Personal loans are a form of installment-based credit that you can pay back with regular payments over a set period. Most lenders offer fixed annual percentage rates for personal loans ranging between 6% and 36%, making them some of the least expensive types of loans.
They are a better and more affordable alternative to credit cards and can be used to finance any sort of expense, from paying for a wedding to home renovations or relocation costs.
We’ve listened down the top 3 personal loans that you can consider applying for based on the rates and features offered:
LightStream Personal Loans
LightStream is the online arm of SunTrust Bank that offers people with good credit low-interest loans with flexible terms. It is popularly known for providing easy loans for almost every purpose except for small businesses or higher education. If you are looking for a way to finance your next car purchase, consolidate your debt, pay for medical expenses, or a wedding, LightStream is a good fit!
Thanks to their streamlined online application process, you can expect to receive your funds on the same day itself! If you apply on a banking business day, your application is approved, electronically signed, and bank details get verified by 2:30 p.m. ET. Another benefit of LightStream does not charge any origination fees, administration fees, or early payoff fees.
Marcus by Goldman Sachs Personal Loans
Marcus by Goldman Sachs Personal Loan is great for those looking for a no-fee personal loan to consolidate their debt. When you get approved for a debt consolidation loan by Marcus, you can choose to pay off up to 10 creditors using their direct payment method. You’ll have to provide your creditors’ information (their account numbers and the amount you need to pay them) to use the direct payment option. Once the creditors are paid off, Marcus will deposit the remaining amount into our bank account.
After your outstanding debt gets paid off, you can continue making the scheduled payments to pay off your new loan. Make sure you stay on top of your payback cycle because missing a payment can add additional interest and late fee charges to your total loan amount.
You can also use Marcus’ loans to pay for home improvement, vacations, weddings, or a move across the country.