When it comes to loan companies in the United States of America, knowledge is power. Know about the top 10 personal loan companies in the USA, and the knowledge may just be the pointer that will take you to the best among them.
The finest personal loans include low interest rates, no or little fees, and a selection of payback terms. The money can be used for anything else you need money for, such as house upgrades or debt consolidation.
For a simple repayment process, personal loans are frequently provided with set interest rates that are lower than those of other financing options, including credit cards. The majority of your eligibility and rates are determined by your credit score.
When you need a loan, it’s important to know where to turn. There are many personal loan companies in the USA, but not all of them are created equal. We’ve put together a list of the top 10 personal loan companies in the USA, based on our analysis of interest rates, fees, and customer satisfaction.
Top 10 Personal Loan Companies In The USA
1. SoFi
The first loan company in our top 10 personal loan companies in the USA, SoFi is one of the most popular personal loan companies in the USA. SoFi stands for Social Finance and was founded in 2011 as a peer-to-peer lending company. SoFi personal loans are unique because it offers loans to a wide array of borrowers, including students, recent graduates, and those who have been turned down by other lenders. SoFi also offers unique benefits, such as unemployment protection and career counseling.
Except for the state of Mississippi, SoFi is an online lending marketplace that offers unsecured fixed-rate personal loans in every other state of the US. SoFi has extended over $50 billion in loans and is known for permitting large loan amounts and long loan periods.
SoFi offers loans ranging from $5,000 to $100,000, making it a good choice for folks with good credit who need a substantial sum of money. The amount of money you can borrow depends on where you reside. SoFi is an extraordinarily flexible alternative for people with good credit (minimum 680) and annual income (at least $45,000). Repayment durations range from two to seven years. SoFi also allows applicants to submit joint applications, albeit co-signers are not allowed.
Borrowers who have been approved are rewarded with reduced APRs. Furthermore, SoFi doesn’t charge origination, late, or prepayment costs, which is a unique advantage given that personal loan lenders frequently impose origination or late payment fees.
If you’re thinking about getting a debt consolidation loan from SoFi, keep in mind that the lender doesn’t pay other creditors directly. This implies that the loan proceeds will be transferred into your bank account, and you will be responsible for paying off your other creditors separately. Customers can also get unemployment insurance and adjust their payment due date once a year through the platform.
2. marcus
Our list of top 10 personal loan companies in the USA won’t be complete without . Ranking second on this list of personal loan companies, Marcus by Goldman Sachs is a division of investment bank Goldman Sachs that provides personal loans ranging from $3,500 to $40,000. While Marcus may not be the best option for people looking for a substantial loan, it does provide loans with periods ranging from three to six years.
Borrowers can get APRs ranging from 6.99 percent to 19.99 percent, with autopay enrollees getting a 0.25 percent reduction. Marcus, like some other leading lenders, doesn’t charge any fees for signing up, late payments, or prepayment. Borrowers can also take advantage of the platform’s on-time payment incentive and variable payment periods.
Marcus, like many other top lenders, allows applicants to prequalify with a soft credit draw, making it simple to explore your loan possibilities without jeopardizing your credit score. While Marcus consumers do not have access to a smartphone app for managing their loans, the lender compensates for the lack of convenience by providing extensive customer service.
Borrowers have access to comprehensive online resources and can contact customer service seven days a week from 9 a.m. to 7 p.m. Eastern time.
3. Avant
Avant is another loan company that ranks in our list of the top 10 personal loan companies in the USA. Avant is a consumer lending company founded in Chicago that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in every state except Hawaii, Louisiana, Nevada, and South Carolina, as well as Washington, D.C. The platform caters to middle-income borrowers with fair to good credit, and a minimum credit score of 580 is required to qualify.
Avant is one of the leading providers of personal loans in the USA. With over two million customers and a loan volume in excess of $4 billion, Avant is a well-respected player in the industry. One thing that sets Avant apart from other lenders is its focus on technology.
Avant has developed sophisticated algorithms that allow it to make decisions quickly and efficiently, which means you can get your loan approved in minutes. Avant is also known for its excellent customer service, so you can be sure you’re in good hands.
Although the maximum loan amounts are small in comparison to other lenders, the low minimum loan amount and flexible payback terms (two to five years) make it a viable option for borrowers. Also it’s important to note that in April 2019, Avant and the Federal Trade Commission (FTC) reached a $3.85 million settlement.
