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Personal Loans

Best Personal Loans from a Bank

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.

how a personal loan works
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If you’re making a major purchase, want to consolidate high-interest credit card debt at a lower interest rate with one monthly payment, or need cash due to an unplanned expense, a personal loan could be the solution.

Personal loans are typically available from banks and other lenders for people with good credit and above. Most lenders will evaluate your debt-to-income ratio, your credit score, and possibly even the assets you hold with their bank when they qualify you for a loan.

MagnifyMoney has researched the top personal loan products from banks to bring you a list of personal loan options to meet your needs for extra cash.

LendingTree

LendingTree could connect you with lenders, allowing you to compare up to five personal loan offers from lenders within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score.

You can use LendingTree’s personal loan tool to see if you qualify for a personal loan.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

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

PNC Bank

As the fifth largest bank in the U.S., PNC Bank has 2,600 branches in 19 states, mostly concentrated in the northeast where the bank is headquartered. Like most banks, PNC offers checking and savings accounts, credit cards and a variety of loan products, including personal loans up to $35,000.

PNC Bank
APR

4.99%
To
19.99%

Credit Req.

0

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on PNC Bank’s secure website

The fine print

PNC Bank personal loans are available for borrowers with very good to excellent credit and an established credit history. PNC Bank does not reveal the credit score required to borrow, but is looking for borrowers with a good debt-to-income ratio. Being a customer of the bank does not increase your chances of qualifying for the loan.

You can borrow between $1,000 and $35,000, with terms available from 6 to 60 months. There is no origination fees and no prepayment penalties. PNC Bank does not publish its interest rates, as they vary based on the amount borrowed, the loan terms, and even the region where the borrower lives.

For instance, in Long Island, NY, rates may start as low as 4.99% and go up to 11.49% fixed rate. PNC Bank customers who set up automatic payments from their PNC checking account can save 0.25% off the interest rate.

Pros

  • Apply easily online, by phone or at a branch
  • No prepayment penalties or loan origination fees
  • Flexible terms
  • Save money with autopay options

Cons

  • Available only to people with very good, established credit
  • Hard Pull required to see if you qualify, which can lower your credit score
  • Fixed interest rates may be higher than variable rates available from other lenders

If you are looking for a loan from a reputable, longstanding bank, PNC may fit the bill. With flexible loan terms and no origination fees or prepayment penalties, PNC Bank personal loans can provide you with the cash you need for a wedding, a vacation, home repairs or emergency expenses.

Citizens Bank

With more than 1,100 branches on the East Coast and in the Midwest, Citizens Bank has become one of the largest banks in the U.S. Citizens Bank offers all the usual products, including checking and savings account, CDs, and, of course, personal loans.

Unlike many lenders, Citizens Bank lets you see your interest rates in just two minutes, with only a soft pull, which does not affect your credit score. You can also use the personal loan calculator to determine your payments. Once you’re approved and close on your loan, you can have funds deposited in your account in as little as two business days.

Citizens Bank (RI)
APR

6.78%
To
20.89%

Credit Req.

No specified

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No fees

SEE OFFERS Secured

on LendingTree’s secure website

The fine print

Citizens Bank looks for borrowers with a strong credit history and an annual salary of at least $24,000. The bank does not specify the credit score or debt-to-income ratio required, but you can get pre-qualified and check your interest rates online with just a soft pull before you apply for the loan.

Loans are available in amounts of $5,000 to $50,000, with repayment terms of 36 to 84 months. Citizens Bank does not publish its interest rates, but you can view rates and repayment examples based on current interest rates online in an interactive chart.

Citizens Bank customers may save 0.25% off their interest rate. Borrowers can also save another 0.25% by signing up for automatic payments.

Pros

  • No fees
  • Soft Pull lets you check rates and see if you qualify
  • Flexible terms
  • Apply online
  • Save money as a Citizens Bank customer

Cons

  • Funds may be deposited within two business days, which is slower than some other lenders
  • Strong credit history required
  • Fixed rate APR may be higher than variable rate loans

Citizens Bank is a relatively new bank with a solid reputation. You can check your interest rates for a personal loan online with only a soft pull, which is a benefit if you are shopping around for the best loan terms.

Wells Fargo

As one of the largest banks in the U.S., you’d expect Wells Fargo to have a flexible terms and a streamlined process to apply for personal loans. And the bank does. Wells Fargo also offers a relationship rate discount for qualified customers if you set up autopay.

