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New Era Debt Solutions Debt Relief Review

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Is your debt growing each month? Are you struggling to keep up with the number of creditors to whom you owe money? Debt settlement could be an option. For a fee, private companies negotiate reduced payments with your creditors, lowering the amount of debt you owe. This is a different approach than debt consolidation, in which your existing debts are combined into one account that you then pay off with regular monthly payments.

Camarillo, Calif.-based New Era Debt Solutions specializes in debt settlement and might be able to help you settle your debt. Here’s what you need to know.

What is New Era Debt Solutions?

New Era Debt Solutions has an A-plus rating with the Better Business Bureau. The company boasts competitive settlement agreements and a high success rate.

Breakdown of New Era Debt Solutions

Let’s break things down even further:

Services offered

Debt settlement

Minimum debt required

New Era does not specify a minimum debt level to participate in its services.

Credit score

New Era says participating in debt settlement will hurt your credit score.

Debt settlement timeline

New Era says the average customer completes its debt settlement process slightly more than 27 months.

Consultation fees

New Era doesn’t list specific fees, but does say it only charges clients after a settlement has been reached. It does not charge any upfront fees.

Service fees

New Era only charges fees after a settlement has been reached.

Types of debt accepted

New Era says it can settle unsecured debt. Everything from credit cards to unsecured personal loans can be negotiated. New Era can't work with secured debt such as mortgages and auto loans. The creditors behind this debt can simply take back the collateral by foreclosing on your home or repossessing your car.

Accreditations

New Era is an accredited member of the Better Business Bureau.

Ratings

New Era has an A+ rating from the Better Business Bureau.

Service limitations

New Era does not operate in Iowa, Maine, North Dakota, South Carolina, South Dakota or West Virginia.

Free tools and resources

New Era’s website includes information about debt reduction options. It also features a debt reduction calculator that can help you calculate how long it will take you to pay down your debt.

Customer service

It’s easy to contact New Era. You can visit this page to reach out to the company online or you can call New Era at 800-527-4421 .

Who’s eligible?

New Era doesn’t list any strict requirements for who can and can’t qualify for debt settlement. New Era doesn’t list a minimum amount of debt that you need to qualify or a minimum income or credit score.

The company, though, does provide some general guidelines:

  • New Era does say that consumers who are struggling mostly with credit card debt are the best fit for its services.
  • Those consumers who are fighting a financial hardship — caused by events such as a job loss, medical issues or a divorce — are also a better match for debt settlement.
  • Household income matters, too. As New Era says, participants will need to have money available to make payments on whatever debt settlement they reach.
  • New Era says participants in its program should be able to set aside about 1.5% of their debt amount on a monthly basis to cover the payments of a debt settlement. The company gives this example: If you owe $30,000 in unsecured debt, you should be able to devote $450 a month to pay back your new negotiated debt. If you do this, New Era says, it would take you about three years to pay back the average settlement.

Benefits and risks of New Era Debt Solutions

Benefits

Risks

There are no upfront fees involved with working with New Era Debt Solutions. You are only charged after you agree to a debt settlement deal. This is known as a performance-based fee model.

Your three-digit credit score is probably already dinged if you are looking to settle your debt. But, as New Era says, your score will fall even further if you agree to debt settlement.

Debt settlement could save you a significant amount of money. New Era says it settles clients’ debt for an average of 43.73% of what they owe.

It’s not the fastest process. New Era says it takes clients about 27 months to complete the debt settlement process.

Most people who start a program with New Era do finish. New Era says only slightly more than 18% of clients drop out before reaching a settlement.

The collection calls won’t necessarily stop. If you are stressed by the calls from collection agencies, New Era can’t promise that you won’t receive any new calls while in the program. Collection agencies don’t have to stop calling just because you are enrolled in a debt settlement program.

The odds are low that you’ll be sued once you begin the debt settlement process. New Era says only 6% of its clients experience any legal activity.

