Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements 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.
Did you know that there are hundreds of credit scoring models being used today?
With different lenders creating different credit score models based on their own credit criteria, it is very possible that you could have a hundred credit scores. While it is impossible to obtain or keep track of all your credit scores, you should be aware of the models most used by lenders.
FICO score
The FICO score is the most commonly used credit score when applying for credit or a loan. FICO is an abbreviation for Fair Isaac Corporation, the first company ever to offer credit scores. You have different FICO scores at each of the three major credit bureaus — Equifax, TransUnion and Experian. Your FICO Score ranges from 300 to 850, and is based on several factors:
35% Payment History – The most important factor in determining your FICO credit score is your payment history. Delinquent payments could stay on your report for seven years.
30% Debts/Amounts Owed – Your total debt. The lower your debt, the more likely it is that your score will be higher.
15% Age of Credit History – The longer your credit history, the more likely it is that your score will be higher.
10% New Credit/Inquiries – The number of accounts you have opened recently, as well as the number of hard inquiries you have.
10% Mix of Accounts, Type of Credit – The more varied your accounts, the more favorable your score.
However, the FICO model is not as simple as the above breakdown may seem. FICO often makes changes to its credit score model to make it a better reflection of how creditworthy individuals are. As a result, there are currently more than 50 FICO credit score models that are used for different types of debt. A different version of your FICO credit score is used for a mortgage, auto loan, credit card and more.
The latest version of the FICO score is FICO 9, which allows unpaid medical bills to carry a lower weight than other unpaid debts, disregards collections accounts that have been paid off in full and factors in rent payments that are reported.
FICO 9 was developed because unpaid medical debt may not be an indicator of financial health, as an individual may be waiting on insurance payments before paying the debt, or may not even know a bill has been sent to collections.
FICO score 8 is still the most commonly used by lenders. This model does not allow for the lower weighting of medical debt.
Consumers should also be aware of the newly launched UltraFICO Score. This score is the result of a partnership by FICO, Experian and data aggregator Finicity. The key difference between it and other FICO scoring models is that it allows bank account transactions to be factored into the final score. This is a score for which consumers will have to opt in by linking their deposit accounts to their credit profiles. This can help consumers with a sparse credit history to boost their scores based on their banking behavior, which includes a history of positive account balances, frequency of bank transactions, length of time the accounts have been open and evidence of consistent cash on hand.
As this is a very new feature, there will be a slow rollout of availability. You can sign up here to receive news and updates on the UltraFICO score.
VantageScore
VantageScore is the main FICO credit score competitor, and in a similar manner, the VantageScore is constantly evolving to portray a more accurate picture of a person’s financial health. It was developed by the three major credit bureaus. While still not as widely used as the FICO score, an October 2018 study by consulting firm Oliver Wyman found the use of VantageScore rose over 20% year over year, and was up more than 300% over the past five years. Like the FICO score, VantageScore has a scale of 300-850.
VantageScore 4.0 was designed with these changes in mind, and it gives those records less negative impact when calculating scores for consumers who have those records in their credit files. VantageScore 4.0 also penalizes unpaid medical collections less than other types of unpaid collections, and ignores unpaid medical collections less than six months old, to give insurance companies ample time to make payments. Consistent with the VantageScore 3.0 model, paid collections (including paid medical collections) are excluded in the VantageScore 4.0 model.
The most recent version is VantageScore 4.0. As is the case with FICO score 9, VantageScore 4.0 puts a lower weight on unpaid medical debt (medical debt less than six months old is completely disregarded). Both VantageScore 3.0 and 4.0 exclude paid collections from their model.
While VantageScore 4.0 debuted in 2017, 3.0 is still the most widely used model. The score takes the following factors into consideration:
Extreme Weight: Age and Type of Credit – This refers to your length of credit history and your account mix, and is also factored heavily into your 3.0 score.
Extreme Weight: Credit Utilization – The V3 score calculates your utilization percentage by dividing your balances by your available credit. Generally, you should keep your utilization under 30%.
