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Personal Loan Lenders Reviews 2019

Upgrade

4


The Upgrade platform is a great place for borrowers with good credit and cash flow. Upgrade looks to enhance the borrowers lending experience by providing credit tools and education along with competitive loans. Take advantage of the soft pull inquiry and see what type of terms you could get through an Upgrade loan.

Pros

  • Soft Pull Inquiry
  • Free Credit Monitoring
  • Competitive Interest Rates
  • Quick Turnaround Times and Simple Application Process
  • More than One Loan
  • No Prepayment Penalty

Cons

  • Higher low end rates for those with excellent credit
  • Origination Fee
  • Requires Free Cash Flow
  • More Documentation if Self-employed
  • Not Available in All States
  • Restrictions for Investments

SoFi Personal Loan

4.5


SoFi offers a great deal of benefits for those who qualify for a personal loan. They also have some of the highest credit and cash flow standards. SoFi is best for those who have a long, solid credit history. SoFi offers professionals many benefits and tools that can help them become more financially independent.

Pros

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Referral Program
  • Unemployment Protection
  • More than One Loan
  • No Fees
  • Flexible Payments

Cons

  • Slower Turnaround Times
  • Limited Uses
  • Only Available to the Strongest Borrowers
  • Higher Minimum Amount
  • Not Available in All States

Prosper

4


Prosper marketplace is a great place to start in your personal loan search. They offer personal loans for a wide variety of purposes and to a large market of borrowers. However, they do have a high origination fee while other providers do not have one and the process will take longer than with other platforms.

Pros

  • Competitive Interest Rates
  • Peer-to-Peer
  • Business Use
  • Service Wide Range of Borrowers
  • Soft Pull Inquiry
  • More than One Loan
  • No Prepayment Penalty

Cons

  • No Joint Borrowers
  • Potentially Long Turn Around times
  • Potential to Go Unfunded
  • Origination Fee
  • Not Available in All States

OneMain Financial

3.8


OneMain Financial is best for borrowers with no or poor credit. OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.

Pros

  • Application Options
  • No or Poor Credit
  • Better Rates than Payday Lenders
  • Quick Turnaround Times
  • Rewards Program
  • Joint Applicants
  • No Prepayment Penalty
  • Many Payment Options

Cons

  • Higher interest rates
  • No Soft Pull
  • Sign at Branch
  • Restrictions on Use
  • Fees
  • Not Available in All States

Upstart

4.3


Upstart has a unique process for assessing risk of their borrowers and approving loans. They use AI to assess their applications. Upstart is a newer company, but is growing fast. Upstart is best for borrowers who have just started their careers and do not have a long credit history or strong income.

Pros

  • Good for Borrowers with Limited Credit Histories
  • Soft Pull Inquiry
  • Modest Income
  • Quick Turnaround Times
  • Flexible Repayments
  • No Prepayment Penalty
  • No Processing Fee

Cons

  • Higher low end rates for those with excellent credi
  • Origination Fee
  • No Joint Applicants
  • High Interest Rates
  • Not Available in All States
  • New Company

Lending Club Personal Loan

4


LendingClub has a high standard for their personal loans. Those they approve are borrowers who have well-established and good credit history with very strong cash flows. LendingClub is best for those with good credit and those who do not mind waiting a few days to receive the funds.

Pros

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Diversity
  • Peer-to-Peer
  • More than One Loan
  • Business Use
  • No Prepayment Penalty

Cons

  • Potentially Long Turn-Around Times
  • Origination Fee
  • Not Available in All States
  • Potential to Go Unfunded
  • Processing Fee

Marcus

4.5


Marcus is for borrowers with high-interest debt, solid credit, and strong cash flow who are interested in consolidation. Marcus has competitive rates but the biggest advantage of using Marcus is that they have no fees. Even if you get a lower rate with another provider, most lenders have an origination fee of up to 5%.

Pros

  • Simple Application Process and Average Turnaround Times
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • No Fees
  • Multiple Payment Options
  • More than One Loan
  • One Time Payment Deferment
  • Customer Support

Cons

  • High FICO
  • No Joint Applicants
  • Pre-Approval Does Not Mean Approval
  • Limits on Loan Amount for Loan Use
  • Poor or Limited Credit
  • Not Available in All States

Lightstream

4.3

Lightstream is best for those with good to excellent credit. Lightstream should be considered in any personal loan search. They offer longer terms, more loan uses, and higher amounts than other personal loan providers. They do not have a “check your rate” or soft credit pull, but they have so many options it is definitely worth a look 

Pros

  • Many Loan Uses
  • High Maximum Loan Amount
  • Competitive Interest Rates
  • Direct Lender
  • Available in All States
  • Quick Turnaround Times
  • Joint Applicants
  • $100 Customer Satisfaction Guarantee

Cons

  • Not For Bad Credit Borrowers
  • No Soft Pull
  • Stipulations
  • Restrictions for Business Use

Lending Point

3.5


LendingPoint is a great option for borrowers with poor credit that need money fast. They service an underserved market that many of the big banks do not. LendingPoint is great for borrowers who have high amounts of debt and want to consolidate and simplify life.

