing fees” ranging from 0.50% to 4.95%, depending on the “Prosper Rating” your loan is given. This rating is Prosper’s proprietary grading system, mostly for the benefit of investors, so they can evaluate how risky your loan is.

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

6. LendingClub

LendingClub is another peer-to-peer marketplace and its loan offerings are similar to those of Prosper. You can refinance $1,000 up to $40,000 on terms of 36 or 60 months. Fixed APRs range from 6.95% to 35.89%, and there are origination fees ranging from 1.00% - 6.00% of the loan amount.

LendingClub will loan to those with lower credit scores – as low as 600 – depending on the situation. You should still have a good track record with limited missed payments in the mast. LendingClub does not make loans in Iowa or West Virginia.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Shop Around for the Best Rates and Negotiate

If you’re one of the many people in the United States struggling to afford medical bills, then start working on a solution to overcome it. Try negotiating with your hospital’s billing department, review your statements for any errors, call your insurance company to see if anything can be done, and check to see if a personal loan will make things easier on you.

Depending on the interest rate your medical debt is at, a personal loan may or may not be the right fit for you. It’s important to get all the details so you can run the numbers to see if you’ll come out ahead with savings. That’s why it’s a good idea to shop different lenders, especially with the ones that don’t use a hard credit inquiry right off the bat. This allows you to get a preview of the types of rates and terms that are available to you.

Whichever route you decide to take, make sure you stay on top of your financial obligations. Don’t ruin your credit and your financial situation because you can’t afford to pay; this will only make things harder for you in the future. Take all the actions listed here instead of ignoring your bills, and you’ll come out ahead.

promo-personalloan-wide

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS: ,

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans, Reviews

CircleBack Lending Review: Borrowing Option for Good to Excellent Credit Scores

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

CircleBack Lending Review

Updated November 03, 2017
UPDATE: CircleBack lending is no longer accepting new loan applications. If you would like to shop for a personal loan, consider these two options:

LendingClub: Its APR ranges from 6.95% to 35.89%. Its origination fee is 1.00% - 6.00%. You can borrow up to $40,000. LendingClub is not available in Iowa or West Virginia.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Upstart: Its APR range starts off at 8.89% APR and goes up to 35.99%. The origination fee varies from 0.00% - 8.00%. You can borrow from $1,000 up to $50,000.

APR

8.89%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Otherwise, you can read about the best personal loans here.

Below we keep the original text of our review:

CircleBack Lending is an Internet-based consumer-lending platform for both borrowers and investors. Its goal is to provide consumers with good to excellent credit with a quick way to borrow money.

Circleback personal loan The entire process of applying for a personal loan with CircleBack Lending* is done online. It aims to have a fast application and approval process, and next day funding is available when you submit all required documents by 10AM ET.

CircleBack Lending is positioned to be a better alternative for consumers with high interest credit card debt, but your debt doesn’t have to be linked to credit cards in order to receive a loan. It offers fixed rates as opposed to variable rates, so you don’t need to worry about the interest on your loan becoming unbearable.

Let’s take a look at what CircleBack Lending has to offer, and how it compares against other peer-to-peer lenders.

Personal Loan Details

CircleBack Lending offers consumers loans ranging from $3,001 – $35,000 and you can borrow for up to 60 months.

The APR ranges from 6.43% – 34.93%.

When you apply for a loan with CircleBack Lending, you receive a credit grade after its loan analysts have gone through your profile. This is so investors know the level of risk associated with your loan. Your APR will vary depending on this credit grade.

CircleBack Lending received an “A” transparency score from MagnifyMoney for allowing potential borrowers to see rates with a soft pull and disclosing fees.

