Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.
Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.
Originally launched under the name AvantCredit, Avant is an online lender that was founded in 2012 in Chicago. The company launched its first loan in February 2013 and has issued over $1 billion in loans to 600,000 borrowers.
Avant primarily issues loans that can be used for debt consolidation, emergency expenses or home improvement costs. It’s unique in that it is willing to work with borrowers who have poor credit.
Over the past several years, the company has been awarded much industry recognition, including being listed as No. 6 on Forbes’ “America’s Most Promising Companies” list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.
Avant personal loan highlights
Low minimum credit score requirement. With a minimum credit score requirement of 580, Avant is more likely to accept your application. Remember though that when your credit score is lower, you’re more likely to end up at the higher end of the interest rate range. The average Avant borrower has a credit score between 600-700.
Administrative fee. Avant does charge an administrative fee of up to Up to 4.75% just to take out your loan. This fee will be subtracted from your total loan amount, so be sure to factor it in when calculating how much you need to borrow.
Quick funding. You could have money in your bank account as soon as the day after you apply.
Avant branded credit products are issued by WebBank, member FDIC.
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More While most borrowers have an average credit score of 600-700, approval can vary. However, rates are higher than some competitors, and there is an administrative fee to consider.Read Less
Avant personal loan details
Fees and penalties
Terms: 24 to 60 months
APR Range: 9.95%-35.99%
Loan amounts: $2,000-$35,000
Time to funding: As soon as the next business day.
Hard pull/soft pull: A Soft Pull will be done initially to provide you with potential loan options. After you select your rate, a hard pull will be done on your credit as you officially apply.
Origination fee: Administrative fee of Up to 4.75%
Prepayment fee: None
Late payment fee: $25 if your payment is 10+ days late
Other fees: $15 fee if your payment is returned
You can qualify for an Avant personal loan if you’re self-employed. Instead of providing your W-2 paperwork as proof of income, you will have to provide two years of full tax returns so Avant can verify how much money you bring in per year.
Eligibility requirements
Minimum credit score: 580
Minimum credit history: Avant judges each application on a variety of different credit criteria, though the average borrower has a credit score between 600-700.
You must have a checking or savings account in order to qualify for a loan with Avant. This account must allow you to do automatic payments. This account must be a personal account; Avant cannot currently lend to you if you’re using a business account.
Applying for a personal loan from Avant
Definitely take advantage of Avant’s Soft Pull option, where you can get a sense of your loan options before you officially apply and let them perform a hard credit inquiry. When you apply for a loan with Avant, you will want to come armed with some basic information like your name, address and Social Security number. If you’re someone’s employee, you’ll want to know where your pay stubs are from the past 30 days. If you’re self-employed, expect to be asked for your tax returns from the past two years.
Regardless of if you’re a W-2 or 1099 worker, you will have to provide your bank account information, including routing number and account number. Sometimes, Avant can use this information alone to verify your income, saving you the hassle of scanning in your taxes or pay stubs. You won’t know until you apply, though.
After you apply, you’ll be offered a rate. If you accept, Avant will do a hard pull on your credit, confirming the final details. If you are approved, you could see money in your account as soon as the next day.
Pros and cons of an Avant personal loan
Pros:
Cons:
Competitive interest rates for lower credit scores. Among lenders that extend credit to those with lower credit scores, Avant’s interest rates are about average. Keep in mind that if your credit score is low, though, you’re more likely to fall into the higher end of the interest rate range anyway.
Fast access to your money. You may be able to get your loan disbursed as soon as the next day.
No prepayment penalty. You can pay off your Avant personal loan early — saving you interest — without incurring a fee for prepayment.
Better options for higher credit scores. If you do have a higher credit score, Avant’s starting rates of 9.95% pale in comparison with lenders who target borrowers with a better credit history.
Origination fee. While Avant’s origination fee is lower than some of their competitors, the fact that they have a fee at all is still a negative. If you have poor credit, however, it can be tricky to find a lender that doesn’t charge such a fee.
You have to link up your bank account. Linking your bank account is a pretty standard way to pay your bills, and most marketplace lenders will prefer you do it this way. But if you’re uncomfortable linking your checking or savings to Avant for automatic payments, this could be a negative as it is required to qualify for one of their personal loans.