Not all debt can be settled. New Era says it can settle most forms of unsecured debt, but it can’t settle auto loans or mortgages — debt that requires collateral. New Era also can’t negotiate federal student loan debt, but it can settle private student loans that are in default.

How much does New Era Debt Solutions cost?

New Era Debt Solutions does not provide pricing information on its website. The company does, though, operate under a performance-based fee model, meaning that you are not billed until a debt settlement has been reached. New Era does not charge monthly administrative fees.

The amount New Era charges depend on several factors. The company says such factors like how much debt you owe, whether you can contribute monthly payments to pay down that debt after a settlement is reached and how long it takes for a settlement to be reached all affect how much you’ll pay.

How long does the program take?

New Era says debt settlement programs usually take three to four years from the time a client signs up. The company, though, says it acts faster, completing the debt settlement process in an average of 27.73 months.

Clients working with New Era who are struggling with debt from several creditors can expect to reach their first settlement within the first six months of starting the program, according to the company. In some instances, though, that first settlement can arrive even sooner. New Era states that some clients start receiving settlement offers from their creditors within 90 days.

It’s important to remember that no debt settlement company, including New Era, can guarantee that you’ll reach settlements with your creditors. New Era, though, does claim that most of its clients do agree to offers from their clients, saying that only 18% of its clients leave the program before settling their debts. New Era also says its clients usually pay about 43% of what they initially owed when signing up for the program. This, though, doesn’t guarantee that you will have the same success rate.

Is New Era Debt Solutions safe to use?

New Era Debt Solutions has been an accredited business with the Better Business Bureau since 2001. The bureau has zero customer complaints on file about the company.

Of the 19 reviews on the Better Business Bureau site, 18 were positive five-star reviews. Customers leaving reviews complimented the company on the regular contact and updates from New Era, the comprehensive way that employees explained the debt settlement process and the results that they received.

New Era also has no complaints listed in the Consumer Complaint Database maintained by the Consumer Financial Protection Bureau.

How do I sign up for New Era Debt Solutions?

New Era offers a free analysis of your debt. The company says it will review your basic information and send you an estimate of how much time the debt settlement process will take and how much money you might save.

To get started, you’ll have to send New Era your name, phone number, the state in which you live and how much money you owe.

You can also call New Era at 800-527-4421 to speak directly with a representative.

What to expect after signing up for New Era Debt Solutions

Once you sign up with New Era, representatives from the company will start negotiating with your creditors. How long this takes will vary, though New Era says you should start receiving your first settlement offer within six months.

Before starting the process, New Era will review your debts to determine which can be settled and which can’t. Unsecured debt — debt not tied to collateral such as a home or vehicle — can usually be settled. New Era says it can settle debts from credit cards, department store cards, signature loans, personal lines of credit and private student loans that are in default. The company, though, can’t settle debt associated with mortgages, federal student loans, car loans, credit unions and medical/hospital bills.

You will have to set up an escrow account during the process. This is an account that you pay into on a monthly basis so that when settlement offers are made, you’ll have the funds necessary to pay them. How much you deposit into the account will depend on the amount you owe and your monthly income.

Alternative methods to pay down debt

We’ll take a look at debt consolidation, debt management plans, bankruptcy and DIY debt settlement.

Debt consolidation

Part of the challenge when paying down a significant amount of debt? You have so many creditors to pay back, deciding who to pay first can become overwhelming. Debt consolidation can help with this.

In debt consolidation, a private company consolidates all your loans into one package. You then pay this company a single payment each month, and the company makes your payments on your behalf.

Pros

  • Making just one payment a month can reduce the stress of paying down your debt.
  • Your debt consolidation company might be able to reduce the interest rate you pay on your debt.

Cons

  • Your debt doesn’t go away just because you are consolidating it into one payment. You still have to pay it off.
  • You might end up paying more than what you owe when you factor in the fees that a debt consolidation provider charges.
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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 17-May-19, 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).