Credit Grade

36 Month
Interest Rate

36 Month
APR

60 Month
Interest Rate

60 Month
APR

A - B

5.96% - 11.42%

6.63% - 12.82%

12.44% - 19.82%

12.88% - 20.78%

C - D

11.70% - 14.69%

13.82% - 17.60%

16.73% - 26.20%

18.14% - 28.29%

E - F

14.88% - 18.58%

18.54% - 22.00%

20.13% - 32.37%

22.60% - 35.18%

G - H

20.28% - 32.32%

24.06% - 36.00%

23.11% - 35.07%

25.65% - 36.00%

Pros to Borrowing from CircleBack Lending

If you have high interest credit card debt with a variable interest rate, CircleBack Lending may provide a better solution. You can apply to consolidate or refinance your existing debt, and you can often do so at a lower rate than you had before.

CircleBack Lending also claims it has a quick application and funding process, so if you need the funds within a week, you’ll be covered.

Cons to Borrowing from CircleBack Lending

The most obvious con is the APR cap. 36% is extremely high when compared to other peer-to-peer lenders. The starting APR of 12.88% for a 60 month loan is also very high – and that’s the APR for borrowers who receive the best credit grade.

Credit card debt often starts with a 15 percent APR and 12.88% isn’t too far off, and even though it’s a fixed rate, you might be able to get better rates from other lenders.

Qualifications for a Loan

CircleBack Lending requires that applicants be 18 years or older, and loans are only available to those in the following states: Alabama, Alaska, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Indiana, Kansas, Kentucky, Michigan, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, or Virginia.

Additionally, since CircleBack Lending aims to provide loans to those with better credit scores, you should have, at minimum, a 660 FICO score. Research indicates CircleBack Lending has a rigorous underwriting process, so the better your credit report looks, the better your chances will be when it comes to getting approved.

Who Can Benefit the Most from a CircleBack Lending Loan?

If your interest rate on debt is much higher than 12.88%, and you have excellent credit, you stand to benefit the most from a personal loan with CircleBack Lending. Its interest rates are unfortunately not very competitive, so you need to make sure you’ll be able to get a low enough APR to make applying worthwhile.

Fees and Gotchas

CircleBack Lending’s fees are standard when compared with other peer-to-peer lenders.

Depending on the credit grade you’re given, your loan origination fee will be anywhere from 0.99% to 4.99%.

If your payment is rejected or fails for any reason, you’ll be charged a $15 fee. CircleBack Lending specifies this fee will be incurred each time a payment fails (other lenders limit this to once per billing cycle).

If you’re late making a payment, on the 16th late date, you’ll be charged $15 or 5.00% of your monthly payment amount – whichever is greater.

Paying by check? CircleBack Lending will charge you a $15 check processing fee.

Transparency Notes

CircleBack Lending has a minimalist website, especially compared to other personal loan providers. There isn’t much information on it at all. The company “About” page isn’t very helpful, there’s not much information on how the loan application works, and there’s little to nothing provided for investors interested in investing in its consumer loans. Its “Help” section is “coming soon,” and upon calling, no one was available to answer.

Shop Around for the Best Rates

With that said, it’s worth it to you as the borrower to shop around for the best rates. Applying with CircleBack Lending will not affect your credit – it’s a soft pull – so feel free to check other personal loan options including non-peer-to-peer lenders like SoFi*. See who can offer you the best rates. You shouldn’t feel obligated to take the first offer.

SoFi
APR

6.99%
To
15.49%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 6.99% APR to 15.49% APR (with AutoPay). Variable rates from 6.26% APR to 13.99% APR (with AutoPay). SoFi rate ranges are current as of October 26, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.26% APR assumes current 1-month LIBOR rate of 2.22% plus 4.285% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

 

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Get A Pre-Approved Personal Loan

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Personal Loans

Upstart Loan Review: Low Rates for Recent College Grads

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Upstart_lg

Updated November 03, 2017

Upstart is an online lender offering unsecured, fixed-rate personal loans. Although it started as a lender targeting recent graduates, it has become a lender that offers loans to a wide range of credit profiles.