High Weight: Payment History – VantageScore uses your payment history as the number one predictor of risk. Late payments can appear on your report for seven years.
Medium Weight: Total Balances – Refers to your total debt, both current and delinquent. As with credit utilization, the more you lower your debt, the higher chance you have of increasing your score.
Low Weight: Recent Behavior – How many accounts have you recently opened? Your recent behavior includes newly opened accounts and the number of hard inquiries recently.
Extremely Low Weight Available Credit – The amount of credit you have available to use.
MagnifyMoney’s parent company, LendingTree, offers a free credit monitoring service that uses the VantageScore 3.0 model.
Where can you obtain your credit score for free?
It used to be pretty difficult to obtain your credit score across all three bureaus for free. Now, several financial institutions offer consumers the chance to obtain their FICO scores at no cost. Here is a sampling of banks and credit unions that offer this service:
For Experian: If you have an American Express card, a Chase Slate account, or a credit card with Wells Fargo or the First National Bank of Omaha, you can get your FICO score from Experian. Discover offers an even better service, as anyone can sign up to view their Experian score at Creditscorecard.com, even if they do not have an account with Discover.
For Equifax: If you have a Citibank card, or an account with DCU Credit Union or PenFed, you can access your Equifax score for free. Keep in mind that Citibank uses a scoring model from 250 to 900 based on Equifax and the FICO Bankcard Score 8 model, which emphasizes credit card behavior.
For TransUnion: If you have a Barclays card, select credit cards with Bank of America or a Walmart Credit Card, Walmart MasterCard, or Sam’s Club Credit Card, you can access your TransUnion score.
Knowledge is power
The credit scoring system has a long way to go before it becomes transparent and accessible. Currently, it is up to lenders to use a national score, like the FICO score, their own internal credit score, or a mix of the two.
While it would be impossible to monitor all of your credit scores, there are ways to monitor the most important factors in every score. It’s your right to get annual access to a free copy of your credit report from each of the three bureaus. You can do this at annualcreditreport.com.
Even though no lender uses the same credit score model, all scores look at the same basic information, so taking steps to build and keep strong credit will benefit you no matter which score is being used.
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.
The 8 Best Personal Loans for 600 to 700 Credit Scores
Monday, June 3, 2019
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements 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.
If you have a less-than-perfect credit and want to pay off credit card debt, fund home improvement projects, or pay for unexpected expenses, then finding a lender that will consider your credit might seem like an uphill battle.
Refinancing high-interest debt with a personal loan can quickly cut down the amount of interest you’re paying, which effectively allows you to pay it off in less time. You particularly want to avoid payday and title loan lenders at all costs.
Many personal loan companies approve people with scores as low as 600. The best way to shop for a loan is to pre-qualify with as many lenders as possible who perform a soft credit pull (which doesn’t harm your credit score). With our first recommendation, LendingTree, simply fill out an online form and obtain up to 5 lender quotes (including all of those on our list below) with one online form and no negative impact to your score.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
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.
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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.
*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.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details.
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.
Consider LendingTree
With LendingTree, you only need to fill out one short online form. A soft pull will be performed – so your credit score will not be harmed. LendingTree has a panel of dozens of lenders who will then compete for your business. You may be able to see how much you can borrow and the interest rate. This is a great place to start – especially for people with credit scores below 700.
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.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
1. LightStream
LightStream offers personal loans for between $5,000 and $100,000. It requires a minimum credit score of 660 and offers APRs between 3.99% and 16.99%. That low 3.99% APY includes a 0.50% rate discount for signing up for automatic payments.
To check rates, you’ll need to submit to a hard credit check. Don’t let that scare you off from this lender, though. LightStream offers a Rate Beat Program, where it’ll outmatch any qualifying rate. And if you’re unhappy with your loan, you can earn $100 for completing a questionnaire that helps LightStream improve its services.
