Best Personal Loan Companies
Personal loans offer customers financing with predictable monthly payments and are available through a variety of lenders including banks, credit unions, peer-lending companies and private lenders. To find the best personal loan rates, you’ll want to shop around and make special note of APR, terms and fees associated with each lender.
|
|
|
Top 9 Best Personal Loan Companies reviewed
Best personal loans for good credit
|
|
Why choose BestEgg:
Best Egg offers personal loans and debt consolidation loans. With over $7 billion funded across more than 500,000 loans, BestEgg has vast experience helping individuals get the funding they need. Loans are available from $2,000 to $35,000 and fixed rates start at 5.99% APR. You can apply online and get your money in as little as one business day.
Things to consider:
While APR starts at 5.99%, it can go as high as 29.99%. Best Egg bases APR on your credit score, income and loan details, among other factors. You’ll need a minimum credit score of 700 and annual income of 100,000 to qualify for their lowest advertised rates. An origination fee will also apply, between 0.99% and 5.99% depending on the term of the loan.
Who it’s best for:
Best Egg has many benefits and may be a good choice for anyone who needs to borrow at least $5,000 and has a credit score of at least 700.
|
|
Why choose FreedomPlus:
FreedomPlus offers personal loans up to $40,000 and same day loan decisions with money dispersed within 48 hours. Loan terms range from two to five years and Freedom advertises 5.99-29.99% APR on their loans. FreedomPlus adheres to five words that model their funding process called "The Freedom Five": simple, personal, fast, clear and smart.
Things to consider:
An origination fee may apply to your loan. Origination fees are determined by the size of the loan and can range from 0-5%. Not surprisingly, you’ll need an excellent credit score to qualify for the lowest APR of 5.99%, but FreedomPlus also specifies that the 5.99% APR is for loans under $12,000 and at a 24-month term. Adding a co-signer or applying for a debt consolidation loan may also help you qualify for the lowest available rate.
Who it’s best for:
Anyone looking for a sizeable loan they plan to be able to pay off in less than five years.
|
|
Why choose Lending Tree:
Lending Tree is an online lending marketplace. This means they do not offer loans directly, but rather connect you to lenders who meet your qualifications and helps you find the best rates available for your loan needs. Lending Tree can match you with lenders to finance up to $50,000 in a personal loan.
Things to consider:
Because Lending Tree is not a lender itself, you’ll need to do additional research on the companies they have matched with you to ensure you’re comfortable.
Who it’s best for:
Lending Tree is a good choice for anyone who isn’t quite sure where to start their personal loan search or wants to compare several lenders quickly.
|
|
|
Best personal loans for average credit
For those individuals with fair to good credit scores, falling slightly below excellent shouldn’t worry you too much. Those with average credit should be able to find a host of available lenders with reasonable rates and terms.
|
|
Why choose Liberty Lending Group:
Liberty Lending Group offers fixed-rate loans between $2,000 and $100,000. Personal loans, business loans, mortgage loans and consolidation loans are available. Decisions are made based on your credit score and debt-to-income ratio. Once approved, loans are issued in as little as 24 hours. Repayment terms are available between two and six years, and the advertised APR ranges from 4.49% - 29.99%.
Things to consider:
As with any loan, your credit score and debt-to-income ratio plays a significant factor in the approval process. Those with higher scores and stronger credit history will qualify for the lowest rates. Still, because Liberty Lending has a capped APR of 29.99%, you won’t be vulnerable to a triple-digit APR that some lenders have.
Who it’s best for:
Those looking to take out a large loan, up to $100,000.
|
|
Why choose LoanMe:
LoanMe offers personal loans between $2,600 and $100,000 and small business loans between $3,500 and $250,000. They advertise cash in as little as 3-4 hours, which is faster than average turn around. LoanMe also has a 7-day “No Worry Guarantee” — if you change your mind within seven days, you can return the loan amount and the company will waive all interest and fees. Rates and fees will vary depending on your location and credit score. In California, where the company is based, the maximum APR is 13.33% for a prime loan and are available for individuals with FICO credit scores about 760.
Things to consider:
LoanMe is licensed in Arizona, California, Delaware, Idaho, Missouri, New Mexico, South Carolina, Utah and Wisconsin. LoanMe does charge a loan fee which Loan Fee is a percentage of the loan amount or flat dollar amount deducted from loan proceeds. This fee can be as little as $75 and high as 20%. You’ll want to visit LendMe’s website to review their loan products in your state to see what rates and fees you’ll qualify for.
