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Personal Loans

Align Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Want a personal loan, but you’re worried about the high-interest rates you might face? There is an alternative: You can enter into an income-share agreement.

Chicago-based Align personal loan Income Share Funding is one source of this type of loan. The company has been providing income-share agreements since its founding in 2011.

These loans are unusual because they don’t come with a set interest rate. Instead, you pay a percentage of your yearly income every year for a set number of years, paying back what you originally borrowed plus more.

In this review, we’ll explain how Align works and whether it might be a good fit for you.

Align personal loan
APR

10.00%

Credit Req.

Varies

Minimum Credit Score

Terms

2 to 84

months

Fees

None

APPLY NOW Secured

on Align Personal Loan’s secure website

Align personal loan details
 

Fees and penalties

  • Terms: Align states that its income-share agreements run from 2 to 84 months; however, that may depend on your location. In some locations it states that terms can run from two to five years.
  • APR range: Align doesn’t charge traditional interest rates on its loans. Instead, it charges a percentage of your income, no more than 10.00%. Say you make $40,000 a year. You might agree to spend 3 percent of your income each year to repay your loan, or $1,200. If you borrow $4,000 and you sign an agreement to pay back your loan over four years, you’d pay end up paying a total of $4,800, or $800 more than what you initially borrowed.
  • Loan amounts: Align will loan you a maximum of $12,500.
  • Time to funding: Align says that you once you sign your contract, it can deposit funds in your bank account in one to three business days.
  • Hard pull or soft pull? Soft Pull. You can get a quote for an income-share agreement on Align’s website and it will not impact your credit score.
  • Origination fee: Align does not charge origination fees.
  • Prepayment fee: Align also charges no prepayment fees.

There are no limits on how you can use your funds from an Align income-share agreement. You can use the dollars for everything from consolidating high-interest-rate credit card debt to paying for home repairs or a dream vacation.

Align is flexible, too, when it comes to determining your income. As the company’s Web site says, anything listed in box 1 of your annual W2 form can be considered income.

Eligibility requirements

Align doesn’t say much about the minimum credit scores or debt-to-income ratio you will need to qualify for an one of their income-share contracts. Their site, though, does say that Align looks at your income, creditworthiness, job and location when determining whether to approve your request for funds.

How Align’s income-share agreement works

This yearly percentage is broken up into monthly payments. Say you borrow $8,000 from Align and you earn $30,000 a year. If you agree to pay back your loan at 10 percent of your yearly salary for three years, you’d pay Align $3,000 a year, at $250 a month. After the three-year repayment period has ended, you’d end up paying a total of $9,000, or $1,000 more than you borrowed.

When you set up your contract, you pick a date on which you want to pay each month. Align then automatically deducts that amount from your checking account.

What’s interesting about this is that as your income changes, so can your monthly payment. If your income goes up, the percentage you contribute will remain the same. But because your income is increasing, the overall amount you pay will jump, too.

It works the other way, too. Align says that if your income falls, you will pay less. If you become unemployed and you have no income, your monthly payment could potentially fall to zero. If you become unemployed, you will have to submit proof that you are not working, such a notice from your former employer or documents showing you are receiving unemployment benefits.

Applying for an income-share contract from Align

Applying for a loan from Align is a simple process. Just click on the “Apply Now” button on the company’s home page. Once you do, you’ll be asked to provide your name, date of birth, Social Security number, email address, physical address and phone number.

Align will also ask for your gross yearly income, your income source and the industry in which you work. You’ll also need to provide your education level, your estimated credit score, the amount you’d like to borrow and what you want the money for.

After filling in this information, you then submit your application for an online quote. If you are interested, you can contact Align to speak with a representative who will verify your income, job status and credit. Once this is done, Align will make you an official offer stating how much it is willing to lend you at what percentage of your yearly income. Align will also state how many years you will make payments, and how much you will pay each month and each year to pay off the money it loans you.

If you like the offer, you sign your contract. Align will then deposit your funds into your bank account in one to three business days.

Pros and cons of a Align personal loan

Pros:

Cons:

  • No interest rates: Align doesn’t charge interest rates for its loans. However, you will have to pay a percentage of your annual income for a set number of years to pay back your loan.
  • No origination fees: Applying for a loan at Align is free. The company also doesn’t charge you for the work involved in originating your loan.
  • Protection if you lose your job: How much you pay is based on how much you earn, so you won’t have to make any payments if you lose your job and your income.
  • Applying is fast: You won’t have to meet in person with a lender to get your money. You can start the process online. You will have to speak with a representative to verify your financial information.
  • You might pay significantly more than you borrowed: Because of the payment structure with Align’s loans, if your income rises, you will pay more each month. If your income rises significantly, you could end up paying much more than what you initially borrowed. However, Align does require that you contact the company when your income rises. The company will request your W-2 forms at the end of each year to review your income and to make sure that you are paying the correct amount.
  • Uncertainty: Your monthly payment can vary because Align charges you a percentage of your gross income to lend you money. If your income fluctuates, your monthly payment will, too. This can be challenging when you are making a household budget.
  • Not everyone is guaranteed acceptance: Align does look at your credit score, income and employment status when determining who qualifies for dollars. There is no guarantee, then, that Align will loan you any money.
  • You can break your contract, but it will cost you: You can break your contract with Align before your term ends. This will cost you, though. Align lists in your contract the amount of money you’d have to pay to buy the company out throughout the life of your loan.

Who’s the best fit for an Align loan?

An Align loan can work for people who aren’t afraid of a little uncertainty and are worried about high interest rates. Because Align charges a percentage of your income, your monthly payments can increase or decrease. If you don’t mind this uncertainty, an Align income-share agreement might be a good choice.

This loan type might work, too, if you have a relatively low income. But if your income is high, or if you expect it to rise in the near future, this loan type might not be a good fit — your monthly payment could jump too high.

Alternative personal loan options

Lending Club

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

Lending Club is an online lender providing personal loans up to $40,000. Unlike Align, LendingClub provides traditional loans with a fixed interest rate. This means that your payments remain the same every month, a benefit when you are making a household budget. LendingClub does not charge prepayment penalties, but it does have an origination fee between 1.00% - 6.00%. Anyone seeking more certainty with their loan payments should explore this option.

SoFi

SoFi
APR

6.33%
To
15.62%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

APPLY NOW Secured

on SoFi’s secure website

Advertiser Disclosure

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


Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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

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

SoFi is another popular source of personal loans. This online lender also provides traditional loans, with interest rates lower than many lenders because it primarily targets borrowers with good credit. SoFi charges no origination fee or prepayment fees and temporarily pauses your payments if you lose your job.

Payoff

Payoff
APR

8.00%
To
25.00%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Fees

2.00% - 5.00%

LEARN MORE Secured

on LendingTree’s secure website

The entire goal of Payoff is to help you pay down your debt and they typically don’t like being described as a loan company. They offer a quick, easy, and digital process for getting a personal loan and consolidating your credit card debt. If you have poor credit, little credit, or are continuing to take on more debt every month, you will find it difficult to get approved.

Another online lender, Payoff lets you apply online for a personal loan. The company charges no application fees, and applying does not impact your credit score. You can choose a loan amount between $5,000 to $35,000 and terms from 24 to 60 months.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Dan Rafter
Dan Rafter |

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

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Featured, Personal Loans, Reviews

Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1990
Total Assets$171.7B
Most Americans probably think of fancy white-collar stock traders on Wall Street when they think of Goldman Sachs, a global investment firm that’s been around since the late 19th century.

In recent years, Goldman made a major pivot, launching a new arm of the company called GS Bank, which would provide internet-only savings accounts to the masses.

They also launched Marcus by Goldman Sachs®, a line of personal loans. Eventually, they decided to rebrand their savings account business, putting it under the Marcus umbrella as well.

Today, through Marcus, you’ll find three product offerings: personal loans, savings accounts, and CDs.

In this article, we’ll take a deep dive into all three products. We’ll tell you what you need to know before opening an account, including what rates they are offering.
Goldman Sachs Bank USA’s Most Popular Accounts

APY

Account Type

Account Name

3.00%

CD Rates

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

2.55%

CD Rates

Goldman Sachs Bank USA High-yield 3 Year CD

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

1.80%

Savings

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

Marcus by Goldman Sachs savings account

A very high interest rate and no fees make this one of the best savings accounts out there.