The Fine Print
LightStream doesn’t offer fees, but in order to qualify for a loan, you’ll need to have good credit. On its website, LightStream says it finds borrowers with good credit tend to have the following characteristics:
Healthy credit history showing a variety of accounts, such as lines of credit (credit cards) and installment debt (auto loan, mortgage)
Solid payment history
Evidence that you know how to save and manage money, such as by having retirement savings and balancing revolving debt
Good income and assets that show you can repay your outstanding debts and a loan offered to you by LightStream
You can use a LightStream personal loan for a variety of purposes, from buying a car to consolidating debt. However, LightStream personal loans can’t be used for college expenses or to refinance college loans.
Pros
Low-interest rates
No fees
Loans for between $5,000 and $100,000
You may receive same-day funding
Will beat qualifying competitor rates
Offers $100 Guarantee Program
Cons
Requires a minimum 660 credit score
Hard Pull to check rates
You can’t change the payment due date
Doesn’t offer preapproval
Can’t refinance student loans
LightStream is a solid choice for borrowers with solid credit who want fast funding. LightStream’s Rate Beat Program means you can receive a competitive rate, while its $100 Guarantee Program shows that this lender cares about your satisfaction.
LightStream is the online lending division of SunTrust Bank.... Read More They offer competitive rates and terms, and their max loan amount and terms are often higher than what other lenders can offer. LightStream is strict with approvals, but they offer an online process, great terms and no fees. The one downside is that they do perform a hard pull when checking your credit.Read Less
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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
2. LendingClub
LendingClub offers loans of up to $40,000, for individuals with a minimum credit score of 600. Its APR ranges from 6.95% to 35.89%. LendingClub also uses a soft credit pull to determine your rate, which will not affect your credit.
The Fine Print
In order to qualify for a LendingClub personal loan you must:
Not have more than 5 hard credit inquiries in the last 5 months
Have at least two active credit accounts open
Have a credit history of at least 36 months
Debt-to-income ratio of less than 40%
Be able to verify employment and income
Once you have met the minimum criteria, LendingClub uses its own scoring system to determine what amount you can borrow as well as your rate.
You can borrow money for 36 or 60 months, but it does charge up-front (origination) fees ranging 1.00% - 6.00% depending on credit worthiness, which come out of the loan amount.
Pros
Can see your rate with a soft credit pull
Will consider applicants with credit scores as low as 600
Offers very competitive interest rates for people with scores below 700
The application process only take a few minutes
Cons
Missed payments or items in collections will result in your application being rejected
Loan processing could take a week or more
APR can be as high as 35.89%
It does charge origination fees (1.00% - 6.00%)
Is not available in Iowa or West Virginia
LendingClub will approve people with credit scores as low as 600. If approved, the interest rates offered can be very competitive and the online application process is easy. This is good first stop for anyone with a score of 600 or higher to find the best deal.
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 The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.Read Less
3. Marcus by Goldman Sachs®
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. With APRs ranging from 5.99% to 28.99% they offer one of the best personal loan options that is available from a traditional lender. While Goldman Sachs Bank USA has been around for over a century, Marcus is a completely online, streamlined experience that lets you complete your application and submit all of the needed documents from your computer.
The Fine Print
There are no specific credit requirements to qualify for a personal loan through Marcus by Goldman Sachs®, though, the company does target those with “prime” credit, which usually includes those with a FICO score higher than 660. While the credit requirements are lower than many other lenders, you will more than likely be rejected if you have missed payments recently or have any other negative marks on your credit report.
Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.
Terms currently range from 36 to 72 months and there is no origination fee. They also will only do a soft pull on your credit if you want to compare your loan options, which won’t affect your credit score. Additional perks of getting a personal loan through Marcus are no late fees (if you miss a payment, your loan will be extended and more interest will be added) and the ability to defer payments after you have made on time payments for a full year.