Although its personal loan interest rates may not be as low as some online lenders, and its lending requirements are more stringent, Wells Fargo customers may want to consider the bank for a personal loan to consolidate debt or make a large purchase.

Wells Fargo Bank
APR

6.99%
To
23.99%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on Wells Fargo Bank’s secure website

The fine print

Wells Fargo offers personal loans from $3,000 to $100,000 with terms from 12 to 60 months and no prepayment penalties. Fixed APRs begin at 6.99% with the 0.25% relationship discount for Wells Fargo customers. Wells Fargo does not specify the credit score required to qualify for a loan.

Pros

  • No origination fees or prepayment penalty
  • May receive funding as soon as next business day after approval
  • Wells Fargo customers can save 0.25% off their interest rate if they set up automatic payments from their Wells Fargo checking account
  • Competitive fixed rates

Cons

  • No prequalification, so a hard pull will be required to apply
  • Your credit score and debt-to-income ratio will be considered to qualify, but Wells Fargo does not list minimums required

If you are a Wells Fargo customer with excellent credit, a Wells Fargo personal loan could help you pay off existing, high-interest credit card debt, pay for a major purchase or cover unexpected expenses. If you are planning to apply for a Wells Fargo loan, you may want to open a checking account with the bank and use it for a few months to establish a relationship with the bank, which can improve your loan approval odds.

TD Bank

Founded in 1850, TD Bank. With 1,200 branches concentrated on the East Coast, many with extended business hours in the evening and on weekends, TD Bank makes getting a loan in person or online easy and convenient.

If you don’t live near a TD Bank branch, you can apply for a personal loan online and have the money deposited in your account within a few business days.

TD Bank Express Loan
APR

6.99%
To
18.99%

Credit Req.

660

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on TD Bank Express Loan’s secure website

The fine print

TD Bank offers two unsecured personal loans. TD Express allows you to borrow between $2,000 and $25,000, and may offer faster approvals. TD Bank’s regular unsecured loan allows you to borrow up to $50,000. Both loans have terms from 12 to 60 months and fixed APRs ranging from 6.99% to 18.99%. Both loans have a minimum credit score requirement of 660. TD Bank customers can save 0.25% off the interest rate by establishing automatic payments from a TD Bank checking account.

Pros

  • No origination fee or application fees
  • No prepayment penalties
  • Easy online approval process
  • Flexible loan terms
  • Additional savings for TD Bank customers

Cons

  • Late fee of 5% of minimum payment due or $10, whichever is less
  • Must have a credit score of 660 to qualify
  • Loan application requires a hard pull

If you have excellent credit and are a TD Bank customer looking to keep your accounts within the same bank and enjoy a discounted interest rate on a personal loan, consider TD Bank.

TD Bank’s rates are comparable to other lenders. Combined with the bank’s reputation for customer service, extended business hours and easy online banking, these factors make TD Bank a good choice.

Citibank

Citibank, known as “the world’s most global bank,” does business in 98 markets worldwide. Founded as the City Bank of New York in 1812, today the company is well known for its credit cards and consumer banking products, including personal loans.

You can only apply online if you are a current Citibank checking or savings account holder or if you’ve received a special invitation. Online loan applications are limited to $30,000 or less. Citibank also offers several other perks to current Citibank customers who want to take out a personal loan to consolidate debt, pay for unexpected expenses, or make a large purchase.

Citi
APR

7.99%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Not specified

APPLY NOW Secured

on Citi’s secure website

The fine print

Citibank personal loans offer flexible terms from 12 to 60 months. Borrowers can take out a loan for as little as $2,000 up to $50,000, with fixed rate APRs from 7.99% to 17.99% for a $10,000 loan.

Citibank personal loans are only available to Citibank customers with a Citibank checking, savings, money market or CD account with a month-end balance averaging greater than $0 for the past three months. Borrowers must have an annual income of at least $10,500. Citibank does not specify other minimum qualifications, but most banks will only provide personal loans to borrowers with good credit. A hard pull is required to see if you qualify.

Pros

  • Competitive, fixed APR
  • Easy online applications for loans under $30,000
  • When you link your loan to a Citibank checking account, you earn ThankYou® rewards points, which you can redeem for gift cards, travel or merchandise
  • Save 0.25% on your interest rate when you’re a Citigold or Citi®, Priority customer
  • No prepayment penalties

Cons

  • Personal loans are only available to Citibank customers
  • Hard Pull required to apply
  • Receive your money in five business days, longer than many other lenders

Citibank does not have the fastest loan process or the most flexible qualifications. But if you are a Citibank customer, it can be easy and convenient to get access to extra cash with a Citibank personal loan.

