5 Trustworthy Companies That Provide Personal Loans

Let’s face it – sometimes money is tight, and the best option for your situation could be a personal loan. Whether you want to start home renovations, or you ran into some unexpected expenses, there are a number of options to choose from when it comes to personal loans. Before you go ahead and borrow money from an institution, be sure you’re only borrowing the amount you need, and that you’re able to pay back on time.

Of course, not all personal loan institutions are created equal, a some make loans easier to obtain or provide more beneficial loans than others. Here’s a top five list of companies to consider when choosing where to go about getting a personal loan from…

Marcus Goldman Sachs

By far, Marcus Goldman Sachs is the best overall company for taking out personal loans. As part of the financial giant, Goldman Sachs, they focus on personal loans, debt consolidation, home improvement, and even credit cards. These loans can range anywhere from $3,500 to $40,000, with rates between 6.99% APR to 24.99% APR.

Luckily, Marcus is able to offer these services without any origination, prepayment, or late fees. In terms of personal loans, this company will help you obtain high-value products at the most competitive rates.

SoFi

SoFi is geared more toward young professionals. In what started off as a simple student loan lending institution, SoFi ultimately expanded to offer personal loans, student loan refinancing, and mortgage loans.

Considering that the company caters to a younger demographic, they make an effort to maintain lower interest rates from 6.2% to 15.24%, as long as you’re enrolled in auto-pay. When it comes to loans, you can take out as little as $5,000 or as much as $100,000 using agreements ranging from two-year to seven-year terms. 

Best Egg

If you want to work with a company that specializes solely in personal loans, Best Egg is a solid choice. These loans can be used for debt consolidation, home improvement, and anything in between. In terms of loan amounts, these range from $2,000 up to $25,000, depending on your individual needs.

Best Egg’s interest rates range from 5.99% up to 29.99%, with three- or five-year repayment plans. The only catch with this company is that you must maintain a minimum credit score of at least 640 in order to qualify.

Earnest

For those seeking payment flexibility, Earnest could be the right fit. You can choose your own preferred monthly payment when it comes to home loans, student loan refinancing, or personal loans. Their interest rates are also reasonable, ranging between 5.49% to 18.24%.

As to the size of the loans available, you can take out as little as $5,000 or as much as $75,000, paying the amount off in three-year, four-year, or five-year terms.

Payoff

The specialty of Payoff is what they call “The Payoff Loan.” It’s great for those looking to consolidate and eliminate their own credit card debt. To do so, you would need to pay an origination fee of between two and five percent of the total loan value. Their interest rates can range anywhere from 5.49% up to 22.60%.

As an added bonus, there are no late or returned check fees or penalties for early payments. However, do keep in mind that you will need a credit score of at least 640, as well as a debt-to-income ratio under 50% to qualify for any of their services.

There’s A Loan That’s Right for You

When money is tight, consider your options for taking out a personal loan. Not all institutions are created equal, and different people have different needs. With a little research and some exploration, the perfect fit for your needs is out there.