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.
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Top 9 Best Personal Loan Companies reviewed
To determine the best personal loan companies, we looked at the application process, loan types offered, credit scores served, available rates and customer service records of several lenders. Compare the companies below to find the best lender for your needs.
- Best personal loans for good credit: BestEgg, FreedomPlus, Lending Tree
- Best personal loans for average credit: Liberty Lending Group, LoanMe, Credit Direct
- Best personal loans for bad credit: Opp loans, Avio Credit, NetCredit
Best personal loans for good credit
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Why choose BestEgg:
Best Egg offers a fixed APR, which means your monthly payment will be the same. You could get money in your account in as little as one business day with no pre-payment fees if you choose to pay it back quicker. Best Egg has vast experience helping individuals get the funding they need in order to live their best life.
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 640.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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*Example: a $4,500 loan with 50 monthly payments of $262.53 would have an APR of 65%
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.
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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.
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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.
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Types of personal loans
Unsecured personal loans
The majority of personal loans are unsecured loans. Unsecured simply means not backed by collateral. The lending institution grants you funds based on your credit score, credit history and their opinion on the likelihood of you being able to repay the loan. You can take out an unsecured personal loan for a variety of reasons and you don’t have to agree to use the money for any specific purpose.
Secured personal loans
A secured personal loan is one backed by collateral, like a mortgage or a car loan. Once approved, the lender will place a lien on the item—or hold the title or deed in the case of mortgages and car loans—until the loan is repaid. If you default on a secured loan, the loan will have the right to repossess your secured asset and sell the item or property to recoup their losses. Because of this added layer of security for the lender, better rates may be available for secured loans vs. unsecured loans.
Fixed-rate loans
A fixed-rate loan is exactly as it sounds, a loan with an interest rate that stays the same, or “fixed,” over the term of the loan. With a fixed-rate loan, your interest payment will stay the same each month, making for consistent payments throughout the life of your loan.
Variable-rate loans
Variable-rate loans are loans tied to index rates. As the index rate changes, your interest rate will go up or down with it. These loans can save you money and are often advertise starting rates lower than their fixed-rate counterparts, but they’re also much riskier than fixed-rate loans. Variable-rate loans are usually recommended for shorter-term loans because there’s less time for the rates to fluctuate drastically.
Personal line of credit
A personal line of credit is similar to an unsecured personal loan. Unlike a typical loan that provides a flat dollar amount upfront, a personal line of credit pre-approves you for an amount that you can draw from over time. Personal lines of credit have variable interest rates and are typically a more affordable option than a credit card cash advance.
Debt consolidation loans
A debt consolidation loan allows borrowers to take out one loan to pay back multiple loans, consolidating their amount owed into a single monthly payment. Some debt consolidation loans also allow borrowers to refinance for better rates or adjusted terms.
Who are the best personal loan companies near me?
We’ve compared the best local personal loan companies across the United States to help you find trusted lenders in your city.
Personal loans questions
- What is a personal loan?
- A personal loan is a set amount of money borrowed and paid back in installments over a predetermined period of time, most often with interest. Personal loans are available through banks, credit unions and other private lenders. Secured personal loans are backed by collateral, like a mortgage or car loan, but the majority of personal loans are unsecured.
- How do personal loans work?
- While the process may vary slightly depending on the type of loan you’re looking to qualify for, the steps to get a personal loan will generally be the same: apply, get approved and then, eventually, repay your loan.
It’s important to compare rates from multiple lenders, as a loan’s rates and terms will determine the total amount you repay to the lender. You’ll want to look for a loan with the lowest APR possible to save the most money.
- Apply: The application process will vary depending on which lender, and what type of lender, you use. Typically, a credit check will be run to determine your “creditworthiness,” and your score will affect the interest rate you get, with those with the highest scores qualifying for the lowest rates.
- Get approved: Once your application is complete, you will either be approved or denied for the loan. If approved, you will receive your funds, often as soon as the next day.
- Repay: Your repayment term may begin immediately, or be delayed by a preset amount of time.
- How do I know if a loan company is legitimate?
- Before you apply for a loan, make sure the company is legitimate by:
- Checking their rating with the Better Business Bureau
- Asking about upfront payment.Most loan companies disclose all of their fees upfront but don’t require an upfront payment.
- Reading consumer reviews on our website to find out how the company interacts with customers.
- Showing the contract to a legal professional before agreeing to the terms
- Do unsecured loans hurt your credit?
- Unlike secured loans, unsecured loans don’t involve collateral, making them a high-risk option for lenders. If you default on an unsecured loan, it will hurt your credit score and you’ll be flagged as a high-risk borrower. Your lender can put your account in collections and even take legal action.
- Is it a good idea to get a personal loan?
- Personal loans are a viable option for many different circumstances. While other types of loans have specific requirements for use, personal loans can be used on anything from medical expenses to consolidating debt. If you’re in a pinch and need cash fast, a personal loan could be the right option for you.
- What is a good rate on a personal loan?
- Interest rates on personal loans vary based on your lender but usually range from 5% to 36%. Getting a reasonable rate is contingent on a few different factors:
- Your credit score.The higher your credit score is, the more likely you are to get a low-interest rate.
- Employment status. Most loan companies require borrowers to provide their employment status. Having a job shows your lender that you’re trustworthy and have a solid work ethic.
- Proof of income. Lenders may have a minimum personal or household income, and making well-above the minimum can help you get a better interest rate.
- What can be used as collateral for a secured loan?
