What is the best way or place to get a personal loan from in the USA?

01 Oct 2020

The beauty of a personal loan lies in the fact that you can use it in the way you want unless a lender places any constraints on its usage. Being an unsecured loan, you don’t need to provide collateral to get it. Here, we will see some of the best ways to get a personal loan in the USA.

Rate of interest on a personal loan ranges from 3% to 36%, depending on your credit score. Right. So, interest on a personal loan is much lower than that on a credit card; hence you can use it to consolidate your high-interest rate credit card debts. The personal loan amount ranges from $10,000 to $100,000 depending on your income and repayment capacity.

Some of the best ways to get a personal loan

Have you made the comparison?

A smart way to get a personal loan is you should shop around to find the best deal. Borrowers should undertake comparative research before applying for a personal loan to get the best rate and loan products. Welcome to Afinoz – one-stop solution for financial products. Many borrowers don’t compare interest rates and fees from multiple lenders and end up the deal with high-interest rate.

Is a credit report correct?

Borrowers should also check their credit score or report before applying for a personal loan. If you check your credit score, you can take actions to improve it. If there is an error in your credit report, you can get it corrected by informing the concerned authority. Improved credit score will help you qualify for the lowest interest rate loan. The higher your credit score, the more options you will have to choose a personal loan with a lower interest rate and better terms.

Use the online loan comparison tools on various websites to compare interest rates and other components from multiple lenders.

What is the best place to get a personal loan from?

Here is a list of companies that offer a personal loan for the lowest interest rate and better terms in the United States. They have a different set of criteria to provide a personal loan – some offer for candidates with high credit score, while others provide for borrowers with all range of credit score.

Best personal loan for a candidate with excellent credit

SoFi personal loan

APR range

5.99% to 16.99% (with AutoPay)

Loan tenure

24 to 84 months

Loan amount

Max: $100,000

Wells Fargo personal loan

APR range

7.24% to 20.24% (with AutoPay)

Loan tenure

12 to 60 months

Loan amount

Max: $100,000

Prosper personal loan

APR range

6.95% to 35.99% (with AutoPay)

Loan tenure

36 to 60 months

Loan amount

Max: $40,000

                                                              Best personal loan for overall applicants

LightStream personal loan                                

APR range

3.99% to 16.99% (with AutoPay)

Loan tenure

24 to 144 months, depending on loan purpose

Loan amount

Max: $100,00

  LendingClub personal loan

APR range

6.95% to 35.89%

Loan tenure

30 to 60 months

Loan amount

Max: $40,000

Marcus by Goldman Sachs personal loan

APR range

5.99% to 28.99%

Loan tenure

36 to 72 months

Loan amount

Max: $40,000

 

Best personal loan for average credit

Avant personal loan

APR range

9.95% to 35.99%

Loan tenure

24 to 60 months

Loan amount

Max: $35,000

Upgrade personal loan

APR range

7.99% to 35.89%

Loan tenure

36 to 60 months

Loan amount

Max: $50,000

Upstart personal loan

APR range

8.16% to 27.99% (with AutoPay)

Loan tenure

36 to 60 months

Loan amount

Max: $50,000

Whether you want to consolidate your credit cards, fix your roof, or pay off significant expenses, finding the best personal loan can go a long way in helping you achieve your financial goals.

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