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Need Cash Fast? Understand Cash Loans and Ways to Earn Money

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If you’re looking to get a fast-cash loan, slow down. Stop. Breathe. Instant-cash loans can mess up your household finances big time if you aren’t careful.

With quick-cash loans, ”a consumer is typically trying to solve a very short-term problem,” said John Thompson, chief program officer at the Center for Financial Services Innovation (CFSI), a national nonprofit focused on improving the financial health of low- and moderate-income consumers. “But they may not have done the necessary research, because they’re so focused on fast.”

Because of the predatory nature of some of the loan products targeting folks who need money quickly, we’ve done all the homework for you. The key takeaway is this: There are good and bad cash loans, and you, of course, should aim to get a good one.

Our fast-cash crash course should only take you 10 minutes, but it can help you avoid a mistake that can create months or years of financial headaches.

What are fast cash loans?

Some cash loans are better than others.

Less desirable fast-cash loans. If you have bad credit, less desirable quick-cash loans usually don’t require a credit check. But you typically pay for that understanding in the form of triple-digit interest rates or fees, which make them less affordable for consumers already in financial straits. That, in turn, can prompt borrowers to extend or renew the loan, which can trap them in a vicious cycle of debt.

Consumer advocates thus say that fast-loan borrowers are vulnerable and “left to the mercy of whatever loan terms a lender wants to throw your way,” said Scott Astrada, federal advocacy director at the Center for Responsible Lending, a nonprofit, nonpartisan organization that works to protect homeownership and family wealth by fighting predatory lending practices.

Adding to that concern, storefront fast-cash lenders tend to be located in low- and middle-income minority neighborhoods and around U.S. army bases that are home to low-paid military men and women. In recent years, these lenders have also moved to the Internet and on smartphone apps, where they can pitch their loans to young, digitally oriented millennials, minorities and students who are also often of low- and middle-income, said Thompson.

Small-dollar lenders dispute the negative characterization and say they’re simply filling a need. “So-called consumer advocates in Washington are disconnected from the financial realities of millions of Americans across the country who responsibly use small-dollar loans,” said Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA) in an email response to questions from MagnifyMoney. “The fact is, many of these advocates have never needed a small-dollar loan, so they’re critical of a product with which they have no experience.”

CFSA represents lenders who make up more than half the small-dollar storefronts in the U.S., and Shaul said member companies follow the trade group’s mandatory best practices that “help consumers make informed financial decisions … ensure responsible conduct among lenders, and protect borrowers’ rights.” Member companies must display the CFSA seal and maintain a toll-free phone number where customers can complain. CFSA said it doesn’t get many complaints, but when it does, it will “investigate … and take appropriate action.” Consumers can also complain to the Consumer Financial Protection Bureau.

More desirable cash loans. You can also get cash fast from loans with more comfortable repayment terms and much better double- and even single-digit APRs, which are much more affordable. But these are usually contingent upon having a more stable income and more responsibly managing your household finances, said Thompson.

Sound finances help you build savings and good credit, which opens the door to getting this more desirable credit: a personal loan, borrowing from your 401(k) retirement plan or simply getting a cash advance from (or charging an expense directly to) your credit card, said Thompson.

“Planning ahead is really key,” said Thompson. He added that research by CFSI showed that consumers’ household income and expenses have gotten surprisingly volatile in recent years. Each year, the average family experiences two and a half expense spikes and two and a half income dips. “That’s a lot, the spikes are sometimes difficult to predict, and if you haven’t prepared for those in the form of savings or if you don’t have access to a credit card solution, it can be very difficult for a family to respond,” Thompson said.

Different kinds of cash loans

Sometimes when you need cash quickly and you don’t have any other means of getting it, you don’t have the best options to choose from. In fact, it can often feel like you’re choosing the best worst option available. That’s why it’s even more important to know how each of these loan options works so you can make an educated decision.

Payday loans

How they work: Payday loans use your next paycheck as security to repay the amount you borrow, usually within two weeks or fewer than 45 days. The lender holds a superior lien on your checking account and electronically takes the money needed to pay off the loan in full on payday.