The founders of Upstart wanted to provide young adults that might not have a lengthy credit history with a way to lessen their debt burdens. To do this, it came up with an algorithm to determine creditworthiness based on education, career, job history, and standardized test scores. But Upstart is not only targeting young people with a limited credit history. If you have an excellent traditional (e.g. FICO) score, you should be able to find a good deal at Upstart as well.

Upstart is one of the few lenders who don’t focus entirely on your FICO score, which means its slightly more lenient when it comes to qualifying.

APR

8.89%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

How Do Upstart’s Rates Match Up?

The APR range is 8.92% – 29.99% (the origination fee of 0% – 8% is included in the APR). Upstart is competitive with LendingClub*, (5.99% to 35.89% APR). However, if you have excellent credit, you should consider SoFi instead (read our full SoFi review here). SoFi has very low rates and charges no origination fee.

While the range is large, if you have a decent credit score, you should be able to obtain a loan with an APR less than what you’d normally get with a bank or credit card.

You can see our round-up of the best personal loans here.

Personal Loan Details

Upstart’s minimum loan amount is $1,000, and its maximum loan amount is $50,000.

A 3-year and 5-year term is available.

If you took out a $10,000 loan, and were able to obtain a fairly good interest rate (say, 7.55%), you would end up paying $311.29 monthly.

What Requirements Do You Need?

While Upstart prides itself on taking education, area of study, and job history into consideration, they still require a minimum FICO score of 640. They also look at your debt-to-income ratio, and you need to be in good standing on all of your accounts to qualify. You can’t have any accounts in delinquency or collections.

If you have insufficient credit history, Upstart will take your application into consideration.

There is no minimum income required to qualify, but you do need to have a debt-to-income ratio of less than 50%.

You also need to have a degree from an accredited institution or be graduating within the next 6 months. Otherwise, you must be accepted to a supported bootcamp starting within 3 weeks from when you apply for the loan, and be actively seeking employment upon graduation from the bootcamp.

Having a full time job (or a full time job offer starting in six months), or another source of regular income is recommended.

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The Fine Print: Fees

There are fees associated with Upstart. First, there is a loan origination fee, ranging anywhere from 0%-8%, depending on the grade of your loan. This fee is rolled into the APR

Next, if you fail to make a payment within 10 days of your due date, you can be charged a late fee, which is the greater of 5% of the past due amount or $15. If you don’t make any payments within 30 days of the due date, Upstart will report your loan as delinquent to the credit bureaus.

If you prefer to pay by check, you will incur a $15 check processing fee.

If your check bounces, or you have insufficient funds in your bank account, you’ll incur a $15 fee.

There is no prepayment penalty.

What Documents Are Needed to Apply?

You’ll need the standard color photo ID, proof of employment, and proof of income. If you have regular sources of income from full time or part time jobs, you can upload your most recent paystubs.

If you earn any bonuses or commission, you need an offer letter that lists target bonuses or a commission structure that lists target commission levels.

If you have rental income, you’ll need your lease, which should show your full name, monthly amount, and lease term.

If you have side gigs (such as income from being an Uber or Lyft driver), you’ll need to have earned a consistent income for six months before Upstart can take it into consideration. If you meet that requirement, you just need to upload the proof of six months of consistent income.

If you’re self-employed and a sole proprietorship, you’ll need a copy of last year’s tax return and this year’s invoices. They’ll look at Line 31 of your Schedule C.

If you’re involved in a partnership or LLC, you’ll need last year’s personal tax returns that show your portion of income and this year’s invoices.

You might need to provide bank statements or proof of home ownership (if you own a home), but this will vary on an individual basis. Once you complete the application, Upstart will notify you of what you need.

Additionally, if you graduated within 4 years of your application date, you’ll also need your standardized test scores, which you can take a photo of, or take a screenshot of online, and a copy of your transcript.

Who Benefits the Most from Upstart?

Upstart is a great solution to those in their twenties who are finding it difficult to obtain a reasonable personal loan elsewhere. Their interest rates are competitive with the other peer-to-peer lending companies, plus they’re willing to lend to those who have thin credit histories, whereas many companies are not.

