A personal loan is a great financial tool, but it’s important to compare lenders before you choose one. You should consider a lender’s credit score requirements, APR range, fees and the application process. We also look at a lender’s transparency in its terms and conditions. This includes whether it pays old creditors directly for debt consolidation loans or if it has restrictions on how you use your loan funds.Source : Find out more
The best personal loan services offer a wide range of loan amounts and repayment terms, with APRs that can be as low as 5.5%. They also have lenient minimum and maximum credit scores for borrowers with fair or poor credit. They should also offer a simple and easy application process. Finally, a good personal loan service should provide excellent customer support.
Unlocking Your Financial Potential: The Ultimate Guide to Choosing the Best Personal Loan Service
To identify the best personal loan companies, WalletHub’s editors compared nearly two dozen of the largest providers on the market. We evaluated them using a combination of metrics in 6 major categories: credit score requirements, APR range, fees, loan amount and the application process. We gave more weight to categories that are most impactful to the borrowing experience, such as rates and fees.
We chose SoFi as the top overall pick for a personal loan because it offers an array of consumer-friendly features, including no origination fees or prepayment penalties. Its borrowers can take out loans of up to $100,000, with repayment terms ranging from two to seven years. It also has a low credit score requirement, while charging late fees of $15 or 5% of the payment, whichever is higher.