Advertiser Disclosure

Personal Loans

OneMain Financial Personal Loan Review

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

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

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


All loans subject to OneMain’s normal credit policies. Loan approval and actual loan terms depend on your ability to meet OneMain’s standard credit criteria (including credit history, income and debts) and the availability of collateral. Collateral requirements would include a first lien on a motor vehicle that meets our value requirements, titled in your name with valid insurance. Collateral offered must meet our criteria. The lowest annual percentage rate (APR) shown represents APRs for top 10% of loans closed. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. 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. Residents in the following states are subject to the following loan size restrictions: Alabama residents: $2,100 minimum loan amount. California residents: $3,000 minimum loan amount. Florida residents: Unless you are a present customer, $8,000 maximum loan amount for unsecured loans. Georgia residents: Unless you are a present customer, $3,100 minimum loan amount. Iowa residents: Unless you are a present customer, $8,500 maximum loan amount for unsecured loans. Maine residents: Unless you are a present customer, $7,000 maximum loan amount for unsecured loans. Mississippi residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. North Carolina residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. New York residents: Unless you are a present customer, $20,000 maximum loan amount for unsecured loans. Ohio residents: $2,000 minimum loan amount. Texas residents: Unless you are a present customer, $8,000 maximum loan amount for unsecured loans. Virginia residents: $2,600 minimum loan amount. West Virginia residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial personal loan details
 

Fees and penalties

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

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

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

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

Eligibility requirements

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

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

Applying for a personal loan from OneMain Financial

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

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

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

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

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

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

Pros and cons of a OneMain Financial personal loan

Pros:

Cons:

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

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

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

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

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

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

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

Alternative personal loan options

LendingClub

Established in 2007 as a peer-to-peer lender, LendingClub offers personal loans up to $40,000 with APRs as low as 6.95%. Because of the higher loan amount and potential for a lower APR, it’s worth seeing the rates you qualify for with LendingClub, which you can check without having a hard pull on your credit.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

LendingPoint

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

APR

15.49%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

Peerform

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

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

Advertiser Disclosure: The 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.

Liz Stapleton
Liz Stapleton |

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

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Citibank Personal Loan Review

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

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

Citibank
APR

7.99%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Not specified

APPLY NOW Secured

on Citibank’s secure website

Citibank personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.99%-17.99%
  • Loan amounts: $2,000-$50,000
  • Time to funding: Checks are sent within five business days of approval.
  • Credit check: Hard Pull
  • Origination fee: Not specified
  • Prepayment fee: No
  • Late payment fee: Not specified
  • Other fees: Not specified

Citibank product details

Perks offered to Citibank personal loan customers aren’t largely advertised online. However, linking a personal loan account to an eligible checking account enrolled in Citi ThankYou Rewards can help earn points on a monthly basis. Points never expire and can be redeemed for gift cards, travel rewards, cash and more. This can allow customers to save money while repaying their loan.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: While a minimum credit score isn’t listed, Citibank does specify that the lowest quoted personal loan rate requires the borrower to have excellent credit.
  • Maximum debt-to-income ratio: Not specified

Citibank personal loans are only available to borrowers with a maximum of one existing personal loan account with the financial institution. If consumers have another Citibank personal loan account, it cannot have been opened within the past six months. Qualified applicants are also required to have a minimum annual income of $10,500.

It’s also worth noting that anyone who wants to apply for a personal loan online must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have online account and non-customers must apply in person at a Citibank branch or call a

Applying for a personal loan from Citibank

Personal loans are available in increments from $2,000 to $50,000, but applications cannot be submitted online for amounts exceeding $30,000. Applicants who wish to borrow up to $50,000 must call 1-877-362-9100 or visit a Citibank branch location.

Depending on the requested loan amount, prospective borrowers with a current Citi checking or savings account who are registered for Citibank online and anyone who has received a Citi Personal Loan offer with an invitation number can submit a personal loan application online. Everyone else must apply in person at a Citi branch or call 1-877-362-9100.

To begin the online application process, current Citibank customers registered for online access will need to enter their user ID and password. Non-Citibank customers who have received a Citi Personal Loan offer with an invitation number will be directed to an application site and asked to enter the invitation code, their last name and zip code. Do note, credit scores are not impacted for viewing the personal loan offer. Upon approval, a check for the full amount of the loan will be mailed within five business days.

