2018 Best Personal Loans Online
Whether you’re consolidating other loans or planning a big purchase, you’ll find a loan from $5,000 – $100,000 that fits your needs.
Retrieving Latest Rates from our Partners…
Which lender is right for me?
Getting approved for a personal loan depends on a number of factors. The most important are your credit history and credit score, and your current debt load relative to your income (also called your Debt to Income Ratio). Every lender will have different rules for who gets approved and for how much. And just because a lender has a minimum score, there is no guarantee that everyone above that score will be approved.
Interest Rates and APRs
The interest rate charged on a loan is generally based on three things: (1) The borrower’s credit history – customers with better credit histories will usually receive lower rates. (2) The term of the loan – longer loan terms usually have higher interest rates. (3) The purpose of the loan – some lenders offer lower interest rates on debt consolidation loans, since the borrower is not adding to their overall indebtedness.
Personal loan interest rates are typically a fixed rate which means that, unlike credit cards, they won’t go up over the term of the loan. The APR on a loan reflects the total cost of credit, and may be higher than the base interest rate as a result of origination or other fees charged by the lender.
Our partners’ interest rates range from 6% to 36%.
Monthly payments are a function of the amount borrowed (including any origination fee), the term of the loan and the interest rate. The longer your term, the lower the monthly payments will be, but you’ll pay more total interest over the life of the loan. Our partners offer terms as short as 2 years and as long as 7 years.
When considering a personal loan, it’s important to make sure you can afford to make your monthly payment.
Never borrow more than you need or can afford to pay back. In addition to impacting your monthly payments, the amount you borrow can impact your interest rate. With lenders charging higher rates for larger amounts, it can also affect your overall credit score, as the total of your outstanding credit is typically a factor in determining your score.
Some lenders charge an origination fee at the start of the loan. Origination fees generally range from 1% to 6% of the amount borrowed. The fee will typically be subtracted from the total loan amount before you receive your funding.
How It All Adds Up
Here’s a representative example for a borrower with average credit, who borrows $17,000 for a 3 year term at 19.79% interest rate with a 3% origination fee. That borrower would receive $16,490 in proceeds ($17,000 less the $510 origination fee) and would make 36 monthly payments of $629.96. This equates an APR of 22.02% and total loan payments of $22,678.68.
Approval and Funding Time
Some lenders offer instant approval of qualified borrowers. But many others will require additional verification and processing, or even a visit to their branch. Upon approval, some lenders can make a deposit directly to your bank account or allow you to pick up a check that day. Others may require more time to fund, so be sure to review each lender’s practices.