If you’re a young adult who doesn’t have a lengthy credit history, but has a decent credit score, and are looking to pay off debt (credit card, medical, auto, or student loans), or finance a larger purchase (such as a wedding or travel), then Upstart’s personal loan is a good fit.

Lastly, if you fit this profile and need a loan quickly, accepting your loan before 5pm ET means you’ll have the funds in your account the next business day (unless you’re paying off private student loans). The entire process is efficient and done completely online.

Remember: if you don’t accept the loan, you won’t receive a hard inquiry on your credit report, only a soft one. In any case, borrowers typically have a 45-day window to shop around for personal loans. Credit bureaus recognize that you’re attempting to get the best rate possible, and will count all inquiries during this time as one inquiry.

APR

8.89%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

If Upstart doesn’t sound like the right fit for you, then explore other personal loan offers with our customizable table.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Get A Pre-Approved Personal Loan

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Personal Loans, Reviews

Springleaf Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

personal loan_lg

Updated October 26, 2017
OneMain Financial was recently acquired by Springleaf, and offers personal loans to borrowers via its branch network. (Note: Springleaf has changed its name to OneMain).

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Loan approval and actual loan terms depend on your ability to meet our standard credit criteria (including credit history, income and debts) and the availability of collateral. Loan amounts subject to state specific minimum or maximum size restrictions. Collateral offered must meet our criteria. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. CA minimum loan amount is $3,000. GA minimum loan amount is $1,500 for present customers and $3,100 for others.

Springleaf has been in business for over 90 years and has lent over $10 billion in personal loans to more than 3.5 million people in that time. Its typically known for doing business with borrowers who have less than ideal credit, so if you’ve been turned away by other lenders, you may want to consider giving Springleaf a chance.

However, before taking a loan withSpringleaf, you should shop around. In particular, we recommend shopping for a loan with online lending platform Avant. Checking your Loan Options will not affect your credit score, and you can get the funds as soon as the next business day. (More details are available later in the post).

Personal Loan Details

You can borrow up to $25,000 with a personal loan from Springleaf. In a note at the bottom of its website, Springleaf says loans over $25,000 are possible, but only offered for highly qualified individuals. In addition, some states may have higher limits (for example, it can lend up to $25,000 in North Carolina).

Before we go on, we want to note there are barely any actual details of the loan on its website aside from the amounts it lends. When calling the loan office, the representative was unable to give a general range of terms and APRs because they vary from borrower to borrower as they depend on the loan amount and state you reside in. To get specific details, we suggest calling your local branch.

We’ve found APRs range from 25.10% to 36.00% with terms of up to 60 months. Generally, the rate adjusts around $5,000. For loans under $5,000, you could be looking at an APR of closer to 30%, whereas loans over $5,000 are closer to the mid-20% range. The APR largely depends on the size of the loan requested and your credit history.

Secured and unsecured loans are offered. After you submit your application, Springleaf will evaluate the one for which one you qualify. Secured loans (with collateral) have better rates because there’s less risk involved for Springleaf. Higher loan amounts are likely to be secured along with loans that are being used to buy an asset.

Springleaf is currently only available in 41 states. It doesn’t lend in Alaska, Arkansas, Connecticut, Hawaii, Massachusetts, Minnesota, Nebraska, New York, Rhode Island, Virginia, Vermont, or DC.

Application Process and Documents Needed

The application for a personal loan can be done online, over the phone, or at a branch location. The application is easy to fill out – you’ll be asked how much you’re requesting and what the purpose of the loan is.

Then you need to enter in personal information, such as your date of birth, current address, and contact information. You’ll also be required to fill in your employment status and financial information.

If you fill out the application over the phone or at a branch, it should only take about five minutes. A hard inquiry on your credit will be used when applying for the loan. You can also apply with a cosigner if needed.

Once your application is processed and approved, a representative from a branch will follow up with you. All communication will be with that loan officer.

