Best Loan Companies

If you want to buy a car or house, borrow for a business or consolidate debt, a good lender can help you achieve your financial goals. Use our guide to research the best loan company for you. We compare 40 lending companies on financial products, availability and reviews. Plus, learn how to better evaluate your options before signing any paperwork.
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Compare loan companies by category
Compare Top Loan Company Reviews | ||||||
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| AUTHORIZED PARTNER | Loan amounts from $2,000 to $50,000. Select from terms between 36 and 60 months. APR ranges from 5.99% to 35.99%. Requires 640 credit score. Origination fee up to 5.99%. No prepayment penalty. | ![]() | Get Started | ||
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| AUTHORIZED PARTNER | Loan amounts from $1,000 to $50,000. Select from 24- to 84-month term. APR from 5.94% to 35.97%. Minimum credit score varies. Origination fee up to 8%. No prepayment penalty. | ![]() | Get Started | ||
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| AUTHORIZED PARTNER | Installment loans from $100 to $5,000 or credit services for loans up to $2,500. Maximum APRs vary by state. Specializes in personal loans for bad credit and programs to build or improve credit. | ![]() | |||
Works with car dealerships to provide auto financing across the United States. Established in 1988 and is a part of the Hankey Group of Companies. Headquartered in Los Angeles. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers debt consolidation, credit card consolidation and debt settlement. No minimum credit score required for approval. Results within minutes. Program is between 12 and 48 months. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts from $1,000 to $47,500. Select from terms between 12 and 60 months. APR is from 4.99% to 29.99%. No minimum credit score. No administration fee and no prepayment penalty. Limited availability. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Free online tools to find personal loans, debt consolidation loans, small business loans and more. Flexible credit score requirements. Maximum APRs vary by state. Available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Funding services include cash advances, credit card advances, equipment leasing and unsecured business advances. Features free quote option online. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| AUTHORIZED PARTNER | Loan amounts from $7,500 to $50,000. Select from 24- to 60-month terms. APR from 7.99% to 29.99%. Minimum credit score varies. Origination fee up to 4.99%. No prepayment penalty. | ![]() | |||
Offers online installment loans and lines of credit up to $5,000. Maximum APRs vary by state. Requires minimum monthly income of $1,000. Not available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
Types of loans
The Truth in Lending Act (TILA) requires all lenders to provide transparent cost information.
You can find loans to pay for almost anything, from houses and cars to weddings and health care bills.
Home loans
Home loans, or mortgages, are available to help people finance the purchase of a property. A mortgage loan can be issued by a bank, credit union or other lender. Mortgages are backed by private institutions or the government.
Many private lenders work with the Federal Housing Administration to offer FHA mortgages. Other examples of government loans include VA loans and USDA loans. Private lenders can issue jumbo loans, which come in amounts higher than federal limits.
For more, read about first-time homebuyer programs or compare our picks for the top lenders for first-time homebuyers.
Personal Loans
Personal loans can be secured or unsecured and come with fixed or variable rates. Some personal loan companies specialize in funding a particular life event, such as remodeling a home or getting married. Others offer programs designed to help pay off credit card debt.
The steps to get a personal loan include completing a standard loan application process. However, eligibility requirements vary by lender.
For example, payday and title loan companies will typically accept applicants with bad credit. The trade-off is that they charge higher rates (sometimes several-hundred percentage points) compared with more selective personal loan lenders.
Payday loans are quick cash advances that you pay back after your next payday. It’s a type of unsecured loan that comes with a high interest rate. With a title loan, you put your car up as collateral. The title to your car is what secures the debt.
Check out our picks for the top personal loan companies — all of them have APRs of 36% or lower. If you have bad credit and need cash quickly, consider these payday loan alternatives.
Student loans
Those who want to further their education can take out this type of loan to help cover the cost. Often, student loans are part of college planning for parents.
The two types of student loans available are federal and private. You can use the money to fund undergraduate or graduate school.
Debt consolidation loans
Debt consolidation loans are used to help people manage their debt. Multiple loans are combined into one loan with a single monthly payment, usually with a lower interest rate.
Like debt settlement, debt consolidation is a form of debt relief. There are pros and cons to this strategy. For more, read about when to consolidate.
