We give you 4 best personal loans you must go for in 2023. But, one may ask, what is a personal loan?
Investopedia define a personal loan as “an amount of money you can borrow to use for a variety of purposes”.
Why must one go for a personal loan?
Personal loans which are given by banks, credit Unions and even online lending platforms can be taken to meet pressing needs.
People go for personal loans to plan a dream wedding, renovate a home or consolidate a debt.
Mostly the money borrowed should be repaid over a given time and with interest. Other charges for personal loans may include fees charged by some lenders on personal loans.
Depending on the reason you choose for going for a personal loan, you must know that they mostly ranges from $1000.00 to a whopping $50,000.00
Some few lenders may even give you up to $100,000. A survey done by Forbes Advisor showed that over 80% of Americans borrow less than $20,000 in their personal loans.
Here are 4 best personal loans to go for in 2023.
The first place to for a personal loan is SOFI.
What is SOFI?
Well, it is “an online lending platform that offers unsecured fixed-rate personal loans in every state except in Mississippi”.
It was founded back in 2011 and has given out more than $50 billion in loans.
What Unique thing about them is that they allow high loans amounts and can even extend the loans terms for you.
Their loan figures ranges from $5,000 to $100,000 and this makes them the preferred destination especially for those with better credit.
Their repayment terms are highly flexible. They have a repayment term that spans between 2 years to years.
It must be noted that they accept a minimum credit of 650 as well as an annual income of not less than $45,000.
They do not charge origination fee, payment penalties unlike their peers. Their loan use however limits one to personal as well as family and household related expenses.