Who’s the best fit for an Avant personal loan
Among lenders who issue personal loans in this credit score range, Avant’s starting interest rates are near average. If you have a lower credit score, you should make Avant one of the companies you look at first, along with credit unions that allow you to apply online.
However, if you have a good or great credit score, you’ll likely be able to get a better interest rate elsewhere. Whichever category you fall into, you should be sure to shop around before you commit.
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.Read Less
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read MoreWith APRs ranging from 5.99% to 28.99%, they offer one of the best personal loan options that is available from a traditional lender. For New York residents, rates range from 5.99% to 24.99% APR. While Goldman Sachs Bank USA has been around for over a century, Marcus is a completely online, streamlined experience that lets you complete your application and submit all of the needed documents from your computer. Read Less
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information.To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.
If your budget is stretched thin, the fact that Marcus by Goldman Sachs® offers 36 to 72 month terms which may be exciting news for you as it generally means lower monthly payments. Just remember that when you stretch a loan out over a longer period of time, you end up paying more in interest over the life of your loan — even if you’re paying less per month.
Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More This is great for recent graduates and those who are just beginning to establish credit. In addition, they offer some of the most flexible terms among all personal loan lenders, allowing for borrowers to get a customized loan and repayment plan that fits their financial situation. Earnest offers lower-rate, no-fee personal loans with fixed rates that start at 6.99% APR. You can borrow up to $50,000. But the ranges vary for South Carolina ($7,500-$50,000) and New Mexico ($5,000-$50,000.) Read Less
Earnest is a better option if you have a higher credit score. Their interest rate range is lower, and there is No origination fee or administrative fees. The minimum credit score requirement of 680 is significantly higher than Avant’s minimum of 580, though.
Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.
No Credit, or Poor Credit? Here Are Your Loan Options
Monday, April 1, 2019
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.
Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.
Updated April 01, 2019 Don’t have a credit history established, or have a low credit score? It can be challenging to find lenders that will approve you if you have a thin credit file or poor credit, but it’s not impossible.
You still have options when it comes to personal loans, and these options come from reputable lenders.
What’s even better is that these lenders will only conduct a soft credit inquiry when you apply to find out what rates they can offer you. This means your credit score won’t be negatively affected, so you don’t have to worry about damaging it further.
In this article we’ll review how to find reputable lenders, why you should stay away from two popular options people turn to when they’re in a poor credit situation: payday and title loans. And what you can do to increase your credit score.
Check for approval without a credit hit
It’s worth noting low scores aren’t always indicative of how responsible you are with credit. A low score, or thin file, could just be a result of a short credit history. If you have a clean history (no late payments, low credit utilization, etc.), you’ll have an easier time obtaining a loan over someone who has had delinquencies on their record, but might have a higher score.
If you have bad (or no) credit, you should apply to as many lenders as possible that use a soft pull to ensure you don’t hurt your credit score. We recommend starting with LendingTree, where you can use one short application form to get rates from multiple lenders at one.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.
For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.
LendingTree: Dozens of lenders partner with LendingTree – and many of them may approve people with poor or no credit. You can fill out a simple form and compare multiple offers in minutes. We highly recommend starting your shopping experience here first to have a good chance of getting a loan.
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
Here are 5 personal loan lenders for people who have less than ideal credit (meaning under 700) that will let you check your rate without impacting your credit score:
LendingClub: People with credit scores below 600 may get approved. You can borrow $1,000 – $40,000 and get the money deposited into your account within a few days. Fixed APRs range from 6.95% –35.89% on monthly terms of 36 or 60. LendingClub has an origination fee of 1.00% - 6.00% its loans. LendingClub is not available in Iowa or West Virginia.
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.Read Less
Upstart: Borrow between $1,000 and $50,000 for 36 & 60 months with APRs ranging from 7.46% to 35.99%. While the minimum credit score needed to qualify is 620 (Upstart will also consider applicants who don’t have a score), you must have a clean credit history. You could also be eligible for next day funding.
Upstart is an online lender created by ex-Googlers.... Read More Unlike some other competitors, it takes your education and work experience into consideration when determining your rate. However, it also looks at your credit history and has strict guidelines for approval.Read Less
Avant: You could borrow anywhere from $2,000 to $35,000 through Avant, and you could receive your funds as soon as the next business day. APRs range from 9.95% – 35.99%. Although the minimum credit score Varies, you have a much better chance if your score is above 580. Avant is available in all states except Colorado, Iowa, West Virginia, and Vermont.