ThankYou® Rewards are a key differentiator with a Citibank loan, because most personal loans do not offer rewards. You may be able to consolidate high-interest debt with a Citibank loan and still earn rewards.

Institutions had to be in DepositAccounts’ list of largest banks by assets to be considered. (Disclosure: DepositAccounts, like MagnifyMoney, is owned by LendingTree.) APR, terms, origination fee and other factors were considered.

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.

Dawn Allcot
Dawn Allcot |

Dawn Allcot is a writer at MagnifyMoney. You can email Dawn here

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Personal Loans

Where You Can Get a Personal Loan as a Non-U.S. Citizen

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.

If you’re a non-U.S. citizen who is temporarily living in the United States to work or go to school, you may need a personal loan to help pay for a variety of expenses such as rent, groceries, utilities and transportation.

Here’s how you may be able to secure a personal loan as a non-U.S. citizen.

Can you get a personal loan as a non-U.S. citizen?

Some lenders are open to giving personal loans to non-U.S. citizens. If you are interested in obtaining a personal loan as a non-U.S. citizen, understand that lenders will look at your credit history and credit score to determine whether you’ll be a dependable borrower.

You can go to your bank or AnnualCreditReport.com to find out your credit history and credit score. If you don’t have a credit history or your credit score is low, get into the habit of making regular, timely payments on your bills and credit cards. This will show lenders that you’re responsible with credit and increase your chances of securing a personal loan.

In addition to looking at your credit history and credit score, a lender will ask you to provide them with certain documents. You may have to show them:

  • Green card, visa, driver’s license, Social Security card or another form of ID
  • Proof of your address
  • Proof of income

Sharing the highest level of education you’ve obtained may also be required. You may also have to undergo the employment verification process.

In the event a lender is hesitant to offer you a loan, you may need a co-signer who agrees to pay back your loan if you are unable to. Finding a co-signer who is a U.S. citizen with good credit may increase your chances of getting approved.

2 lenders offering personal loans to non-U.S. citizens

Let’s take a closer look at two lenders that may be open to giving you a personal loan as a non-U.S. citizen.

LendingClub

LendingClub is dedicated to making borrowing easy for everyone. It lends to borrowers who are living in the U.S. on a valid, long-term visa, are at least 18 years old and hold a verifiable bank account.

With LendingClub, you can expect APR rates that range from 6.95% to 35.89% and no prepayment penalties. Note that if you borrow from LendingClub, you’ll be required to pay a one-time origination fee of 1.00% - 6.00% when you receive your loan.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

SoFi

SoFi offers a variety of products for borrowing, spending, saving and investing. If you are a non-resident holding a J-1, H-1B, E-2, O-1 or TN visa with at least two years remaining, you may get approved for a personal loan by SoFi.

You must live in a state where SoFi is authorized to lend, be at least the age of majority in your state and have a job, have sufficient income from other sources or have a job offer that will have you working within the next 90 days. APRs from SoFi range from 6.79% APR to 16.24% and loan terms are from 12 to 84 months.

SoFi
APR

6.79%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Fixed rates from 6.79% APR to 16.24% APR (with AutoPay). Variable rates from 6.54% APR to 14.95% APR (with AutoPay). SoFi rate ranges are current as of January 18, 2019 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 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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

See Consumer Licenses.

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

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

How to shop for a personal loan as a non-U.S. citizen

If you’re a non-U.S. citizen seeking a personal loan, it is in your best interest to shop around. Compare the lenders listed above as well as others that may be willing to lend personal loans to non-U.S. citizens. Look at the APRs, loan terms and requirements of each lender so that you can make an informed decision.

In addition to comparing all of the lenders who lend to non-U.S. citizens, it’s a good idea to use a personal loan calculator so that you can figure out how much interest you’ll pay on a loan and can budget for it accordingly.

The bottom line

While it may take some time and effort to find the ideal personal loan as a non-U.S. citizen, it’s certainly not impossible. By doing your due diligence, shopping around and comparing lenders, you are likely to find the right personal loan for your situation. Check out our ultimate guide to personal loans to learn more about personal loans and how they work.

