What Lenders Offer the Best Personal Loans?

This article is sponsored by PSECU, and the information provided is for educational purposes only. Please verify current rates, fees, and terms directly with each institution.

Personal loans can help you get back on your feet after a tough time, easing your mind and improving your financial standing.

Credit scores, interest rates and more are all important factors to think about when applying for a loan. Picking the lender with the best personal loan options is important for creating a lasting relationship between you and the provider.

Best Personal Loan Providers

You will be in monthly contact with the personal loan provider until you pay back your loan, so, choose the lender who has the best options to make sure you are choosing the best one for your situation.

This table compares some of the top providers’ main features.

ProviderKey Feature 1Key Feature 2Key Feature 3PSECU$1,000 – $20,000Unsecured loansEasy application processLightStreamLow, fixed ratesGreat customer serviceShort applicationUpstart$1,000 – $75,00033% lower ratesRepayment takes three to five yearsBest EggUp to $50,000Direct Pay featureConsiders more than credit scoreUpgradeUp to $50,000Affordable monthly payments2.4 million loansHappy Money$5,000 – $50,000Focus on customer happiness350,000 customersLendingPoint$1,000 – $36,500LendingPoint appRepayment takes 24-72 months

PSECU

PSECU has some of the best personal loans. Its borrowing process is fast, personalized and affordable, and amounts range from $1,000 to $20,000. Application and approval are quick and easy so that you can make sure you get your loan as quickly as possible. Rates are low and repayment terms are flexible to fit your budget. 

PSECU’s unsecured loans can be used to pay down debt, finance home improvement projects or more. You can calculate your monthly payment on the website based on the term and amount borrowed for your specific needs.

LightStream

LightStream gives customers a straightforward application process that takes just a few minutes to complete. Its personal loan rates are low and fixed and can be used to fund cars, boats, kitchen remodels, timeshares, debt consolidation, bathroom repairs or swimming pools. The process is smooth and quick, and the lender has great customer service reviews. 

LightStream rewards you for having good credit, offering reasonable rates and service to high-value customers. When applying, you must share your credit history, assets, income, debt and payment history.

Upstart

Upstart allows you to check your rate within five minutes. After approval, you get your funds in as little as one business day. It claims its rates are 33% lower than those of traditional loan providers. It also examines other assets besides just your credit score, such as education and employment. 

Upstart provides flexible loan amounts ranging from $1,000 to $75,000. This company has fixed rates and repayment terms that last three to five years, with no repayment fees. It has served 3 million customers so far.

Best Egg

Best Egg has a Direct Pay feature that helps you pay off your debt more quickly and sometimes provides an even better rate. Its normal rates are low and fixed, with amounts ranging up to $50,000. You can use its loans for debt consolidation, vacation, home modifications, special occasions, moving or having a baby. 

The online application process is easy, supplying offers in minutes. Best Egg also considers more than just your credit score when evaluating applications, broadening the options available to customers with debt.

Upgrade

Upgrade also gives loans up to $50,000. Its rates are low and fixed with affordable monthly payments, and it does not charge repayment fees.

You can use Upgrade’s personal loans for refinancing credit cards, unexpected expenses, consolidating debt, making a major purchase or improving your home.

It has provided 2.4 million personal loans to customers. The quick and easy online application process means you can receive your money within a day.

Happy Money

Happy Money provides personal loans between $5,000 and $50,000. It is a simple and transparent lender, prioritizing customer happiness as its name suggests and focusing on community.

You can use its loans to reconcile credit card debt with one simple monthly payment, and you will save money while doing so thanks to the low interest rates.

The application typically takes around two minutes to complete. Happy Money has served approximately 350,000 customers.

LendingPoint

LendingPoint’s personal loan offers range from $1,000 to $36,500. The application is straightforward and does not affect your credit score. You can receive funds as early as the next business day. The LendingPoint app provides a central place to apply for loans, navigate easily and monitor your credit score. 

The lender utilizes advanced technology to assess you as a potential candidate and provide a comprehensive loan offer. It offers flexible financing options, with repayment terms ranging from 24 to 72 months. LendingPoint’s personal loans are unsecured.

Methodology

Several criteria were considered to determine what lenders have some of the best personal loans. These lenders were chosen based on their key features, customer reviews, loan ranges and rates. The ranking was selected based on careful research of their websites and a comparison with similar lists.

What Factors Affect Your Loan Approval?

Now that you know what lenders are out there, think about some important factors to boost your likelihood of receiving a personal loan at a good rate. Your income matters. The higher it is, the more likely you are to receive a good offer. Your other debts also play a role. If you have outstanding payments or multiple unpaid credit cards, your amount may be lower, or you may not be approved. 

The purpose of your loan could affect your approval. Most of these lenders have examples of good reasons for needing money, so determine if you fit the criteria. Whether the personal loan is secured or unsecured is also impactful. Secured loans require collateral, such as a house or another valuable asset. Lenders give unsecured loans based on your own credit and personal factors. If you are in a tight spot, unsecured loans are sometimes the best option. 

The repayment terms of the loan also play a role. Unfixed rates can increase, resulting in a longer payoff time. Consider if the time allotted to repay is possible for your situation. 

Choose a Good Lender

When you need some extra cash, personal loans are sometimes the best option. Consider the factors that affect your score and select a reputable lender to make sure that the initial offer and subsequent repayment process meet your expectations.

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