Avant branded credit products are issued by WebBank, member FDIC.
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More While most borrowers have an average credit score of 600-700, approval can vary. However, rates are higher than some competitors, and there is an administrative fee to consider.Read Less
Prosper: Another peer-to-peer marketplace lender, Prosper’s loans are similar to LendingClub’s. You can borrow $2,000 to $40,000 with APRs ranging from 6.95% to 35.99% on 36 or 60 month terms. There’s an origination fee of 2.41% - 5.00%, and its minimum credit score is 640.
Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read MoreThe interest rate you receive is determined by their own proprietary “Prosper Rating.” You can qualify for a loan with average credit and there are no prepayment fees, but your origination fee can be expensive, depending on your Prosper Rating.Read Less
For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.
OppLoans: If you have no or bad credit, Opploans is an online lender that could help. If your credit score is below 0 (or if you have no credit score at all), OppLoans will work with you. You can check to see if you are approved without impacting your score. And – unlike payday lenders – OppLoans offers much more affordable borrowing options. They also have great reviews – with a customer service rating of 4.9/5 stars.
There are several other personal loan lenders that will do a soft credit check. You can find them on our personal loan table here. While many of these lenders have minimum credit score requirements, you’ll find they take other factors into account aside from your FICO score.
Additionally, since these lenders only do a soft credit pull, you’re free to shop around for the best rates without fear of damaging your credit score.
Why You need to Stay Away from Payday Loans and Title Loans
Not eligible for personal loans? Don’t turn to payday loans or title loans.
If you’re not familiar with either, you might be wondering what’s so bad about them. After all, they seem convenient – most offer “fast cash,” and if you live in a populated area, you’ll probably find a payday loan or title loan shop nearby.
However, both require you to give something in exchange for funds, and neither require any sort of stringent approval process to ensure borrowers can afford the loans.
Payday Loans
Payday loan companies require you to write a check for the amount you wish to borrow, plus a set fee. The lender holds onto the check until the loan becomes due (typically on the borrower’s next payday, hence the name), and gives the borrower the money they need in the meantime.
The problem? If you can’t pay when the loan balance becomes due, you can choose to extend the term of the loan. When you do, you get hit with more fees. The APR on payday loans is extremely high, so you’ll pay more each time you extend your loan term.
Payday loans are on the smaller side – anywhere from $100 to $1,000. According to PayDayLoanInfo.org, the average term is two weeks, with 400%+ APRs. When you factor in fees, the APR can go up to 780%.
Title loans require you to give your car’s title to the title loan company in exchange for an amount equal to the appraised value of your car. You usually have to own your car outright to be eligible for a title loan, and the term is around 30 days.
Like payday loans, if you can’t pay on time, you may choose to roll the loan over to the next month, incurring more fees. If you can’t pay back the loan at all, you run the risk of the lender repossessing your car.
As you can tell, both of these options are bad ideas if you want to stay clear of getting into a horrible debt cycle. These loans are purposely too expensive for borrowers to afford. If people are looking for quick cash because they don’t have any, it stands to reason they’ll be in the same situation a week or two from the time they borrow.
Non-Profit Credit Counseling to Rebuild Credit Score
You want to make every effort to improve your credit score, even after you’re approved for a loan, because having a good credit score will benefit you in other areas of life. For that reason, you might want to consider teaming up with a non-profit credit counseling service.
These companies can provide you with personalized advice on your specific situation so you can work on rebuilding your credit score. They can also work with your creditors and negotiate on your behalf to possibly lower interest rates or get better terms on your existing debt.
It can be tricky to find a reputable credit counseling agency – even with a non-profit organization. If you’re interested in a credit counseling service, USA.gov lists a few considerations and questions you should ask before committing. You want to make sure the credit counseling agency is actually going to help you get your credit and financial situation under control.
Alternative to Ways to Build Your Credit Score
If you don’t qualify for a personal loan, and don’t want to turn to payday or title loans, there are a few steps you can take to increase your credit score. This post has 6 tips to help get you started. These methods won’t boost your score immediately, but over time, you’ll see an improvement.
The Federal Trade Commission also has 6 alternatives to payday loans on its website, which might apply to your situation. For example, if you’re a member of a credit union, you could inquire about a loan through them as you have an established relationship already.