Pros and cons of a Citibank personal loan

Pros:

Cons:

  • Fixed rate: Citibank personal loans come at a fixed rate, allowing borrowers to enjoy fixed monthly payments. Do note, defaulting on the loan may come at the cost of a 2% APR increase.
  • No hidden fees or prepayment penalties: Borrowers don’t have to worry about being hit with added costs attached to the loan.
  • Competitive rates: Fixed rates range from 7.99% APR to 17.99% APR.
  • Flexible terms: Borrowers can choose from a variety of repayment terms, consisting of 12 to 60 months.
  • Fast cash: Checks for the full amount of the approved loan are mailed within five business days.
  • Limited online application access: To apply online, prospective borrowers must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person or by phone.
  • Loan amount constraints: To receive the lowest quoted rate, borrowers must use Citibank Auto Deduct to repay the loan, have excellent credit, borrow at least $10,000, have a loan term of 36 months or less and sufficient relationship balances.

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

A Citibank personal loan can be a great option for consumers with a one-time need to borrow money. Specifically, Citibank customers willing to repay their loan with Citi Auto Deduct, who have excellent credit, need to borrow at least $10,000, can repay the loan within 36 months and have sufficient relationship balances are eligible for the most competitive rates.

Loan amounts range up to $50,000, so this product can also be a good fit for consumers who need a higher loan amount. The ability to lock in a fixed rate and face no hidden fees or prepayment penalties can make it good choice for those looking for peace of mind in a fixed monthly payment.

Alternative personal loan options

LightStream

APR

3.34%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.


LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are fixed and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties, making it a good choice for consumers who might want to pay the loan off early. Loans can be funded as quickly as one day of approval, so this isn’t the best option for anyone who needs cash fast.

PenFed Credit Union

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

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


PenFed grants personal loans from $500 to $25,000. Along with no origination fee, there’s also no other hidden costs, making it a great choice for borrowers looking to avoid additional expenses. Funds are available immediately, which is advantageous for consumers who need cash now. Do note, personal loans are only available to PenFed members.

SoFi

SoFi
APR

6.79%
To
15.49%

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 6.79% APR to 15.49% APR (with AutoPay). Variable rates from 6.54% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of January 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 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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

See Consumer Licenses.

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

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


SoFi provides personal loans ranging in value from $5,000 to $50,000, making it a good choice for borrowers who need a significant amount of money. Rates are fixed and loans are completely free of fees. Funds are typically deposited in consumers’ accounts a few days after approval and the successful completion of required paperwork. An added bonus, SoFi’s unemployment protection benefit offers an additional layer of security by allowing borrowers to temporarily pause payments and helping them find a new job if they become unemployed.

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.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

U.S. Bank Personal Loan Review

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

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

U.S. Bank
APR

7.49%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on U.S. Bank’s secure website

U.S. Bank Personal Loan Details
 

Fees and Penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.49%-17.99%
  • Loan amounts: $3,000-$25,000
  • Time to funding: Not specified
  • Credit check: Hard

  • Origination fee: None
  • Prepayment fee: Not specified
  • Late payment fee: Not specified
  • Other fees: Not specified

U.S. Bank product details

The U.S. Bank Premier Loan is an unsecured personal loan that you can use for almost anything. U.S. Bank highlights debt consolidation, home remodeling and major purchases (such as a vacation, wedding or new vehicle) as potential options.

To qualify for the lowest advertised rate, you must have a credit score of 760 and take out between $5,000 and $25,000 loan with a 12- to 48-month term. You also have to sign up for automatic payments from an eligible U.S. Bank account.

But you can get approved with a lower credit score and without signing up for autopay. Additionally, you can choose to borrow as little as $3,000 and your loan’s term could be as long as 60 months.

There is a potential 1% interest rate discount if you use the money to make green home improvements or energy-efficient purchases, which could make this loan a good option if you want to finance a home improvement with an unsecured loans. (Alternatively, a home equity loan or home equity line of credit might offer a lower interest rate and tax benefits.)

If you’ve been a U.S. Bank checking account customer for six months and had direct deposits into the account for the previous consecutive three months, you may also qualify for the U.S. Bank Simple Loan. Although it’s also an unsecured personal loan, the Simple Loan has a $1,000 loan limit and expensive fees. It may be a good alternative to a payday loan if you need to cover an emergency expense, but it’s not a substitute for a large personal loan.

Eligibility requirements

  • Minimum credit score: Not specified, but at least 760 for the lowest advertised rate
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Besides meeting U.S. Bank’s financial and credit requirements, you’ll need to be at least 18 years old and may need to live within a certain radius of a U.S. Bank branch to qualify for a Premier Loan.