Who it’s best for:
Those who need their money as quickly as possible or those need longer repayment terms.
|
|
Why choose Credit Direct:
Credit Direct offers personal loans up to $40,000 with fixed interest rates starting at 18%. Their site is available in English or Spanish and features video testimonials from real customers. The online loan application process can be completed in minutes and money can be deposited in as little as 24 hours once you’re approved for a loan.
Things to consider:
You’ll have to apply to see what yearly interest rate you qualify for, as Credit Direct doesn’t specify their maximum APR on the website. The lowest rate of 18% will go to those deemed the most creditworthy based on their credit score and credit history. Loans are available in Alabama, Arizona, Arkansas, California, Florida, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, North Carolina, Oklahoma, Pennsylvania, Texas and Virginia.
Who it’s best for:
Native Spanish speakers.
|
|
|
Best personal loans for bad credit
If you have bad credit, don’t panic — there are still lenders who have your back. While you may pay a higher price with less than ideal interest rates, many lending companies offer or even specialize in providing financing for individuals with poor credit scores or no credit history.
|
|
Why choose NetCredit:
Loans from NetCredit are available from $1,000 to $10,000 with terms up to 60 months. APR varies by state but ranges from 34%-155%, and NetCredit publishes their state compliance certificates on-site so you can feel confident you’re working with a reputable company following all the latest consumer protection regulations. You can see sample loan terms and payment plans by visiting their “rates and terms” page to get a good idea of what you may qualify for based on your location. Money is typically dispersed in one to three business days once approved.
Things to consider:
NetCredit is only available in select states, including Alabama, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, Virginia and Wisconsin. Available APR rates can vary between states, so you’ll want to look at your specific state page when you visit NetCredit’s website. Illinois, Georgia and South Dakota all have lower maximum APRs than other states NetCredit serves. Loans offered at the lowest APR may see an origination fee between 1-5%, and may not be eligible for the maximum 60-month term.
Who it’s best for:
Those with poor credit who are looking to borrow up to $10,000 for the lowest APR rates available for subprime scores.
|
|
Why choose Avio Credit:
Avio Credit is an online lender with loans available for up to $5,000. Most customers receive their funds within one business day, but once approved your approval is good for 30 days. Avio offers both installment loans and line of credit loans with fixed interest rates so your payment will stay the same over the life of your loan.
Things to consider:
Avio Credit is only available in the following states: Alabama, California, Idaho, Illinois, Kansas, Missouri, North Dakota, Rhode Island, South Carolina, Texas, Utah and Wisconsin. Each state has different terms, maximums and APRs. We recommend visiting the rates and terms page for your state before applying so you have a clear picture of what you’ll be paying back on your loan. APRs can be as high as 198.45% from Avio Credit. While you can find loans available up to $5,000 in some states, many states have a maximum loan of $2,500 or less.
Who it’s best for:
Those with less than perfect credit looking for a fixed interest rate loan of up to $5,000.
|
|
Why choose OppLoans:
OppLoans offers installment loans to those with less than perfect credit as an alternative to payday loans, which are notoriously high risk. Next-day funding is often available from OppLoans, and their APR starts at 99%. Depending on your location, installment loans and line of credit loans may be available.
Things to consider:
While the maximum APR advertised by OppLoans is much lower than a typical payday loan APR (which can be as high as 400%), the maximum APR OppLoan advertises is 199%, which is a high APR compared to other online lenders. The line of credit product is online available in Kansas, Tennessee and Virginia.
Who it’s best for:
Those looking to take out a small loan and pay it back quickly.
|
|
|
What is a personal loan?