Also, if you haven’t started budgeting and tracking your spending, you should – doing so can help you spot problem areas with your money.
Read the Fine Print and Shop Around
Regardless of which loan you decide to apply for, always consider the cost. You want to make sure you’re getting the best possible terms, which means getting the lowest APR offered. Typically, cash advances and credit cards are going to have higher APRs than personal loans but lower than payday lenders.
Remember to always read the fine print. Loans of any type have plenty of fees associated with them that you should avoid. Shop around for the best deals and work on improving your credit score so better options become available to you.
*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.
Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.
Best Debt Consolidation Loans by Credit Score in 2019
Monday, April 1, 2019
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.
Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.
Dealing with multiple loan payments can be a hassle. Even worse is having to pay high interest rates on one or more of your loans. A debt consolidation loan can be a great way to fix those problems by refinancing all your loans into one with a new rate and term.
Make payments simple: If you owe a lot of lenders and are having a tough time keeping track of all the payments, then consolidating will make your life easier. You’ll only owe one lender and have to keep track of one due date. There’s less of a chance of anything falling through the tracks.
Lower your interest rate: This is where you have to run the numbers to see if debt consolidation makes sense for you. What’s the average interest rate you’re paying on your debt? If it’s quite high (which is likely if you have a lot of consumer debt), you may benefit from consolidating under better terms. Just remember to only use a personal loan if the interest rate is lower than the one you are already paying.
Improve your credit score: If your credit cards are currently maxed out, your credit score will suffer. When you pay off your credit card debt with a personal loan, you will often receive a boost to your credit score, so long as you don’t start using your cards again.
But not all lenders will work with just anyone. Generally, you need to have a good credit score to qualify for the best interest rates on debt consolidation loans. Even then, some lenders offer better terms than others.
We searched through MagnifyMoney’s debt consolidation loan marketplace to identify the best lenders for you depending on whether you have excellent (700 and above), good (640-699), average (600-639) or poor (below 600) credit. To compare lenders evenly across the board, we assumed that you’re looking for a $10,000 loan and that you have a college degree. For each credit category, we picked the top two lenders who had the lowest APRs.
Here are the results from our analysis. If you’re in the market for a debt consolidation loan, it’s a good idea to customize your debt consolidation loan search so that you can find the best loan to help you get out of debt faster.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.
Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details.
*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
At LendingTree, you can make dozens of personal loan companies compete for your business with a single online form. When you fill out the form, LendingTree will do a soft pull – which means your score will not be negatively impacted. Dozens of lenders will compete and you may be matched with lenders who want your business. You may be able to compare and save in just a few minutes. We recommend starting here. You can always apply directly to other lenders – but many of the lenders we recommend already participate in the LendingTree personal loan online tool.
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.
A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.
As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).
Best debt consolidation loans for excellent credit
LightStream is the online lending division of SunTrust Bank.... Read More They offer competitive rates and terms, and their max loan amount and terms are often higher than what other lenders can offer. LightStream is strict with approvals, but they offer an online process, great terms and no fees. The one downside is that they do perform a hard pull when checking your credit.Read Less
Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
What we like
If you’ve managed your credit well and have the credit score to prove it, LightStream can be a great option to consolidate your debt. It has some of the lowest interest rates out there — as low as 3.99% APR (that’s with a 0.50% auto-pay discount).
Going along with those low interest rates are low fees. LightStream doesn’t charge any fees at all, including origination fees or prepayment fees. The company offers loan terms from 24 to 144 months. While it’s generally best to pay off your debt as quickly as possible, sometimes having a longer-term loan makes sense, and many other lenders don’t offer loans for as long as 12 years.
The final thing we like about LightStream is that it’s quick to fund your loan. If you are approved for a loan on a business day before 2:30 p.m. Eastern time and provide the company with your bank account details, you can have your loan funded on the same day you are approved.
What could be better
If you’re trying to take advantage of the 0.50% auto-pay discount, you’ll need to set this up before your loan is funded. You won’t qualify for this interest rate discount if you do it after the fact.
Additionally, the company makes it a bit difficult if you’re trying to pay your loan off early. If you want any extra payments to go toward the principal (and not interest), you’ll have to schedule your extra payment to occur on the same day as your normal monthly payment. There’s no other way to specify that you want extra payments to go toward your principal balance.