APY

Minimum Balance Amount

1.80%

None

As of 7/10/2018

  • Minimum opening deposit: None. However, you’ll need to deposit at least $1.00 if you want to earn any interest
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

This is a great account for almost anyone. However, before you click that “Learn More” button below, there are a couple of things to know.

No ATMs. First, Marcus by Goldman Sachs doesn’t offer ATM access to your savings account. You’ll either need to deposit or withdraw money by sending in a physical check, setting up direct deposits, or by moving the money to and from your other bank accounts via ACH or wire transfer.

No checking account. Second, Marcus does’t offer a corresponding checking account. That means you can only use this account as an external place to park your cash from your everyday money flow.

Keeping a separate savings account does have its benefits. For example, it’s harder to tempt yourself to withdraw the cash if you’re a chronic over-spender. But, it also means that there might be a delay of a few days if you need to transfer the money out of your Goldman Sachs online savings account and into your other checking account.

How to open a Goldman Sachs online savings account

It’s really easy to open an online savings account with Marcus by Goldman Sachs. You can do it online or over the phone as long as you’re 18 years or older, have a physical street address, and a Social Security Number or Individual Taxpayer Identification Number.

You’ll be required to sign a form which you can do online, or by mail if you’re opening the account over the phone.

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

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How their online savings account compares

Marcus’ online savings account can easily be described with one word: outstanding.

You’ll get a relatively high interest rate with this account, which is among the best online savings account rates you’ll find today. In fact, these rates are currently over seven times higher than the average savings account interest rate.

Even better, this account won’t charge you any fees for the privilege of keeping your money stashed there. It’s a tall order to find another bank that offers these high interest rates with terms this good.

Marcus by Goldman Sachs CD rates

Sky-high CD rates, but watch out for early withdrawal limitations.

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

2.30%

$500

18 months

2.35%

$500

24 months

2.45%

$500

3 years

2.55%

$500

4 years

2.60%

$500

5 years

3.00%

$500

6 years

3.10%

$500

As of 7/10/2018

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For CDs under 12 months, 90 days’ worth of interest
    • For CDs of 12 months to 5 years, 270 days’ worth of interest
    • For CDs of 5 years or over, 365 days’ worth of interest

Marcus’ CDs work a little differently from other CDs. Rather than having to set up and fund your account all at once, Goldman Sachs will give you 30 days to fully fund your account.

Once open, your interest will be tallied up and credited to your CD account each month. You can withdraw the interest earned at any time without paying an early withdrawal penalty, but heads up: If you withdraw the interest, your returns will be lower than the stated APY when you opened your account.

If you need to withdraw the money from your CD, you can only do so by pulling out the entire CD balance and paying the required early withdrawal penalty. There is no option for partial withdrawals of your cash.

Finally, once your CD has fully matured, you’ll have a 10-day grace period to withdraw the money, add more funds, and/or switch to a different CD term. If you don’t do anything, Marcus will automatically roll over your CD into another one of the same type, but with the current interest rate of the day.

How to open a Goldman Sachs CD

Marcus has made it super simple to open up a CD. First, you’ll need to be at least 18 years old, and have either a Social Security Number or an Individual Taxpayer Identification Number.

You can open an account easily online, or call them up by phone. You’ll need to sign an account opening form, which you can do online or via a hard-copy mailed form. Then, simply fund your CD account within 30 days, and you’re all set.

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

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How their CDs compare

The interest rates that Marcus offers on their CDs are top-notch. In fact, a few of their CD terms are among the current contenders for the best CD rates.

If you’re interested in pursuing a CD ladder approach, Marcus is one of our top picks because each of their CD terms offer above-average rates. This means you can rest easy that you’ll get the best rates for your CD ladder without having to complicate things by spreading out all of your CDs among a handful of different banks.

The only downside to these CDs compared with many other banks is that you can’t withdraw a portion of your cash if you need it. It’s either all-in, or all-out. However, once out, you’re still free to open a new CD with the surplus cash, as long as it’s at least the $500 minimum deposit size.

Marcus by Goldman Sachs personal loan

Personal loans offered by Marcus have low APRs, flexible terms, and no fees.

Terms

APR

Credit Required

Fees

Max Loan Amount

36 to 72 months

6.99%-24.99%

Varies

None

$40,000

As of 7/10/2018

Marcus by Goldman Sachs® personal loans can be used for just about anything, from consolidating debt to financing a large home improvement project. They offer some of the best rates available, with APRs as low as 6.99%, and you’ll not only be able to choose between a range of loan terms, but you can also choose the specific day of the month when you want to make your loan payments.

While there are no specific credit requirements to get a loan through Marcus, the company does try to target those that have “prime” credit, which is usually those with a FICO score higher than 660. Even with a less than excellent credit score, you may be able to qualify for a personal loan from Marcus, though, those that have recent, negative marks on their credit report, such as missed payments, will likely be rejected.

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.

No fees. Marcus charges no extra fees for their personal loans. There is No origination fee associated with getting a loan, but there are also no late fees associated with missing payments. Those missed payments simply accrue more interest and your loan will be extended.

Defer payments. Once you have made on-time payments for a full year, you will have the ability to defer a payment. This means that if an unexpected expense or lost job hurts your budget one month, you can push that payment back by a month without negatively impacting your credit report.

How to apply for a Marcus personal loan

Marcus by Goldman Sachs offers a process that is completely online, allowing you to apply, choose the loan you want, submit all of your documents, and get approved without having to leave home. Here are the steps that you will complete to get a personal loan from Marcus:

  1. Fill out the information that is required in the online application, including your basic personal and financial information, as well as how much you would like to borrow and what you will use the money for.
  2. After a soft pull on your credit, and if you qualify, you will be presented a list of different loan options that may include different rates and terms.
  3. Once you have chosen the loan you want, you will need to provide additional information to verify your identity. You may also be asked for information that can be used to verify your income and you will need to provide your bank account information so that the money can be distributed.
  4. You will receive your funds 1 – 4 business days after your loan has been approved.

LEARN MORE Secured

on LendingTree’s secure website

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How their personal loans compare

Marcus offers low APRs and flexible terms with their personal loans, but their main feature is that they have no fees. If you are looking for a straightforward lending experience with no hidden fees or costs, Marcus will be perfect for you since you won’t even have to worry about late fees if you happen to miss a payment.

While Marcus offers some great perks, you may be able to get a lower rate if you choose to go with another lender, such as LightStream or SoFi. Both of these lenders offer lower APR ranges and they don’t charge origination fees, though, LightStreamwill do a hard pull on your credit to preapprove you.

LendingClub and Peerform both have lower credit requirements than Marcus, but they also charge origination fees and, being P2P lending platforms, you will need to wait for your loan to be funded and you run the risk that other users might not fund your loan.

Overall review of Marcus by Goldman Sachs‘ products

Marcus has really hit it out of the park with their personal loans, online savings, and CD accounts. Each of these accounts offers some of the best features available on the market, while shrinking the fees down to a minuscule, or even nonexistent, amount. Their website is also slick and easy to use for online-savvy people.

The only thing we can find to complain about with Marcus is that they don’t offer an equally-awesome checking account to accompany their other deposit products. Indeed, it seems like Marcus has turned their former hoity-toity image around: Today, they’re a bank that we’d recommend to anyone, even blue-collar folks.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Personal Loans

Elastic Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Elastic, a flexible line of credit offered by Louisville, Ky.-based Republic Bank & Trust can help you cover unexpected expenses or consolidate debt.

With an Elastic loan, you can apply for a line of credit for $500 to $3,500. A line of credit is different than a traditional personal loan because you only have to pay back what you actually use. Say you need to spend $2,000 on a new furnace for your home. If you have an Elastic line of credit for $3,000, you can use $2,000 to pay for your new furnace, and you’ll have $1,000 left over that you have available to use for other expenses. It’s a bit like a home equity line of credit, though your credit limit isn’t tied to the amount of equity you’ve built in your home.

You only pay back what you’ve borrowed, after paying an initial cash-advance fee that is either 5%-10% of what you’ve borrowed, depending on how often you are paid, in either monthly or twice-monthly payments (semi-weekly, in which consumers are paid two times a month, or bi-weekly, in which they are paid every two weeks). Once you request funds from your line of credit, those dollars are deposited in your checking account so that you can spend them. Elastic lets you borrow as much as you need up to your credit limit in $20 increments.