The case was filed in response to charges that Avant charged clients late penalties and interest they didn’t owe, and collected payments from customers without permission or in quantities greater than authorized, according to FTC papers.
4. Upstart
Upstart is a fairly new player in the personal loan market, but it’s quickly gaining a reputation for being one of the best lenders around. The company offers loans to people with all sorts of credit scores, and it has a quick and easy application process. Upstart also offers some of the lowest interest rates in the business, making it a great option for people who need a little help financing their next project or purchase.
Because of its artificial intelligence and machine learning-based approach to borrower qualification, Upstart has built a name for itself in the personal loan industry. In fact, Upstart claims that it has been able to approve 27% more borrowers than a typical lending methodology would allow.
Upstart is not a top lender for borrowers who can qualify for better rates because of its competitive APRs. Despite this, the platform’s minimum credit score of 600 makes it a viable alternative for people with fair credit.
Upstart also has a fairly broad range of loan alternatives, with amounts as little as $1,000, so you don’t have to borrow (or pay interest on) more money than you need. And, while Upstart’s loans have a cap of $50,000, which is lower than some lenders, many potential borrowers will find that this is sufficient.
Even though Upstart’s three- and five-year loan terms are more restrictive than those offered by other lenders, it’s likely to be an acceptable compromise for candidates who would otherwise be turned down by traditional lenders. Plus, with the exception of West Virginia and Iowa, it’s available in every state, making it as accessible as many other top lenders.
5. LendingClub
LendingClub is a digital marketplace that provides completely branchless banking as well as personal loans ranging from $1,000 to $40,000. The fintech firm connects consumers with a network of investors, sometimes known as peer-to-peer lenders. Borrowers can pick between 36 and 60 month loan lengths. It is a fantastic alternative for consumers with acceptable to good credit because the eligibility restrictions are less stringent than those imposed by some other lenders.
LendingClub is one of the top 10 personal loan companies in the USA, and for good reason. They offer low interest rates and a wide variety of loan options, making it easy to find a loan that’s perfect for your needs.
They also have a very user-friendly website, so you can easily apply for a loan or check your account information. Plus, their customer service is top-notch and always available to help you out with whatever you need. If you’re looking for a personal loan, LendingClub is definitely worth considering!
LendingClub is best suited to consumers with good credit who require a small loan amount. LendingClub loans, on the other hand, come with a cost—especially for customers with poor credit. Applicants who are willing to apply with a co-borrower may be able to qualify for a larger loan amount and better interest rates.
LendingClub provides unsecured personal loans ranging in amount from $1,000 to $40,000, with the average loan amounting to $15,800. LendingClub loan minimums do not vary by state, unlike some other lenders.
Borrowers on LendingClub can pick between loan durations of 36 or 60 months, or three or five years. A LendingClub personal loan has an average length of 36 months. Many competitors, on the other hand, provide a wide choice of loan periods, frequently up to seven years or more.
Personal loans from LendingClub include APRs ranging from 7.04 percent to 35.89 percent, although the average APR given to borrowers is 15.95 percent. The rate that an application is eligible for is determined by a number of factors, including credit history, loan amount, and debt-to-income (DTI) ratio.
Also, LendingClub charges a one-time origination fee that ranges from 3% to 6% of the loan amount. The origination fee is calculated based on the borrower’s credit score and deducted from the loan amount when it is funded. Borrowers are charged a 5% origination fee on average.
Personal loans from LendingClub are currently available in all 50 states. Residents in US territory will soon be able to use the service, according to the corporation.
6. Wells Fargo
Wells Fargo personal loans offer competitive interest rates as well as a large maximum loan amount. As of publication, APRs range from 5.74 percent to 19.99 percent, with the lowest rate requiring a “relationship discount” of 0.25 percent to 0.50 percent.
You must have an eligible Wells Fargo checking account and make automatic loan payments from an eligible Wells Fargo deposit account to qualify for the relationship discount. The loans range in size from $3,000 to $100,000, with periods ranging from 12 to 84 months.
Wells Fargo does not reveal its credit score requirements, although it claims that over 10% of applicants qualified for the lowest rate during a three-month period in 2021-2022. And there are usually no origination, closing, or prepayment fees, however late or returned payments may result in a fee.
