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A personal loan can help foot the bill for a large expense or consolidate debt. To get the best deal, borrowers should shop lenders and compare rates and terms.
The best lenders offer low or no origination fees and provide a wide range of payoff terms. Some also offer flexible minimum and maximum loan amounts.
U.S. Bank
The fifth-largest bank in America, U.S. Bank has an extensive physical presence, including 2,900 brick-and-mortar locations and 4,700 ATMs. It also has a good reputation for community service and corporate social responsibility. Its online and mobile banking have mixed customer satisfaction ratings, however. In two 2023 J.D. Power studies, it placed below the national average for both.
The bank offers a variety of checking accounts, credit cards and savings products. Its credit card offerings include rewards, cash back and low interest rates. It also has a number of money market accounts, including the Elite Money Market account, which charges a $0 or $10 monthly fee (waived with a certain minimum daily ledger balance) and pays up to 4.50% APY on balances of $25,000 or more.
US Bank’s business solutions offer the products, services and tools that small businesses need to succeed. Its small business checking accounts and payment solutions are integrated, which makes it easy for customers to manage their finances in one place. It also provides a range of mortgage options, including conforming loans, jumbo loans and FHA mortgages.
Best Egg
Best Egg is a consumer lender with a large selection of personal loans and credit cards. The company offers competitive rates and flexible terms for consumers with good to excellent credit. The company also has thousands of five-star reviews online.
The company’s application process is easy and straightforward, with the option to prequalify without affecting your credit score. The prequalification process asks a few basic questions about your credit history and income, which will help you determine your eligibility for various loan offers.
Once you’re approved for a Best Egg personal loan, you can choose your preferred terms and receive funds within one to three business days. The company may request supporting documentation like pay stubs or bank statements to verify information.
The company offers secured personal loans, which loans for debt review clients require collateral in the form of a home’s fixtures or auto. Secured loans generally have lower APRs than unsecured loans. The company also offers a variety of payment methods, including direct payments and online bill pay. The company also has a clear privacy policy on its website that details how it shares customer information.
SoFi
SoFi is an online-only lender that offers a full suite of financial products and services. Its products include personal loans, mortgage loans, private student loans and debt refinancing. Customers can access their accounts 24/7 via the SoFi website and mobile app for iOS and Android devices. To pre-qualify, borrowers need to provide basic information such as their name, state of residence and source of income. They can then preview loan offers. SoFi also offers a variety of member benefits, including unemployment protection and career coaching.
SoFi has a strong reputation for transparency and allows consumers to shop rates with a soft credit pull, which does not affect their credit score. It also allows borrowers to add a co-applicant to their application, which can improve their chances of approval and help them qualify for a lower interest rate. It also allows borrowers to change their monthly payment due date. SoFi also offers multiple rate discounts for borrowers, including one that saves 0.25 percentage points when they set up autopay or use their loan for debt consolidation and have SoFi pay their creditors directly.
Happy Money
Happy Money is one of the leading lending marketplaces, offering personal loans for borrowers with fair to good credit. The company offers flexible terms and rates and is a great choice for borrowers who want to improve their credit score by paying off credit card debt. Additionally, borrowers can take advantage of special features like natural disaster support and the ability to adjust their monthly payments through an online portal.
Happy Money requires several pieces of information to verify your identity, income, and assets before approving a loan. This includes a current bank statement and two recent pay stubs. Applicants may also need to provide a state-issued ID or passport. In addition, you must be 18 years old to apply for a Happy Money personal loan.
Despite these requirements, the company has a low complaint rate and is easy to work with. However, if you have poor credit, it’s best to look for alternatives. Moreover, you should know that Happy Money doesn’t accept applications with cosigners. This can make it difficult to qualify for a personal loan with bad credit.
Discover
Discover is a consumer credit card company that offers its customers a variety of credit cards and financial products. In addition, Discover is known for its innovative digital offerings and mobile payment services. Discover’s card products are used by millions of people around the world to make everyday purchases. The company also offers a number of different personal loans and business loans, including student loan refinance options.
In 2014, Discover became the first major credit card issuer to provide free access to FICO Credit Scores based on TransUnion data directly to its cardmembers in their monthly statements. The company also provides cardmembers with educational content to help them better understand their scores.
Discover’s private student loans allow students to cover up to 100% of their school-certified college and graduate school costs with zero fees, a choice of fixed or variable interest rates and cash rewards for good grades. Discover also offers home equity loans that can be used to support a wide range of projects and expenses. Discover has been the official credit card of the National Hockey League since 2008. The company was a sponsor of the Orange Bowl in 2011 and 2013 and the BCS National Championship in 2013. In 2015, Discover was ordered to pay $125 million to settle CFPB allegations that it misrepresented the minimum loan payments consumers owed.
