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Personal Loans

How to Finance a Tiny House

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

tiny home financing
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The tiny home movement has been garnering attention online and captivating the media in recent years. As people seek to minimize their expenses and living space to enjoy other areas of life, tiny houses become a viable option. While purchasing a tiny home may sound appealing, there are many factors to consider before downsizing and joining the movement.

We will walk you through different options on how to finance a tiny house, discuss different types of small dwellings, and talk about the pros and cons of living in a tiny home.

What is a tiny home and how much does one cost?

Tiny homes can vary in structure, makeup and size, but they are typically 600 square feet or smaller, according to Tiny Home Builders. For comparison, the average American single-family home is 2,392 square feet, according to the Census Bureau.

Tiny homes can vary dramatically in price. Depending on the location of the home, the materials used to build your tiny home or the selling price of a furnished small dwelling, prices can range from $15,000 to $100,000.

For example, if you decide to DIY (do it yourself) your tiny home, you can expect to pay anywhere from $15,000 to $20,000 in supplies, plus the time and effort it takes to build it. Should you purchase a completed shell from a tiny home vendor such as Tiny Home Builders, you can expect to pay up to $61,000. And tiny houses on the market can exceed $75,000.

While these prices may seem hefty for a tiny home, keep in mind that the average cost of a new home in the U.S. is $395,000.

4 tiny home financing options

Typically, would-be homeowners get a home mortgage to finance the purchase of their house. While some types of tiny homes qualify for a traditional mortgage, others do not.

So, what are your financing options? Here are four financing options to consider as you aim toward purchasing your own tiny home.

1. Home mortgage

Obtaining a traditional mortgage may be difficult for a tiny home because most lenders require a minimum loan amount, which tiny homes often do not meet.

“The bigger issue is probably the appraisal,” said Mitch Mills, lending manager at Sugar House Mortgage in Salt Lake City. “An appraiser is tasked with arriving at a valuation for a property based on recent sales of like properties. In other words, an appraiser would need to be able to find other tiny homes that have sold in the same market area, ideally within the past 90 days.”

To qualify for a home mortgage, the home must be on a traditional foundation.

“Fannie Mae, Freddie Mac and [the Federal Housing Administration] require a property to be situated on a permanent foundation and connected to public utilities. Some of the tiny homes I’ve seen are on wheels, and this would preclude them from being eligible for traditional financing,” Mills explained.

If the tiny home meets size requirements, is traditionally built and is on a permanent foundation, you may be able to acquire a traditional home mortgage. To compare mortgage rates, check out this tool by LendingTree, which owns MagnifyMoney.

2. Home equity line of credit

A home equity line of credit, also called a HELOC, is a type of secondary loan secured by a lien junior to a mortgage. Using a HELOC is another way to finance the purchase of a tiny home.

As you pay down a mortgage, you are building equity in your home. When you use a HELOC, you borrow against the equity you’ve built to secure your secondary loan. For example, if you purchased a $1 million home and have paid off $500,000, you have that much in equity. Using a HELOC, you could get a second mortgage for a specified amount and use that money to purchase your tiny home.

3. Recreational vehicle loan

Some tiny homes are on wheels, making them portable. If they are roadworthy and certified by the RV Industry Association, they may qualify for a recreational vehicle, or RV, loan. LightStream, a division of SunTrust Bank, offers financing up to $100,000, which can  be used for your tiny home purchase.

4. Personal loan

The fourth financing option for a tiny home is a personal loan. A personal loan is an unsecured loan that you can use for any purchase. Once obtained, you can use the borrowed funds for any item, such as a tiny home. Using a personal loan to finance a tiny home can be a good option because you won’t have to get your home appraised or approved to qualify for the loan, allowing you to purchase a tiny home with a foundation or one on wheels.

Personal loans may also be a smart way to finance your tiny home because you can usually borrow up to $50,000 depending on the lender. More information on personal loans to come.

3 personal loan lenders offering tiny home financing

If you choose to finance your home using a personal loan, here are three lenders that offer tiny home financing.

1. LightStream

LightStream offers personal loans that can be used for financing a tiny home. It offers a fixed-rate loan with no fees or prepayment penalties.