Credit history required
LightStream doesn’t say what kind of credit history you need to qualify for a loan. But the company does describe those with excellent credit (and thus the best odds for approval at the lowest rates) as people with five or more years of credit history.
Fees and fine print
LightStream is a great option for folks who qualify for these loans because the company does not charge any fees at all. This means no origination fees or prepayment penalties. If you miss a payment, it’s not totally free because the company could report that to the credit bureaus, which could harm your credit score.
With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan.... Read More You can get approved within a day and receive your loan within just about 48 hours. They do charge an origination fee, but there are no fees or penalties for prepayment.Read Less
What we like
FreedomPlus also offers some of the lowest personal loan rates in our marketplace. Those rates are running as low as 5.99% APR.
Another thing we like about FreedomPlus is that it offers multiple different interest rate discounts. The lender doesn’t specify the amounts, but you can get discounts for three things:
If you have a co-applicant for your loan
If you use at least half of your loan to pay off high-interest credit card debt (FreedomPlus will pay it for you)
If you have at least $40,000 in retirement savings
These discounts may (or may not) make your interest rate better than what you could get with other lenders. But at least the company is rewarding customers for good financial behavior, such as paying off high-interest debt and saving for retirement.
What could be better
Unfortunately, FreedomPlus doesn’t operate in all states. Even in some of the states in which it does operate, there are state-specific minimums: $6,500 in Massachusetts, $5,500 in Ohio, $10,500 in Arizona and $3,500 in Georgia.
We also don’t like that FreedomPlus has a narrower range of terms than LightStream. You can only choose from a term length between 24 and 60 months.
Further, FreedomPlus doesn’t provide a lot of information on its website. Rather, the company directs you to contact it for more details. That could be inconvenient if you’re shopping lenders. It also puts you in a high-pressure sales situation since you must speak with someone to get the relevant details unless you’re comfortable blindly applying for a loan.
Credit history required
FreedomPlus generally requires you to have about three years worth of credit history to stand a good chance of being approved for a loan.
Fees and fine print
The company has a variable origination fee — between 0.00% - 5.00% — depending on your loan’s APR. If you make a late payment, you’ll pay either a flat $15 fee, or 5% of your payment amount, depending on whichever is greater. If the company processes a personal check, that’s another $15. If your monthly payment is returned, it’s yet another $15 fee.
Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More It offers funds anywhere from $2,000 to $45,000, which can possibly be received the same day upon approval. Ohio residents should know that they are required to borrow more than $5,001. Everything is completed online, which makes for a quick and easy application process done in real time. However, there are fees to consider, including an origination fee that is deducted from your loan sum.Read Less
What we like
Even if you don’t have stellar credit, the interest rate that RocketLoans charges isn’t bad (assuming you are offered a low-end rate). RocketLoans is charging between 5.98% and 29.99% APR. The high end is the same rate you may find on a high-interest credit card. If you fall into that interest rate band, it may be worth reassessing this lender.
RocketLoans is also fast at funding your loan. If everything matches up correctly among you, RocketLoans and the bank, you may be able to receive the money the same day.
What could be better
RocketLoans isn’t available in every state. If you live in Nevada, Iowa or West Virginia, you can’t use the company to consolidate your debt.
The company only offers two different term lengths — 36 or 60 months. You can pay it off sooner, of course, and there’s no penalty for doing so. But this means you’ll only get a maximum of two different options for a given loan amount, which may not fit your budget.
Credit history required
The company does not say what sort of credit history is required to get a debt consolidation loan.
People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read MoreThe great features of Best Egg are their simple terms and competitive interest rates for those with a strong, positive credit history. While keeping things simple, they only offer payback terms of 36 or 60 months, which may not be the best fit for everyone.Read Less
*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
What we like
BestEgg has similar interest rates to RocketLoans, ranging from up to 5.99% to 29.99% APR. You can also take out loan amounts as small as $2,000 to consolidate your debt, which is a lot less than the minimum requirement for other lenders. Also, there are no prepayment penalties for paying off the loan early.
Heads-up, though: The minimum loan amount does vary by state, so it may be different depending on where you live. Georgia residents can’t take out loans of less than $3,000, Massachusetts residents must borrow at least $6,000, and New Mexico and Ohio residents must borrow at least $5,000.
What could be better
If you live in Iowa, Vermont or West Virginia, you’re out of luck when it comes to getting a BestEgg loan. That’s because the company doesn’t operate in those states.