Debt management plan

When you sign up for a debt management plan, you’ll work closely with a credit counseling agency that will set up a schedule for you to repay your debts. The goal is to leave you with a monthly payment that you can afford and that your creditors will accept.

After you agree on a debt management plan, you’ll send money directly to your credit counseling agency each month. This agency will then make payments to your creditors. The National Foundation for Credit Counseling says it usually takes three to five years to settle your debt through a debt management plan.

Pros

  • Enrolling in a debt management program won’t affect your credit score.
  • You can focus on making just one monthly payment, eliminating the stress of dealing with several different creditors.
  • Credit counselors might be able to negotiate lower payoff amounts or interest rates on your debt.

Cons

  • Debt management usually isn’t free. Your credit counseling agency will generally charge a setup and monthly fee.
  • It can take a long time to pay off your debt.

Bankruptcy

Declaring bankruptcy can eliminate your debt, depending on the type you declare, but it will also have a devastating impact on your credit score. A Chapter 13 bankruptcy sets up a repayment schedule that allows you to pay back your debts at a pace you can afford. In a Chapter 7 bankruptcy, your unsecured debts could be eliminated. But you could also lose certain assets.

Pros

  • A bankruptcy filing could wipe away some of your biggest debts.
  • Collection agencies cannot pursue you for those debts that are discharged.

Cons

  • Bankruptcy filings will wreck your credit score, causing it to fall by 100 or more points.
  • Chapter 7 bankruptcy filings remain on your credit reports for 10 years, while Chapter 13 filings remain for seven.

DIY debt settlement

Instead of hiring a company to negotiate your debt on your behalf, you can try to settle your debt on your own. To do this, you’d have to contact companies, explain your financial situation and try to negotiate a lower payoff amount with them.
Pros

  • You won’t have to pay fees to an outside company to negotiate your debt.
  • You can tackle your outstanding debts in the order with which you feel most comfortable.

Cons

  • Negotiating debt on your own will take plenty of time.
  • You might not have the same negotiating skills possessed by private companies.

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.

Dan Rafter
Dan Rafter |

Dan Rafter is a writer at MagnifyMoney. You can email Dan here

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Life Events, Pay Down My Debt

23 Ways to Get an Engagement Ring Without Going Into Debt

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

23 Ways to Get an Engagement Ring Without Debt

A marriage proposal can lead to much happiness, but it also can mean having to purchase an expensive engagement ring and, subsequently, getting into debt. If the diamond industry has anything to say about your engagement ring purchase, you’ll spend anywhere from one to three months’ salary on a diamond engagement ring. On average, couples spent $4,000 on engagement rings in 2012, according to a 2013 report from Jewelers of America.

However, a little forethought and some creativity can lead to significant savings and even a debt-free engagement ring. Think of it this way: It can be far more romantic to propose with a paid-for ring than to drag the equivalent of a car payment into your marriage. Here’s how you can purchase that ring without breaking your bank.

Set a budget

1. The first step you should take in the ring-buying process is setting a realistic budget for yourself. Don’t just go shopping with no maximum price in mind, as that may lead to you making a purchase you can’t really afford. If you know what you want to spend beforehand, and make sure you stick to that, you are already showing the kind of discipline that can help you avoid serious debt.

Heirlooms are a wallet’s best friend

Jewelry passed from generation to generation denotes sentimentality and fiscal prudence. Ask your family, or your future spouse’s family, if they have any heirlooms they would like to pass on. Keep in mind: Heirloom jewelry will be free, but the service and upgrades can run from a few hundred to several thousand dollars. If you do obtain an heirloom ring, consider these three options.

2. Leave the ring intact (except for resizing and repair).

3. Create a new setting for an heirloom diamond.

4. Incorporate a new band into the old ring design.

Buy your diamond on the cheap-ish

Real diamonds are never truly inexpensive, but knowing what and when to buy can save you a bundle.