  • Terms of loan: 24-84 months
  • APR range: 4.99%–16.79%
  • Origination fee: No origination fee
  • Loan amount range: $5,000–$100,000
  • Credit score required: 0 minimum
APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

2. SoFi

SoFi offers personal loans ranging from $5,000 to $100,000, which would allow you to purchase a tiny home. SoFi offers unemployment protection, making it a unique lender. Should you lose your job with no fault of your own, the lenders will allow you a payment grace period and connect you to job placement services so that you can get back on your feet.

  • Terms of loan: 24 to 84 months
  • APR range: 5.99%–20.91%
  • Origination fee: No origination fee
  • Loan amount range: $5,000–$100,000
  • Credit score required: 680 minimum
SoFi
APR

5.99%
To
20.91%

Credit Req.

680

Minimum Credit Score

Terms

24 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 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit 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 credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)

3. LendingClub

LendingClub is another lender that offers personal loans. Because you can use a personal loan for any reason, it can be used toward your tiny home.

  • Terms of loan: 36 or 60 months
  • APR range: 6.95%–35.89%
  • Loan amount range: Up to $40,000
  • Credit score required: Not specified
APR

6.95%
To
35.89%

Credit Req.

Not specified

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.... Read More

What to consider before financing a tiny home

Now that you know your financing options, it’s time to consider if owning a tiny home is the right decision for you. Before moving forward with a new lifestyle of tiny living, consider the pros and cons of owning and living in a tiny home.

Pros of living in a tiny home

Tiny homes can be less expensive than a standard home. For those who don’t want to rent and wish to avoid the large expense of a standard-sized home, tiny homes can be a great option. Opting for a tiny home allows you to cut back on expenses typically associated with homeownership. While you’ll still have to pay for your tiny home upfront, plus utilities and basic living expenses, they will likely be much less compared to a traditional homeowner. Owning a tiny home allows you to feel the pride of homeownership without the financial burden.

Tiny homes can offer financial freedom. Because your mortgage or loan payment will likely be less than a traditional mortgage, you’ll likely have a surplus of discretionary income to spend, giving you financial freedom. If you wish to spend your extra money traveling, pursuing higher education, or investing, owning a tiny home can offer financial freedom.

Tiny homes can provide more free time. With 600 square feet or less, you only have so much space to clean and upkeep. Because you’ll spend less time cleaning your home and doing yardwork, you’ll have more time to enjoy other hobbies. Tiny homes can provide more free time in which you can enjoy life and the things you like to do with it.

Tiny homes can be portable. Homeownership may appeal to you, but you don’t want to be tied to one location. And you don’t want to rent. Because tiny homes can have wheels, you have flexibility. You can settle wherever you like, permitting zoning laws. If you have wanderlust and wish to explore the country without living out of a suitcase, owning a mobile tiny home is a great option that allows you flexibility and movement while still enjoying the stability and comfort of homeownership.

Cons of living in a tiny home

Tiny homes can be hard to place. Because zoning laws vary city to city and state to state, you cannot place your tiny home anywhere you’d like. Flexibility is a double-edged sword. Tiny homes allow you to take your home anywhere, but you’ll have to make sure you’re moving to a place where it’s legal to place your tiny home. Sometimes, the location you desire may not allow for tiny homes.

Tiny homes can be cramped. Tiny homes are, in fact, tiny. That being said, if you wish to entertain guests, space will be very limited. Also, if you are looking for some privacy in a secluded space, your options are sparse since your space is so small. If the thought of lack of privacy gives you anxiety, tiny homes may not be right for you.

Tiny homes don’t have all the amenities of a traditional home. Depending on your tiny home, you may not have certain amenities such as laundry machines, dishwashers or a full-size refrigerator. While this may be a perk of simplifying, it can also frustrate some potential owners. When purchasing your tiny home, ensure it has all the features you need.

Which type of tiny home do you want?

Do the pros of owning a tiny home outweigh the cons? If so, let’s briefly discuss the different kinds of tiny homes available.