The catch? Those cash-advance fees aren’t inexpensive. You’ll pay 5%-10% of the amount you borrow each time you request cash. And if you don’t pay off what you owe by the end of each billing cycle you’ll have to pay an additional fee, what Elastic refers to as a minimum charge.

Elastic
APR

137.00%
To
150.00%

Credit Req.

560

Minimum Credit Score

Terms

10

months

Fees

0.50% - 5.00%

APPLY NOW Secured

on Elastic’s secure website

Elastic personal loan details
 

Fees and penalties

  • Terms: Because Elastic acts more like a traditional line of credit than a loan, it doesn’t come with traditional terms. Instead, you only pay back what you borrow. If you borrow $500 on an Elastic line of credit of $1,000, you only pay back the $500 you borrowed. You’ll make payments on that cash once or twice a month, depending on how you are paid.
  • Prepayment fee: Elastic does not charge a prepayment fee.
  • Other fees: Elastic charges a cash-advance fee of 5%-10% of the money you borrow, depending on how you are paid. If you are paid on a monthly basis, you make one payment a month on the money you borrow in the amount of 10% of what you have borrowed. If you are paid two times a month, you make two payments every month, each equal to 5% of what you borrowed.
  • Minimum charge: If you don’t pay off your balance in full every billing cycle — either once a month or twice a month depending on how you are paid — you will face a minimum charge on what you borrowed. This fee ranges from $0 to $135 for customers who pay more than once a month or $0 to $270 for those who pay once a month. For example, if you owe more than $1,000 up to $1,250 after your billing cycle, you’ll be charged a minimum charge of $45 if you pay twice a month or $90 if you pay monthly. If you owe more than $250 up to to $500 after your billing cycle, you’ll be charged a fee of $15 if you pay bi-weekly or $30 if you pay monthly.

Eligibility requirements

Not everyone will qualify for an Elastic loan. Republic Bank & Trust says that borrowers must have a regular source of income or benefits, be at least 18 and meet the bank’s credit underwriting standards, though it doesn’t list those standards on its site. Borrowers must also have a valid email address.

Applying for an Elastic loan

Applying for an Elastic loan is a simple process. You start by clicking the “Apply Now” button on the site’s homepage. This will bring up a screen that asks for such information as your name, state, email address and phone number.

As you move through the process, Elastic will check your credit to determine if you qualify for a line of credit and for how much.

If you are approved, the cash advances that you request are usually deposited in your bank account the following business day, if you elect the direct-deposit option.

Pros and cons of an Elastic personal loan

Pros:

Cons:

  • Flexibility: You only have to pay back what you borrow. You might have an Elastic line of credit for $2,000, but if you only borrow $500 to cover an unexpected bill, you only have to pay back that amount.
  • If you don’t borrow anything, you won’t have to pay anything: Just because you have an Elastic line of credit, doesn’t mean that you’ll always face a monthly payment. If you haven’t borrowed anything, or if you’ve paid off what you’ve borrowed in full, you won’t have to make any payment until you borrow additional funds.
  • Good source for emergency expenses: Elastic will deposit the cash you need in your bank account the next business day after you request it. Because of this, it’s a good source of cash to cover unexpected emergencies.
  • It’s not cheap: You will have to pay 5%-10% of what you borrow in cash-advance fees, depending on the length of your billing cycles.
  • It’s really expensive if you don’t pay in full: If you don’t pay back all that you borrowed on every payment date, you will face an additional charge that ranges from $0 to $270, depending on your billing cycle.

Who is the best fit for an Elastic personal loan?

Many borrowers who want a flexible line of credit will typically apply for a home equity line of credit. But if you don’t own a home, or if you have little to no equity in your residence, then an Elastic line of credit could be a good fit.

You might also be a good fit if you haven’t managed to save enough money for an emergency fund. Financial pros recommend that everyone build an emergency fund with enough dollars to cover from six months’ to a year’s worth of daily living expenses. That way, you tap that fund to pay for unexpected emergencies, without having to resort to putting these expenses on your credit card. If you haven’t built such a fund yet, an Elastic loan could give you access to the cash you need to pay for emergencies without having to charge them.

Be careful, though: If you don’t pay off what you borrow in full at every billing cycle, you will face additional fees that could add up quickly. The best way to use an Elastic loan? Pay off all that you borrow when your next billing cycle hits.

Alternatives to an Elastic loan

Lending Club

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

Online lender Lending Club offers a more traditional personal loan in which you receive your money in a single lump. You then pay back what you borrowed each month, with interest. LendingClub loans come with a fixed interest rate and don’t charge prepayment penalties. You can borrow up to $40,000 from LendingClub. Interest rates run from 6.16% – 35.89%.

OneMain Financial

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

APPLY NOW Secured

on OneMain Financial’s secure website

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

OneMain Financial is another online lender, this one offering personal loans from $1,500 to $30,000. You can apply with OneMain Financial online. If you are approved for a loan, though, you will have to visit a branch to verify your identity, income, debts and employment. Interest rates range from 16.05%–35.99%, and loan terms range from 24 to 60 months.

Avant

Avant
APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

4.75%

LEARN MORE Secured

on LendingTree’s secure website

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

Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day! ‡

For 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.

Another online lender, Avant, offers personal loans from $2,000 to $35,000. You can apply online and sign your contract online, too. If you are approved, Avant can deposit your funds into your bank account on the next business day. The APR with Avant loans ranges from 9.95%–35.99%, and loan terms range from 24 to 60 months.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Dan Rafter
Dan Rafter |

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

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Finance Factory Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Finance Factory
APR

5.99%

Credit Req.

Not available

Minimum Credit Score

Terms

36 to 84

months

Fees

Origination fees will be deducted from your loan proceeds

LEARN MORE Secured

on Finance Factory ’s secure website

Finance Factory personal loan details
 

Fees and penalties

  • Terms: Finance Factory offers personal loan terms of 36 to 84 months.
  • APR range: Rates for personal loans range start at 5.99%
  • Loan amounts: Finance Factory offers personal loans ranging from $5,000 - $500,000.
  • Time to funding: Loans are processed in as little as 48 business hours but might take longer.
  • Hard pull/soft pull: There will be a Soft Pull of your credit score when you check your rate online.
  • Origination fee: Origination fees will be deducted from your loan proceeds. The site does not state how much origination fees are.
  • Prepayment fee: None.
  • Late payment fee: Information not available.

Finance Factory offers to connect personal loan applicants with their financial experts to help create a customized borrowing plan. These experts are available by email and phone, and can help guide customers put together a financial plan that fits their needs.

Unlike some lenders today, Finance Factory does not offer additional perks like a free credit score, payment deferrals, unemployment protection or rate matching.

Eligibility requirements

There is no information on the lender’s site that indicates what credit score is required to qualify either. Fortunately, because Finance Factory offers a Soft Pull pre-qualification feature, you’re able to check your odds of qualifying and get your estimated rate before formally applying, so there’s no risk to your credit.

Personal loans from Finance Factory are available in all 50 states to applicants 18 years and older who reside in the United States. Finance Factory personal loans are also available to those who are self-employed. It’s important to note, that Finance Factory may call your employer to verify employment status. They also may verify the income which you report.

Applying for a personal loan from Finance Factory

Applying for a personal loan via Finance Factory is relatively simple and painless. To start an application, you can either call or fill it out online. If you fill out your application online, you’ll be able to review compare offers from different lenders within minutes.

You’ll need to provide Finance Factory with some basic info regarding your personal loan, including:

  • How much you’d like to borrow
  • The purpose of the loan
  • Your contact information
  • Your employment status
  • Estimated credit score
  • Co-applicant’s information (if you have one)
  • Annual salary
  • Housing status (rent, own, mortgage, etc.)
  • Your Social Security number/ date of birth

Once you input this information, you’ll be able to see of lenders that are available to fund your personal loan. If you find a lender you’d like to borrow from, the formal borrowing process may be initiated and the prospective lender may reach out to you to provide necessary identifying documents, such as a driver’s license.

Pros and cons of a Finance Factory personal loan

Pros:

Cons:

  • Low rates. Finance Factory has competitive, low rates for their personal loans. However, these rates are only available to those with the highest credit scores.
  • No prepayment fees. Finance Factory does not charge any prepayment fees for paying off your loan early.
  • Check your rate with a Soft Pull. When applying for a personal loan with Finance Factory, you will be able to compare multiple offers from different lenders without any hard pull on your credit score.
  • Upfront fees will cut into your loan amount. At the time of closing on your personal loan, you will be responsible for any closing costs such as underwriting or funding fees, or loan processing fees. Finance Factory states that these fees will be deducted from your loan amount.
  • Not the best for short-term financing. While some lenders offer terms as short as 12 months, Finance Factory’s minimum term limit is 36 months (three years), which may not be in line with what you’re looking for. However, because there are no prepayment penalties, you can pay off your loan as early as you like without any consequences.