Pros
No origination fee
No late fees
Ability to defer payments after a year of on time payments
Wide range of repayment terms available between 36 to 72 months
Can see rates with a soft pull
Cons
Currently not available in Maryland
Rates up to 28.99% APR
No clear qualification information
Late payments will accumulate more interest, resulting in a larger final payment.
Marcus is a great option if you have good credit and want to get a personal loan that has a lower rate. It is also a great option for those that want to work with a traditional lender.
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read MoreWith APRs ranging from 5.99% to 28.99%, they offer one of the best personal loan options that is available from a traditional lender. For New York residents, rates range from 5.99% to 24.99% APR. While Goldman Sachs Bank USA has been around for over a century, Marcus is a completely online, streamlined experience that lets you complete your application and submit all of the needed documents from your computer. Read Less
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.
4. BestEgg
BestEgg offers personal loans up to $35,000 for people with credit scores as low as 700. APRs range from 5.99% to 29.99%. You can check your rate without hurting your credit score, and BestEgg has an excellent application process (that can result in funding your loan very quickly).
The Fine Print
BestEgg does charge an origination fee, which can be between 0.99% - 5.99%. However, there is no prepayment penalty, and you can pay off your loan early without penalty.
Pros
Can see your rate with a soft pull
Will consider applicants with credit scores as low as 700
Offers very competitive interest rates
Fast application process and fast funding
Cons
APR can be as high as 29.99%
It does charge origination fees
BestEgg offers competitive rates and a quick online process to get your loan. It is an excellent option for people with less than perfect scores.
People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read MoreThe great features of Best Egg are their simple terms and competitive interest rates for those with a strong, positive credit history. While keeping things simple, they only offer payback terms of 36 or 60 months, which may not be the best fit for everyone.Read Less
*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.
5. Avant
Avant offers access to loans from $2,000 to $35,000. There is no prepayment fee. It is possible to get your loan as soon as the next business day. Although every case is unique, we have seen Avant accept people with credit scores as low as 580 be approved.
The Fine Print
APRs range from 9.95% to 35.99%. The Avant platform does charge an up-front origination fee of up to 4.75%, which is lower than most of the competition.
Checking your Loan Options through Avant only requires a soft pull to see your rate, which does not affect your credit score, and there are no prepayment fees.
A personal loan through Avant received an “A” from MagnifyMoney’s Transparency Score.
Pros
Approved people with lower credit scores
“A” Transparency Score
Can see your Loan Options with a soft pull
Fixed terms, fixed interest rate, no prepayment fees
Cons
Interest rates as high as 35.99%
Charges an origination fee
Not available in Colorado, Iowa, West Virginia, and Vermont
Avant is a good option for people with less than perfect credit. You can check your Loan Options without hurting your score and it has an “A” transparency score.
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 While most borrowers have an average credit score of 600-700, approval can vary. However, rates are higher than some competitors, and there is an administrative fee to consider.Read Less
6. OneMain
OneMain Financial offers loans up to $30,000 for individuals with credit scores starting at 600. It offers terms of up to 60 months and APR ranges from 16.05% to 35.99%.
The Fine Print
In order to be accepted for a OneMain Loan, you must live near a OneMain branch, as a face-to-face meeting is required to finalize the loan. OneMain personal loans are not available in Alaska, Arkansas, Connecticut, Massachusetts, Nevada, Rhode Island, Vermont, or Washington D.C.
In order to qualify you must have:
Verifiable, steady income
No bankruptcy filings, ever
Be at least 18 years of age
Have at least some established credit history
Credit score of at least 600
If, at any time during the application process, OneMain becomes aware that you intend to use the personal loan for gambling, your loan application will be cancelled. OneMain personal loans cannot be used for business expenses or tuition.
Loans cannot be used for business expenses or tuition
See potential rate with a hard pull
Personal loans only available up to $30,000
Loans not available in Alaska, Arkansas, Connecticut, Massachusetts, Nevada, Rhode Island, Vermont, or Washington D.C.
You must visit a OneMain branch to complete the loan.