Rates and terms: Rates and terms vary, but APRs on these loans can be upward of 300% to 400%. (The interest rates may seem lower, because finance charges are often expressed as a fee of, say, $15 per $100 borrowed. That can look like a 15% interest rate, but interest rates are properly and legally compared on an annual basis, and a payday loan is typically only two weeks. The APR annual percentage rate on this loan works out to 390% over a year, mathematically 15% x 26 two-week periods in a year. Too, 86% of borrowers don’t actually pay off their loan in only two weeks, rolling it over an average of 5 times, according to a 2012 CFSI study.)

You can typically borrow up to $500, but the average payday loan is $370, according to the Community Financial Services Association of America trade group.

Pros:

  • Fast, convenient; no credit check; high approval rate.

Cons:

  • Sky-high APRs
  • You must have a bank account to get a payday loan, which means the nation’s 9 million so-called “unbanked” households (which have neither a checking nor savings account, according to the Federal Deposit Insurance Corp.) don’t qualify for a payday loan
  • Your good repayment history is not reported to credit bureaus, so you don’t build credit
  • If you can’t repay, you’ll likely roll the old loan into a new one, which can trap you in a cycle of unaffordable debt
  • If your checking account has insufficient funds when the payday loan payment comes due, automatic electronic repayment could trigger costly overdraft penalties.

Auto title loans

How they work: Auto title loans use your car as collateral to repay the amount you borrow within a couple of months to more than a year. You give the lender a lien on your vehicle, which can be taken and sold to pay off the loan if you don’t repay.

Rates and terms: Rates and terms vary, but depending on the value of the vehicle, you can typically borrow a couple thousand to $10,000 at APRs of 300% to 400%, Astrada and Thompson said.

Pros:

  • You can usually get your money in 24 to 48 hours; no credit check; high approval rate, said Astrada and Thompson.

Cons:

  • Sky-high APRs
  • Your good repayment history is not reported to credit bureaus, so you don’t build credit
  • If you can’t repay, you can lose your car, which can cause other havoc, if you need the car to get to work

Pawn shop loans

How they work: Pawn loans use some personal property with value — jewelry, electronics, musical instruments — which the pawn shop holds, as security to ensure you’ll repay the amount you borrow, typically for a couple of weeks to a couple of months. You get your property back when you repay, and if you don’t repay, the pawn shop sells your property to satisfy the loan.

Rates and terms: Rates and terms vary, but the average pawn loan is $150, according to the National Pawnbrokers Association (NPA). Annual interest rates charged were not immediately available from the NPA, but Nolo said they range from 12% to 240%, depending on state law.

Pros:

  • Fast, little paperwork
  • Since the loan is based on the value of the item pawned, there is no credit check
  • If the item you pawn has value and you’ve had no past negative repayment performance with the pawnbroker, you’ll almost certainly get this kind of loan, Thompson said.
  • Sometimes reasonable interest rates.
  • Because these are “non-recourse” loans, pawnbrokers cannot demand repayment of the amount borrowed, according to the NPA.

Cons:

  • Sometimes they carry high interest charges
  • Your good repayment history is not reported to credit bureaus, so you don’t build credit
  • If you can’t repay, you may lose the item pawned, which is worth much more than the amount owed and may also have high sentimental value.

Bank account overdrafts

Ironically, consumers who don’t have access to loan options often turn to an even worse super-expensive option that you may not even think of as a form of credit: They overdraw their checking account to cover the shortfall.

In most cases when there were insufficient funds for a debit, banks paid the transaction, and consumers brought their negative account balance back into the black within three days, but the banks charged a median $34 overdraft penalty fee for what is effectively a short-time, fast-cash loan, according to a 2014 study by the CFPB.

The CFPB research also found that the average debit card transaction that triggered overdrafts was $24. “Put in lending terms, if a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000% APR,” the CFPB concluded.

With that perspective in mind, if you don’t qualify for the relatively low-cost, fast-cash loans, then the more expensive payday, auto title and high-rate pawn loans can become preferable to the effective five-digit interest rates of an overdraft “loan.”