You can take out a loan of up to $35,000 to consolidate your debt through BestEgg. That may sound like a good thing at first, but consider this: The company only offers you the choice of a three- or five-year term. If you take out a large amount of money, you’ll also need an equally high income to make those whopping payments. Instead, if you’re facing a large amount of debt, it’s worthwhile to also consider a lender that offers more options.
We also don’t like that BestEgg charges a $7 monthly payment fee unless you’re signed up for automatic payments. Signing up for auto-pay simplifies things for both you and the lender, but you shouldn’t be penalized if you’re not able to do that for some reason.
Credit history required
Unfortunately, BestEgg does not disclose this information.
Fees and fine print
Here’s a quick summary of the fees that BestEgg charges:
Origination fee: 0.99% - 5.99%
Late payment fee: $15
Returned payment fee: $15
Payment processing fee for people not enrolled in auto-pay: $7
If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More They offer quick turnaround times and you may get your money the same day if you apply before noon with check or prepaid debit card option. ACH transfers take one to two business days. Interest rates are higher than other online lenders, especially for those with excellent credit, and you will need to visit a branch to get your loan.Read Less
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
What we like
If you like working with bankers in person, this might be a better option for you since you’ll be required to visit a OneMain Financial branch to get your money. This means that if you are approved by noon and can make it to a branch, you could get your money that day.
What could be better
On the flip side, visiting a local branch to complete the loan application process could be inconvenient if you live in a suburban or rural area and there aren’t any locations close to you. These loans are also very expensive.
We also don’t like that the company’s loan policies vary across the country depending on your state of residence. This makes it difficult to easily compare lenders without contacting OneMain Financial to get the most accurate information for your situation.
Credit history required
Your credit history is important to OneMain Financial. But the company itself doesn’t have any listed requirements. Rather, your credit history is taken into account along with your debt-to-income ratio and your ability to make the loan payments on time.
Fees and fine print
There are no prepayment penalties with a OneMain Financial loan. The cost of origination or late fees varies depending on the state in which you live. You’ll need to contact OneMain Financial to get this information.
Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More This peer-to-peer lender gives you a customized grade based on your credit score, allowing for you to easily see the rate that you can obtain. While Peerform is great for those with less than stellar credit, you more than likely will be able to find better rates elsewhere. Read Less
What we like
These loans come with low rates, starting at 5.99% APR. Peerform is also open with its pricing scheme, listing in detail the APR and origination fees that come along with each credit grade, which you can see here.
What could be better
Peerform is a peer-to-peer lender, which means that the company relies on regular everyday investors to fund your loan. You could view this as a good thing since it’s not some mega-corporation that’s getting rich off funding personal loans, but it also means that it could take a while (up to two weeks) for your loan to be fully funded by investors. It’s even possible that your loan listing could end without enough investors to fund your loan, which means you may be offered less money than what you sought — or you may not even receive a loan at all.
These loans are also a bit on the fee-heavy side. For example, the company is trying to push you toward digital payments, because it will charge you a $15 fee per payment if you choose to send in a check.
Credit history required
Like many lenders, Peerform does not detail exactly what type of credit history is required to get a loan. Rather, the company takes into account other factors — such as whether your credit score is above 600 — when deciding whether to create a listing for your loan.
Fees and fine print
Here is a summary of fees that Peerform charges on its personal loans:
Origination fee: 1.00% - 5.00%
Unsuccessful payment fee: $15
Late payment fee: $15 or 5% of the amount due, whichever is more
Avant branded credit products are issued by WebBank, member FDIC.
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More While most borrowers have an average credit score of 600-700, approval can vary. However, rates are higher than some competitors, and there is an administrative fee to consider.Read Less
What we like
Avant does offer smaller loans than many other lenders. You can take out a loan starting at $2,000, ranging up to $35,000, depending on the state in which you live. That’s helpful if you’re trying to work your way out of just a few thousand dollars of debt.
You can also get your money relatively quickly if you are approved for a debt consolidation loan with Avant. If you finish the application process and are approved for a loan before 4:30 p.m. Central time on a weekday, you could have your money the next day.
What could be better
Avant’s rates, fees, loan amounts and loan terms are dependent upon the state in which you live, so you’ll need to check for yourself on its website. But for Illinois (where Avant is headquartered), we noticed that these loans do come with higher fees than normal. They also come with high interest rates, starting at 9.95% APR.