Types of personal loans
Compare Reviews for Top Personal Loan Companies | ||||
|---|---|---|---|---|
| Best Egg | Best Egg makes it easy to apply online for a personal loan. With their quick and simple process, you can have the money you need in your account in as little as one business day, upon approval and verification. |  | toll freenumber (855) 662-6876 Visit Website | |
| NetCredit | NetCredit prides itself on providing a "more personal, personal loan" and offers a 100% commitment to customer satisfaction with a process that is simple, transparent and reliable. |  | Visit Website | |
| Liberty Lending Group | This company gives consumers the opportunity to choose from several different in an online marketplace. With no hidden fees, no prepayment fees and fast approval, you’ll be able to find a fixed-rate personal loan in no time. |  | toll freenumber (855) 535-8306 | |
| FreedomPlus | FreedomPlus in an online lender that underwrites consumer loans under the brand Freedom Financial Network, LLC. Its underwriting process gives low-cost loans to borrowers ranging from $10,000 to $40,000. |  | toll freenumber (844) 311-7889 Visit Website | |
| LoanMe | LoanMe provides personal loans in as little as four hours. We strive to make the process quick and easy to yield needed funds for one-time purchases or debt consolidation. |  | toll freenumber (855) 464-0433 | |
| Credit Direct | Credit Direct offers unsecured loans up to $40,000 and an online application. They are licensed in California, Texas, Florida, Pennsylvania, Michigan, North Carolina, Virginia and Arkansas. |  | ||
| Avio Credit | Avío Credit offers personal loans. You'll have 30 days after you receive a lending decision to make sure the offer is right for you. If your loan is approved, you'll receive funds directly in your bank account. |  | Visit Website | |
| LendingTree | This online marketplace connects consumers with lenders. Credit score of 640-750 required. FHA, VA, USDA and Community Homebuyer loans require a minimum down payment of 0-10%; conventional loans require a 5-20% down payment. |  | ||
| CountryWide Debt Consolidation Loans | CountryWide Debt Relief has several options for debt relief, including debt settlement, debt consolidation and consumer credit counseling services. They help people facing financial hardships, including people facing bankruptcy. |  | ||
| Lending Club | Founded in 2006, Lending Club is a peer-to-peer lending company that is based in San Francisco, California. Lending Club's platform is Internet-based, and the company is extending its reach into car loans and mortgages. |  | ||
| OneMain Financial | OneMain Financial offers personal loans to customers in 44 states. The company has roots going back over 100 years and previously operated as SpringLeaf Financial. It has made loans to over 10 million customers. |  | ||
| Avant | Founded in 2012, Avant is a personal loans company with headquarters in Chicago, Illinois. The company offers personal loans ranging from $2,000 to $35,000, and has facilitated loans totaling over $1 billion to date. |  | ||
| Lendmark Financial | Lendmark Financial Services is a consumer finance company that provides a variety of personal loans, automobile loans and retail merchant financial services. It was founded in 1996 and has over 130 branches in 11 states. |  | ||
| AmOne | Since 1999, AmOne has matched consumers and business owners with lenders to provide immediate access to loans. Our Loan Matching Specialists provide personalized guidance in finding and securing reliable funds. |  | ||
| Republic Finance | Republic Finance has been offering consumers a variety of loan products and services since 1955. Today, the company has offices in Kentucky, Tennessee, Mississippi, Alabama, Georgia, South Carolina and Louisiana. |  | ||
| New Credit America | Read 19 Reviews | New Credit America partners with debt settlement companies & offers discounted loans in order to help consumers accelerate their debt settlement process. Their loans are offered at a fixed rate and term. |  | |
| 1st Franklin Financial | 1st Franklin Financial, founded in 1941, is a loan and investment company. The company offers consumers the cash they need, for any event or expense, through their short-term personal loans. Consumers can apply online. |  | ||
| Prosper | Founded in 2005, Prosper is a personal loan company based in San Francisco, California. The company was America's first peer-to-peer lending marketplace, and it offers borrowers anywhere from $2,000 to $35,000 per loan. |  | ||
| Pioneer Services | Pioneer Services is a financial services company dedicated to serving members of the military and their families. The company is the military division of MidCountry Bank, and it is headquartered in Kansas City, Missouri. |  | ||
| LendUp | Read Expert Review | This lender specializes in providing access to personal loans and credit cards to individuals with lower credit scores. They also provide credit education and financial tools to help manage credit and financial planning. |  | |
| OppLoans | A company focused on prompt, affordable and secure personal loans while providing quick service, lowered interest, and expert customer care. |  | Visit Website | |
| CashCall | Out of Business Cashcall offers consumers personal loans, small business loans and mortgage loans online via a quick and streamlined application process. Cashcall's corporate headquarters are located in Orange, California. |  |
Personal loan company expert reviews
OppLoans specializes in quick and affordable personal loans up to $4,000. If approved, the money may be in your hands within 24-hours with interest rates generally lower than payday or title loans. They also provide personal, one-on-one customer service for the care you need during these stressful times.