Personal loans

How they work: Personal loans are fixed-rate loans that you pay back over a specific amount of time, typically one to five years. Because they are fixed rate, you never have to wonder how much they’ll cost you over time. You can take out personal loans for a variety of uses, from tackling an emergency auto repair bill to consolidating debt.

Where to get them: Personal loans are offered by banks, credit unions, and non-banks, and are not secured by any property. Consequently, their interest rates tend to be higher than, say, an auto loan or a mortgage. But they are still dramatically more affordable than a payday or title loan could be .

If you’re looking for a personal loan, start with your local credit union.

In addition to standard personal loans with competitive rates, many credit unions offer “Payday Loan Alternatives,” which are one- to six-month loans of $200 to $1,000. PALs, as these consumer-friendly loans are called, cannot be rolled over and have an application fee that’s only sufficient to cover the actual costs associated with processing the borrowers application, up to $20, according to MyCreditUnion.gov, operated by the National Credit Union Administration, which regulates credit unions.

The important thing is to compare offers from more than one lender to get the best deal. Check out the MagnifyMoney’s personal loan marketplace to compare offers, or look at our roundup of the best personal loans for people with poor credit.

How to qualify: Lenders look to your good creditworthiness to ensure that you’ll repay in installments over one to five years. The higher your credit score, the lower your interest rate. There are personal loan companies willing to work with borrowers with low credit scores, but you may have to pay an origination fee (typically 1% to 6%) and deal with higher APRs.

Pros:

  • Significantly lower interest rates than payday and auto title loans
  • Installments allow you to spread out repayment over time
  • Fixed term loan so you’ll know when it will be paid in full
  • No threat of having your car or other property seized if you don’t repay
  • Your good repayment record gets reported to the credit bureaus, which helps build your credit rating.

Cons:

  • Rates can be high for those with poor credit.
  • May come with origination fee.

Credit card cash advances

How they work: Many credit cards let you obtain a cash advance from an ATM or bank teller. The amount you can borrow is only a portion of your card’s overall credit line, and you are charged a fee equal to a percentage of the amount borrowed plus an interest rate that’s higher than the rate you pay for purchase charges.

Fees and terms vary, but the APR on a cash advance is typically 25% or higher.  You can find the details for your specific card in its terms and conditions disclosure and on your monthly statement.

Pros:

  • The super convenience of plastic: No applications to fill out and no credit check beyond that required to get your card originally
  • Significantly lower interest rates than payday and auto title loans
  • Your good repayment record gets reported to the credit bureaus, which helps build your credit rating.

Cons:

  • Fees and interest rates may be higher than those available on a personal loan
  • High convenience may tempt you to take this fast cash option without exploring other, less expensive options.

401(k) loans

How they work: 401(k) loans allow you to borrow some of the assets in your retirement plan which you must repay within five years, commonly through automatic monthly or twice-monthly deductions from your paycheck. If you lose or leave your job, however, your entire loan balance will become due generally within 60 to 90 days.

More than half of 401(k) plans offered loans and the average outstanding loan balance was nearly $8,000 in 2015, according to a database maintained by the Employee Benefit Research Institute, a nonprofit research organization, and the Investment Company Institute trade association of regulated mutual funds and similar fund companies.

Rates and terms: Your plan can set limits on the amount you can borrow: $10,000 or half of your vested account balance, whichever is bigger, up to $50,000. If you’re a victim of Hurricanes Harvey, Irma or Maria, or the 2017 California wildfires, you can borrow up to $100,000 and 100% of the vested account balance. Your 401(k) plan likely has a minimum loan amount. Each plan sets its own interest rate, but the rates at 93% of plans were equal to the prime interest rate or prime plus one or two percentage points, according to a Harvard/Yale study; at the current prime rate, that adds up to a very low 4.75% to 6.75%.

Pros:

  • Significantly lower interest rates than all the other options discussed here; installments let you spread out repayment over time
  • Less paperwork and no credit check to get the loan
  • 401(k) loans allow access to use your otherwise untouchable retirement assets without early withdrawal penalties, which may make workers more comfortable putting money into their illiquid plans.
  • Repayment is with after-tax dollars and do not count toward your annual contribution limits, so loans allow you to preserve the tax-deferred status of your plan balance as long as you repay the loan.