  • Tiny traditional homes: Think your typical house but shrunk down to a smaller version. Tiny traditional homes will have a foundation and will be made of the same building materials, such as wood, plywood and concrete. They are not mobile and do not have wheels.
  • Tiny house on a trailer: Simply put, this is just a tiny house on a trailer. It can be moved from location to location when pulled by a truck. Like a traditional tiny home, they are usually built out of normal building materials.
  • Converted storage shed: A storage shed is usually made of steel or galvanized aluminum, but a converted storage shed can be used as a type of tiny home. To make it feel more like a home, owners can install insulation and drywall and design the inside just as they would an apartment or home.
  • Container home: A container home is a storage unit or semitruck shell transformed into a living space. Once revamped, designed and decorated, it doubles as a home for minimalists.

Does your city permit tiny homes?

The last thing to consider before purchasing a tiny home is where you’ll put it. Each city and state has different building codes and zoning laws that can affect where you are legally allowed to place your tiny home.

Some states require the tiny home to be an accessory dwelling unit (ADU), meaning it is on the same property of a traditional home. But some states have begun adopting the idea of tiny housing and have made it more realistic for tiny homeowners to build and live in the state outside of an ADU. These states have more progressive regulations making it easier for tiny house hunters: California, Colorado, Florida, Massachusetts, Michigan, New York, Oregon and Texas.

The American Tiny House Association has compiled state-by-state information regarding zoning laws and construction codes for tiny houses. Check out the complete guide to see if owning a tiny home in your city is possible.

The tiny home movement is gaining popularity and offers a variety of perks for people looking to minimize, downsize and enjoy a flexible lifestyle.

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.

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SoFi Personal Loan Review

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

SoFi
APR

5.99%
To
20.91%

Credit Req.

680

Minimum Credit Score

Terms

24 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 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit 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 credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)

Pros and cons of SoFi personal loans

Pros:

Cons:

  • Choose a fixed or variable interest rate: Few competitors offer personal loans with a variable interest rate.
  • No fees: No origination, prepayment or late fees.
  • High maximum borrowing amount: Qualifying customers can borrow up to $100,000. Few competitors can match that.
  • Unemployment protection: If you lose your job and can’t make your payments, SoFi will suspend them for you and provide career assistance.
  • High credit requirements: Without a steady job and decent income, you won’t qualify.
  • Online-only experience: You can’t visit a loan officer in person, as SoFi has no physical branches.
  • Slow funding process: SoFi can take a few business days to fund a personal loan, unlike some competitors.

SoFi personal loans are inexpensive: interest rates for qualifying borrowers can be low, and there are no fees associated with these loans. You can manage or even apply for a SoFi personal loan from the SoFi app, which hosts the entire SoFi experience, from investments to savings. SoFi also offers unemployment protection, which makes your loan payments if you lose your job.

But funding can be slow. SoFi also has high qualification standards for its personal loans. Without a solid income and a good credit history, you won’t likely qualify for a personal loan.

How your SoFi personal loan can be used

You can only use SoFi personal loans for personal, family or household expenses. Using SoFi for debt consolidation can help you repay high-interest debt, assuming you qualify for a competitively low interest rate. You might also use funds to cover medical expenses, relocation costs or home improvements.

The lender’s personal loan cannot be used for: post-secondary education costs, short-term bridge financing, real estate, investments or other business purposes.

However, you can take out other types of SoFi loans for some of these purposes. The lender offers:

  • Private student loans
  • Student loan refinancing
  • Mortgages
  • Investing via its app

Who qualifies

SoFi’s minimum credit score requirement is 680. As part of the application process, the lender will evaluate your:

  • Monthly income versus expenses
  • Professional experience
  • Credit history

You’ll also have to meet basic eligibility requirements, which include being a U.S. citizen, permanent resident or visa holder and at least 18 years old.

  • For permanent residents, you must have at least two years before your status expires to qualify, unless you’ve filed an extension.
  • For visa holders, you must have the same two or more years before your status expires to qualify, unless you’ve filed for permanent residency or for a renewal.

