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With so much variety in the credit market, it is sometimes a challenge to find the best lending companies for personal loans. Some might specialize in secured loans, P2P lending or cater only to those with either excellent or bad credit score. There is something for everyone though and it’s important to take your time in order to find the best option for you and your family.
Peer-to-peer lending is a helpful concept, taking the idea of borrowing from friends and families further. Through P2P, investors (lenders) are directly connected to borrowers based on specific criteria they set out. In this best lending companies for personal loans report, LendingClub is the best option in P2P lending for borrowers, as multiple lenders can compete directly to loan you the money. This often leads to a decrease in APR and/or extension in the loan term.
The marketplace style LendingClub generates competition, which makes investors sometimes take risks. This is to your advantage, as you have higher chances of getting your loan approved.
Talking about the dreaded credit score, LendingClub cannot be considered a “club” in this regard, as it accepts loans with a 600 or even lower score. This makes it the obvious choice for many, the only condition to apply with a score lower than 600 is to have a co-signer for your loan.
We tried to keep the best for last. Low credit score, negotiable terms, and extendable loan amounts are not the only perks you get from partnering with the LendingClub. Any loan got through their platform is a fixed-rate loan. Having an set, unchanging amount you have to pay monthly gives you stability. The predictive nature of your monthly payments helps you better manage your finances.
And to top things up, LendingClub offers a hardship plan, which enables you to pause payments for up to three months when you hit a hard period. With this added benefit, LendingClub definitely deserves its no. 1 spot on our best lending companies for personal loans report and as the main option for thousands of borrowers and lenders.
Top Advantage: A fixed monthly payment — your rate doesn’t change!
Monevo is one of the top loan providers on the market, providing multiple advantages that can appeal to any borrower. However, they seem to be the best choice for short term loans, with amounts up to $100,000 and APRs even as low as 3.349%. Working as a marketplace, Monevo shares your one application with 50 million potential lenders available in their database.
The options open up exponentially, compared to you filling multiple application forms. One big advantage is that sometimes you get an answer within minutes and your loan might be approved AND funded in less than 48 hours.
Remember though, Monevo is a loan aggregator, which means they cannot guarantee your loan terms. These will depend on your provider and you will need to pay attention to what you sign. In terms of loan periods, having a minimum of only 3 months, Monevo can help you cover cash flow issues in the winter, for example, or get a bridge loan to cover closing costs for a house.
Top Advantage: Repayment plans of up to 8 years.
SoFi has been the top online lender for unsecured long-term loans in many best lending companies for personal loans lists. At the same time, their APRs are one of the most competitive ones, no matter what other lenders you try to compare them to. And this is even considering the loan repayment period, which can stretch up to 7 years (84 months). SoFi offers a wide variety of low-interest rate, including:
With APR rates between 6.245%and 16.59%, the minimum credit score required by SoFi, of at least 680 seems extremely worthy to fight for, ensuring you will get one of the best low-interest loans available on the market.
What Sofi really stands out for, compared to similar systems, is their flexible payment system. After your repayment plan has begun, you get the possibility to change your payment date to better fit your income, in order not to miss your monthly payment date. Also, if have a habit of paying your rate on time, and for reasons beyond your control, you miss one payment, SoFi can waive the late payment fee for up to 15 days.
The late payment fee often varies between $5, or 4%, whichever is lower. Also, their unemployment protection system seems incomparable to that of their peers. If you become unemployed you can ask for forbearance for three months at a time. You can do this for a maximum 12 months.
Keep in mind though, during this period the interest will continue to accrue. It is something worthy though, considering that SoFi charges no fees to process a personal check, no loan arrangement or origination fees. All these make it one of our favorite choices when creating out best lending companies for personal loans report.
Top Advantage: Unemployment protection.
Similar to LendingClub and Monevo, LendingTree is an online marketplace. While most online marketplaces who offer secured loans, this one goes not only with mortgages, home equity, and auto loans, but also boat loans, power sport loans, and RV loans.
Being an aggregator, LendingTree takes responsibility and properly informs borrowers that their loan terms and APR rates depend on the lender. Being a good choice for people accessing personal loans for bad credit, their interest rates start at:
Looking at the entire market, LendingTree seems to be the perfect options for personal loans for bad credit, as it requires no minimum credit score, meaning a 580 can still get you the car your family needs to reduce that commute time spent on busses and maybe complement your income with a side work from home gig.
Since LendingTree caters to all types of loans, the loan periods and amounts are often higher than you would expect. While an average auto loan can reach $25,000 and stretch over a period of 5 years, you can also take a mortgage of up to $150,000 for up to 30 years.
However, with swift application processing times and amazing customer support, they seem like a great choice.
Top Advantage: No minimum credit score, no application fees!
Similar to Monevo, AmOne connects lenders and borrowers through a simple application. Their system works so smooth that they can take pride in finding the best personal loans for bad credit or low-interest loans for their borrowers, even when they have a lower credit score.
Filling out the application takes only a few minutes. The next step is to receive quite the number of pre-approved loan offers from different lenders.
The comparison tools provided by AmOne also helps you decide which of the best lending companies for personal loans they show can better fit your current situation. The amount you can borrow differ from $1,000 to $40,000 and can be paid back anytime from 24 months to 84 months.
Top Advantage: No minimum credit score, no fees!
As the others above, Fiona is also one of the best lending companies for personal loans which functions as an online marketplace.
You fill a single application which is then screened through their system, creating the close-to-perfect matches any lender and borrower desire.
One big advantage is that those looking for personal loans for bad credit can apply to Fiona’s guidelines, as they cater to those with a credit score even lower than 580. You need to remember though, the highest loan amounts and low-interest loans will be available to those with a good or excellent credit score.
With APRs as low as 4.99% and maximum loan amounts going as high as $100,000, getting a second mortgage has never seemed easier.
Top Advantage: Applications approved within seconds
Sometimes life gets in the way. And not having a perfect score can affect you even if you don’t deserve it. However, a lower score shouldn’t prevent you from accessing offers from the best lending companies for personal loans.
And here is where LoansUnder36 comes into the picture. The creators of this website have created a database with over 100 lenders and multiple types of personal loans which even those with low credit can access.
Some consider their higher APR rates as a disadvantage. However, having no application or processing fees and getting the funds deposited in your account in less than 2 business days is definitely an advantage.
Top Advantage: No minimum credit score or origination fee!
Choosing one of the best lending companies for personal loans is not an easy task. Luckily with all the available online tools, you can make a decision in almost no time. From our report, you can choose low-interest loans providers or get personal loans for bad credit without a hassle. This report, showcasing the best lending companies for personal loans is definitely your go-to source for every piece of information you need: credit score, loan amount/term, and APR. So read again and then make your pick. It will be worth it!
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