Business loans
Those wishing to open a business or expand their current business can take out loans to finance their ventures. You can use a small business loan to pay for inventory, equipment, advertising and more.
A business credit card is also an option for entrepreneurs to access credit and earn rewards on purchases.
Car loans
Auto loans are available for both new cars and used vehicles. You can get one through a bank, credit union or auto dealer.
For more, read about how to buy a car online or how to buy a car with bad credit. We also have tips for first-time car buyers.
Refinancing loans
Refinancing is when you pay off an existing loan with a new one. You can refinance a home loan, car loan or student loan.
- Mortgage refinancing: It’s possible to refinance a home loan or reverse mortgage. Homeowners can refinance to cash out or get a better loan rate. Some people refinance as part of a debt consolidation strategy.
- Car loan refinancing: If rates were higher when you bought your vehicle, refinancing could lower your monthly payments.
- Student loan refinancing: If you aren’t eligible for student loan forgiveness, refinancing is a way to lower or simplify your payments, especially if you are currently paying off more than one lender.
Secured vs. unsecured loans
A secured loan relies on an asset (such as a car, a home or a boat) that is used as collateral for the loan. An unsecured loan does not require collateral.
The difference in having collateral is it affects your interest rate, loan limit and repayment term. Unsecured loans are more difficult to qualify for and have higher interest rates.
Some personal loans are secured and require collateral, such as a title loan or a loan from a pawnshop. A payday loan, which is typically for a relatively low amount, is unsecured.
Secured loans | Unsecured loans |
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How to choose a loan company
There are different types of lenders for different types of loans. Some companies specialize in mortgages or car loans, while others provide personal loans for debt consolidation and major expenses (paying for a wedding or fertility services, for example).
The right loan company for you largely depends on what you want to accomplish. Figure out how much you want to borrow and check your credit score before you start comparing lenders on the following factors.
- Loan fees and costs
- When you take out a loan, chances are you’re thinking more about the cost of the item you’ll purchase with the loan money than about the cost of the loan itself. If you don’t consider the loan cost, that item could end up costing much more than you expect. To ensure that you get the best deal on a loan, make sure you talk to your loan company and understand all fees associated with borrowing.
- Interest rate: The interest rate is the cost to borrow money, expressed as a percentage of the amount you borrow. Your credit score will influence your interest rate: If your score is higher, the lender will see you as less of a risk and give you a lower rate. If your loan doesn’t have a prepayment penalty, you’ll save money on interest by paying your loan off early.
- APR: The annual percentage rate (APR) is often confused with the interest rate; however, the APR actually accounts for the total cost of the loan, including any additional fees, like an origination fee. When comparing loan offers, look at the APR to get the best price comparison.
- Origination fee: The processing, or origination, fee is a one-time charge that covers the cost of processing a loan. This fee is typically included in the overall loan amount, so you aren’t required to pay it upfront.
- Prepayment penalties: Some loan companies charge a fee if you pay off your loan early. These fees help the lender make up the money they lose in interest, but they also prevent people from getting out of debt early when they’re able to.
- Pre-computed interest: Loans with a pre-computed interest rate use the original amount instead of the outstanding balance to determine the amount of interest a consumer will pay each billing cycle. If you pay the loan off early, you won’t save as much money on interest.
- Late payment fees: Most lenders will charge a fee if you pay your bill late. Avoid that fee by setting up automatic payments from your bank account — or just put a reminder on your calendar to keep you on track.
- Payment processing fees: Some lenders charge a fee to pay your bill in a certain way. For example, some lenders may charge a small fee if you pay your bill by phone or using a check instead of setting up automatic withdrawals. Make sure you understand these fees and choose a lender that allows you to make your payment in the way you want for free.
- Trustworthiness of the lender
- When deciding on a lender, you should choose one that’s trustworthy and makes you feel comfortable. In general, if you’re working with an online loan company or new business, make sure to adequately research the company to avoid being scammed. Scams may be more likely with unsecured personal loans.
- Hold loans vs. flip loans: Determine whether the lender you’re working with will hold the loan after you close or if they’ll flip, or sell, it to another party. While lenders that flip loans aren’t more or less trustworthy than those that don’t, you’ll have to accept that the company it sells your loan to will be trustworthy and offer good customer service.