SoFi personal loan reviews from borrowers

Out of 88 SoFi personal loan reviews on LendingTree, the lender has an average rating of 4.4 out of 5 stars among borrowers. Average reviews are graded excellent for SoFi rates, fees and customer service. However, borrower reviews are generally either very positive or very negative; of the 88 reviews, 74 are five stars, while 13 are one star.

Brandi from Greenbrier, Ark., gave SoFi a 5-star review, emphasizing the “super easy process” involved in getting a loan. Brandi said she completed her application online and had to verify her information over the phone before receiving her funding in less than three days.

However, Judy from Marysville, Calif., had an entirely different experience, advising others to “never use this lender.” Judy received repeated requests for additional verification of her employment and received vague answers after asking when her loan might be funded. She eventually pulled out and got funded by an alternate lender within 24 hours, according to her review.

How SoFi compares to competitors

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream is a tough competitor for SoFi. Its minimum personal loan APR beats the lowest available APR from SoFi for well-qualified lenders. LightStream’s APRs range from 4.99% to 16.79% with autopay. However, invoiced loans, as opposed to autopay loans, pay an additional 0.50% – that’s higher than the additional 0.25% charged by SoFi for borrowers who don’t set up autopay.

LightStream personal loans can be funded as rapidly as the same business day, as opposed to the few business days typically required by SoFi.

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

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.... Read More

Unlike SoFi, which is a lender, LendingClub is a peer-to-peer lending marketplace. Although the application process is relatively similar, LendingClub requires at least four business days to fund loans, which is slower than with SoFi. Personal loans are limited to $40,000, which is far below SoFi’s maximum loan amount.

For many borrowers, the key factor in the SoFi vs. LendingClub debate will be the interest rates offered. SoFi is a clear winner here, as LendingClub’s personal loan APRs range between 6.95% and 35.89%. Additionally, LendingClub tacks on a 1.00% - 6.00% origination fee to all loans and has a late payment fee of 5% of the unpaid amount or $15, whichever is greater. SoFi has no origination or late fees at all.

How to apply for a SoFi personal loan

You can see the APR you may qualify for within minutes on the SoFi website with a soft credit check, which won’t affect your credit. From there, you can decide whether you want to continue with a full application for a SoFi loan.

Here’s an overview of SoFi’s application process:

  1. Provide your name, state, email address and create a password.
  2. Read and consent to SoFi’s ESIGN act consent, privacy policy, terms of use and arbitration agreement.
  3. Enter the amount you’d like to borrow, between $5,000 and $100,000.
  4. Select how you’re planning to use the funds. The available options listed are credit card payoff, loan consolidation, home improvement, major purchase, moving expenses and other.
  5. Enter the amount of your preferred monthly payment, between $80 and $260.
  6. Provide your date of birth and citizenship status.
  7. Provide your contact information, including your address and mobile phone number.
  8. Describe your current living situation — renting, homeowner or living with family or friends.
  9. Provide your total annual base income, pre-taxes.
  10. Indicate whether this is a personal or joint application.
  11. Click to check your rate.
  12. Proceed with application if you approve of the offered terms.

If you accept a loan offer with SoFi, you can expect your loan to be funded in a matter of a few days.

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

By clicking “See Offers”, you may or may not be matched with the lender you clicked on or any lender below. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

FAQ on SoFi

SoFi is not a scam. The lender’s investment arm is registered with the Financial Industry Regulatory Authority (FINRA) and its partner banks are FDIC-insured up to $1.5 million.

SoFi offers a variety of lending, investment, banking and insurance products. It has a basic checking and savings account, an investment option for stocks, ETFs and cryptocurrency, as well as renters, homeowners, auto and life insurance. Its loan division offers student loans, personal loans and home loans.

Yes. The entire SoFi experience is based around mobile compatibility. The SoFi app integrates the lender’s products and offers features such as loan application, bill pay, money transfer and mobile check deposit.

Mohela services SoFi private education loans.

A personal loan has a fixed repayment term and payments. A line of credit is like a credit card in the sense that you won’t owe any interest or payments until you draw down the line.

You can check your rate on the SoFi website without any effect on your credit whatsoever. However, if you decide to proceed with your full loan application, SoFi will do a hard check of your credit, which is standard practice when you apply for a loan. A hard credit check will show up in your credit history and may trim a few points off your score temporarily.