This isn’t unusual since Avant is willing to work with people with less-than-stellar credit scores. It does make it inconvenient for you because you’ll need to assess whether it’s cheaper to consolidate your debt with a personal loan rather than paying it off as is.
Once you add on the upfront administrative fee to the high interest rate, you may find that this loan isn’t a deal at all in the long run compared to what you’re currently paying. The only way to know is to do the math.
Credit history required
Again, Avant doesn’t disclose how long your credit history needs to be to get a loan with the company.
Fees and fine print
In Illinois, where Avant is based, you can expect to pay the following fees if you take out a debt consolidation loan:
Administrative fee: Up to 4.75% of the loan amount
Tower Federal Credit Union offers both personal lines of credit and more common signature loans that feature a fixed term. ... Read MoreTheir signature loans and personal lines of credit can be used to purchase anything and their lines of credit can even be used as overdraft protection to protect your Tower checking accounts from overdraft fees.Read Less
What we like
We like that there is a wide range of options for term lengths at Tower Federal Credit Union. You can choose from six different term lengths, ranging from one to six years. Having a wide range of options is good for you as a consumer because this effectively offers you up to six different monthly payment amounts that you can choose from to fit into your budget.
Rates for these loans are also relatively low. For example, if you opt for a one-year loan, rates start at 8.74% APR. Be warned: The longer your term length, the higher the minimum APR. If you instead opt for a six-year loan, rates instead start at 11.74% APR. At some point, you may need to reassess whether the interest rate you’re receiving is really lower than your current debts’ interest rate.
What could be better
Since this is a credit union, you’ll have a different working relationship. It’s not as simple as applying with any old online lender, getting the money, paying it back and having everything be all right.
First, you’ll need to join Tower Federal Credit Union. There are pretty strict membership requirements, but you can always join by making a minimum $35 donation to the TowerCares Foundation. You’ll need to deposit at least $15 in a savings account to establish your membership. Then, after you’ve applied and established your membership, you can apply for this loan.
You’ll also need to maintain your bank account if you’re older than 22. If more than a year passes without any activity in the account and if your balance is less than $100, you’ll pay a $3 quarterly inactivity fee. So, you can see, going with a credit union may boost your odds of approval if you have a low credit score, but it’s certainly not without a great deal of work compared to a regular online lender.
Another downside of getting a personal loan with Tower Federal Credit Union is that there’s no way to know how much money you can take out without applying for the loan first. That’s because the credit union will offer you a range of borrowing limits based on your credit score and ability to pay, which it determines after you apply for a loan. This could be inconvenient if you go through all the hassle of applying for a loan only to find out the loan amount won’t work for you.
Credit history required
Tower Federal Credit Union will look at your credit when deciding whether to approve you for a loan. But it doesn’t detail what sort of credit history is required to be approved for a loan. Besides your credit history, it’ll also look at your ability to repay the loan.
Fees and fine print
If you make a late payment, you’ll pay a $20 fee. That’s just a touch higher than with other lenders. Additionally, you can make your monthly payment over the phone, but if you do so, there’ll be another $9 processing fee. &nbsq;
3 reasons to use a personal loan to pay off debt
How to choose the right debt consolidation loan
To help ensure you select the best debt consolidation loan for your financial situation, consider these four tips:
Do the math: See what a debt consolidation loan will cost you in the long run compared to your current debts. A debt consolidation loan may give you a lower payment or a lower interest rate, but if you choose a long-term loan, you may end up paying more in interest charges by the time your term ends. LendingTree, MagnifyMoney’s parent company, has a debt consolidation calculator so that you can run the numbers.
Consider which types of debt you want to consolidate: Generally speaking, student loan debt is consolidated separately from your other types of debt, such as credit card debt, medical debt and auto loan debt.
Consider whether other types of loans are right for you: Home equity lines of credit, home equity loans, personal lines of credit and 0% introductory APR credit cards are also reasonable options for debt consolidation.
Check whether you’re applying for a secured or an unsecured loan: If it’s a secured loan (backed by an asset such as your car) and you fail to make your payments, the lender can repossess the item. Unsecured loans, on the other hand, aren’t backed by this kind of collateral, but often come with higher interest rates. Make sure you consider the trade-offs before you apply for the loan.
This article contains links to LendingTree, our parent company.
Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.