- Secured loans are a great option for people who want a loan with a lower interest rate. Secured loans have lower rates than unsecured loans because they involve collateral, which gives lenders assurance that they’ll get their money back. If you’re interested in a secured loan, work with your lender to figure out what you can use as collateral. Some options include:
- Your home
- Your car
- Your investments
- Your savings
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Compare Reviews for Top Personal Loan Companies | ||||
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| Best Egg | Offers personal loans up to $35,000. Easy online application. Get money in your account in as little as one day upon approval and verification. Recommended minimum debt of $5,000 for debt consolidation. |  | Visit Website Toll free number (877) 850-2322 | |
| FreedomPlus | Offers personal loans up to $50,000. Underwrites consumer loans under Freedom Financial Network LLC. Recommended minimum debt of $10,000 for debt consolidation. |  | Visit Website Toll free number (844) 311-7889 | |
| NetCredit | Offers personal loans up to $10,000. Can deliver funds same business day, Guarantees a 100% commitment to customer satisfaction. Provides eligibility verification by state. |  | Visit Website | |
| Liberty Lending Group | Offers fixed-rate personal loans up to $100,000. Provides personalized rate and term offers with online application. Funds approved loans in as few as 24 hours. No hidden fees or prepayment fees. 24- to 60-month terms available. |  | Visit Website Toll free number (800) 430-4715 | |
| 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 | |
| Next Day Personal Loan | Lending network for personal loans up to $40,000. Apply in under two minutes to start their simple, three-step process: apply, qualify, get funded. Funds available as soon as the next business day. |  | Visit Website | |
| LendingTree | Specializes in home purchase loans, home refinance, home equity and reverse mortgages. Compares rates and quotes from multiple lenders. Provides free mortgage calculator. |  | ||
| LoanMe | Offers personal loans up to $100,000. Processes approvals in as few as four hours. No prepayment penalties. Minimum loan amount of $600 required. |  | Toll free number (844) 725-7868 | |
| 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 | Read 3,063 Reviews | 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. |  | |
| Credit Direct | Offers personal loans up to $40,000. Online application available. Licensed in California, Texas, Florida, Pennsylvania, Michigan, North Carolina, Virginia and Arkansas. |  | ||
| 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. |  | ||
| 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. |  | ||
| 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. |  | ||
| 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. |  | ||
| New Credit America | 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. |  | ||
| 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. |  | ||
| 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. |  | ||
| 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. |  | ||
| CountryWide Debt Consolidation Loans | CountryWide Debt Relief has several options for debt relief, including debt settlement, debt consolidation and consumer credit counseling services. Helps people facing financial hardships, including those considering bankruptcy. |  | ||
| LendUp | 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 Offers consumers personal loans, small business loans and mortgage loans online. Provides a quick and streamlined application process. |  |
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.
- Loan range: LoanMe offers personal loans ranging from $2,600-$100,000. This wide range gives consumers several options to choose a loan amount that meets their needs, even if they do not own a home.
- Direct deposit: With application approval, consumers can receive their loan funds via direct deposit into a checking account.
- Automatic payment withdrawals: LoanMe automates the loan repayment process, withdrawing loan payments from the borrower's bank account based on an agreed-upon repayment schedule.
- Three ways to apply for a loan: Applicants can call the company toll-free to begin the loan application process with a live agent, complete the process online or use the company's website to request a callback from a live agent.
- Best for: LoanMe's services are best for anyone looking for an unsecured personal consumer loan, individual's ineligible for typical bank or credit union loans and those facing financial hardship.
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.
- How it works: FreedomPlus focuses on making their loan process simple and fast. You start out by filling out their online application and submitting it. Once you’ve submitted your application, you’ll speak with a loan consultant. Consultants looking beyond your credit report to make sure you qualify for the loan you need.
- Quick loan decisions: The time it takes to apply, speak with a consultant and have a decision is around two to three hours. Once a decision has been made, all documents are signed and uploaded the same day and your funds are available in as little as 3 days.
- Personal loan uses: FreedomPlus offer loans from $10,000 to $40,000 to be used for a variety of reasons. Major purchases like weddings, moving expenses, car maintenance and home improvement are some of the most popular reasons people use a FreedomPlus loan. Loans can also help you pay medical bills, consolidate debt and more.
- How much does it cost?: FreedomPlus loans come with rates ranging from 5.99 - 26.99 percent. APR ranges from 5.99 - 29.99 percent. You can get a loan term from two to five years with origination fees from zero to five percent.
- Online application: FreedomPlus’ online application is fast and easy. You’re asked questions about how much money you need, how good your credit score is, where you live and what you plan on using your loan for.
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.
- Easy application: The online NetCredit loan application process promises a quick response. If eligible for a loan, the borrower receives an offer which she can accept immediately, or she can request a modified loan.
- Payment options: Borrowers select their own personalized repayment schedule. Additionally, NetCredit offers the customer an automatic payment option, so the borrower won’t forget to pay their loan payment.
- No prepayment penalties and flexible repayment options: NetCredit helps build credit through regular reporting to 2 credit bureaus. The borrower can modify their payment amounts and won’t incur penalties for paying the loan off early.
- No hidden fees: Borrowers of NetCredit promise no fees; borrowers only pay the company the interest and principal payment amounts for their loan. Their CLearCost for MeTM assures no additional or hidden fees.
- Customer service options: NetCredit offers borrowers great customer service options, both by phone and by e-mail.
- Best for: People looking to refinance debt, facing financial hardship and those experiencing a major life event.
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.
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.
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
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