Who’s the best fit for a Finance Factory personal loan?

Finance Factory personal loans may be a good choice if you have a high credit score. Their low rates, which are only offered to those with the best credit, could provide you with relatively low costs for borrowing. It should be noted that your rate is not only dependent on your credit score, but your employment status, annual income, debt-to-income ratio, among other things.

These personal loans may also be attractive if you’re looking to keep your monthly payments to a minimum. Finance Factory offers terms from 36 to 84 months (three to seven years) and does not charge any prepayment fees for paying off your loan early, so you could limit your monthly payment obligation while also allowing yourself to pay off the loan when you want. For example, if you receive a lump sum or tax refund and want to pay off your debt.

Depending on your credit score and borrowing history, a Finance Factory personal loan could be a way to lower your APR on your credit card debt. If you can find a lower rate with a personal loan, this can be an effective strategy to pay off your credit card debt and lower your interest rate.

Alternative personal loan options

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

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


A personal loan from Marcus by Goldman Sachs® could be a good alternative to Finance Factory. Marcus advertises a higher starting rate of 6.99% for their personal loans — this is only for applicants with a great credit score — but the major benefit is that they do not charge any fees. Currently, Marcus lets people borrow up to $40,000 via their personal loans, with terms ranging from 36 to 72 months.

SoFi

SoFi
APR

6.33%
To
15.62%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

APPLY NOW Secured

on SoFi’s secure website

Advertiser Disclosure

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


Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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

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


SoFi’s personal loans could be a good alternative for your borrowing needs. Their rates are a little higher (starting at 6.33% fixed rate) for those with great credit, but there is No origination fee. You can borrow up to $100,000, and receive unemployment protection, which allows you to defer payments in case you lose your job while paying off your loan. They also provide live chat customer support seven days a week.

Upgrade

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.


Borrow anywhere from $1,000–$50,000 with a personal loan from Upgrade. They advertise rates as low as 6.87% on their personal loans, with terms ranging anywhere from 36 or 60 months. Upgrade also boasts fast funding, which allows you to have money in your account within one day of providing all the necessary information. In addition to personal loans, Upgrade offers credit monitoring, alerts, and education to customers.

Disclaimer: This article may contain links to LendingTree, which is MagnifyMoney’s parent company.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

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Personal Loans

Where to Get the Best Personal Loan Rates Online

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Where to Get the Best Personal Loan Rates Online

Updated July 01, 2018

If you want a personal loan to pay off credit card or other debt, the absolute fastest and most effective way to lower the interest you pay is to apply for a balance transfer, with a 0% rate. You can read our guide to balance transfers to learn about their pros and cons.

But a balance transfer isn’t for everyone, especially if your credit score isn’t perfect or if you need to borrow cash.

A personal loan with a set payoff period a few years from now is often the next best thing with these advantages:

  • One monthly payment
  • A set rate
  • You don’t need absolutely perfect credit
  • You can check your rate without touching your score

There are more attractive deals than ever thanks to some new online lenders and you can see sample rates below for excellent credit and good credit.

Tip: Apply for several loans to check rates. Every lender has different approval criteria and different pricing models – and the difference in rate between lenders (even for people with excellent credit) can be significant. So long as you shop with lenders that use a soft credit pull, you can check your rate without negatively impacting your credit score.

Start Here – Multiple Lenders at Once

LendingTree

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

LEARN MORE Secured

on LendingTree’s secure website

LendingTree is our parent company.... Read More

Dozens of lenders participate in LendingTree‘s personal loan shopping tool – including all of the lenders listed on this page. (Full disclosure, LendingTree is our parent company.) With one online form, LendingTree will perform a soft credit pull (with no impact to your score) and match you with multiple loan offers. This is our favorite (because it is easy) way to get multiple offers from lenders in minutes. For people with excellent credit, you could get an interest rate below 6%. For people with less than perfect credit, there are many lenders participating with more liberal acceptance criteria.

Why is this a good way to save?

Banks don’t care much for personal loans because the lower rates earn them less profit than credit cards.

Fortunately, some new companies believe you should be able to get a competitive rate without dealing with credit card intro offers, even if your credit isn’t perfect.

They’re doing it by lending online only without the overhead of branches.

They pass the savings on to you through better rates, and you can check up on them below.

Personal loans for Excellent Credit

The following providers are for you if you want the absolute lowest possible rates that reward a record of no late payments and good income, even though you have some high rate debt you want to clean up.

Unless you get a rate of 5% or less, you’re probably better off with balance transfer deals, but the convenience of a fixed payment and walking away from credit cards makes personal loans appealing.

SoFi

SoFi
APR

6.33%
To
15.62%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

APPLY NOW Secured

on SoFi’s secure website

Advertiser Disclosure

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


Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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

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

SoFi’s believes if you’ve graduated college or went to grad school you’ll be a more responsible borrower, so they may be more likely to give you a better rate, even if your credit history is limited.

For example, if you have $10,000 in credit card debt, good income, and great credit, their best rate could save you as much as 0% balance transfer deals once you factor in the fees for each.

What we like best about SoFi is that they offer No origination fee and no prepayment penalty. If you think you may be able to pay off your loan earlier (or want the flexibility to do that), Sofi is the only lender we reviewed that charges no fee at all. Given their very low rates, we think anyone with good credit should start with Sofi first, and then compare their offer to the rest of the providers.

Amount: $5,000 – $100,000

Available states: Alabama, California, Delaware, Washington D.C., Idaho, Indiana, Iowa, Louisiana, Maryland, Michigan, Minnesota, Missouri, Montana, Nevada, North Dakota, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Washington (terms and limitations apply).

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

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

If you want to work with a traditional bank, Marcus by Goldman Sachs® can be a great option. With rates as low as 6.99% APR and flexible terms ranging between 36 to 72 months, they offer a competitive personal loan option that is backed by the security and peace of mind that comes with using a bank that has been in business for 148 years.

While Marcus does not state a required minimum credit score, they do seek out people with prime credit, which usually falls above 660 or higher on the FICO scale. Those that meet the requirements will be able to borrow up to $40,000 for debt consolidation and credit consolidation loans.

BestEgg

BestEgg
APR

5.99%
To
29.99%

Credit Req.

660

Minimum Credit Score

Terms

36 or 60

months

Fees

0.99% - 5.99%

LEARN MORE Secured

on LendingTree’s secure website

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

BestEgg is an online personal loan company that offers low interest rates and quick funding. BestEgg is one of the fastest growing personal loan companies in the country, largely because it has been able to provide one of the best combinations of interest rate and loan amount in the market.

You can check to see your interest rate without hurting your score, and they do approve people with scores as low as 660. If you have an excellent credit score, BestEgg will be very competitive on terms.

Amount: up to $35,000

Lightstream

LightStream
APR

3.09%
To
14.24%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.09% APR with a term of 3 years would result in 36 monthly payments of $291.21.

Lightstream is a great choice for people with excellent credit. It is actually part of a bank you might have heard of, SunTrust Bank. They were recently set up to offer some of the best personal loan rates available, and they are delivering. The interest rate you are charged depends upon the purpose of the loan.Interest rates can be as low as 3.09% for a new car purchase (and LightStream does not put their name on your title. They just put the cash in your bank account, and you can shop around and pay cash for the car). Home improvement loans start at 4.99% APR with AutoPay , making them cheaper and easier than a home equity loan.

They’ll also approve and deposit your money fast, often the same day, and give extra consideration if you have money in your 401K or equity in your home.

Lightstream has created an exclusive offer, just for MagnifyMoney readers. (This offer went live in January 2016). Credit card consolidation loans for MagnifyMoney readers are now as low as 5.49% fixed. The highest fixed rate is 14.69%. Just beware: LightStream does a hard credit pull.

Amount: $5,000 – $100,000

Available states: All

Personal Loans for Good Credit

These providers may be able to help you out if you’re not approved for the very best rates or a 0% balance transfer offer. Check those deals first, there’s no real harm to do that, but if they fall through, give these a try.

