If you need money to settle credit card debt, consolidate bills or make a major purchase, a personal loan could be your answer. But it’s essential that you select the right one for you.
Our top picks offer low APRs, flexible terms and no fees. Additionally, they have a variety of loan amounts as well as repayment options to choose from.
Best Egg
Best Egg is an online lender that matches applicants with pre-qualified loan offers based on their credit history and financial data. Customers have praised Best Egg’s user-friendly application process, quick funding process and excellent customer service in numerous reviews.
Before you begin, gather your documents: a pay stub or W-2, proof of address and Social Security number. Doing this helps the company verify your information and confirm you aren’t a fraudster.
Once you submit the loan application, it can take one or two days for funds to arrive. On average, more than half of Best Egg customers receive their cash within one to three business days after making the loan payment.
Best Egg also provides a tool to determine your debt-to-income ratio. This can help you decide whether it makes financial sense to apply for a loan at all or how much you should borrow.
OneMain Financial
OneMain Financial is a hybrid lender that combines online and in-person financing. It provides loans to those with fair or poor credit, who otherwise might not have access to these types of programs.
Applicants can apply for a loan on OneMain’s website, where they’ll fill out personal information and request an amount. After submitting the application, a OneMain loan specialist will contact them to review their loan offer and verify all provided data.
Loan specialists may request collateral as security for the loan. Collateral can enable you to get a larger loan amount or reduce your interest rate.
Borrowers must provide proof of income, such as a W-2 or paystub, along with either their Social Security number or individual taxpayer identification number. This information helps the lender confirm your identity and residential address.
OneMain Financial charges origination fees on personal loans, which may range from a flat fee to a percentage depending on the state. Furthermore, it charges late payment and returned payment fees that differ by region.
Marcus by Goldman Sachs
Marcus by Goldman Sachs is a digital platform offering high-yield savings accounts, CDs and low-cost robo-advisor portfolios. Its products are easy to understand and its pricing is competitive.
Marcus by Goldman Sachs provides personal loans without origination fees or prepayment penalties. Furthermore, they give borrowers the option to defer one payment after 12 consecutive on-time payments, which could save them interest costs.
This feature is ideal for people who want to make extra payments and pay off their loans faster. However, it’s essential to remember that missed payments, late payments and loan defaults may still appear on your credit report.
To apply for a Marcus by Goldman Sachs personal loan, you’ll need to fill out some basic personal information on a digital platform. This will conduct a soft credit pull that won’t affect your score unless you actually apply for the loan.
Avant
For an efficient personal loan, Avant is your top option. They provide quick funding as well as a mobile app to manage your loan and set alerts.
Avant also reports payments to the major credit bureaus, helping build your credit score and avoid costly late fees. Unfortunately, Avant’s interest rates tend to be a little higher than those charged by other lenders.
Applicants fill out an online prequalification form that requests income and bank account details as well as why they require the loan. They then select their desired loan amount from available options.
Our proprietary technology system analyzes loan requests and generates loan offers tailored to what qualified applicants need. Qualified individuals then view their options, such as loan amount, APR and monthly payments; once they select one to accept, funds are deposited directly into their bank account within minutes – usually within minutes!