Life can present unforeseen situations where cash is needed urgently. The Chamber of Commerce reports that over 21 million Americans currently use personal loans for this purpose.1 Personal loans can be an effective financing tool, and you can quickly discover the best interest rates available to you by conducting an online search.
Why Take A Personal Loan?
There are many reasons why you might take out a loan. For example, to make home repairs, consolidate debt, medical expenses or pay for education. Whatever your need may be, personal loans offer a flexible way to get the cash you need to overcome the challenge. Debt consolidation is one of the most common reasons for taking out a personal loan in 2022.
How Do Personal Loans Work?
After going through the simple online application you will be pending approval. Once the application has been approved the funds will be deposited right into your bank account in a lump sum. Depending on the loan and obligations you may have to start making monthly payments as soon as the loan is wired to you.
The 5 Best US Personal Loans Available Right Now
SoFi2 – The Best Option For Good Credit
SoFi has become one of the nations best lenders for personal loans and other financing options. They’re an option for those looking for large personal loans including up to $100,000 which is rare for other lenders to provide. However SoFi is not for everyone as the minimum loan amount is $5000 and your credit score must be minimum good standing of 680.
Current APR range for SoFi loans are held at 5.74% – 21.78% with loan lengths of 24-84 months.
Discover3 – Long Payoff Durations
For those who’re interested in a long duration loan allowing ample time to pay back the money should consider Discover. This financing company has been known to approve applications within 7 business days. They will require a credit score of 660 to be considered for a personal loan.
Current APR range for Discover loans are held at 6.99% – 24.99% with loan lengths of either 36,48,69,72 and 84 months.
Payoff4 – Credit Card Consolidations
Payoff personal loans are available to those seeing to consolidate their credit card debts even with fair credit. This company is exclusive to credit card consolidations only but can help to unite all other cards under the one loan making it easier to stay on top of. They offer loan amounts of $5000 to $35,000.
Current APR range for Payoff credit card consolidation loans are 5.99% – 24.99% and loan lengths of 36 and 60 months are on offer.
LendingPoint5 – Lower Credit Score Top Pick
Based in Atlanta LendingPoint offers financing options for those with credit scores 580 and above. This allows access to many more people considering using personal loans to help finance their situation. The downside to LendingPoint is the higher APR ranging from 9.99% – 35.99% but will have easier approval within 1 business day in many cases. They offer loans from $2000 all the way to $36,500.
Current APR range for LendingPoint is 9.99% – 35.99% and may be taken in loan lengths of 24 to 60 months.
Upstart6 – Best For Short Credit History Loans
Upstart is a newer loaning company that bridges artificial intelligence into its operation. The beauty of this company is they do not require as extensive back history for their financing approvals. They estimate that they have approved 27% more people than other providers using this AI geared model. They offer loans from $1000 all the way to $50,000 and require minimum credit scores of 620.
Current APR range for Upstart loans is 3.22% – 35.99% with 36 or 60 month loan contracts.
Bonus Tips For Loan Comparisons
- Purpose Of Your Loan – Loans can be used for a broad range of purposes . For example, a car loan can be used to buy a new vehicle or a personal loan can be used for medical expenses. Make sure you are aware of what the purpose of your loan is, as this will help you narrow down your search and find the best lender to work with.
- Strong Customer Support – It is important to know that you have a strong advocate when taking out a personal loan. A good lender will stay on top of your needs and guide you through the application process.
- Prepayment Plans – While some lenders offer the ability to repay a loan at anytime, others may require you to start making payments right away. Choose the financing company that offers the most suitable plan for you situation.
Find Your Perfect Personal Loan Today
Join the millions of Americans around the nation who have used a personal loan to their advantage. Life has many unexpected hurdles and challenges so having access to immediate cash can help to overcome. Whether it is medical expenses, moving home, financing a vacation, consolidating debts or simply boosting cashflow a personal loan may be great for you. To find the best rates available in your locality try a simple online search.
Reference:
- https://www.chamberofcommerce.org/personal-loan-statistics
- https://www.sofi.com/personal-loans/
- https://www.discover.com/personal-loans/
- https://www.payoff.com/loan/
- https://www.lendingpoint.com/
- https://www.upstart.com/