Cons:

  • You must have a 401(k) plan from which to borrow.
  • Because a 401(k) loan temporarily reduces your plan balance, the borrowed amount doesn’t earn investment returns to build your retirement nest egg, as long as it remains unpaid.
  • If you leave or lose your job, the remaining loan balance must be paid off, otherwise the loan becomes a taxable plan distribution, which reduces your retirement assets and could trigger early withdrawal penalties. Employer plan rules on this point vary widely. Former employees may be allowed to repay the loan directly to their plan — immediately or within 60 days after leaving their job — or not at all, according to the ICI and Stephanie Napier, senior counsel for The Vanguard Group, one of the world’s largest investment companies and a leading manager of retirement plans.However, whatever your plan rules allow, the new tax law gives you much more time to effectively pay off the loan by “rolling it over” into a new or existing Individual Retirement Account (IRA), 401(k) plan or other qualified retirement account, which is separate from your former employer’s plan: You pay what you owe on the loan into that separate account from whatever source — it doesn’t have to be wage earnings — and restore the tax-deferred status of those contributions. You have until the next year’s tax filing deadline (or until whatever filing extension the IRS grants to you) to make good on the full unpaid loan balance, Napier and the IRS told MagnifyMoney.

Does it ever make sense to get a fast-cash loan?

Good planning and responsible money management are the best way to weather the ups and downs of family finances, Thompson advised. But the reality is that many consumers don’t always have the knowledge, skills or inclination to do that, which can leave them in crisis mode when shortfalls appear. That, in turn, can lead to poor decision-making.

But even in a crisis, you have better and worse fast-cash loan options. Look first to the ones worth considering. Those are, from lowest to higher cost within that group, 401(k) loans, personal loans and credit-card cash advances.

CFSI’s Thompson would not offer advice for how to find a reputable small-dollar lender or avoid scams. Instead, he recommended “a thorough examination of not just price, but loan terms and how it affects your future finances,” he said. That will likely throw cold water on the idea of using such loans.

Thompson also suggested: “Assess your other options.”

For example, many utility companies and medical billers may make interest-free or low-cost payment arrangements over time if you can’t pay their bills all at once, said Astrada.

Alternatives when you need money fast

Finally, you don’t always have to borrow to meet your short-term cash needs. Instead, you can take on extra work, sell some of your unwanted possessions or rent out your car or home to raise fast cash. Thanks to innovative smartphone applications that link gig economy workers with paying customers in need of their services, it’s increasingly easy to put your skills to work and get paid quickly.

SideHusl.com (make sure you spell this correctly in your browser) is a great one-stop shopping directory for information, tips, ratings and the money making potential of 180 such platforms that offer opportunities for work (including Amazon Flex, Rover, Shiftgig, and Wingz), selling your stuff (including Nextdoor), and renting out your car or home (including Silvernest and Turo).

“There are tremendous opportunities in the gig economy. There are jobs that can give the little extra money you need, but there are also incredibly exploitive platforms that will pay practically nothing and in some cases steal the wages you actually earned,” said Kathy Kristof, editor and founder of SideHusl.com.

Kristof, a long-time consumer investigative reporter who has written extensively about the gig economy for the Los Angeles Times, CBS News and Reuters, created SideHusl.com because she could not find an online directory for all you can do and how much you can make with the numerous hiring, selling and renting apps.

“You can definitely earn $20 to $30 an hour with the better platforms. If you have a truck and a lot of muscle, some of the better opportunities are helping people move, which can pay $40 to $50 an hour,” Kristof said.

SideHusl.com also covers platforms that pay you for taking surveys, but “none rated particularly well,” said Kristof.

Bottom line

Although it is possible to deal with a cash crunch on the fly, as we’ve explained here, it’s better to be prepared for the inevitable unexpected expenses and dips in income, and that takes planning. CFSI has extensively studied household financial behavior and identified three broad types of consumers: those who are “vulnerable” (who tend to live paycheck to paycheck or are unaware of, or disengaged from, their financial situation), “coping” (who struggle to pay bills or have little savings and high debt) and “healthy.”