- Customer service: Consider how easy it is to get in touch with your lender now to determine if they'll be easy to reach later if you have any problems. Also consider how patient representatives are when answering your questions. They should be willing to address all your concerns and explain anything you’re confused about.
- Registered: Lenders must be registered with the appropriate authority to do business in your state. You can find a list of state licensing authorities on the Nationwide Mortgage Licensing System website. Always check to make sure a mortgage lender is properly registered before signing anything — especially if it’s an online lender.
- Broker vs. loan officer
- When taking out a loan, you’ll have the choice to work with either a broker or a loan officer. There are advantages to working with each, so it is important to know the difference.
- Loan officer: Loan officers work for the bank or lender, so getting a loan through them may be faster than working with a broker. These individuals are primarily accountable to their employer, so they may not always make recommendations that are best for you.
- Loan broker: Brokers are a kind of middleman between those seeking loans and multiple lenders. If you’re worried that your credit may make it difficult to get a loan, consider working with a broker. They can help you decide which lender is most likely to approve you. These individuals may also be able to help you find a better interest rate because they’ll be comparing multiple lenders.
- Other considerations
- There are a variety of other factors to consider when borrowing money. If at any point during the process you’re confused, make sure to discuss the matter with your lender.
- Expertise: Look for a loan company that specializes in the type of loans you’re considering. If you’re working with a big bank, ask whether or not it has loan officers who specialize in certain types of loans.
- Credit report: Everyone is entitled to one free report from each credit reporting company every year. If you’re considering taking out a loan, request one of your credit reports as far in advance as possible so you have time to check the report and request any corrections. Many credit card companies show you your credit score for free. If your credit is below average, consider a few ways to fix it or work with a credit repair company.
- Down payment: If you’re taking out a home or auto loan, consider how much of a down payment you’re able to make. The larger your down payment is, the less money you’ll need to borrow. Saving a little longer to have a larger down payment could mean a significant decrease in interest later.
Loan company FAQ
- How do I know if a loan company is legitimate?
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A legitimate lender is easy to reach, has a solid reputation among reviewers and offers you complete loan terms before you sign anything. It will also check your credit history to ensure that you can pay back the loan.
There are a few warning signs of scams. Avoid loan companies that:
- Rush you into making a decision
- Have numerous consumer complaints
- Charge excessive interest rates and fees
- Don’t go over the loan term in detail
- How do you get approved for a loan?
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To get approved for a loan, you need to:
- Apply with your lender in person, over the phone or online
- Have a decent credit history
- Have proof of a stable income
- Have a reasonable debt-to-income ratio
Some lenders offer instant approval, while others may take longer to issue an approval. It's possible your lender might require collateral if you don’t have good enough credit.
- Do loan companies check your bank account?
- Before issuing a loan, some lenders may want to see your bank statements to confirm your financial details, but this isn’t always the case. Ask your lender if it requires bank statements before it issues a loan.
- How do loan companies make money?
- Loan companies make money on the interest and fees charged on loans. Part of their profit is the difference between the money charged to a borrower and the money the loan company owes to depositors and investors.
- Article sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
- Congressional Research Service, “An Overview of Consumer Finance and Policy Issues.” Accessed Sept. 23, 2021.
- Officer of the Comptroller of the Currency, “Truth in Lending.” Accessed Sept. 23, 2021.