If you’re already a banking customer with Wells Fargo, you can pre-qualify for loans; if you’re not, you’ll have to undertake a rigorous credit inquiry to check your loan alternatives. Likewise, only current Wells Fargo customers can apply for loans online or over the phone; non-customers must apply in person at a Wells Fargo branch.
Funds are normally accessible the same day or the next business day after you’ve been authorized for a loan. When it’s time to repay the money, you can change the due date to meet your budget, and payments can be made online, in person, or over the phone.
7. TD Fit Loan
You may have a difficult time qualifying for a loan if you have bad or restricted credit. Applying with a co-signer can help you get accepted or receive a better rate, and the TD Fit Loan from TD Bank allows you to do just that. Loan durations run from 36 to 60 months, and you can borrow anywhere from $2,000 to $50,000 at a rate of 6.99 percent to 19.99 percent.
And there is no rate reduction if you set up autopay.If you’re approved by 4:30 p.m. EST, funds for a TD Fit Loan can be delivered as soon as the next business day. Apart from interest charges, the only possible fee is a $10 late payment fee or 5% of the minimum payment due, whichever is less.
Residents of Washington, D.C., and the states of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia are the only states where TD Bank offers personal loans.
8. American Express
Another loan company that ranks on our top 10 personal loan companies in the USA. American Express is a big international organization that provides a wide range of financial services, including banking, credit cards, and merchant payment systems, in addition to loans. Exclusive personal loan offers ranging from $3,500 to $40,000 are available to eligible Amex cardholders.
Personal loans from American Express have an APR that ranges from 7.98 percent to 19.98 percent (as of publication). Amex offers 12-, 24-, and 36-month repayment periods. However, you may only apply if you have a personal offer; check Amex’s website to see whether you have a pre-qualified offer in the works.
Within three to five business days, the loan amounts should be in your bank account. Personal loans from American Express are accessible in all 50 states, and while they can be used to consolidate debt, they cannot be used to pay off Amex credit cards. Amex will deposit the monies into an appropriate bank account rather than sending them to creditors.
American Express doesn’t impose origination, administrative, or prepayment fees, but it does levy a $39 fee for late or returned payments. You will not be able to apply with a co-signer or joint applicant, nor will you be able to amend your payment due date.
9. USAA
USAA offers a variety of unique offerings to military troops and their families, including personal loans. Current and former military personnel, including pre-commissioned officers, and their qualified family members are eligible to join USAA (spouses and children).
A USAA personal loan might range from $2,500 to $100,000, depending on your creditworthiness. The APRs vary from 6.99 percent to 18.51 percent (as of publication), with a 0.25 percent autopay discount. You can repay the loan over a period of up to 84 months if necessary, with a minimum of 12 months, while the loan terms offered depend on the amount you want to borrow.
To qualify for a USAA loan, you’ll most likely need a credit score of at least 660. Longer loan periods necessitate meeting stricter credit and risk requirements. Excellent credit and setting up autopay are required for the lowest rate and longest durations. There are no origination or prepayment fees, however a late/returned payment cost of 5% of the minimum payment is charged by USAA.
To be eligible for a loan, you must have a USAA bank account, and loans can be disbursed to that account in as little as 24 hours. Personal loans from USAA can be used for a variety of things, including home renovations and large purchases, but they cannot be used to assist pay for higher education.
10. LightStream
Personal loans with flexible terms and low costs are available through LightStream, an online-only lender. Loan terms vary based on why you need the money, but as of publication, APRs start at 2.99 percent and go up to 19.99 percent. You’ll need great credit and must set up autopay for a 0.50 percent reduction to achieve the best rate. You can borrow anything from $5,000 to $100,000, with maturities ranging from 24 to 240 months.
APRs range from 4.49 percent to 16.99 percent. These are unsecured loans that do not require the use of your home as security. They can be utilized for a range of projects, including kitchen and bathroom remodeling, landscaping, and the installation of solar panels or pools.
LightStream’s Rate Beat program will offer a 0.10 percentage point lower rate if you browse around and get approved for a better rate. With LightStream, you won’t have to pay any origination, prepayment, or even late fees, but paying late could result in you defaulting on your loan arrangement. The only fees you’ll have to pay are interest.