In general, Springleaf recommends having the following things on hand when applying for a loan:

  • Driver’s license/Photo ID
  • Social Security Card (possibly)
  • Past pay stubs to verify income, or tax return if self-employed
  • Proof of residence (a driver’s license will work; if your address is different than what’s on your license, a utility bill can be provided)

Springleaf may also contact your HR department to check that you’re an active employee.

New customers will be required to go to a local branch office to sign for the paperwork.

Who Qualifies for a Personal Loan With Springleaf?

The representative we spoke with said Springleaf tends to focus more on credit history than credit score, but we’ve found you should have a minimum score of 550 for the best chances of approval.

Springleaf will also check your income and budget to make sure you can afford the additional monthly payment.

Who Benefits the Most From a Personal Loan With Springleaf?

Those with lower credit scores will benefit the most from a personal loan with Springleaf. Since new customers must go to a branch to sign for the paperwork, existing customers may have an easier time applying for a loan.

The loan can be used for a number of reasons, including consolidating debt, home improvement, major purchases (such as furniture or appliances), and emergencies.

The Fine Print

There is an origination fee associated with this loan, though the exact amount depends on the size of your loan. The range is around $25 to $40, with $40 being on loans around $4,000 – $5,000.

There’s no prepayment penalty associated with the loan.

A late fee of $15 will apply if you payment is more than 10 days past due. For loans over $15,000, the late fee will likely be higher.

Difficult to Get in Contact With

As we mentioned before, Springleaf’s website offers next to no information on its personal loan. All this information was obtained through speaking with a loan representative. It doesn’t have the terms it offers, APRs, or fees listed on the site.

There’s a “click to call” link on the application page, but that only tells you to fill in your phone number so a representative can get back to you about the question you have.

It does have a contact form you can fill out on the “contact us” page. We sent a message using the “Website Feedback” choice and a response was given within a few hours. Unfortunately, because our phone number is listed in a state it doesn’t service, help wasn’t offered. A phone number to call was given, but the number is typically used to apply for a loan, not to get more concrete details.

Most communication will go through your local branch office, as they can answer more specific questions. Unfortunately, upon trying to call a local branch several times, there was no answer. We tried another branch nearby and got through on the first call.

Pros and Cons of a Personal Loan With Springleaf

Con: The interest rates are obviously extremely high, but given that Springleaf is oriented toward lending to individuals with lower credit, it’s not surprising.

Pro: Springleaf focuses more on credit history than credit score, and seems to take other factors, like income and budget, into consideration.

Con: Springleaf’s transparency is incredibly low. You can typically find much more information about a loan on a lender’s website. We weren’t fans of spending 20+ minutes trying to contact someone from the company for details.

Con: New customers will be required to go to a branch location to finalize the loan paperwork. The process isn’t entirely online.

 

*Referral link

Alternative Personal Loan Solutions

Springleaf isn’t the only lender that can help borrowers with low credit.

Avant can help those with a minimum score of 580. The APR range is 9.95% to 35.99% through the Avant platform. The maximum amount it will loan is $35,000 and you may be able to get those funds as soon as the next business day. There is no prepayment fee. It is available in all states except Colorado, Iowa, West Virginia, and Vermont.

APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Up to 4.75%

SEE OFFERS Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More

Peerform offers personal loans to borrowers with a minimum credit score of 600. Peerform’s APR range is 5.99% to 29.99%, its maximum loan size is $25,000, it offers terms of 36 or 60 months and it has a 1.00% - 5.00% origination fee.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Do yourself a favor and don’t be afraid to shop around with these lenders. You want to get the best rates and terms offered, and shopping around the only way to do that. All credit inquiries that occur within 30 days are counted as one single inquiry, so your credit won’t be penalized for it. Explore your options and don’t get discouraged if lenders don’t approve you. Try and work on improving your credit score as much as possible over the next few months so you can be eligible for better approvals, and be sure to stay away from payday loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS:

Get A Pre-Approved Personal Loan

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Won’t impact your credit score