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Compare Top Loan Company Reviews | ||||||
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| AUTHORIZED PARTNER | Personal loans from $600 to $20,000. Maximum APRs vary by state. Includes a seven-day “no worry guarantee” to return any amount. No prepayment penalty. Small business loans also available. | ![]() | Call Now Toll Free (844) 725-7868 | ||
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| AUTHORIZED PARTNER | Connects borrowers with nationwide lenders. Find personal loans from $100 to $40,000. APRs up to up to 35.99% or higher. Get funds as soon as the next business day. | ![]() | Learn More Call Now Toll Free (833) 985-2116 | ||
Online lending and financing services. Various business financing options, including business loans, equipment financing, equipment leasing and working capital, are available. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| AUTHORIZED PARTNER | Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Most loans require a 500 to 640 credit score. Available nationwide. | ![]() | Get Started Call Now Toll Free (800) 496-8733 | ||
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| AUTHORIZED PARTNER | Loan amounts from $3,500 to $40,000. Select from 36- to 72-month terms. APRs from 6.99% to 19.99%. Minimum credit score varies. No sign-up or prepayment fees. | ![]() | |||
Partners with Chrysler Capital to offer car loans and auto refinancing loans. Options available for a wide range of credit scores. Get a loan decision in as little as one minute. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Financing programs specifically for Dell products. Interested consumers can apply for financing online, and some borrowers or purchases may qualify for an interest-free period. Borrowers can also earn 10% back in rewards. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers corporate financing to businesses in the aviation, industrial and energy industries. It is a subsidiary of General Electric. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
This company is not currently accepting new loan applications. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| AUTHORIZED PARTNER | Secured loans up to $25,000 when you apply in branch. Get pre-qualified online. Payment protection insurance available. Operates 220 locations in eight states. Maximum APRs vary by state. | ![]() | |||
Offers subprime vehicle financing options through auto dealers across the United States. The company was founded in 1991. CPS’ website has resources for consumers and dealers. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Specializes in purchasing and servicing automobile contracts. Offers auto financing to vehicle dealers for subprime customers. The DealWRITER program lets dealers offer instant approval to those applying for financing. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Specializes in vehicle financing options through more than 10,000 U.S. auto dealerships. It is a subsidiary of BB&T, with headquarters in North Carolina. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers subprime auto loans through car and truck dealerships across the United States. Loan applications are available online. It was established in 1994 and is headquartered in Salt Lake City. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Works with merchants and distributors to provide in-home customer financing. Serves medical, dental, cleaning and other industries. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Works with auto dealers to provide financing programs. Services both first-time borrowers and those with bad credit. Dealers share in the company’s profits. It has been in business since 1972. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers installment loans and tax preparation service. Serves residents in Alabama, Georgia, South Carolina, Tennessee and Texas. Apply online, by phone or at a local branch location. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Personal, auto and debt consolidation loans. Unsecured loans up to $8,000. Collateral requirements based on loan amounts. Maximum APRs vary by state. Not available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers both unsecured and secured loans. The company was founded in 1936 and now has over 200 locations in Alabama, Illinois, Louisiana, Mississippi and Missouri. Explore locations on the company’s website. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers loan servicing, financing, investment opportunities and debt recovery to businesses. It was established in 1989 and is headquartered in California. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Personal, business and commercial banking and financing services. Home equity lines of credit and personal loans are available to residents of the Northeast. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Specializes in consumer financing to pay for auto warranties. The company has been in business since 1964. It is a subsidiary of Independent Bank Corporation. Headquartered in Chicago. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Specializes in consumer auto loans. Works with approved used car dealerships. Borrowers can make payments online and track payment history. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Partners with credit unions, banks, mortgage companies and other lenders to manage loans made by those institutions. The company was founded in 1958 and is headquartered in Ewing, New Jersey. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides indirect financing through auto dealers. MAF specializes in subprime auto loans and purchasing loan pools. The company has been in business since 1989. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides biweekly or monthly installment loans. Maximum APRs vary by state. Flexible repayment terms. Reports to all three major credit bureaus. Loan amounts and rates vary by state. Not available in all states. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
This company is not currently accepting new loan applications. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Free service that connects users with lenders for personal loans and student loan refinancing. Amounts, terms, rates and requirements vary by lender. Savings accounts, life insurance and credit card options also available. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| AUTHORIZED PARTNER | Online marketplace for personal loans between $2,000 and $50,000. APR from 2.49% to 35.99%. Select from terms between 61 days and 180 months. Origination fee up to 8%. | ![]() | Get Started | ||
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| AUTHORIZED PARTNER | Loan amounts up to $50,000. Select from multiple terms. APRs from 5.75% to 22.94% with a 0.25% autopay discount. Requires 640 credit score. Origination fee up to 3%. No prepayment fees. Available in most states. | ![]() | |||
Compare installment loans and cash advances from third-party lenders. Flexible credit score requirements. Limited availability. Maximum APRs vary by state. Out Of Business | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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