To deal with future cash crunches, do what the healthy money management households do:

  • Work diligently to build your job skills and income;
  • Use whatever personal budgeting system you’re comfortable with to plan ahead, especially for large irregular expenses not paid every month (such as insurance, property taxes, car registration) and predictable cost spikes (such as heating bills in the winter and cooling bills in the summer);
  • Develop a savings habit that looks five years into the future to build money for planned major purchases and emergencies by putting a set amount of every paycheck into savings every month — the same way the taxman rakes in his cut first. Among such saving tricks: Save the income of one family member and spend the other’s paycheck on regular expenses, or save (rather than spend) unusual income, such as bonuses, gift money, occasional investment income and tax refunds;
  • Maintain a high credit score by paying all bills on time and not overborrowing, so you can qualify for the lowest interest rates and best loan terms;
  • Sign up for mobile banking, account alerts, and online bill-pay so you can use your smartphone to keep track of your bank and credit balances 24/7, and move money from one account to another as necessary.

Eliminate or reduce budget-busting overdraft penalty fees by not opting into checking account overdraft protection for ATM withdrawals and debit card point-of-sale transactions, the CFPB advised. If you have insufficient funds to cover a given debit card transaction, the debit will simply be denied, which may cause a minor embarrassment but will prevent the bank from assessing a huge penalty.

You should also sign up in advance for work/sell/rent marketplace platforms. Some major platforms can take a couple of weeks to vet and approve you. With that advance planning, you’ll be ready to rumble if you need fast earnings or want to regularly use gig work to build income and savings, said Kristof.

Finally, consider signing up for Dave.com, which is a clever budgeting tool that sends alerts to your smartphone about upcoming bills and expenditures, so you can be sure you’ll have enough money in your account to cover them. The app, which is linked to your checking account, also predicts whether you might be headed for an overdraft, and if it thinks you are, Dave deposits an interest-free $75 loan into your account to prevent any crushing bank penalty. The service costs $1 per month, plus whatever “tip” you want to volunteer to thank Dave for saving your neck, said Jason Wilk, CEO and co-founder of Dave.com.

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.

Jeff Blyskal
Jeff Blyskal |

Jeff Blyskal is a writer at MagnifyMoney. You can email Jeff here

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Personal Loans

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 August 01, 2019

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%-17.88%

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 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% 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.

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

700

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 $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

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

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 OFFERS Secured

on PenFed Credit Union’s secure website

5.69%-35.99%

36 or 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
17.88%

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 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% 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.

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.

700

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 $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

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

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 700. 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 and approvals for people with credit scores as low as 0.... 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.

700

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 $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

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

BestEgg (reviewed earlier in this post) will approve people with credit scores as low as 700. If you have good credit and are looking for a loan, you should consider BestEgg.

Upstart

APR

5.69%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 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 or 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

Varies by state

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.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at [email protected]

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

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Featured, Personal Loans, Reviews

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

Editorial Note: The 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.

Marcus by Goldman Sachs savings account

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

APY

Minimum Balance Amount

1.90%

None

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

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

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

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

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

How to open a Goldman Sachs online savings account

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

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

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

magnifying glass

How their online savings account compares

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

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

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

Marcus by Goldman Sachs CD rates

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

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

2.10%

$500

18 months

2.10%

$500

24 months

2.10%

$500

3 years

2.15%

$500

4 years

2.20%

$500

5 years

2.25%

$500

6 years

2.35%

$500

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

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

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

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

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

How to open a Goldman Sachs CD

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

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

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How their CDs compare

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

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

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

Marcus by Goldman Sachs personal loan

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

Terms

APR

Credit Required

Fees

Max Loan Amount

36 to 72 months

6.99%-28.99%

Not specified

None

$40,000

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

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

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

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

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

How to apply for a Marcus personal loan

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

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

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How their personal loans compare

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

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

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

Overall review of Marcus by Goldman Sachs‘ products

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

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

Advertiser Disclosure: The 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.

Lindsay VanSomeren
Lindsay VanSomeren |

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