Best Personal LoansBased on In-Depth

A detailed primer on choosing the right personal loan provider and avoiding the potential pitfalls of unsecured debt.

Personal Loans :-

Personal loans can help you consolidate higher interest debt
Look for lenders that offer soft credit inquiries
Compare offers from at least three lenders to get the best rate
Make sure your credit report is correct before applying for a loan

AMONE REVIEW

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Best for Debt Consolidation

Personal loans can have a wide variety of uses, consolidating your debts being one of them. AmOne operates a free online service that matches user loan requests with offers from highly rated lenders across the US. An intermediary to a network of peer-to-peer lenders, rather than a peer-to-peer lending site, the company has an entire section dedicated to strategies and solutions for dealing with different debt situations. Its debt consolidation loans range from $100 to $50,000, welcome borrowers of all credit scores and feature no collateral and low rates.

Fast and Accessible

Getting a personal loan through AmOne is a quick and straightforward process. After users complete the company’s online form, which takes only a few minutes to fill out, experienced financial specialists will begin to search for secured and unsecured lending providers based on the criteria that they are willing to approve. Users can also call the company directly to establish their situation, instead of filling out the form. Once that’s done, lenders from AmOne’s network will contact potential borrowers to extend a personal loan offer. Some borrowers make their request and get their money disbursed on the very same day.

CREDIBLE REVIEW

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The marketplace has been operating since 2012 and features personal loans from top lenders, including LightStream, Upstart, Avant, and Best Egg. With Credible, consumers can apply for loan amounts ranging between $600 to $200,000 for debt consolidation, credit card refinancing, home improvement, career development, auto financing, and moving expenses, to name a few purposes for borrowing.

Something that makes Credible stand out from other personal loan marketplaces is its Best Rate Guarantee. If you close elsewhere with a better rate than you prequalify for on Credible, you’ll get a $200 gift card.

Maximize Your Credit Inquiries

One of the main benefits of comparing personal loan lenders through Credible is that the company only performs a soft credit inquiry to see if you qualify. Checking rates won’t impact your credit score so you’re free to compare multiple offers as many times as you wish. Only when you apply for a loan from one of Credible’s partners can you expect a hard credit inquiry.

The company is also a great option for those who are self-employed since some of its lenders accept alternative data for income verification. Using Credible’s service is simple, and borrowers can obtain personalized prequalified rates from up to 16 companies in two minutes, just by filling out one form.

Top-Rated Customer Support

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Credible is accredited by the Better Business Bureau, where it holds an excellent A+ rating and 5/5 stars, with consumers expressing overall satisfaction with the company’s staff, application process, and services. The company earns 4.7 out of 5 stars on Trustpilot.

Credible’s website is easy to use and has a complete Frequently Asked Questions section where you can find important information about information personal loans, including credit requirements and guides for the loan application process. Since Credible’s services are free to use for consumers, the company also explains how it makes money—which is essentially by earning a commission for referrals to its lender partners.

FIGURE PERSONAL LOANS REVIEW

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Speed is the main highlight of Figure, an online fintech company founded in 2018 that offers personal loans and lines of equity, as well as mortgage refinance and asset management services. The company prides itself on having one of the fastest applications for a personal loan — and one of the shortest gaps between the moment of approval and the disbursement of a client’s funds. The company uses blockchain technology and artificial intelligence to create an entirely digital application and funding process that is secure and takes as little as possible to complete. If you need money fast, Figure is the way to go for your personal loan.

APPLICATION PROCESS

Applying for a loan with Figure consists of a series of short steps starting with an online form that asks for your personal and financial information. This includes your address, financing purpose, annual gross income, and more. After filling out this one form, consumers can already take a look at the offers they prequalify for.

After selecting an offer, consumers asked to provide additional information, verify their identity, and link their income sources. Lastly, they are asked to sign documents and are assigned a Certified Senior Advisor to explain any specifics of their loan and guide them through the end of the process.

The entire application process can be completed in minutes. Once a borrower’s loan has been approved, funding can take as little as two to five days.

LENDINGTREE REVIEW

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With over 100 million customers served, LendingTree is one of the nation’s largest online lending marketplaces. Founded in 1996, the North Carolina-based company has a large network of lenders offering a variety of financial products and services, such as credit cards, home loans, small business loans, and personal loans.

Since LendingTree is an online marketplace, consumers can find personal loans for almost any purpose, including debt consolidation, home improvement, medical and moving expenses, emergencies, large purchases or special events. One of the main perks of applying for a personal loan through LendingTree is that some of its lenders accept borrowers with credit scores as low as 525, offering minimum and maximum loan amounts of $1,000 and $50,000, respectively.

To view your personalized rates, you must fill out a form with your name and contact details, the last four digits of your social security number, annual income, desired loan amount and purpose, and details about your property. Once you submit this information, the company will create a free account for you, where you’ll be able to find and compare offers from multiple lenders. It should be noted that although the company requires you to enter the last four digits of your social security number, this won’t impact your credit score since LendingTree only performs soft credit inquiries.

LIGHTSTREAM REVIEW

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Lightstream’s motto, “Loans for Practically Anything,” is upheld on its website by the company’s wide array of specialized loans. From Basement Remodeling to Boat Repair to Horses, Lightstream really emphasizes the versatility of its debt products. Rates vary depending on loan purpose, loan term, and your credit history, but when you visit Lightstream.com, you are able to get a general idea of the interest rate you will be offered when you specify the type of loan you are interested in applying for. Terms can be as long as 7 years, and there are no fees or prepayment penalties. However, they do perform a hard credit pull and currently don’t offer pre-approvals.

Requirements

As an online lending branch of Truist, Lightstream fills a wide array of personal loan needs in the industry, (yes, you can get a horse loan), with competitive rates. However, this does come with certain requirements. Borrowers must have a minimum of five years of good credit (minimum score of 660), but the bank also looks at credit history, assets, and savings, with the aim of establishing a solid background of capable financial management. They also perform hard credit pulls and don’t offer pre-approvals, so consumers should be aware that Lightstream is not a place to shop around.

PENFED REVIEW

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Not everyone is looking for a huge loan of thousands of hundreds of dollars. Some consumers just want—or need—to take out a modest amount coupled with the security and benefits that an established lender provides.

Enter the Pentagon Federal Credit Union, better known as PenFed, America’s second-largest federal credit union. This Virginia-based lender was established in 1935 and provides its services to over 2.1 million members worldwide. Its personal loans start as low as $600 and have maximum amounts of $50,000. They also have no payoff penalties or origination fees.

Membership Benefits

Consumers must first become a member of PenFed to take out a loan with the credit union. Membership is available to current or prior servicemembers and government employees, as well as family members of both groups. People who live or work at an eligible location or are a member of one of over 50 different associations can also join PenFed.

In addition to highly competitive rates on personal loans, PenFed members benefit from industry-leading interest rates for checking accounts and money market certificates. Members also enjoy a variety of discounts on auto, financial, personal, and retail products and services. Moreover, unlike other military-affiliated financial services companies, PenFed’s high-yield online savings account only requires a $5 initial balance and has no monthly fees.