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Personal loans can help you meet a variety of financial goals, including debt consolidation, home improvements and big purchases. The best personal loan lenders have flexible credit requirements, low APRs and fast access to funds.
WalletHub’s editors have evaluated more than 80+ lenders to identify the best personal loans. We looked at the following criteria:
1. Navy Federal Credit Union
Navy Federal Credit Union personal loans are a good choice for military service members, their families and other eligible borrowers. The credit union offers low rates, flexible loan terms and quick funding times. It also has a wide range of loan amounts and doesn’t require a minimum credit score. Its customer service department is available by phone around the clock and has a robust online chat feature.
The NFCU is also one of the few lenders that offer co-sign and joint loan options. Additionally, borrowers can use a NFCU personal loan for debt consolidation, which may help them get a lower rate. NFCU’s loan application process is relatively quick, and it only generates a hard credit inquiry on your credit report when the lender approves your loan.
Navy Federal offers loan amounts from $250 to $50,000 and terms that last up to 180 months. The NFCU also doesn’t charge origination fees or prepayment penalties, which are common with other personal loans. The NFCU also provides more flexibility in its repayment terms than some other lenders, which can make it easier to meet your financial goals.
2. LendingTree
LendingTree is an online marketplace that matches you with lenders. You can use it to compare personal loans and best personal loans for fair credit reddit debt relief options, including balance transfer credit cards. The prequalification process is easy and takes minutes. You can also apply with a co-borrower, which increases your approval chances. Once you select a lender, the loan funding process varies by lender. In general, you can expect to receive the funds within 1 to 10 business days.
If you have good credit, a personal loan can be an affordable way to finance major purchases or pay for a vacation. You can even use it to consolidate debt and lower your interest rate. With the ability to compare rates and terms from a large number of lenders in one place, you can be sure you’re getting the best deal.
Using LendingTree doesn’t cost you anything, and you can check your rate without a hard credit inquiry. However, if you proceed with a lender, the company may conduct a hard inquiry, which can impact your credit score.
Other than the potential for multiple credit inquiries, you might not like how personal information is shared between the site and its network partners. This can lead to an onslaught of marketing emails and calls that you might find annoying or stressful. Plus, you might not get a match for every potential lender in the network.
3. Discover Bank
Discover personal loans are unsecured, so the lender doesn’t require collateral to back the loan. You can use a personal loan to pay for many expenses, including home improvement, weddings and debt consolidation. The loan process is streamlined and can be completed online or over the phone. Typically, you’ll need to provide a name, address, income and other basic information. You’ll also need a valid email address to complete later steps in the application.
Discover’s competitive interest rates and repayment assistance options make it a good option for people with good to excellent credit looking for a midsize personal loan. It also has a mobile app that allows you to manage your loan and other Discover accounts. Its employment verification and co-borrower restrictions may deter some applicants, though.
When it comes to choosing a personal loan, you should always compare your options to find the best deal. Depending on your needs and budget, you may want to consider alternatives to Discover Bank, such as a personal loan from a credit union or a debt consolidation loan from a lender that doesn’t charge origination fees. Alternatively, you might choose an online lender with more flexible loan terms and lower minimum APRs, such as Upstart or SoFi. SoFi’s unemployment protection benefit and higher maximum loan amounts also set it apart from other personal lenders.
4. Bank of America
WalletHub’s personal loan rankings are determined by using the following key metrics:
A personal loan is an installment debt that gives you a lump sum upfront to pay back in monthly installments, usually over one to seven years. Personal loans are ideal for home improvements, debt consolidation or covering emergency expenses. They also can help you build your credit history.
You can find personal loans at many different banks, credit unions and online lenders. Most offer different terms, fees and rates for various credit profiles. Some lenders, such as LightStream, let you pre-qualify without a hard inquiry, while others require a full application that can impact your score. To avoid a hard pull, try to apply only when you’re confident in your ability to repay the loan.
Bank of America doesn’t offer large unsecured personal loans, but it does have options for small-dollar balance transfers and cash advances. Its Balance Assist program offers short-term loans of up to $500 for a flat fee. You can also find personal loan options at other major banks, including Citi and Wells Fargo. If you have a good to excellent credit score, you can also look into online lenders that specialize in personal loans. Several offer low APRs, generous repayment periods and no origination fees. NerdWallet’s personal loan comparison tool lets you check rates at multiple lenders without affecting your credit.