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.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

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Personal Loans

Best Personal Loans of 2019

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

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

If your goal is to pay off a credit card or consolidate debt, a personal loan that offers you a fixed amount of money for a fixed period can be a great option. In many cases, the interest rate is also fixed so you know exactly how much money you’ll be paying back and when you’ll be debt-free. Since your debts will be combined into one loan and a single monthly payment, a personal loan also makes it easier to manage your finances.

Unlike most traditional banks, which are required to do a hard credit inquiry when checking your interest rate (and each inquiry hurting your credit score by 10 points or more), many online lenders can perform a soft credit pull during pre-approvals, allowing you to shop around for loan terms and rates before deciding on a lender. After just a couple of minutes, these lenders present personalized loan offers which can include the loan amount, monthly payment, length of loan, interest rate and APR.

With so many available personal loan options, the likelihood of finding a lender that works for you may be good depending on your financial situation. Below, we’ve highlighted the top personal loans for people with excellent, good, average and bad credit. The lenders selected were sorted by college graduated borrowers looking for $10,000 and narrowed based on lowest APR.

LendingTree

With so many lenders out there, where should you start? You may explore lenders using LendingTree’s personal loan tool. After filling out one short form, LendingTree will perform a soft pull and match you with up to five loan offers from lenders.

Using the personal loan tool is an easy way to get multiple offers at one time. For borrowers with excellent credit, you could aim for an interest rate below 6%, and for people with less than perfect credit, LendingTree will match you with lenders with more liberal acceptance criteria.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

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

Best personal loans for excellent credit: LightStream

LightStream is the online lending division of SunTrust Bank that offers competitive rates and terms for personal loan products. LightStream’s products are for prime borrowers with good to excellent credit. One big downside is that LightStream does not do soft pulls for pre-approvals.

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

The fine print

If you have excellent credit, LightStream is a good option to choose for a personal loan. It offers competitive rates, starting at 3.99% and going up to 16.99%, with a pay period from 24 to 144 months. It also offers a 0.50% rate discount for using autopay (included in the lowest rate of 3.99%).

Although a minimum credit score isn’t listed, LightStream is candid about its personal loans being for borrowers with good credit, which is generally defined as a credit score of 700 or above. LightStream does outline some key characteristics that it thinks people with good credit share, including:

  • Having many years of credit history
  • A credit history with a variety of accounts such as credit cards, installment loans and mortgages
  • Evidence of a good payment history and being able to save

Once approved, borrowers can receive their funds in as little as one day. If you meet LightStream’s strict excellent credit requirements, you get some perks: its Rate Beat program promises to beat the APR by any other lender by 0.10% (albeit the other lender must be offering the same loan amount, loan term, loan purpose and payment method. The borrower must be able to provide sufficient evidence that they are already approved for the other lender’s APR), and its Loan Experience Guarantee program rewards borrowers with cash if they’re unsatisfied with the application process.

While you can use the loan for almost anything — adoption fees, debt consolidation, dental work, home improvements, IVF/fertility treatments, weddings — LightStream’s personal loan cannot be used to finance a post-secondary education, commercial vehicles or other business needs.

Pros

  • Competitive rates on fixed loan (as low as 3.99%)
  • No origination fee or prepayment penalties.
  • Rate Beat Program
  • A 0.50% rate discount for autopay
  • Same day funding possible

Cons

  • Hard Pull when checking rates
  • Strict approval process for only borrowers with excellent credit
  • Cannot change payment date on loan
  • Loans cannot be used for refinancing student loans or college education

While its criteria for approvals are strict, borrowers get the best deal with the Rate Beat program and customer experience with the Loan Experience Guarantee program.

Best personal loans for good credit: RocketLoans

RocketLoans is the personal loan business unit under the Quicken Loans family of companies. As the largest mortgage lender in the U.S., Quicken Loans expanded into personal loans in 2015. RocketLoans is an online lender promising short approval times and a user-friendly lending platform.

APR

5.98%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

The fine print

Borrower must be at least 18 years old (19 in Alabama and Nebraska), reside in the U.S., have a minimum FICO credit score of 640, and credit history of two years. The maximum debt-to-income ratio is 40% (excluding mortgage) and 70% (including mortgage) and the minimum income you have to make is $24,000 annually.

RocketLoans offers loans from $2,000 to $45,000 for 36 or 60 months with an APR starting at 5.98% (with autopay discount) and up to 29.99%. Borrowers can use their loan for anything. If you’re qualified, borrowers may receive up to $25,000 within the same business day.