Despite its enticing conditions, LightStream is not as accessible to borrowers with fair or bad credit as other lenders. Lightstream demands a minimum credit score of 680, which may be difficult for some to meet, particularly when co-signers and joint applications are not permitted. If you take a loan, make a note of the facts because you won’t be able to adjust your due date afterwards.
A personal loan can be applied for online or through a mobile app. If your application is approved and final verification is done by 2:30 p.m. EST, you could get the money the next business day. LightStream also plants a tree for every loan it funds, in addition to these benefits.
5 things To Pay To Just Before You Apply For Personal Loans
1. Your Credit Score:
When analyzing a loan application, a lender considers the applicant’s credit score as one of the most relevant elements. Payment history, the amount of outstanding debt, and the length of credit history all contribute to credit scores ranging from 300 to 850. Many lenders require a minimum credit score of roughly 600 to qualify, while some will lend to people who have no credit history at all.
2. Your Income:
Borrowers are required to meet certain income standards by lenders in order to ensure that they will be able to repay a new loan. Lenders have different minimum income criteria. Recent tax returns, monthly bank statements, pay stubs, and signed letters from employers are examples of acceptable proof of income; self-employed candidates can supply tax returns or bank deposits.
3. The Loan Origination Fee:
To cover the costs of processing applications, running credit checks, and closing, many lenders require borrowers to pay personal loan origination fees. Depending on factors such as the applicant’s credit score and loan amount, these fees typically range from 1% to 8% of the total loan amount. Origination costs are collected in cash at closing by some lenders, while others fund them as part of the loan amount or deduct them from the total loan amount disbursed at closing by others.
4. Debt-To-Income Ratio:
The debt-to-income ratio (DTI) is a number that shows the percentage of a borrower’s gross monthly income that goes toward debt service each month. Lenders use DTI to estimate a potential borrower’s ability to pay off new and existing debt. As a result, a DTI of less than 36% is preferable, while some lenders will approve a highly qualified applicant with a ratio of up to 50%.
5. Your Collateral:
If you’re looking for a secured personal loan, you’ll have to put up significant items as collateral. Collateral is often tied to the underlying purpose of the loan, in the case of loans for homes or vehicles. Other valuable assets, such as cash accounts, investment accounts, real estate, and collectibles such as coins or precious metals, can also be used as collateral for secured personal loans.
Conclusion on Personal Loan Companies in the USA
When it comes to borrowing money, there are a lot of options to choose from. But when you want the best personal loan companies, you need to look no further than the top 10 list here.
These companies have a proven track record of helping borrowers find the right loan for their needs, and they are all committed to providing excellent customer service. So if you’re in need of a personal loan, one of these companies is sure to be a perfect fit for you.
FAQs on Personal Loan Companies in the USA
Which bank is best for personal loan USA?
This will depend largely on the type of loan you are looking for, as well as a lot of other variables. There are a lot of reviews online about this, but ideally, what is best for one person might not be the same for another, and that is why you should find the loan company that best fits your needs and it may just be best for you.
Which bank gives personal loans easily?
This will also depend on the purpose for which you want to take the loan. Be it home improvement, debt consolidation or any other reason, borrowers are not the same as they have different terms and conditions.
Which online personal loan is best?
This depends on the type of loan you are looking for and the purpose for which you need the loan.
What are the easiest loans to get approved for?
For some it is Payday loans, for others, Emergency loans, and for some others, debt consolidation loans. Generally, it depends on a lot of variables, chief among which is your credit history.
What is the age range when it comes to applying for a personal loan?
You must be at least 18 years old to apply for a personal loan. The range however differs from one loan company to another, depending on the company’s loan policies.
What is the lowest interest rate when it comes to availing a personal loan?
Interest rates might range from 3.49 percent to 29.99 percent and higher.
What is the credit score requirement for personal loans?
The minimum credit score may be between 610 and 630, but there have been situations where loan companies have demanded a lower credit score. This is why it is important for you to interact with your own loan company before you decide, as policies differ from one to the other.
Will applying for a personal loan hurt my credit?
A personal loan application can result in a minor drop in your credit score. This is because lenders will do a hard inquiry on your credit, and each time one is run, it appears on your credit report, lowering your credit score slightly.