Pros

  • Quick turnaround time
  • Soft Pull Inquiry
  • Good for borrowers with poor credit
  • Flexible repayments
  • No Prepayment Penalty

Cons

  • Origination Fee
  • Smaller max amount
  • Large late payment fee
  • Higher Rates
  • Not Available in All States

FreedomPlus

4


FreedomPlus is good for those with okay to excellent credit and good financial positions. FreedomPlus is great for borrowers looking to consolidate debt. FreedomPlus has quick turnaround times and a human touch that can help you find the right loan for you.

Pros

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Quick Turnaround Times
  • Customer Service
  • Discounts

Cons

  • Origination Fee
  • More Interaction
  • Fees
  • Higher Minimum Amount
  • Not Available in All States

Earnest

4.1


Earnest is geared toward young professionals who may have many new and large expenses as they start out in life. They cater to borrowers who have good credit, consistent income, good saving patterns, and low debt. They have a more extensive application process and take much longer than other lenders to approve your loan.

Pros

  • No Fees
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Flexible Payment Options
  • Many Loan Uses

Cons

  • Longer Application Process
  • Large Amounts on Short Terms
  • Restrictions for Business Use
  • More Requirements
  • Not Available in All States

Discover Personal Loans

4.2


Discover loans are backed by a bank with billions of dollars in assets and is a major provider of credit products. They have competitive rates and terms with no origination fees. Discover may focus on debt consolidation but their personal loans have many different uses. It a mass market product that can be of use to almost anyone. 

Pros

  • No Origination Fee
  • Soft Pull Inquiry
  • Direct Payment to Creditors
  • Competitive Interest Rates
  • 30 Day Money Back
  • Available in All States
  • Longer Terms

Cons

  • Longer Application Process
  • Smaller Max Amount
  • No Joint Borrowers
  • Large Late Payment Fee

Best Egg

4


Best Egg is very competitive for borrowers with excellent credit and high income. If you don’t have those characteristics, or have average credit there is no real advantage to using Best Egg. You should take advantage of the soft pull to see what they can offer you.

Pros

  • Quick Turnaround Times and Simple Application Process
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • No Prepayment Penalty
  • More than One Loan
  • Have Many Loan Uses

Cons

  • No Joint Applicants
  • Large Amounts on Short Terms
  • Restrictions for Investments
  • Not Available in All States

Payoff

4.3


Payoff is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify for a loan. If you need the fund for anything else you will need to look to other providers. If you are looking to become debt free, Payoff could be a great tool and a good starting point

Pros

  • Free Credit Monitoring
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Boost Your Credit Score
  • Easy Application
  • Job-Loss Support
  • No Late Fees
  • Flexible Payments

Cons

  • Origination Fee
  • Not Available in All States
  • No Joint Applicants
  • Higher Minimum Amount
  • Does Not Make Direct Payments to Creditors

Avant

4.1


Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you. If you have used payday loans in the past, this may be an alternative for you. Take advantage of the soft pull inquiry and see what type of terms you could get through an Avant loan.

Pros

  • Quick turnaround times
  • Prime Credit Only
  • Late Fee Forgiveness
  • Easy to Use
  • Talk to Someone 7 Days a Week
  • Job-Loss Support
  • No Prepayment Penalty
  • Soft Pull Inquiry

Cons

  • Higher Interest Rates
  • Not Available in All States
  • One Loan at a Time
  • Administration Fee -
  • Unable to Use For Business

Rocket Loans

4.1


RocketLoans is best for borrowers with strong credit histories and cash flows that need cash quickly. RocketLoans has one of the easiest online applications and is one of the fastest personal loan providers. If you need access to money quickly, RocketLoans may be the way to go.

Pros

  • Soft Pull Inquiry
  • Autopay Discount
  • Competitive Interest Rates
  • Business Loan
  • Turnaround Time

Cons

  • No Joint Borrowers
  • Limited Terms
  • Origination Fee
  • Restrictions on Use
  • Strong Borrowers

Citizen

4.3


Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans. Even if you are not a customer of Citizens Bank they offer competitive rates with no fees.

Pros

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Autopay Discount
  • Quick Turnaround Times
  • Available in All States
  • No Fees
  • Phone Support

Cons

  • For Strong Borrowers
  • Higher Minimum Amount
  • One Loan Only
  • Minimum Income
  • Technology Issues

Citi Personal Loan

3.5


Citibank personal loans are best for current customers of the bank. Current customers get better terms, options, and rewards. Citibank customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.

Pros

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Autopay Discount
  • ThankYou points ®
  • More than One Loan
  • No Fees
  • Available in All States

Cons

  • Slower Turnaround Times
  • Limited Amount for Non-Customers
  • Only Available to the Strongest Borrowers
  • No Soft Pull
  • Consumer Affairs
  • Issue Check

Wells Fargo

4


Wells Fargo personal loans are best for borrowers with a strong credit history and high income. Their personal loan is geared toward helping their current customers get out of debt. Wells Fargo offers one of the highest amounts for a personal loan, $100,000, plus discount for current customers.

Pros

  • Application Options
  • Available in All States
  • Discount for Current Customers
  • Competitive Interest Rates
  • No Application, Origination, or Prepayment Fee
  • More than One Loan
  • High Maximum Loan Amount
  • Option to Change Payment Date
  • Multiple Payment Options
  • Joint Applicants

Cons

  • Late Fees
  • No Soft Pull
  • Poor or Limited Credit
  • Online Application Only for Current Customers
  • Large Amounts on Short Terms