In short, no it is not. A secured credit card requires a cash deposit, and that amount becomes your collateral for any amount you “borrow” on the card. A personal loan is an unsecured loan that has no collateral. Typically, a secured card is used by customers that can’t qualify for an unsecured personal loan.

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.

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Where to Get the Best Personal Loan Rates Online

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

Where to Get the Best Personal Loan Rates Online

Updated January 01, 2020

If you want a to pay off a credit card or consolidate debt, a personal loan is going to be one of your best options. A personal loan with a set payoff period a few years from now has some of these advantages:

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

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

Company
APR
Terms
Credit Req.
LendingTree

As low as 3.99%

24 to 60

months

Minimum 500 FICO®

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure.

Disclaimer

A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

4.99% - 16.79%*

with AutoPay

24 to 144*

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
SoFi

5.99% - 20.91%

24 to 84

months

680

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Fixed rates from 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit 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 credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)
Marcus by Goldman Sachs®

6.99% - 28.99%

36 to 72

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

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 6.99% to 24.99% APR.

5.99% - 29.99%

36 or 60

months

640

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $3,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

6.95% - 35.89%

36 or 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

9.95% - 35.99%*

24 to 60**

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

18.00% - 35.99%

24 to 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

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.
PenFed Credit Union

Starting at 6.49%

36 to 60

months

700

Minimum Credit Score

SEE DETAILS Secured

on PenFed Credit Union’s secure website

6.53% - 35.99%

36 & 60

months

620

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Best personal loans for excellent credit: SoFi, Marcus by Goldman Sachs®, Best Egg, LightStream

Best personal loans for good credit: LendingClub, Best Egg, Upstart, PenFed Credit Union

Best personal loans for bad or minimal credit: Avant, OneMain Financial

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

Start Here – Multiple Lenders at Once

LendingTree

LendingTree
APR

As low as 3.99%

Credit Req.

Minimum 500 FICO®

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

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


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

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

Why is this a good way to save?

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

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

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

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

Best Personal loans for Excellent Credit

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

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

SoFi

SoFi
APR

5.99%
To
20.91%

Credit Req.

680

Minimum Credit Score

Terms

24 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 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit 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 credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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

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

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

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

Amount: $5,000 – $100,000

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

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

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

BestEgg

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $3,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

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

You can check to see your interest rate without hurting your score, and they do approve people with scores as low as 640. If you have an excellent credit score, BestEgg will be very competitive on terms.

Amount: up to $35,000

Lightstream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

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

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

Amount: $5,000 – $100,000

Available states: All

Best Personal Loans for Good Credit

These providers may be able to help you out if you’re not approved for the very best rates or a 0% balance transfer offer.

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

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.... Read More

You might not have heard of LendingClub yet, but they are a big player in online loans. And they offer a wide range of rates and terms based on your credit profile and needs. LendingClub’s minimum credit requirements are not specified.

Amount: up to $40,000

Available states: All except Iowa and West Virginia

BestEgg

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $3,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

BestEgg (reviewed earlier in this post) will approve people with credit scores as low as 640. If you have good credit and are looking for a loan, you should consider BestEgg.

Upstart

APR

6.53%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

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

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

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

You’ll need a 620 or better FICO and your monthly payments can’t be more than 55% of your monthly income.

Amount: $1,000 – $50,000

Available states: All

PenFed

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on PenFed Credit Union’s secure website

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

Previously, PenFed offers a fixed rate starting at 6.49% interest rate for 36 to 60 months. Veterans get extra special attention so it’s worth checking this online only offer. You have to be a member of the PenFed credit union, but that’s easy and anyone can do that online as part of the process.

Available states: All

Best Personal Loans for Bad or No Credit

Avant

APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

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

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

Amount: up to $35,000

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

For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

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

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

1.00% - 10.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

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

You can borrow from $1,500 to $20,000. The interest rates are not low, and can go up to 35.99%. They will also charge an up-front origination fee that is not refundable. You should definitely shop around at other lenders first, given the high cost of the loan and the need to visit a branch.

Amount: Up to $20,000

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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