LendingClub*

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

You might not have heard of Lending Club yet, but they are a big player in online loans. And they offer a wide range of rates and terms based on your credit profile and needs. Generally you’ll need a score of about 600 or higher to get approved.

Amount: up to $40,000

Available states: All except Iowa and West Virginia

BestEgg

BestEgg
APR

5.99%
To
29.99%

Credit Req.

660

Minimum Credit Score

Terms

36 or 60

months

Fees

0.99% - 5.99%

LEARN MORE Secured

on LendingTree’s secure website

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

BestEgg (reviewed earlier in this post) will approve people with credit scores as low as 660. If you have good credit and are looking for a loan, you should consider BestEgg.

Upstart*

Upstart
APR

8.85%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 to 60

months

Fees

0.00% - 8.00%

LEARN MORE Secured

on LendingTree’s secure website

Upstart’s initial focus was to help recent graduates that were struggling with debt, but they have expanded to provide options for those with strong credit profiles as well. They have a unique algorithm that takes into account things such as education, career, job history, and standardized test scores, but you will still need a minimum FICO score of 640.

Upstart offers loans that look a lot like the ones from the bigger online lenders like LendingClub or Prosper.

They’ll let you borrow up to $50,000 for 36 to 60 months. But the key is they will take into account the schools you attended, your area of study, the grades you earned in school, and your work history to see if you can get a better rate.

So while the range of rates Upstart offers is similar to the bigger guys, if you did well in school, you might find the rate you actually get is lower than what the others will offer you, so it’s worth trying.

You’ll need a 640 or better FICO and your monthly payments can’t be more than 55% of your monthly income.

Amount: $1,000 – $50,000

Available states: All

PenFed

PenFed Credit Union
APR

6.49%

Credit Req.

700

Minimum Credit Score

Terms

60

months

Fees

No origination fee

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $25,000.... Read More

Previously, PenFed offers a fixed rate of 6.49% interest rate for 60 months. Veterans get extra special attention so it’s worth checking this online only offer. You have to be a member of the PenFed credit union, but that’s easy and anyone can do that online as part of the process.

Available states: All

Personal Loans for Bad or Minimal Credit

Avant*

Avant
APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

4.75%

LEARN MORE Secured

on LendingTree’s secure website

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

Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day! ‡

For 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.

There is no prepayment fee. Checking your Loan Options will not affect your credit score. Just one warning: if you are willing to borrow money at 35.99%, then you really need to step back and think about building a longer term financial plan. You can download our free Debt Guide, which will help you put together a plan so that you never have to pay interest rates this high again.

Avant‘s platform offers access to loans from $2,000 to $35,000, with terms from 24 to 60 months. The minimum credit score varies, but we have seen people with scores as low as 580 get approved.

The good thing about Avant is that these loans are amortizing. That means it is a real installment loan, and you will be reducing your principal balance with every payment.

Amount: up to $35,000

Available states: All except: Colorado, Iowa, West Virginia, and Vermont.

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

OneMain Financial

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

APPLY NOW Secured

on OneMain Financial’s secure website

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

OneMain Financial offers personal loans through its branch network to people with less than perfect credit. You can start your application online. If you qualify, you will have to visit a branch to complete the application. Once in the branch, if you have all of the required documents, you can receive you loan proceeds immediately via check.

You can borrow from $1,500 to $30,000. The interest rates are not low, and can go up to 35.99%. They will also charge an up-front origination fee that is not refundable. You should definitely shop around at other lenders first, given the high cost of the loan and the need to visit a branch.

Amount: Up to $30,000

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Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at brian@magnifymoney.com

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Personal Loans

Best Egg Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Launched in 2014 and backed by Marlette Funding, LLC, online lender BestEgg aims to “find better ways to make money accessible.” Since it was founded, Best Egg has funded over $5 billion of personal loans.

Best Egg’s leadership team is packed with veterans who are working to change the personal loan industry. With experience with big financial institutions like Barclays, CitiGroup and Merrill Lynch, these pros are merging their skill set with those who have worked in the start-up space and government positions to grow an easy-to-use platform while staying conscious of consumer’s legal rights.

BestEgg
APR

5.99%
To
29.99%

Credit Req.

660

Minimum Credit Score

Terms

36 or 60

months

Fees

0.99% - 5.99%

LEARN MORE Secured

on LendingTree’s secure website

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

Best Egg personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR Range: 5.99%-29.99%
  • Loan amounts: $2,000-$35,000
  • Time to funding: Can be funded as soon as the next business day.
  • Hard pull/soft pull: When you first apply, Best Egg will do a Soft Pull on your credit in order to generate a loan offer. If you accept this offer and move forward with the loan process, they will do a hard pull.
  • Origination fee: 0.99% - 5.99%. This fee will be subtracted from your total loan amount so be sure you factor that into your calculation when you decide how much to borrow.
  • Prepayment fee: None
  • Late payment fee: If you are 3+ days late, there is a $15 fee.
  • Other fees: If you aren’t enrolled in automatic payments, there is a $7 payment processing fee. If your payment is returned for any reason, there is a $15 fee.

Some lenders will only allow you to take out one loan at a time. Best Egg is not one of them. You can have two loans from Best Egg at a time, though if you’re thinking of taking out a second, make sure your first loan is at least six months old and that you haven’t missed payments. The total amount of your loans must be $50,000 or less.

Eligibility requirements

  • Minimum credit score: 660
  • Minimum credit history: In order to qualify, you must have at least three years of credit history with at least three open credit accounts — none of which may have open delinquent payments. You will be disqualified if you have a tax lien or bankruptcy on your credit report, or if you are currently working with a credit counselor or debt management company.
  • Maximum debt-to-income ratio: 40%

Best Egg gives qualified U.S. residents its best rates when they have a credit score of 700+ and an income of $100,000+. You can still qualify, though, if your credit score is above 660 and you have an income of $50,000 to $150,000 per year.

Applying for a personal loan from Best Egg

When you fill out Best Egg’s online application — providing information on your housing, income and employment — you’re actually applying for pre-approval. Filling out this application generally takes less than five minutes.

After you’ve filled it out, you’ll be given a loan offer if you qualify. If you’re happy with the rate and terms, you can accept and provide any additional paperwork Best Egg may request or require. Depending on your bank, you’ll be able to get your loan funded in about one to three business days.

Pros and cons of a Best Egg personal loan

Pros:

Cons:

  • Fast funding. Best Egg funds about half their loans in one business day, with other applicants only waiting about three business days.
  • Borrow twice. . Even if you already have a Best Egg loan, you are still eligible to take another out as long as you do so 6+ months apart and you do not borrow more than $50,000 total.
  • Lower minimum loan amounts. You shouldn’t borrow more money than you need. With loans starting at $2,000 depending on your state of residence, many will be able to avoid overborrowing. If you need even less than $2,000, keep in mind that some credit unions will issue personal loans for as little as $500.
  • Various loan options: Borrow funds for everything from debt consolidation and moving expenses, to vacation and adoption expenses.
  • Excellent credit applicants may find better deals elsewhere. While there are certainly lenders who charge much higher interest rates, Best Egg does not have the best rates for their target clientele. For example, to qualify for their lowest rates, you must make $100,000 per year and have a credit score of 700 or higher. You may find other marketplace lenders who offer lower rates for this demographic, so definitely shop around and compare.
  • Origination fees.Not all lenders charge origination fees on personal loans, which makes Best Egg’s fee of 0.99% - 5.99% a negative.
  • Income requirements.If you don’t make at least $50,000, you’re not going to qualify for a loan with Best Egg.
  • No co-borrowers.They do not allow for joint applications

Who’s the best fit for a Best Egg personal loan

If you meet the income and credit requirements, Best Egg may be a good option, especially if you need to get your hands on money quickly. Best Egg is also good for middle- to high-income earners who only need a small loan, as some of their competitors have minimum loan amounts of $5,000 or more, while Best Egg’s minimum is only $2,000.

If you do meet these requirements, be sure to shop around. There are lenders on the marketplace who offer prime borrowers better rates and don’t charge origination fees. Depending on your personal situation, that doesn’t mean Best Egg won’t make you the best offer; it just means you should do your due diligence in case they don’t.

Alternative personal loan options

Upgrade

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Upgrade offers a similar product to Best Egg, except their maximum APR is much higher and their minimum credit score requirements are much lower. This means that you’re likely to have an easier time getting approved for a loan from Upgrade, but that your interest rate is likely to be higher if you have a lower credit score.

