A personal loan is the type of loan that helps you meet your needs in times of emergency or when your existing financial resources are insufficient to cover your expenses. A personal loan marketplace is a competitive place. The biggest and best lenders vie for your business, and they’re willing to offer you lower rates and additional perks like rewards programs and lengthy promo periods. That still doesn’t mean it’s easy to find the best lender for you—there’s no one-size-fits-all lender for everyone. If you want the best online personal loan lender, then here is a list of top companies that can help you get one.
SoFi, aka Social Finance, provides an amount of up to $100,000 for personal loans. The lender operates across the United States and is known for offering loans free of any fees. In addition to personal loans, SoFi provides home loans, student loans, student loan refinancing, and small business financing. No origination, prepayment, or late fees are charged by the lender. It also accepts co-borrowers. Special benefits can be availed if borrowers become co-members.
PenFed Credit Union
Employees of the Department of Defense and Department of Homeland Security, members of all branches of the U.S. military, and qualified veterans and retirees, and their families can avail themselves of the services of PenFed Credit Union. However, the military association is not necessary for membership. The credit union provides personal loans for members and co-borrowers who meet the desired criteria in all 50 states.
Marcus by Goldman Sachs
Marcus is the lending wing and consumer bank of investment bank Goldman Sachs. Founded in 2016, the lender provides personal loans of up to $40,000. A minimum FICO credit score of 670 is mandatory, and the repayment terms are up to 72 months.
LightStream is the national online consumer lending arm of SunTrust Bank. Recently, it became Truist after its merger with BB&T. LightStream’s personal loans that can be availed online can be as huge as $100,000 and utilized for almost any reason. Borrowers from all 50 states with good to excellent credit are eligible for this.
Payoff provides personal loans intended to consolidate credit cards and other high-interest debt. It functions in all but states, with the exception of three, and offers loans of up to $40,000.
Since Payoff with lending partners that are behind the loans, they are not a bank. The company recognizes itself as a financial wellness firm and operates out of California.