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.
Also read:
Why must I use an Insurance Broker?6 reasons why you use an Insurance Broker
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.
LightStream
The next best personal loan is LightStream. Who are they?
They are “a consumer lending division of Truist”.
They came into being following the merger of “SunTrust Bank and BB&T“.
Their loan amount may vary based on its purpose and it ranges from $5,000 to $100,000.
If you want to spread out your repayment, then they are the best for you. Their repayment years ranges from 2 to 7 years.
Just like Sofi, they do not charged origination and late payment fees. That is refreshing. Is it not?
Their loan offer is in all 50 states and even Puerto Rico. Their eligibility requirements are that lenders must have a good credit and does not require their applicants to pre-qualify for a loan.
They have varied loan use unlike SOFI, but do not accept refinance of an existing lightstream loan with another Lighstream loan. Borrowers can receive their loans on the same day if only they are approved before 2.30 pm on the day of the approval.
Marcus
Marcus is the third best personal loan in 2023.
Who are they? you may ask? They are “a subsidiary of the investment bank Goldman Sachs”.
Their personal loans ranges between $3,500 and $40,000.
Though their loan figures are low, the repayment period ranges from three to as many as six years.
To be an autopay enrollees, you can access APRS between 6.99% to 19.99% and this comes with a 0.25 % discount.
Because they allow applicants to pre0-qualify on what has been termed as a “soft credit pull”, it allows you to see your options without hurting your precious credit.
They do not disclose their minimum credit score, you may need to have a minimum of 660 or may be given a lower amount.
Their loan amounts can be used for the following uses: “debt consolidation, home improvement, moving and relocation, special events, travel and vacations and more”.
You cannot use their loans to refinance your existing student loans.
Their turnaround time is 24 hours. Your applicants can be approved in 24 hours and this compares favorably with other lenders.
LendingPoint.
LendingPoint is the fourth best personal loan source for you in 2023.
But, who are they?
They are “an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C”.
Though it does not offer loans in States like West Virginia and Nevada, borrowers from other states can use their online application. It works best to offer them quick funding to solve their immediate need.
Their loans ranges from $2,000 to $36,500. However, those in Georgia have a minimum loan amount of $3,500.
Their repayment terms is also flexible. It ranges between two to 5 years.
You can spread your repayment plan to offer you comfort and convenience.
One drawback to Marcus loans is their high maximum APRs.
They also charge origination fees too.
Depending on the State you are coming from, your origination fees can go between 0% to 6%.
It must be noted that you can avoid the high APRs by trying to maintain a high score in your credit.
Their turnaround time is that you can receive your money the next day after your loan amount has been approved.
Their eligibility requirement is that you must have a minimum credit score of 600.
That is not all, you must live in one of the 48 States that they accept loans application from.
As indicated earlier, if you are in Nevada or West Virginia, then you cannot apply for Lendingpoints loans.