- Fast Funding: If OppLoans approves your personal loan, you may be able to receive your cash within a day’s time.
- Affordable: Their interest rates are generally lower than any payday or title loan. In fact, your APR with OppLoans could be half of a typical payday loan.
- Excellent customer care: Because of their friendly, one-on-one customer care, OppLoans has received incredibly high marks in written customer reviews.
- Easy application: You can apply for an OppLoan with ease on their website, and the application does not affect your FICO® credit score.
LoanMe offers unsecured installment loans to consumers and businesses. The company's primary focus is to provide personal or small business lending solutions. The company offers loans from $2,600 to $100,000 for purposes such as debt consolidation or costs associated with starting a new business. LoanMe streamlines the loan application process, making it easier for consumers.
FreedomPlus is an online lender that offers personal loans in the range of $10,000 to $40,000. Interested consumers can visit their website and fill out an application online. FreedomPlus goes beyond your credit report to help you qualify for a loan.
Credit Direct Loans offers unsecured loans up to $40,000. You can complete the application, receive a loan proposal and contract and sign the contract electronically. The money is deposited into your checking account. Credit Direct Loans is licensed to provide loans in Arizona, California, Florida, Indiana, Iowa, Maryland, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, Texas and Virginia.
NetCredit is a personal loan company offering loans up to $10,000. The company is a subsidiary of Enova International, Inc. Net Credit has a creative My RightFit ToolTM to help consumers customize their loan amount and repayment terms.
AmOne takes a unique approach to helping individuals and business access the financial services they need. Instead of providing direct services, AmOne matches borrowers with suitable lenders. AmOne specializes in personal, unsecured, debt consolidation, small business and start up business loans. After completing a simple application, users are given a list of loan options. The borrower can pick the lender on their own or use one of AmOne’s consultants. The AmOne service helps the consumer narrow his or her borrowing options and make an informed credit decision.
Prosper is the country's first peer-to-peer lending marketplace. The company has provided more than $2,000,000,000 in loans. Loan interest rates range from 5.99% for the most credit worthy borrowers to 36.00% APR for consumers with lower credit ratings. Borrowers can obtain loans from $2,000 up to $35,000.
OneMain Financial has been in business since 1912. In 1998, their parent company, Travelers Group, merged with Citicorp and created Citigroup, a global financial services company. In 2011, after many acquisitions, the company became OneMain Financial with 2,000 branches across 48 states. This personal lender combines a variety of lending solutions with a comprehensive website complete with financial education articles, calculators and tools.
Lending club is the biggest peer lending marketplace. The company was launched in 2007, and it was originally one of Facebook's applications. Lending Club makes loans up to $35,000.
Avant, formerly AvantCredit is a personal loan company that’s helped 350,000 customers. Borrowers can access between $2,000 and $35,000 for debt consolidation, home improvement and/or emergencies. The company has a 96% satisfaction rating.
Pioneer Services is a personal loan company dedicated to lending to active or retired members of the military. The company has been in business for more than 25 years, and it has awarded loans to more than 1.4 million military families. Pioneer Services is the military division of MidCountry Bank, a company that makes VA home loans to eligible active-duty and retired veterans. The website provides an extensive learning center with specialized money topics to help the military population.
Founded in 1996, Lendmark Financial Services offers individuals personal loans across the U.S. The company is headquartered in Covington, GA.
LendUp was founded to aid those with less than perfect credit scores. The lender provides access to personal loans and credit cards, as well as special financial education geared toward escaping the debt cycle, financial planning and credit management. The company offers single payment loans up to $250, installment loans up to $500 and prime loans up to $1,000.
- Loan range: Depending on the tier you qualify for, LendUp provides loans up to $250 or $1,000 dollars.
- LendUp Ladder: Borrowers can move up the “LendUp Ladder” by borrowing and repaying smaller loans to earn access to larger loan options. Larger loans offered by LendUp report to major credit bureaus and can help build and improve credit scores over time.
- APR: Typical APR for smaller, introductory loans from LendUp hovers around 300%. As you move up the ladder and qualify for better loans, your APR will decrease. Once you qualify to takeout a Prime loan, the APR drops to 36%.
- Credit cards: The Arrow Card from LendUp is created for credit building. Designed for individuals who may have trouble getting approved for other lines of credit, the Arrow card is backed by a deposit and helps the user build credit and improve their credit score.
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.