Lending Club

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

Similar to Upgrade, Lending Club extends loans to those with lower credit scores than Best Egg does, though it does so at a higher rate. If your credit score is less than 620, LendingClub is preferable to Upgrade, though their maximum interest rates are very close — within a tenth of a percentage point of each other.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

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

Marcus by Goldman Sachs® — unlike Best Egg — charges No origination fee. Their maximum term length also allows you to stretch out your loan, potentially lowering your monthly payments. Remember, however, that when you stretch out your loan, you usually end up paying more in interest overall even if your monthly payment is lower.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Advertiser Disclosure

Personal Loans

RocketLoans Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

RocketLoans
APR

5.98%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

RocketLoans personal loan details
 

Fees and penalties

  • Terms: 36 or 60 Months
  • APR Range: 5.98%-29.99%
  • Loan amounts: $2,000-$35,000
  • Time to Funding: Same day funding for up to $25,000
  • Hard pull/soft pull: Soft Pull to see offers. Hard credit pull once you submit an application..
  • Origination fee: 1.00% - 6.00%
  • Prepayment fee: None
  • Late payment fee: $15 per occurrence
  • ACH return fee/Returned check fee: $15 per occurrence

Eligibility requirements

  • Minimum credit score: 640 (Using a FICO® 9 model)
  • Minimum credit history: 2 years
  • Maximum debt-to-income ratio: 40% excluding mortgage and 70% including mortgage
  • Minimum income: $24,000 annually (from any source)

Rocket Loans does not lend in North Carolina, Iowa, West Virginia or Nevada. You must be at least 18 years old to apply for the loan (19 in Alabama and Nebraska). Your credit score, existing debt load, or income may disqualify you from a loan from RocketLoans. Your loan rates will be based off of your income, your credit history, your debt-to-income ratio, homeownership and the size of the loan.

You may be required to submit documents to verify the accuracy of your information (such as pay stubs or tax forms).

Applying for a personal loan from RocketLoans

From start to finish, applying for a personal loan from RocketLoans takes just a few minutes.

Before you can see any offers, RocketLoans requires you to enter your personal information, including your name, address, Social Security number, phone number, employment status, income and homeownership status. RocketLoans uses this information to do a “Soft Pull,” which will allow it to analyze your credit history, debt-to-income ratio, and overall debt burden. The credit pull will not show up on your credit report.

After a minute or two, RocketLoans presents a list of personalized loan offers. The offers include the loan amount monthly payment, length, interest rate (Autopay rate) and the APR (which includes the funding fee). As long as you’re able to provide income and address verification, RocketLoans will underwrite the loan with the terms presented.

*Terms may differ from above example

After choosing a loan option, RocketLoans will verify your identity and income information. It may request that you submit documents (pay stubs, driver’s license, tax returns etc.). RocketLoans will also have you log into the bank account where you want to receive the funds. The company does this to make sure it sends funds to the right place. During the verification process, RocketLoans will do a hard credit inquiry. This hard credit pull could impact your credit score.

Once RocketLoans verifies all of your information, you’ll be instructed to sign the loan documents online. Then, RocketLoans will transfer the loan to your bank account via an electronic, automated clearing house transfer (ACH transfer). Funds up to $25,000 may be available the same business day, but funding could take up to three business days based on your bank’s rules.

Pros and cons of a RocketLoans personal loan

Pros:

Cons:

  • Fast: RocketLoans has an easy online application that minimizes the need to find extra documentation. If you qualify, you could receive the funds the day you apply.
  • 24/7/365: RocketLoans doesn’t take days or evenings off. Their loan offers are fully underwritten, so you can apply and be approved for a loan at your convenience. Loan funding only happens on business days.
  • Individualized offers: RocketLoans only shows individualized offers. You don’t have to wonder what your interest rate will be — RocketLoans will show multiple offers based on your ability to repay.
  • Originations fees: Personal loans from RocketLoans carry a 1.00% - 6.00% origination fee. In contrast, many digital lenders have no origination fees.
  • Moderate to high interest rates: Borrowers with excellent credit can see rates as low as 5.98%, but other lenders offer better rates. Some borrowers can face interest rates as high as 29.99% APR.
  • Limited options for repayment terms: Borrowers can choose between 36 or 60 month payback periods. Other lenders offer more repayment options based on a borrower’s ability to repay.
  • Poor credit borrowers may not qualify. With a minimum FICO score requirement of 36 or 60, people with poor credit may not qualify.

Who’s the best fit for a RocketLoans personal loan?

So long as you’ve shopped around and compared offers from several personal loan lenders, you’re ready to make an educated decision about which lender is right for you. RocketLoans makes it easy to shop because you can get individualized offers based on your personal information before you even have to apply.

In the end, RocketLoans may not offer the best rates or terms, but it will give you a point of comparison. Plus, checking your rates on RocketLoans won’t hurt your credit. After you check your rate, you can compare RocketLoans’ offers with rates from other lenders. Since you know from our review that RocketLoans carries a 1.00% - 6.00% origination fee, which is paid upfront, you should look for loans that not only offer a better rate but don’t carry an upfront fee. If you can’t find a better deal elsewhere, RocketLoans may be the best option for you.

People who need their loan funded fast will find RocketLoans most valuable. The application process takes just a few minutes (especially if you have pay stubs or tax documents handy). Once your loan is approved (which can happen almost immediately), RocketLoans will send the funds to your bank. Depending on your bank’s rules, you can gain access to the funds the same day.

Alternative personal loan options

LightStream

LightStream is the online personal lending branch of Suntrust Bank. It sets itself apart by offering no-fee loans (including no late fees and No origination fee). Loans from Lightstream carry some of the best interest rates on the market, with rates ranging from 3.09%–14.24%. People with excellent credit can borrow $5,000–$100,000 from LightStream for 24 to 144 months.

LightStream
APR

3.09%
To
14.24%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.09% APR with a term of 3 years would result in 36 monthly payments of $291.21.

SoFi

SoFi is another online-only lender with decent interest rates (6.33%–15.62% for fixed-rate loans and 5.28%-13.24% on variable-rate loans) and No origination fee. Personal loans from SoFi have terms ranging from 36 to 84 months. SoFi is one of the only lenders that offers “unemployment protection” on all personal loans. Borrowers who lose a job will be allowed to temporarily stop payments (for up to 12 months). SoFi also offers nontraditional perks to its members including free career coaching and networking events.

SoFi
APR

6.33%
To
15.62%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

APPLY NOW Secured

on SoFi’s secure website

Advertiser Disclosure

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


Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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

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

Prosper

Prosper is a peer-to-peer lending place that offers 36 or 60 months fixed-rate personal loans for $2,000–$40,000. Rates at Propser range from 6.95%–35.99% APR which includes the cost of a closing fee (also known as an origination fee). People with good or excellent credit may find better rates from other lenders, but people with bad credit have a chance to be approved for a loan at Prosper.

Prosper
APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Fees

2.40% - 5.00%

LEARN MORE 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 5.32% and a *2.41% origination fee for an APR of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $308.54. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 2.41%-5%. Annual percentage rates (APRs) through Prosper range from 6.95% APR (AA) to 35.99% APR (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.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Hannah Rounds
Hannah Rounds |

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

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Advertiser Disclosure

Personal Loans

Upgrade Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Upgrade personal loan details
 

Fees and penalties

  • Terms: 36 or 60-month loan terms are available.
  • APR range: Upgrade offers interest rates from 6.87% to 35.97% APR.
  • Loan amounts: You can borrow from $1,000 to $50,000.
  • Time to funding: You can get funding within four business days after your loan is approved.
  • Hard pull/soft pull: The initial application to check rates only requires a Soft Pull which will not impact your credit. The full verification to approve you for the loan does require a hard pull.

Money from an Upgrade loan can be used to pay off credit card debt, consolidate debt and more.

Loans come with credit monitoring. However, the Upgrade Credit Health summary feature provides an overview of your TransUnion credit report but not a full report of all accounts. The VantageScore 3.0 offered with credit monitoring updates every seven days.

Accounts with Upgrade also have a credit score simulator tool along with weekly credit updates, trend charts and email alerts. Right now, credit monitoring is only open to borrowers. However, Upgrade does plan to eventually open up the credit monitoring product to everyone — borrower or not.

