Here are five of the best personal loan options available, each with unique features and benefits:
1. LightStream Personal Loans
LightStream, a division of SunTrust Bank, offers one of the most competitive personal loan options, particularly for borrowers with good to excellent credit scores. With loan amounts ranging from $5,000 to $100,000, LightStream provides flexibility in repayment terms from 24 to 144 months.
Key Features:
- APR Range: 5.73% – 19.99% (with autopay)
- Loan Amounts: $5,000 to $100,000
- Repayment Terms: 2 to 12 years
- No Fees: No origination fees, prepayment fees, or late fees
- Best For: Borrowers with strong credit profiles
LightStream is known for its low-interest rates, especially for those with excellent credit. They also offer same-day funding if the application is approved before 2:30 p.m. ET on a business day.
2. SoFi Personal Loans
SoFi offers flexible personal loans with competitive rates and a variety of loan amounts. It is particularly popular for consolidating debt or financing large expenses such as home improvements or weddings. SoFi is also known for its member benefits, which include career coaching and financial planning.
Key Features:
- APR Range: 5.99% – 20.28% (with autopay)
- Loan Amounts: $5,000 to $50,000
- Repayment Terms: 3 to 7 years
- No Fees: No origination fees, late fees, or prepayment penalties
- Best For: Borrowers looking for member benefits or refinancing debt
SoFi also provides unemployment protection, which is a unique feature. If you lose your job, SoFi offers a forbearance period to help you avoid missed payments.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs offers personal loans with no fees, making it a strong contender for individuals who prefer straightforward terms. The loan amounts range from $3,500 to $40,000, and the repayment terms vary from 36 to 72 months.
Key Features:
- APR Range: 6.99% – 24.99%
- Loan Amounts: $3,500 to $40,000
- Repayment Terms: 3 to 6 years
- No Fees: No origination fees, late fees, or prepayment penalties
- Best For: Borrowers who prefer a simple, transparent loan experience
Marcus is especially attractive because of its clear terms and lack of hidden fees. It also offers a 7-day satisfaction guarantee, allowing you to cancel the loan within a week of acceptance for a full refund if you change your mind.
4. Discover Personal Loans
Discover offers personal loans with competitive APRs and a variety of repayment terms. They also have an easy online application process and offer loans for debt consolidation, home improvements, and other personal expenses. Discover allows you to check your rates without affecting your credit score.
Key Features:
- APR Range: 6.99% – 24.99%
- Loan Amounts: $2,500 to $35,000
- Repayment Terms: 3 to 7 years
- No Fees: No origination fees, late fees, or prepayment penalties
- Best For: Borrowers who want to check their rates without impacting credit score
Discover also has an impressive customer service reputation and offers a 30-day return policy, where you can cancel your loan within 30 days for a refund if you change your mind.
5. Upstart Personal Loans
Upstart uses artificial intelligence and alternative data to offer personal loans, which can be beneficial for those with a less-than-perfect credit score. The company focuses on factors like education, work history, and earning potential, rather than just traditional credit scores, making it accessible to a broader audience.
Key Features:
- APR Range: 6.18% – 35.99%
- Loan Amounts: $1,000 to $50,000
- Repayment Terms: 3 to 5 years
- Fees: Origination fee ranging from 1% to 8%
- Best For: Borrowers with limited credit history or lower credit scores
Upstart’s AI-driven platform allows for quick approval, often within a day, and it provides flexible loan amounts. However, the origination fee can be higher than other lenders, so it’s important to factor this into your decision.
Each of these personal loan options offers unique advantages based on your financial situation and needs. Whether you have excellent credit or are just starting to build credit, you can find an option that suits you