The OneMain personal loan caters to people with low credit scores, or who would prefer to complete the personal loan application process at a branch, rather than online.
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 They offer quick turnaround times and you may get your money the same day if you apply before noon with check or prepaid debit card option. ACH transfers take one to two business days. Interest rates are higher than other online lenders, especially for those with excellent credit, and you will need to visit a branch to get your loan.Read Less
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
7. Freedomplus
FreedomPlus offers loans ranging from $7,500 to $40,000 that can be used for everything from debt consolidation, to unexpected expenses. APR ranges from 5.99% to 29.99%.
Its biggest selling point is the same-day approval and availability of funds within 48 hours, a lifesaver in some circumstances.
The Fine Print
In order to qualify for a Freedomplus loan, you must:
Be 18 years or older
Be a legal US resident
Have a valid ID
Minimum credit score of 0
At least $25,000 in verifiable income
No bankruptcies in the last two years
Freedomplus charges origination fees ranging from 0.00% - 5.00%, which is deducted from the loan amount before you receive the funds. There are no prepayment penalties.
The Freedomplus personal loan scores a “B” Transparency score because its fee structure and much of the fine print is unclear or not covered by the final contract.
You can prequalify with a hard pull, which does not affect your credit score. However, Freedomplus requires a phone screening with each applicant before the loan is approved.
Pros
Will approve credit scores as low as 0
The phone screening may improve your chances of being approved for the loan
Same-day approval and funds within 48 hours
No prepayment penalty
Can prequalify with a hard pull
Cons
APR ranges from 5.99% to 29.99%
The fee structure is not readily available for review
Origination fee of 0.00% - 5.00% applies
The Freedomplus personal loan is a good option for you if you have less than perfect credit, and need access to funds quickly, without visiting a physical branch.
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 You can get approved within a day and receive your loan within just about 48 hours. They do charge an origination fee, but there are no fees or penalties for prepayment.Read Less
8. Prosper
The Prosper personal loan process is a little different than a traditional lender. It is not a bank, but rather a peer-to-peer lender. Once you have applied, and checked loan terms and rates, you create a loan “listing” that then appears on in the Prosper marketplace.
From these listings, peers (investors) choose which loans they would like to finance. When your loan listing is financed, the money is transferred to your bank account.
Prosper offers loans from $2,000 to $40,000, and APR ranges from 6.95% to 35.99%. It offers loans terms of either 36 or 60 months. Your APR is determined during the application process, and is based on a credit rating score created by Prosper. Your score is then shown with your loan listing to give potential lenders an idea of your creditworthiness.
The Fine Print
Your loan listing will remain active for 14 days. After 14 days, your loan must be at least 70% funded to receive the funds. If you are not 70% funded within 14 days, you must reapply to have your loan re-listed.
Origination fees range from 2.41% - 5.00% and are based on your Prosper score. In order to qualify, you must:
Have a bank account
Have a social security number
No more than 7 inquiries on your credit in the last six months
A verifiable, steady income
A credit-to-debt ratio of less than 50%
At least three open accounts, such as checking, savings, and credit card.
No bankruptcies in the last year
A returned payment may result in a $15 fee, and late payments past 15 days are charged a 5% fee, with a minimum of $15.
Prosper’s overall fine print is very clear is its fees are quite minimal, so it scores it an “A” Transparency Score. Also, you can check your Prosper rate with a soft credit pull, which will not affect your credit score.
Pros
Minimum credit score of 640
Can see your rate with a soft pull
No prepayment penalties
Paying off a Prosper loan can reduce your APR on future Prosper loans
Cons
Only 14 days to secure financing from peer lenders
Origination fee of 2.41% - 5.00% applies
APR varies from 6.95%– 35.99%
Prosper is a flexible alternative with a low-end APR that beats a credit card.
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 MoreThe interest rate you receive is determined by their own proprietary “Prosper Rating.” You can qualify for a loan with average credit and there are no prepayment fees, but your origination fee can be expensive, depending on your Prosper Rating.Read Less
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.