  • Origination fee: One drawback of the Upgrade loan is the origination fee — it can range from 1.00% - 6.00% of your loan amount. And because the fee is deducted from your loan before you receive the funds through a bank deposit, you’ll actually be getting less money than you ask for. Be sure to factor that in before you decide your loan amount.
  • Prepayment fee: Upgrade loans have no prepayment penalty. You can pay off your loan at any time without worrying about a fee.
  • Late payment fee: The late fee is up to $10 and charged if your payment isn’t received within 15 calendar days of your payment due date.
  • Other fees: Returned check payments or failed electronic deposits cost $10 on top of whatever your bank charges for the returned payment.

The big fee that you have to watch out for with Upgrade is the origination fee. The origination fee can take a sizeable chunk out of your loan before you even get any money. Take into consideration this fee when deciding how much money to borrow since it will decrease the amount of cash you’ll receive.

Eligibility requirements

  • Minimum credit score: 620
  • Minimum credit history: Not available
  • Maximum debt-to-income ratio: Not available

Upgrade doesn’t disclose all of the conditions used to qualify borrowers but they do list the minimum credit score accepted as 620. As far as residency and other requirements, you need to meet the following conditions:

  • Be a U.S. citizen or permanent resident (or a valid U.S. visa holder)
  • Be at least 18 years old or 19 in select states
  • Have a verifiable bank account and email address

Upgrade loans are exclusive to certain states. You can’t get an Upgrade loan if you live in Conn., Colo., Iowa, Mass., Md., Vt., or W.Va. Upgrade doesn’t specify that you work with a certain type of employer to qualify. You do need to input your salary during the application. Upgrade may request that you turn in supporting documents like your pay stubs to support the income you claim.

Self-employed workers can apply for Upgrade loans as well, but you may have to submit more paperwork to prove your income. You could be asked to provide two years of tax documents, bank statements and other tax-related forms.

Applying for a personal loan from Upgrade

To get started with Upgrade, you can check your rate online, which doesn’t require a hard pull on your credit. You enter in preliminary information about the loan you need.

The next part of the short initial application is you putting in your name, address and annual income. Upgrade will give you a few preapproved offers based on the information.

The loan offers you receive after giving this information will include a loan amount, interest rate and term. After choosing an offer, you’ll be asked for the bank account where you want to deposit the money if your application is approved. A hard credit pull will be performed to make a final decision.

You’ll get an email asking to upload supporting documents, such as your pay stubs or tax documents to be verified. You can get funding within four business days when all of your information clears. Sign up for autopay during the application process to get the very best rates available.

Pros and cons of an Upgrade personal loan

Pros:

Cons:

  • Soft Pull. You can check rates without a hard pull. The hard pull only comes into play if you decide to go through the final approval process.
  • Free credit monitoring. You get a VantageScore 3.0 with your loan account and a credit report summary from TransUnion. It’s not a full credit report, but still a free resource that you can use to improve your score.
  • Competitive interest rates. The interest rate range at Upgrade is competitive. You can qualify for a loan with just a 620 or above. The lowest rates available are usually reserved for people with the very best credit scores so keep that in mind.
  • Quick funding. If approved for a loan, you can get access to money within four business days.
  • Origination fee. Upgrade has an origination fee and it’s the biggest con. There are a few online lenders that don’t charge an origination fee which can offer you some savings. We’ll cover a few below and you can shop for no-fee personal loans in our “best of” personal loan roundup here.
  • Limited availability. You won’t be able to obtain an Upgrade loan if you live in the states that Upgrade currently does not serve.
  • Relatively short loan terms. You can borrow a decent amount from Upgrade, but the loan term maximum is five years. The Upgrade loan may not be the right one for you if you need more time to repay the debt.

Who’s the best fit for an Upgrade personal loan?

Upgrade loans can be worthwhile for someone who needs money quickly because you can get cash within four business days. You can also benefit from this loan if your credit score is less than perfect since the credit score minimum is 620.

With that said, you still may want to work on your credit before applying for an Upgrade loan or any other loan. A higher credit score is going to help you get approved for the better interest rates. Plus, Upgrade looks beyond your credit to review your credit usage and history before approving you.

An Upgrade loan may suit your needs if you’re looking for a sizeable loan for a major purchase because you can borrow up to $50,000. That’s a decent amount of money to pay off high interest credit card debt, consolidate other debt, or even fund a business.

The biggest problem area for this loan is the origination fee since there are options without one. You should shop around for loans first that don’t have an origination fee before considering this loan.

Alternative personal loan options

SoFi

SoFi is an example of one lender that has No origination fee. SoFi also has longer loan term options than Upgrade. You can borrow up to $100,000. The interest rate range for SoFi is more competitive. Lenders with low interest rates generally serve borrowers with good to excellent credit. Qualifying for SoFi may be more of a challenge. Fortunately, SoFi will let you pre-qualify without a hard inquiry so you can check rates.

SoFi
APR

6.33%
To
15.62%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

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


Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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

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

LendingClub

Lending Club has an APR range and loan terms that are pretty comparable to what Upgrade has to offer. The minimum credit score required and the origination fee are similar. You can borrow up to $40,000 on a fixed rate personal loan. Pre-qualifying for LendingClub won’t impact your credit. Consider shopping with this lender to see if you can get a better rate before settling with Upgrade.

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

Marcus by Goldman Sachs®

The Marcus personal loan by Goldman Sachs Bank USA is another no-fee personal loan. The available loan terms are slightly longer than Upgrade, which could help you stretch out the loan payment. The interest rates are also comparable to Upgrade, but the no-fee aspect gives it a leg up. Shopping for Marcus loan rates also won’t trigger a hard inquiry.

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

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

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Personal Loans

OneMain Financial Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

APPLY NOW Secured

on OneMain Financial’s secure website

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

OneMain Financial personal loan details
 

Fees and penalties

  • Terms: OneMain Financial offers personal loans for terms of 24 to 60 months.
  • APR Range: Loan APR ranges from 16.05% to 35.99%
  • Loan amounts: The minimum loan amount is $1,500 with a maximum amount of $30,000.
  • Time to funding: Can be same day but is usually no more than one day.
  • Hard pull/soft pull: Hard Pull when you apply.
  • Origination fee: Varies.
  • Prepayment fee: None.
  • Late payment fee: 5% of the amount in default.
  • Other fees: Lien recording fee if the loan is secured with an automobile: $55

OneMain Financial doesn’t offer much in the way of perks, but they do allow you to request changing your payment due date. They also are committed to helping customers understand finances by providing helpful resources.

OneMain Financial offers easy to find educational resources in the form of blog posts, courses, video tips and financial calculators.

From explaining financial terms to providing access to a free money management course, MoneySKILL, OneMain Financial stands by their mission of offering responsible loan products.

Eligibility requirements

  • Minimum credit score: Varies.
  • Minimum credit history: Must have some credit history, though they don’t specify the length required.
  • Maximum debt-to-income ratio: OneMain Financial does not specify what debt-to-income ratio is acceptable.

Additionally, you’ll need to be a U.S. resident and at least 18 years old. Over all, OneMain Financial is looking to see that you are able to repay the loan with a stable income and are similarly stable when it comes to where you live.

Applying for a personal loan from OneMain Financial

OneMain Financial makes it easy to get started with a personal loan application. You can either apply online or at a local branch and receive an answer to your application usually within 10 minutes.

The application asks for basic personal identifying information as well as:

  • Your intended purpose for the loan
  • How long you’ve lived at your current residence
  • Your current employer
  • Your current salary
  • Types of other financial products you have, such as a checking or savings account

If you choose to apply online, you will have to go to a local branch to close on your loan. Whether you go to the local branch to start your application or close on the loan that you applied for online, you’ll need to bring the following documents for verification:

  • A copy of a valid, government-issued ID
  • Proof of residence
  • Proof of income

How long it takes to receive your funds, depends on how you would like the funds issued. You can choose to be issued a check or a prepaid debit card (up to $10,000), which can usually be issued the same day. Or you may choose to receive your funds via an ACH disbursement which can take up to two business days.

