Are you worried about how to get personal loan companies that will help you solve some financial challenges? Worry no more, this article will reveal the necessary information you need to know. It doesn’t only contain the list of the best personal loan companies but also tell you a brief about it.
It is now easy for you to decide the best one for your particular personal needs. First, let us talk about what personal loans entail.
A personal loan is money borrowed from lenders just to take care of personal financial needs. They are usually unsecured which shows that they can be given without any guarantor, assets or any kind of collateral.
Such loan can be used to deal with personal financial emergencies which might include health, repairs in the home, car repairs, small business transactions, education and many more.
You need to consider loan companies’ interest rates
There are interest rates on these loans and the exact interest rate and amount that you will repay do vary which solely depends on the lender. It is even possible to get a personal loan from a lender without having any collateral. However, most lenders only give out loans to those with high credit scores.
This shows that your ability to get a personal loan is dependent, to a very great degree, on your credit rating. Some typical examples of personal loans are credit cards, home equity lines of credit, car loans, mortgage loans and instant payday loans.
There are several lenders for personal loans; some are individuals and some others are personal loan companies. If you can go for loan places that are near which are most appropriate for your financial issue then you have solved half battle. The next thing is to choose the company that is most appropriate for your interest.
We have different criteria that you can follow in order to choose the best personal loan company, they include:
· The loan company must have a good reputation when dealing with lender/borrower relationships.
· The loan company should be willing to offer a low or reasonable annual percentage rate (APR).
· The company should be open for renegotiation of the loan.
· The company shouldn’t draw out too complex conditions to follow. For example, there shouldn’t be too much paperwork.
· The company’s loan origination fee and other charges should be low and clear.
All in all, your personal needs should determine the best personal loan company you want to apply to.
9 Best Personal Loan Companies You Should Check Out
Here are 10 out of the best personal loan companies out there and why you should go for each:
- PersonalLoans.com: This website offers great opportunity to users in order to get personal loans from lenders. You can directly make a loan request and the company will connect you with a network of lenders that can grant you a personal loan. You can receive a loan that ranges from $1,000 to $35,000. The loan can be used to carry out some financial activities such as weddings, medical bills, home improvements, family vacations, debt consolidation and many more.
Why choose PersonalLoans.com
· You can receive personal loan from $1,000 up to $35,000.
· You can access loans from a network of lenders.
· You don’t need to pay any pricey hidden charges, membership fees, or set-up fees.
- Prosper: This is another reputable loan company which is based in US and backed by leading investors such as Sequoia Capital, Francisco Partners, Institutional Venture Partners, and Credit Suisse NEXT Fund. The company also serves as a peer-to-peer lending marketplace. You can simply borrow money from this company or invest to receive financial and social rewards.
Why choose Proper
· You can receive a loan from $2,000 up to $40,000.
· Your credit score won’t be affected when you check your rate.
· You can easily save money with no prepayment.
· It is possible to get a loan with a low, fixed rate that won’t hike up.
· You can receive your loan within 5days of accepting the loan offer.
- Pentagon Federal Credit Union or PenFed: This is a credit union that is member-owned and operated and members are offered credit at competitive rates. This credit union is located in US with headquarter in Virginia. If you are a member, it is easy for you to get loan from the credit union.
Why choose Pentagon Federal Credit Union
· You can easily get immediate access to funds your financial needs.
· There are no hidden costs or fees and you won’t pay any original or closing cost.
· You can access loan with APR as low as 6.45%.
- Upgrade: This is another reputable and popular online lending platform with headquarter in San Francisco. Its other major offices are in Phoenix, Montreal and Chicago. It is possible for you to get access to personal loans at a lower cost than you will get it from other companies.
Why choose Upgrade
· It is possible for you to access loans up to $50,000.
· You can have access to low fixed rates with APR as low as 6.99%.
· You will enjoy affordable monthly payments.
· You won’t have to pay prepayment fees.
· You can access a loan of up to 36months.
- LightStream: This is a subsidiary of SunTrust Bank and it is an online consumer lending division that offers variety of loans. You can use the loan for debt consolidation, auto repairs, recreation, education and many more.