5. Shop in the summertime. Because winter proposals are very popular (think Valentine’s Day), it can make a lot more financial sense to buy your diamond in the off-season. The summer months can offer stable pricing at a discount.

6. Buy diamonds shy of critical weights. If you want a full-carat diamond, look for something around .9 carats instead. You’ll get close to the same look at a nice discount.

7. Look before you buy. Compare diamonds at various areas of the color and clarity spectrum. If you can’t tell the difference in the diamond’s appearance, choose the less-expensive option. Also, be sure to comparison shop at different retailers; don’t just go with the first ring you love, as you may find something very similar, for less, at another shop.

Replace the diamond, save the difference

Thanks to the diamond industry’s multi-decade, multi-billion dollar advertising campaign, diamonds remain the most popular stone in engagement rings, but forgoing the traditional gem can save you thousands. Consider these emerging trends.

8. Choose synthetic diamonds. Diamonds created in labs share the same properties as mined diamonds, but they cost up to 75% less than traditional diamonds, and they are a great choice for those seeking to avoid conflict diamonds.

9. Replace a diamond with moissanite. A gemologist will never tell you this, but moissanite (a synthetic material) is the hardest gemstone used in jewelry next to diamonds, and it ranks high on clarity and color scales, too. It’s not a valuable gem, but it is beautiful. (Pro tip: Ask your future spouse before you go this route. Many people do prefer authenticity.)

10. Pick an alternative gemstone. Pearls or jade are popular choices outside of the United States, and garnet and topaz are gaining popularity stateside. If you want something out of the ordinary, consider alternative gemstones, but be aware that some gemstones are actually even more expensive than diamonds.

11. Skip gemstones altogether. Ornamental rings (especially knots) are popular choices for those who want to skip traditional gemstones. Handcrafted gold rings can be purchased for as little as $200 on Etsy.

Forgo tradition

Some of the best ways to save money on engagement rings involve breaking tradition, and some couples are more open to an alternative ring style than others. These are a few ring choices that definitely buck tradition.

12. Wooden rings: Wooden engagement rings occupy a large niche in the market, and can be a cost-effective alternative to precious metals. Wooden rings run anywhere from $50 for simple bands to several thousand dollars for rings that include ornate details and gemstones.

13. Tattooed rings: Some couples chose to get tattoos instead of rings, citing that nothing says forever quite like a tattoo. Keep in mind that this may be a dangerous option, as you will have a much harder time removing a tattoo than a ring if your relationship ends (either before or after the marriage).

14. Leather rings: Leather rings can include braiding, engraving and colored beads, among other stylings, and will certainly save you a bundle compared to a diamond. If you don’t want to go with real leather, faux leather can work as well.

15. Go dutch. If the ring in question is outside of your price range, consider asking your sweetheart to split the cost with you. As you’ll be combining finances after you’re married, this may actually lead to some great money-focused conversations.

Save money now, upgrade later

If your partner has a big diamond taste, but you’ve got a small budget, then consider upgrading later on. Here’s how.

16. Propose with costume jewelry. If you think you can save up for the real ring by the time of your wedding, an inexpensive piece of costume jewelry may be just right for the proposal.

17. Build as you go. Start with a simple band and stone, and add more or bigger gems for anniversary milestones, or upgrade when you can afford it.

Buy used

Consider buying a ring that already has a history. You can have the ring professionally cleaned to give it new beauty and make it “yours.”

18. Visit pawn shops. You may be buying the ring of a recent divorcee, but the savings can be irresistible.

19. Search estate sales. If you regularly shop estate sales, you might uncover a vintage ring at a spectacular price. Rings that aren’t presented with a certificate of authenticity will give you room to negotiate on price, but you may accidentally buy overpriced junk. This technique is best for people with an eye for authenticity.

20. Shop on eBay. Pre-owned rings from eBay can represent about a 30% discount over identical new rings, and many owners provide certificates of authenticity.