Applying for a personal loan from U.S. Bank

You can start an application for a U.S. Bank Premier Loan by visiting a bank branch, calling a bank representative or with the online application.

Open an account. If you’re not already a U.S. Bank customer, you’ll need to open a different account, such as a checking account, before continuing.

Apply online. When applying online, you can either log in to your U.S. Bank account or continue with an application and mark that you don’t bank online. Fill in your personal and financial information, including your name, address, contact information, income and employer.

Next, you’ll need to choose your desired loan amount (from $3,000 to $25,000) and loan term (from 12 to 60 months). You’ll also need to indicate if you’ll use the money outside the U.S. (and, if yes, in which country), and whether you plan to use the money for an auto purchase, debt consolidation, home improvement or “other.”

You will need to agree to a credit check before reviewing your application results, which could put a hard inquiry on your credit reports and may result in a small ding to your credit scores.

Complete the application in person. After submitting your application online, you’ll need to visit a U.S. Bank branch to finish the application.

Pros and Cons of a U.S. Bank Personal Loan

Pros:

Cons:

  • Fixed interest rate. You’ll know exactly how much you’ll pay each month and don’t need to worry about your rate or payments increasing.
  • $3,000 minimum loan. Only borrowing what you need could help you save money on interest. The $3,000 minimum loan amount is lower than some other lenders’ minimums.
  • 12-month loan term. Other lenders may require you choose a longer term. If you can afford to pay off your loan sooner, a shorter loan term might help you get a lower interest rate.
  • Lowest advertised APR isn’t available on all loans. To qualify for the lowest rate, you need to apply for a loan for $5,000 to $25,000 with a 12- to 48-month term and agree to automatic payments.
  • Limited to existing customers. You need to be a U.S. Bank customer before you can qualify.
  • You have to visit a branch. If you’re looking for a simple, time-saving process, you may want to opt for a lender that offers an entirely online application and funding process.
  • $25,000 limit. Other personal loan lenders might approve you for up to $100,000.

Who’s the best fit for a U.S. Bank personal loan?

If you’re already a U.S. Bank customer, the U.S. Bank Premier Loan could be a good option if you’re looking for an unsecured personal loan to consolidate debts or pay for a major expense. But its drawbacks outweigh the pros.

Think carefully about how long you’ll need to repay the loan because of the possibility of a prepayment penalty. A longer term could help lower your monthly payments, but it will also cost you more in interest. While U.S. Bank offers 60-month term loans, if you’re borrowing at least $5,000, you may want to see if you can get a lower interest rate and still afford your monthly payments with a 48-month (or shorter) term.

If you need a loan quickly and aren’t a U.S. Bank customer, you could look for a loan from a different lender. Additionally, if you’re a U.S. Bank customer but don’t live near a bank branch, you could apply for a personal loan from a different lender and have the money deposited in your U.S. Bank account to save yourself the hassle of having to visit a branch.

Alternative personal loan options

Want to do some comparison shopping on your own? Here are three personal loan lenders that are worth considering.

Earnest

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Earnest is an online lender that distinguishes itself with an innovative underwriting process. While your credit history and scores are still important, Earnest also considers your history of making payments on time, if you’ve built enough savings to cover your monthly expenses for at least two months and how well you manage your checking account. Even if you don’t have an excellent credit score, being financially responsible could help you get a lower rate.

LightStream

APR

3.34%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.

Although it is an online-only lender, LightStream is a division of SunTrust Bank, a brick-and-mortar bank. LightStream doesn’t have an exceptionally high minimum credit score requirement, but don’t let that fool you. The lender focuses on creditworthy applicants. If you can qualify, LightStream offers some of the lowest rates and longest terms. Plus, there are no origination fee or prepayment fees.

SoFi

SoFi
APR

6.79%
To
15.49%

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 6.79% APR to 15.49% APR (with AutoPay). Variable rates from 6.54% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of January 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 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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

See Consumer Licenses.

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

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

SoFi is an online-only lender that offers personal loans for $5,000 to $50,000 without any origination or prepayment fees. You can pre-qualify for a loan online with a soft pull, which won’t impact your credit scores. An official application still requires a hard pull, though. Once you accept a loan, you’ll be eligible for SoFi member benefits, such as discounts on other loans, career counseling and unemployment protection.

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.

Louis DeNicola
Louis DeNicola |

Louis DeNicola is a writer at MagnifyMoney. You can email Louis at louis@magnifymoney.com

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