Don’t give up on a personal loan just because of your credit – there are options out there for you. It never hurts to shop around and look for the best rates available, especially if the lender does a soft credit pull to show you your options.
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Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements 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.
Online auto loans are quickly becoming the most stress-free and uncomplicated way to finance a new car or refinance a loan you already have. With streamlined approaches to loan approval and the ability to walk into a dealership knowing your exact budget and interest rate with loan preapproval, car shopping is becoming easier on your wallet and your time.
The Offer
The information related to Chase Auto Loans has been collected by MagnifyMoney and has not been reviewed or provided by the bank prior to publication.
Auto loans from Chase range from 48 to 72 months and interest rates can vary by state, but APRs can be as low as 4.24%.
New car: 4.24% Used Car: 4.24% Refinance: 4.89%
Chase can loan $4,000 - $600,000 and provides APR discounts up to 0.50% for Chase checking account customers.
How To Apply
An application for a Chase auto loan can be made online or at a local branch, even if you don’t know which vehicle you want to purchase yet. If you don’t know what car you want to purchase, fill out what information you can. Chase will collect vehicle information later.
In order to apply you will need to provide your:
Name
Social Security Number
Address
Date of Birth
Phone Number
Email Address
Employment & Income information
Loan Amount and Term
Vehicle information (make, model, year, current mileage, VIN)
The Fine Print
At the time of this article, APRs are as low as 4.24% and are based upon creditworthiness.
Chase offers APR discounts up to 0.50% for being a Chase customer and enrolling in automatic payments. If you have a personal Chase checking account your APR will be discounted 0.25%. You will receive an additional 0.25% APR reduction if you enroll in automatic payments and continue to have your monthly auto loan payments automatically deducted from your Chase checking account.
Chase also requires the following Loan-to-Value ratios with an excellent credit history.
80% for new vehicles
95% for used vehicles
Chase offers loans for new and used autos, but with a few restrictions. Used cars cannot be more than 5 years older than the current model year and have no more than 75,000 miles. The vehicle cannot have been sold for scrap or declared a total loss. Vehicle cannot be used for commercial purposes, such as a limousine or taxicab.
Pros
Loans from $4,000 - $600,000
Finances new and used autos
APRs as low as 4.24% (before Chase customer rate discount)
Terms from 48 to 72 months
APR discounts up to 0.50%
Cons
Lowest term is 48 months
Rates vary by zip code
No online pre approval
How It Stacks Up
On LendingTree, there are hundreds of lenders who are ready to compete for your business. You simply fill out a short online form and can see real interest rates and approval information at once. Keep in mind, some lenders will do a hard pull on your credit and that this is normal within the auto lending space. Multiple hard pulls only count as one pull, so it is smart to have all your hard pulls done at once, which LendingTree can do for you.
LendingTree is our parent company. LendingTree is unique in that they allow you to compare multiple, auto loan offers within minutes. Everything is done online. LendingTree is not a lender, but their service connects you with up to five offers from auto loan lenders based on your creditworthiness.
LightStream, a division of SunTrust Bank, provides a competitive option with APRs starting at 3.99%, with autopay, terms ranging from 24 to 84 months, and financing of $5,000 - $100,000.
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.
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.
Shop Around First
Online auto loans are becoming increasingly competitive, which is good for you, the consumer. The best way to ensure you get the best rate for your next auto purchase is to shop around for your best rate in the 30 days prior to car shopping. Don’t worry about your credit score as you shop around, because all inquiries within a 30-day period count as one.
Then when you get to the dealership, negotiate the price of your car before letting the dealership know that you have already been approved for financing. Then, once a price agreement has been reached, show the dealership your financing and ask them to beat it.
Often, the manufacturer offers 0% financing, which you may be eligible for. If that is the case, you just negotiated a great deal on a new car and saved hundreds or thousands in interest.
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.
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.