Creative ways to get cash

Whether you’ll spend a few hundred dollars or thousands, an engagement ring doesn’t have to mean big debt. Consider a few creative ways to save the cash you need to pay for a ring in full.

21. Sell your memorabilia. Your partner may not be too enthusiastic about your KISS memorabilia, or your 27 signed hockey jerseys. Selling these to help pay for an engagement ring will be a double sign of your love.

22. Save up, way in advance. If you’re not currently in a serious relationship, but you think you’re the marrying kind, consider setting aside some cash for a future ring purchase. While some people may find this a strange thing to do, there is no harm in being over-prepared. If you don’t end up using the money to buy a ring, it will be on-hand for other potential purchases (think a wonderful vacation, or a luxury item you really want).

23. Get a side hustle. People are increasingly taking on side hustles to earn extra cash, even if they have full-time jobs. This can include selling your artistic creations on Etsy, becoming an Uber or Lyft driver or writing freelance articles. Then you can put all the extra money you earn into an account for a ring.

Consider a personal loan

It is definitely ideal to be able to purchase an engagement ring without going into debt at all. However, if you simply have to finance at least part of the ring’s purchase, you might consider a personal loan, as you may be able to get a better interest rate than with a credit card, depending on your own credit and where you are able to obtain your loan.

Bottom line

Getting married can be an expensive undertaking, and you don’t want to put yourself in a difficult financial place just by purchasing the engagement ring. Keep in mind the alternatives to the traditional pricey diamond, and also remember that the love you share with your partner should be far more important than buying a ring with a sky-high price tag. Avoiding debt as much as you can also means you’ll be starting off your new marriage on a financially healthy note.

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.

Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah here

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The 8 Best Personal Loans for 600 to 700 Credit Scores

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

7 Personal Loans for 600 to 700 Credit Scores

Updated August 03, 2019

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.

Company
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Disclaimer

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 17-May-19, 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).

3.99%-16.99%

24 to 144

months

Not specified

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6.95%-35.89%

36 or 60

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600

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Marcus by Goldman Sachs®

5.99%-28.99%

36 to 72

months

Varies

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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.

Up to 29.99%

36 or 60

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640

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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% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in 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 four 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. 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.

9.95%-35.99%

24 to 60

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Varies

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Avant branded credit products are issued by WebBank, member FDIC. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

18.00%-35.99%

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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.

5.99%-29.99%

24 to 60

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Varies

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6.95%-35.99%

36 or 60

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640

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on LendingTree’s secure website

Advertiser Disclosure.

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
APR

As low as 3.99%

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

Advertiser Disclosure

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 17-May-19, 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 0 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 0 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.

APR

3.99%
To
16.99%

Credit Req.

Not specified

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 without AutoPay may be 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.

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

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®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


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

Best Egg offers personal loans up to $35,000 for people with credit scores as low as 640. 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 640
  • 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.

APR

Up to 29.99%

Credit Req.

640

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% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in 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 four 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. 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.

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. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

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

6. OneMain

OneMain Financial offers loans up to $20,000 for individuals with credit scores starting at 600. It offers terms of up to 60 months and APR ranges from 18.00% 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.

Pros

  • Credit score as low as 600
  • Fixed Rates
  • No Prepayment penalty
  • Fixed terms

Convenient location, at OneMain branches

Cons

  • APR ranges from 18.00% to 35.99%
  • Loans cannot be used for business expenses or tuition
  • See potential rate with a soft pull
  • Personal loans only available up to $20,000
  • 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.

APR

18.00%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Not specified

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


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 soft 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 soft 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.

APR

5.99%
To
29.99%

Credit Req.

Varies

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

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.

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.

Shop Around to Find the Best Deal

If you have made past credit mistakes, or have very little credit, there are personal loans out there for you. Many of these lenders offer rates much lower than what you would be paying on a credit card, shaving month and hundred or thousands of dollars off of your debt.

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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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.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at [email protected]

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