There are several names that are known in the borrowing-and-lending industry as the best personal loans February 2022; mostly because of their credibility, their impeccable performance, and their attractive offer.
Each of them comes with their strength and benefits despite several downsides and flaws. But because of their quality and credibility, these names should be included in your list, in the event you need to turn to a professional service to help you with your financial arrangement.
It’s no wonder if SoFi is included as one of the best in the industry for its services. First of all, the application process is pretty fast and speedy. The loan limit is also high, up to $100,000. This is definitely considered one of the highest limits for online loan.
Although you must have good (credit) score to be considered eligible for the loan, the service has tons of likable features, such as monthly payment modification, free tools (financial advice or career coaching), and others. Some of the things to like about this service are the fast processing time and no late fees. However, the fund disbursement takes several days.
LightStream doesn’t only offer low (starting) APR, but they also have attractive discounts. They provide longer repayment period as well as various financial offers. Feel free to take loans for big purchases, recreational vehicle, vacations, home improvements, or more.
The starting APR is around 3%, which is definitely lower than the average in the industry. If they subscribe for AutoPay, they can extra 0.5% discount. Some of the best perks about the service are the absence of prepayment penalties and the longer repayment time. However, you need to have perfect credit score to get the loan.
Upgrade is perfect for those with bad credit. You don’t need to have perfect score to get their financial help. This is also a service perfect for those who want to build credit. If you are trying to consolidate credit cards (or other unsecured loans), this would be a perfect pick for you.
The great things about this service are joint loan ability, various discounts, and various repayment terms. You won’t have to stick to a term that you dislike. However, it charges late fees and also origination fees.
The features are customer-friendly, which means that you will love most of the things they offer. They have deferral option, along with AutoPay rate discount, and also direct payment to the creditors. Repayment terms are customizable, giving you flexibility in managing your loan.
You will love the service because of zero fees, direct payment (which is handy for debt consolidation loans), and wide options for repayment terms. If you sign up for the AutoPay, expect getting 0.25% rate discount. However, the service doesn’t offer secured or joint loan. So, if you are looking for it, you may have to look elsewhere.
This service implements peer to peer concept where borrowers basically get money from investors instead of (traditional) financial institution. Those with fair credit score can apply even with short credit histories. This is also a service where unemployed individual can apply, but with a certain condition.
Some of the things to like about this service are the fast disbursed funds and the absence of prepayment penalty. You can get the money on the following day (after closing the loan). However, it will charge fees for late payment and also origination fee.
If you are looking for a personal loan with nice online offer and solid customer service, this is your go-to option. It is also great for refinancing your debt. One of the great things about this service is the mobile app, which will make it super easy to manage your loan.
You won’t only be able to choose various repayment terms, but the disbursement funds would be available quick enough. It’s too bad that it doesn’t offer any discount for AutoPay, and you shouldn’t be late during the repayment because you will have to deal with the late fees. You must have perfect score too.
If you are one of those borrowers with fair, to bad, credit score, no need to worry because Avant can still help you. This service provider is able to provide money quickly. You can get the money on the next business day after you close your loan.
But then again, it isn’t 100% perfect because it doesn’t have other features, especially when compared to other loan services. Some of the things to like about Avant are the fact that they cater to bad credit and you can change the payment date, but it lacks of other nice features offered by other services.
8. Lending Club
This service is great for fair credit score owners who want to consolidate big purchases or debt. Flexible payments are one of the perks offered by this service, and it’s transparent about the fee and rate. If you want to have loans that can build credit or you want to manage the suitable budget, this service has a lot to offer.
Some of the special features include joint loan offer, the ability to change the payment date, and others. However, it doesn’t offer refinance (of another personal loan). Moreover, it’s not the lowest loan rate, but it supports transparent fees and rates.
9. PenFed Credit Union
Previously, membership was limited to certain people (certain people in certain locations, government agencies, or military), but now everyone can join. This company offers a nationwide service that covers low fees and flexible terms.
The APR is lower; not to mention that you can apply with a co-borrower or individually. It really gives you a flexible option. Some of the perks include no prepayment fees and the flexible repayment time, but you need to be a member to enjoy it. This can be a turn off if you don’t really want to sign up for such a thing.
This is the service that would be perfect for those with good score wanting to consolidate debts with high interest. Some of the best perks include low APR and long repayment period. If you are considered eligible for the loan, you can get the loan from them without fuss.
The long loan time can be various from 24 months to 60 months, which can be quite convenient for managing their budgets. However, they charge quite high origination fees, which can be considered quite exorbitant for some people.
11. Rocket Loans
They offer fast funding for those with fair (credit) score. In fact, you can get the fund on the same day you close the loan. You should have no issue enjoying various loan amounts as they are quite flexible on that. If you subscribe for the Autopay, you can get rate discount.
Those are some of the favorable things to like about the service. However, they aren’t exactly the most flexible service in the business. Not only they charge origination fee, but you can’t change the payment date, no secured or joint loan, and no direct payment offer.
12. Universal Credit
There is a (good) reason why this service is quite popular: It caters those with low or bad credit score, looking for consolidating their debts. Some of the good things include free (credit) score access, the ability to change payment date, and also extra rate discount if you sign up for Autopay.
You are able to enjoy more rate discount if you choose direct payment (to creditors). However, on the negative term, the service charges origination fee. It doesn’t offer secured, joint, or co-sign loan option either.
13. Alliant Credit Union
This service is perfect for those who want to enjoy minimal fees and various ranges of amount. Those with fair and good score can also apply for the service. Some of its great services include extra rate discount when you subscribe for Autopay.
The service also offers no prepayment or origination fees. The funding is pretty quick; you can get the funds at the same day of your closing. However, it doesn’t offer secured or co-sign loan option. It doesn’t have direct payment either. But if you want extra fast fund, you know where to look.
If you want a loan provider that can offer nice customer support 24/7, multiple repayment terms, various loan amounts, and flexible (loan) products, then this service would be great for you. The great thing about this service is that it offers fast funding (within the same day).
It doesn’t charge origination fee. It offers joint, secure, and co-sign loan option, along with various repayment terms and loan amounts. Unfortunately, the service is only applicable to credit union members exclusively. It doesn’t offer rate discount, even if you apply for Autopay. You can’t change the payment date either.
15. First Tech Credit Union
If you want custom debt consolidation with fast funding, this would be the perfect provider to go to. It offers tons of good features, including various payment terms, flexible loan amounts, fast fund, and no origination fees.
However, it is exclusive only for credit union members and it doesn’t offer rate discount for the Autopay. But if you want fast fund, this would be your go-to option.
There you have it, some of the best services in the industry. Look at these lists of best personal loans February 2022 and decide which one would be perfect for you.