Unfortunately, RocketLoans does charge fees: a one-time, non-refundable origination fee (1.00% - 6.00% of loan amount), a late fee of $15 once the payment is 10 days past due, and a fee of $15 if payment does not go through.

Pros

  • Same-day lending (up to $25,000)
  • Completely online
  • Soft pull pre-approval rate available
  • Can use the loan for anything

Cons

  • Origination fee: 1.00% - 6.00%
  • Late payment fee: $15 per occurrence
  • Payment return fee: $15 per occurrence

With its emphasis on digitization, RocketLoans is easy-to-use and can provide pre-approval loan term and rate within one to two minutes.

Best personal loans for average credit: Peerform

Founded in 2010 by Wall Street executives and acquired in 2016 by New York-based Versara Lending, Peerform is a peer-to-peer lending model that matches borrowers seeking loans with potential investors — individuals and corporations. Peerform consider borrowers who have difficulty qualifying for a personal loan through other lenders with a credit score as low as 600.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

APPLY NOW Secured

on Peerform’s secure website

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

The fine print

Applicants with poor credit (as low as 600) will need to show that their debt-to-income ratio is below 40% and that they have at least one revolving account such as a credit card. Borrowers cannot have any current delinquencies or a recent bankruptcy, court judgments, tax liens or non-medical-based collections from the past year.

Peerform offers fixed rate loans from $4,000 to $25,000 for three or five years. Loans come with APRs as low 5.99% and as high as 29.99%. It can take up to two weeks for loans to be fully funded and even so, Peerform cannot guarantee that it will be completely. If the fund is not funded by at least $4,000 and more than 60% of the requested amount within two weeks, the loan is considered incomplete and borrowers have a right to decline it.

There are certain restrictions on loans provided by Peerform, such as it cannot be used to refinance student loans. There are also fees: $15 for payments past 15 days from the due date, $15 on returned payments and an origination fee ranging from 1.00% - 5.00% that is subtracted from the loan amount.

Peerform does not lend to borrowers living in Connecticut, North Dakota, Vermont, West Virginia or Wyoming. Applicants must be at least 18 years old and a resident in the U.S. (or 19 for those living in Nebraska or Alabama).

Pros

  • Loans for borrowers with less-than-stellar credit
  • Can make a late payment up to 14 days past due date without paying a fee
  • Can accept or decline a partially-funded loan
  • No prepayment penalty

Cons

  • Soft Pull available for pre-approvals
  • Fees: origination, late payment, returned payment
  • May take up to 14 days to receive funding
  • Does not guarantee complete funding

While there are some cons, like the fact that Peerform does not guarantee complete funding within 14 days, it is still considered a viable option for those with average to poor credit.

Best personal loans for bad credit: Marcus by Goldman Sachs

Marcus by Goldman Sachs®

Marcus by Goldman Sachs is a digitized line of services that include personal loans, savings accounts and certificates of deposit.

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

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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

The fine print

While there is no minimum credit score, a FICO Score higher than 660 is preferred. Marcus by Goldman Sachs performs a soft pull during the pre-approval stage.

Borrowers can qualify for up to $40,000 in debt consolidation and credit consolidation for 36 to 72 months and APRs start as low as 5.99%.

To get a loan, you must be a resident in the U.S. and at least 18 years old (19 in Alabama and Nebraska and 21 in Mississippi and Puerto Rico) and have a U.S. bank account and a Social Security number or Individual Taxpayer Identification Number.

There is no origination fee or late fees, so if you miss a payment, your loan will be extended and interest is added to the amount owed. Borrowers also have the option to defer a payment after making on-time payments for one year.

Pros

  • No origination fee
  • No late fees
  • Ability to defer a payment after a year of on-time payments
  • Wide range of repayment terms available between 36 to 72 months
  • Can see rates with a soft pull

Cons

  • Currently not available in Maryland
  • No joint applications
  • Late payments will accumulate more interest, resulting in a larger final payment

For borrowers who prefer to work with a personal lender, Marcus by Goldman Sachs is great option.

Methodology

Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers looking for $10,000 with excellent, good, average and bad credit who hold a college degree. They were narrowed based on lowest APR. If a lender with the lowest APR was already highlighted in a previous category, we chose the lender with the next lowest APR.

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.

Vivian Giang
Vivian Giang |

Vivian Giang is a writer at MagnifyMoney. You can email Vivian here

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