Getting a personal loan can be a great way to cover unexpected expenses or consolidate debt. But with so many banks and lenders offering personal loans, it can be hard to know which one is the best for you. USAA and Wells Fargo are two of the easiest banks to get a personal loan from, even if you have bad credit. Plus, many personal loans can be funded in just a few business days.
The best personal loans offer low interest rates, flexible repayment amounts and terms, and limited fees. SoFi, LightStream, Marcus, and Upstart are all great options for those looking for a personal loan. USAA does not disclose a minimum credit rating requirement, but its website states that they consider people with scores below the reasonable credit range (below 640). Therefore, even people with bad credit can qualify.
These loans are available at traditional banks, credit unions and online lending platforms that make it easy to apply online without having to go to a bank branch. SoFi offers potential borrowers the ability to pre-qualify for a loan with a gentle credit attraction, making it easy to see their loan options without hurting their credit. Plus, SoFi does not charge opening fees, late payment fees or early payment penalties. However, if you're considering applying for a SoFi debt consolidation loan, keep in mind that the lender doesn't offer direct payments to the borrower's other creditors. This means that the loan funds will be deposited in your bank account and you will have to pay your other lenders individually. LightStream has a wide range of loan options, a low minimum APR and loan terms that can range from two to eight years.
LightStream doesn't allow co-signers, but potential borrowers can file a joint application. LightStream doesn't offer potential borrowers the ability to pre-qualify for a loan. This fact, combined with the minimum credit score requirement, makes the platform more suitable for those with a strong credit profile. Marcus offers an APR of between 6.99% and 19.99% with a 0.25% discount for those enrolled in automatic payment. And, like other major lenders, Marcus doesn't charge any fees, not even for enrollment, late payment and prepayment.
In addition, borrowers can benefit from the platform's timely payment reward and flexible repayment dates. Upstart allows borrowers to use personal loan funds to cover educational expenses (except in California, Connecticut, Illinois, Washington and the District of Columbia). This type of loan gives people with low credit scores or a limited credit history more chances of approval. Best Egg personal loans are provided by Cross River Bank or Blue Ridge Bank. Common charges associated with personal loans include origination fees, late payment fees, and check return charges. In general, we recommend that you check out Wells Fargo for a bank loan. The company has a long history in the industry and offers a variety of loans with different terms.
It also provides additional banking services and branch support. When looking for the best bank to get a personal loan from, it's important to consider your individual needs and financial situation. Be sure to compare interest rates, repayment terms and fees before making your decision. With so many options available, you're sure to find the perfect bank for your needs.