In the modern world, personal loans have become an essential financial tool for many individuals. They provide a flexible and convenient way to cover unexpected expenses, consolidate debt, or finance significant purchases. However, the process of securing a personal loan can often be daunting, especially for those with less-than-perfect credit. This article aims to simplify that process by reviewing the top 10 easiest personal loans to get approved for, based on an article from Dallas News. We will delve into the loan amounts, fees, and key features of each option, providing you with a comprehensive guide to making an informed decision.
1. SoFi
SoFi, short for Social Finance, Inc., is a top choice for borrowers with good to excellent credit. It offers a range of perks, including no fees, low interest rates, and large loan amounts. SoFi is known for its customer-centric approach, offering a range of services that extend beyond lending, such as financial planning and career counseling. This makes it an excellent choice for borrowers looking for a holistic financial partner.
Loan Amounts: SoFi offers unsecured loan amounts from $5,000 to $100,000, providing a wide range of options for financing.
Fees: One of the most attractive bonuses of using SoFi is the lack of fees. The company doesn’t charge late fees or origination fees.
Key Features: SoFi stands out for its perks, such as no fees, free financial advising, flexible repayment terms, and an unemployment protection program.
2. ClearViewLoans
ClearViewLoans is a marketplace that connects borrowers with loan offers from a large network of lenders. It’s a great option for people that need a small personal loan up to $5,000. ClearViewLoans is known for its quick and easy application process, making it a great choice for those who need funds quickly.
Loan Amounts: ClearViewLoans shows borrowers loan offers from $100 to $5,000.
Fees: ClearViewLoans doesn’t charge a fee for filling out the online form to search for personal loan offers. However, each lender has its own fees and terms.
Key Features: ClearViewLoans offers a wide network of lenders, fast loan approval, and a straightforward online application.
3. Upgrade
Upgrade is a reliable choice for borrowers with fair credit. It provides straightforward credit and banking services online and through its mobile app. Upgrade is known for its transparent lending practices and customer-friendly policies, making it a reliable choice for those seeking a fair and straightforward loan.
Loan Amounts: The loan amounts from Upgrade lenders begin at $1,000 and max out at $50,000.
Fees: Upgrade has an origination fee that ranges between 1.85% and 8.99% depending on the loan.
Key Features: Upgrade offers a minimum credit score of 560, APRs from 7.46% to 35.97%, and a mobile app.
4. BadCreditLoans
BadCreditLoans is a marketplace-style lending service that helps individuals with poor credit find lenders that work with low credit scores. It’s a great option for those who have had financial difficulties in the past but are now looking to borrow responsibly and rebuild their credit.
Loan Amounts: With BadCreditLoans, you can access online personal loans from $500 to $10,000.
Fees: The service is free, but each lender has its own fees and terms.
Key Features: BadCreditLoans offers short loan terms, poor-credit loans, and a simple online loan application.
5. LendingPoint
LendingPoint is an online lender with competitive rates and exceptionally fast funding for unsecured personal loans. It’s a great choice for borrowers who value speed and convenience, as LendingPoint is known for its quick decision times and easy-to-use online platform.
Loan Amounts: LendingPoint offers loans ranging from $2,000 to $36,500.
Fees: LendingPoint might charge you an origination fee of up to 7% of your loan proceeds.
Key Features: LendingPoint offers pre-qualification with a soft credit check, quick funding, and a mobile app.
6. Upstart
Upstart is a lending platform that uses artificial intelligence to automate the lending process. It’s a great option for those with limited credit history, as Upstart considers factors beyond credit scores, such as education and job history, when determining eligibility.
Loan Amounts: Upstart offers loans ranging from $1,000 to $50,000.
Fees: Upstart charges an origination fee that ranges from 0% to 8% of the loan amount.
Key Features: Upstart offers a fast online application process, quick funding, and flexible loan terms.
7. LightStream
LightStream, a division of SunTrust Bank, offers competitive interest rates for borrowers with good to excellent credit. It’s a great choice for those looking for low rates, as LightStream offers a Rate Beat program that promises to beat any rate a competitor offers by 0.10 percentage points.
Loan Amounts: LightStream offers loans ranging from $5,000 to $100,000.
Fees: LightStream does not charge any fees.
Key Features: LightStream offers low interest rates, a Rate Beat program, and a Loan Experience Guarantee.
8. Prosper
Prosper is a peer-to-peer lending platform that connects borrowers with investors willing to fund their loans. It’s a great choice for those who prefer a more community-based approach to lending, as Prosper allows individual investors to fund your loan.
Loan Amounts: Prosper offers loans ranging from $2,000 to $40,000.
Fees: Prosper charges an origination fee that ranges from 2.41% to 5%.
Key Features: Prosper offers fixed interest rates, no prepayment penalties, and a simple online application process.
9. OneMain Financial
OneMain Financial offers both unsecured and secured loans, making it a versatile option for borrowers. It’s a great choice for those who have assets they’re willing to use as collateral, as secured loans often come with lower interest rates and easier approval.
Loan Amounts: OneMain Financial offers loans ranging from $1,500 to $20,000.
Fees: OneMain Financial charges an origination fee that varies by state.
Key Features: OneMain Financial offers secured and unsecured loans, fixed rates, and the option to apply with a co-applicant.
10. LendingClub
LendingClub is a peer-to-peer lending platform that specializes in debt consolidation loans. It’s a great choice for those looking to consolidate high-interest debt into a single, lower-interest loan.
Loan Amounts: LendingClub offers loans ranging from $1,000 to $40,000.
Fees: LendingClub charges an origination fee that ranges from 3% to 6% of the loan amount.
Key Features: LendingClub offers fixed rates, no prepayment penalties, and the option to apply with a co-applicant.
Conclusion
Securing a personal loan doesn’t have to be a daunting task. With the right information and a clear understanding of your financial needs, you can find a loan that suits your situation. Whether you have excellent credit or are working to improve your score, there’s a lender out there for you. Remember to consider the loan amounts, fees, and key features of each option before making a decision. With careful consideration and responsible borrowing, a personal loan can be a valuable tool in managing your financial health.
