A personal loan allows you to borrow money to consolidate high interest debt pay for large purchases or cover emergency expenses. The loan terms are typically less than five years and the amounts range from one thousand dollars to one hundred thousand dollars.

During the pandemic the federal reserve held interest rates close to zero this can help reduce the cost of personal loans. If one is available well during the coronavirus recession borrowers were subject to stricter lending standards.

However this may change once the economy is heating up again. If you have good credit and a steady income you could still find the right personal loan to meet your needs at a low rate of interest. This is what you need to know when applying for a personal loan and how to get approved.

Lightstream

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Lightstream is suntrust bank’s national online consumer lending division which merged with bbnt in 2019 to become truest outside of refinancing current light stream loans. The main feature of lightstream’s online personal loans is that they can be up to $1,00,000 in value and utilized for almost any reason. Personal loans are accessible in all 50 states to applicants with good to excellent credit. You can get loan amounts $5,000 to $1,00,000 and repayment terms are 24 to 144 months.

Here are the best features –

A variety of loan uses are available.
Loans of up to one hundred thousand dollars are available.

Pentagon Federal Credit Union

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Pentagon Federal Credit Union provides financial services for department of defense, department of homeland, security, military, personnel veterans, retirees and eligible veterans. A military organization is not required to apply or become a member of a credit union. Eligible members and co-borrowers in all 50 states can apply for personal loans through the credit union. Here you can get loan amounts $500 to $50 000 and repayment terms up to 60 months.

Here are the best features

Terms of up to 60 months.
There are no origination fees.
Borrowers can get access to funds as early as the day after approval.

Upstart

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Upstart is an online marketplace lender which connects borrowers with investors to obtain personal loans. The company offers loans up to $50,000 to anyone with good credit except for residents of west virginia and iowa. More than 7 billion worth of loans has been originated since the platform was founded in 2012. The platform automates many loan decisions and uses artificial intelligence you can get loan amounts $1,000 to $50,000 and repayment terms 36 to 60 months.

Here are the best features –

Upstart may accept applicants with fair credit or even those with no credit history using artificial intelligence to quantify risk point.
Upstart loans as low as one thousand dollars are available in most states.
The lender’s credit dashboard allows borrowers to see the impact of loan repayments and to modify payment dates.

Payoff

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Payoff personal loans are available to consolidate high interest credit cards and other debt. It is available in all 50 states and offers loans up to $40,000. Payoff is not a bank instead it works with lending partners to originate loans. California is the home of the company which it considers a financial wellness business.

Payoff created a sister company happy money in 2017. This company takes a psychological approach when it comes to money matters payoff today is a happy money service. Here you can get loan amounts $5 000 to $40 000 and repayment terms 24 to 60 months.

Best features are

Borrowers don’t face prepayment or late fees point.
Borrowers can get pre-approved with no hard credit check.
some borrowers with fair credit may be eligible.

Rocket Loans

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Rocket loans provides personal loans to eligible borrowers in all 50 states except nevada west virginia and iowa.These loans are for those with good to excellent credit and needing to borrow up to $45,000. From this loan amount you can consolidate debt pay off, medical bills or for business or other purposes. You can get loan amounts $20,000 to $45,000 and repayment terms 36 to 60 months.

Best features are

Same day loan funding is available in some cases.
No prepayment penalties apply.
An online application process is available.

Avant

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Avant has been providing personal loans for more than 8,00,000 borrowers nationwide since 2012. Borrowers with good to excellent credit may be eligible. You can get loan amounts $2,000 to $35,000 and repayment terms are 24 to 60 months.

Here is the best features are

Loans as low as two thousand dollars are available.
Funding can happen as early as the next business day after approval.

Marcus by goldman sachs

Goldman Sachs launches Marcus mobile app

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Marcus is the consumer bank and lending arm of investment bank goldman sachs established in 2016. The lender offers personal loans of up to forty thousand dollars. Here you can get loan amounts $3500 to $40,000 and repayment terms 36 to 72 months.

Best features are –

Marcus does not charge any fees on its personal loans
Borrowers can adjust their payment due date.