With the new normal slowly starting to settle in our lives, one aspect that has been hit hard for most people is the financial part of our lives. Now more than ever before people are looking at personal loans to help them during this transitional period in our history. We decided to do research into the different companies offering loans and compiled a list of our top eight options.
LendingTree is one of the premier lending platforms, with a robust offering of financial tools and resources.
Instead of funding the loans it promotes, LendingTree is an online marketplace for student loans, auto loans, business loans, mortgages, and more.
When you go to LendingTree’s website, you simply select the type of loan you’re looking for and its intended use, then click through an interactive application where you’ll answer a few basic questions.
Based on your answers, you’ll be matched with up to 5 of the best personal loan offers you qualify for, all in a matter of minutes. It’s a great place to start your personal loan search.
And as a bonus, when you sign up for a free LendingTree account, you get access to your credit report and pointers to improve your score.
Similar to LendingTree, Credible is basically a search engine for loans. Credible boasts prequalification for top loan offers in 2 minutes’ time.
They also offer a Best Rate Guarantee, which promises, with terms and conditions, to pay you $200 if you find a better rate elsewhere, meaning they’re confident in their comparison services.
Credible clearly features its partners across its website, including Prosper and Lending Club, both of which are featured below.
Like LendingTree, Credible is free to use and won’t harm your credit score. It also comes with resources like a savings calculator that show you how much money you could be saving by consolidating your credit card debt with a personal loan.
And if you’re in the market to take out or refinance a student loan, Credible could be your one-stop-shop for comparing student loan and personal loan rates.
Much like Credible, SoFi’s roots are in the student loan industry. The online lender now provides mortgages, personal loans, and wealth management services as well.
Credible offers personal loans ranging from $5,000 to $100,000 with terms between 3 and 7 years.
These loans have low-interest rates, offering both fixed and variable rates. When you enroll in auto-pay, you can get rates as low as 5.990%
SoFi is also completely fee-free, with no origination fees, pre-payment fees, or late fees.
But SoFi stands out most for its job loss protection.
If you lose your job during the life of your loan, SoFi will press pause on your payments and even help with the job search.
Consider partnering with SoFi as your personal loan lender if you’re a young borrower looking for student loan resources in addition to competitive personal loans with unique perks.
4. Lending Club
Lending Club takes a different approach to personal loans than the companies above. The top-notch personal loan platform is a peer-to-peer marketplace.
Instead of getting your funds directly from Lending Club, the loan is sourced by individual investors. Lending Club comes with relatively competitive interest rates, depending on your credit score, for loans up to $40,000.
Lending Club is a good option for borrowers with lower credit scores who wouldn’t qualify elsewhere, with some loans for applicants with a score of 600. While you may face an origination fee up to 6% of the total amount of the loan, you can get approved with a lower credit score.
Lending Club is quick, too, giving you access to funds in as little as 3 days after your application is submitted.
5. Gold West Financial
Gold West Financial is primarily known in the industry for their speed and customer service.
They made this list due to the new stimulus loan program that they have which states that individuals who are pre-approved could receive their loan within one business day making it one of the fastest in the industry.
Since right now people are in desperate need for funds fast we placed Gold West Financial on this list.
They also offer some of the most flexible rates in the industry and offer highly custom loans with personal one on one customer care professionals which is also another reason they made the list.
If you want to be sure you’re getting the best loan available to you without having to compare quotes yourself, you’ll love Fiona.
Fiona reconceptualizes the concept of the personal loan marketplace that most of its competitors use.
Like Credible and other platforms, Fiona combs through top lenders’ offers to see what rates and terms you qualify for.
But instead of giving you all of your options to choose from, Fiona narrows it down to one, pinpointing the best loan for your needs.
Fiona will match you with loans up to $100,000 with APR as low as 3.84%.
Fiona is a great option if you want to take the guesswork out of personal loan shopping.
A division of the fintech company Quint Group, Monevo is yet another marketplace that lets you compare your best personal loan options.
Like its competitors, Monevo brings you quick rates from top lenders after you provide a few personal details. The website claims to give you quotes in 60 seconds.
Your credit score won’t be harmed by the initial application, and you’ll get offers from lenders like Lending Club, Prosper, and SoFi.
Monevo is an excellent tool, especially for borrowers with poor or average credit scores who might struggle to find loans on their own, to compare all of their options.
Though it’s a newer platform, Monevo is BBB-accredited with an A rating and positive customer reviews.
8. Federal Trust
Rounding out our list of lenders is newcomer Federal Trust, a platform proving to be beneficial for loan shoppers with varying credit levels and financial needs.
Another loan comparison tool, Federal Trust curates loan options between $1000 and $100,000 with competitive interest rates and terms between 24 and 84 months.
Like its competitors, Federal Trust requires you to fill out a quick form online to gain access to offers you’re eligible for.
Federal Trust is less upfront on its website about what all lenders it partners with, something to keep in mind as you shop.
However, the site is secure, and so is your information. Federal Trust is a great marketplace to add to the list as you shop for rates, with no harm done to your credit.
Although all of the names on the list are solid options for rates we reccomend considering Federal Trust and Lending Tree. If speed is the name of the game we reccomened Gold West Financial as they still offer some of the fastest transfer options.
May you come out of these financial times on the right side of the coin!