Pros and cons of a OneMain Financial personal loan

Pros:

Cons:

  • Fast loan processing. OneMain Financial’s application from start to receiving funds can take as little as one day.
  • No application fee. There is no application fee required when submitting your loan request.
  • Lots of local branches. OneMain Financial has hundreds of branches in 44 states, making it likely that you are not located far from the nearest branch.
  • Available to those with lower credit scores. OneMain issues personal loans to those with lower scores which other lenders might turn away.
  • High interest rates. OneMain Financial offers loans with APRs ranging from 16.05%-35.99%. If you have a good credit score, you can likely find lower rates elsewhere.
  • Not an entirely online process. It’s not unusual to go to a physical branch location to close a loan, but as technology advances, there are companies that offer a completely online experience. OneMain does provide remote closings in some areas without physical branches.
  • No payment deferral. One perk some lenders offer is the ability to skip or defer a payment once a year. OneMain Financial doesn’t offer such a perk.

Who’s the best fit for a OneMain Financial personal loan?

While you can use OneMain Financial personal loans for a number of different reasons, they cannot be used for tuition or to start a business. However, OneMain Financial is great for anyone with a lower credit score looking to consolidate debt or cover an unexpected expense.

As OneMain Financial interest rates are similar to a credit card, their personal loans are less than ideal to cover anything other than a necessary expense.

For example, a personal loan from OneMain Financial could be great if you have credit card debt spread over several cards. A personal loan from OneMain could help to simplify your finances by consolidating — rolling everything into one monthly payment and having a fixed date to have it paid off. A personal loan could also help you to improve your financial standing as revolving credit is viewed differently from installment loans when it comes to your credit report. Though to reap the full benefits, you still need to make sure you’re making on-time payments.

Additionally, personal loans from OneMain Financial can be used to cover unexpected expenses, like medical care or a car repair bill, as these expenses can sometimes be quite large and require payment quickly. The personal loans from OneMain with their quick turnaround time and $30,000 limit could fit the bill.

However, chances are if you’re working with OneMain, you have a lower credit score and while a personal loan could also be used to purchase a car or vacation, the high APR with OneMain means you’d be better off waiting until you improve your score and shop elsewhere.

Alternative personal loan options

LendingClub

Established in 2007 as a peer-to-peer lender, Lending Club offers personal loans up to $40,000 with APRs as low as 6.16%. Because of the higher loan amount and potential for a lower APR, it’s worth seeing the rates you qualify for with LendingClub, which you can check without having a hard pull on your credit.

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

LendingPoint

LendingPoint provides personal loans for fair credit customers. Similar to OneMain Financial, they offer a quick turnaround with the possibility of receiving funds in as little as one business day. LendingPoint’s rates and fees are again similar to those offered by OneMain, though their maximum loan amount is $25,000 with a term of 24 to 48 months. If you need money quickly, LendingPoint gives you the opportunity to check rates while allowing you to shop around for the best deal.

LendingPoint
APR

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Fees

Fee Varies

LEARN MORE Secured

on LendingTree’s secure website

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.

Peerform

Peerform is another peer-to-peer lender offering personal loans of $4,000 – $25,000 with rates that are capped at 29.99%. Peerform allows you to check your rate without impacting your score. That makes it worth it to shop around and see which lender, OneMain Financial or Peerform, will offer you the best rate.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 5.00%

LEARN MORE Secured

on LendingTree’s secure website

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

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Liz Stapleton
Liz Stapleton |

Liz Stapleton is a writer at MagnifyMoney. You can email Liz here

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Personal Loans

Peerform Personal Loan Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 5.00%

LEARN MORE Secured

on LendingTree’s secure website

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

Peerform personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months.
  • APR range: Loan APRs range from 5.99% to 29.99%.
  • Loan amounts: You can borrow anywhere from $4,000 to $25,000.
  • Time to funding: Up to 14 days
  • Origination fee: 1.00% - 5.00%, depending on the “grade” Peerform gives your application. The fee is subtracted from the loan total. Example: If you request a loan of $2,000 and are charged a 5% origination fee, you’ll get $1,900.
  • Prepayment fee: None
  • Late payment fee: After 15 days, you’ll be charged 5% of the monthly installment or $15, whichever is greater.
  • Other fees: If you pay by check, Peerform charges a $15 fee per payment. A returned payment also incurs a fee of up to $15, depending on state laws.

Many people like the idea of bypassing the traditional banks in favor of a P2P lender like Peerform. Borrowers use the money for things like debt consolidation, unexpected home or personal expenses or to fund small businesses. But these loans are not for everyone — and a Peerform loan can’t be used for certain items.

For example, Peerform prohibits borrowers from using personal loans to pay college tuition or other postsecondary expenses, or for “illegal activity.”

Eligibility requirements

Even though Peerform lends to borrowers with poor credit, applicants will still need to show that their debt-to-income ratio is below 40% and proof of having (or having had) at least one revolving account such as a credit card. Your credit history must not contain any current delinquencies or a recent bankruptcy, court judgments, tax liens or non-medical-based collections opened in the past 12 months.

Applicants must be at least 18 years old (19 if you’re a resident of Nebraska or Alabama), and a U.S. citizen or permanent resident. You’ll also need a Social Security number, a valid email address and a bank account.

Applying for a personal loan from Peerform

The online-only process is straightforward: Register at Peerform with your name, contact information and salary. To verify your identity, you’ll need to upload or e-mail some form of photo identification: driver’s license, passport or state or federal ID. In some cases, additional paperwork – Social Security card, utility bills, credit cards or bank statements – may be requested.

You also have to show proof of employment by uploading or e-mailing two pay stubs. Those who are self-employed will need to show a recent tax return plus two recent bank statements.

The Loan Analyzer then determines whether you’re eligible for a loan, and at which rates and terms. Once you select the best loan match, potential investors have up to 14 days to review it.

Peerform cannot guarantee that your loan will be completely funded by the end of the two-week period. If investors provide less than 60% but at least $4,000 of your requested amount within that time frame, you can decline this partially-funded loan. However, if at least $4,000 and more than 60% of your request is approved, then the loan is considered funded.

Once the request is funded and the loan completed with the lender, Cross River Bank, the money will arrive in your bank account via direct deposit.

Pros and cons of a Peerform personal loan

Pros:

Cons:

  • The 600 minimum credit score means borrowers with less-than-stellar credit may still qualify for a loan.
  • Peerform offers some flexibility regarding repayment. If cash flow is a problem, you can delay a payment for up to 14 days without paying a late fee.
  • You can opt to accept or decline a partially-funded loan.
  • There’s no prepayment penalty.
  • Those with lower Peerform Loan Analyzer scores face higher APRs up to 29.99% and origination fees up to 5%.
  • The only available term is 36 or 60.
  • No joint applications or cosigners are allowed.
  • It could take up to two weeks to find out whether you get the money, which is a problem if you need the cash right away.

Who’s the best fit for a Peerform personal loan?

Those with lower credit scores who have been rejected elsewhere may still qualify at Peerform. Those with good credit scores can qualify for decent interest rates, with an APR as low as 5.99%.

Borrowers who are able to pay off their loans relatively quickly should find the three-year term manageable, but the cash-strapped may prefer competitors’ longer five-year terms.

Alternative personal loan options

Peerform is just one of several peer-to-peer lenders, including those who offer loans to subprime borrowers. Here are a few alternatives to consider:

LendingClub

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

Lending Club offers loans between $1,000 and $40,000 with 36 or 60 month terms. Like Peerform, it accepts applicants with credit scores as low as 600. The APR range is 6.16% to 35.89%. LendingClub is not available in West Virginia or Iowa.

OneMain Financial

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

APPLY NOW Secured

on OneMain Financial’s secure website

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

This P2P lender is unique in that it sets no minimum credit score for applicants. However, it has the highest minimum APR among the lenders mentioned here, starting at 16.05% and going up to 35.99%. You can borrow between $1,500 and $30,000 for two, three, four or five years. OneMain Financial does not operate in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont.

Prosper

Prosper
APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Fees

2.40% - 5.00%

LEARN MORE 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 5.32% and a *2.41% origination fee for an APR of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $308.54. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 2.41%-5%. Annual percentage rates (APRs) through Prosper range from 6.95% APR (AA) to 35.99% APR (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.

Prosper offers loans from $2,000 to $40,000 for 36 or 60 months. Its current APR ranges from 6.95% to 35.99%. Of the three alternative subprime lenders mentioned in this article, it requires the highest minimum credit score: 640. Prosper does not operate in Alabama, Arizona, Arkansas, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Vermont and West Virginia.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Donna Freedman
Donna Freedman |

Donna Freedman is a writer at MagnifyMoney. You can email Donna here

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