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Best Egg Review 2018: Personal Loans With Option To Borrow Twice

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Best Egg is an online lending platform that offers loans up to $35,000 with rates as low as 5.99%. Since 2014, it has originated over $5 billion in loans to more than 350,000 borrowers. Definitely not the norm, Best Egg lets borrowers take out two loans at the same time , if qualified. Find out more about Best Egg personal loans below: the good, the bad and my breakdown.

Learn More at Best Egg

About Best Egg

Borrower Averages

Credit Score 700
Credit History 7 years
Annual Income $60,000

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Best Egg’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. It can take as little as one business day, if approved.
  • Flexible fund use. A personal loan through Best Egg can be used for debt consolidation, credit card refinancing, home improvement, moving expenses, vacation and more!
  • Competitive fixed rate. With excellent credit, your APR could be as low as 5.99%, and that won’t budge for the entire duration of your loan term.
  • No prepayment penalty. So you can pay that loan of yours back as quick as possible!
  • Intuitive tools. They’re designed to put you in control. Customizing your loan is easy, and managing your loan is a breeze with multiple payment options. These self-service and easy-to-use tools are available to you 24/7.
  • Borrow twice. If you’re thinking about taking out a second loan with Best Egg, make sure your first loan is at least six months old and that you haven’t missed any payments. The total amount of both loans must not exceed $50,000.

The Bad

  • Not available in all states. You can’t apply for a Best Egg personal loan if you live in Iowa, West Virginia, Vermont, Puerto Rico or Guam.
  • Only 2 fixed term lengths. You’re limited between either a 3 year term or a 5 year term.
  • Origination fee. There is an administration fee which can range from 0.99% to 5.99%.
  • Processing fee. You will be subject to a $7 fee per payment if you’re not enrolled in automatic payments.
  • Late payment fee. If you miss your payment by more than 3 days, Best Egg will charge you a $15 late fee.
  • NSF fee. If your payment is rejected, you’ll have to pay $15 per unsuccessful transaction.

Eligibility Requirements

Applicants must have a minimum credit score of 660. You must also have at least three years of credit history with a minimum of three open credit accounts. There’s a minimum annual income requirement of $50,000, and the maximum debt-to-income ratio is 40%.

Best Egg Terms & Fees

Loan Amounts $2,000 – $35,000
Loan Terms 3 or 5 years
Repayment Options Monthly
Origination Fee 0.99% to 5.99%
APR 5.99% – 29.99%
Prepayment Fee None
No AutoPay Fee $7 per payment
Late Payment Fee $15
NSF Payment Fee $15

The Breakdown

If you meet Best Egg’s lofty income and credit requirements, it could be a good option, especially if you need the funds quickly. The online application requires a soft credit check, which won’t hurt your credit score. You can use your funds for just about anything. Your rates are fixed for the entire length of the loan term, and there’s no penalty for early payment. Unique to Best Egg are its intuitive online tools and your ability to borrow twice.

Sample Loan

Loan Size $15,000
Loan Term 36 months
Origination Fee (3%) $450
Funds Received $14,550
APR 15.0%
Total Interest $3,719.28
Monthly Payment $519.98

Unfortunately, you can only choose between two term lengths, 3 or 5 years. If you live in Iowa, West Virginia, Vermont, Puerto Rico or Guam, you can’t apply for a Best Egg personal loan. If you do choose to apply, please keep in mind there is a 0.99% to 5.99% origination fee and your rates may be as high as 29.99%. If you get approved, be well aware of Best Egg’s fee schedule.

Learn More at Best Egg

Compare Top Personal Loan Providers
Compare all the best personal loan lenders here.

Best Personal Loan Lenders For September 2018

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

If you’ve never applied for a personal loan, you might not know where to start or think it’s too difficult and time-consuming. To help you navigate the application process, I’ve made this quick and comprehensive guide of everything you need to know about personal loans.

About Personal Loans

An unsecured personal loan is a fixed-rate, fixed-term loan that doesn’t require a house or vehicle to guarantee it. This is riskier for the lender which reflects in higher rates than secured loans. Generally speaking, personal loans can be used for any purpose, including debt consolidation, home improvement, business expenses, wedding expenses, car purchases, and even travel.

The Good

By design, unsecured personal loans provide more flexible terms and can be used for a variety of personal and business needs. It’s a good way to consolidate existing debt, like credit cards, optimally lowering your monthly payment and interest rate while also improving your credit score.

The Bad

A personal loan provides the opportunity to dig yourself out of a hole. However, if you charge new debt on your credit cards, it also has the potential to become a bigger hole. Also, not everyone is qualified for the best rates. As with anything relating to personal finance, make sure to read the fine print before signing on the dotted line.

Factors To Consider

Here are a few things I kept in mind when picking out the best unsecured loan for me:

  • Annual percentage rate. The APR is the interest accrued annually. Different interest rates and loan amounts will impact the APR of your loan.
  • Loan limits. How much do you need? Does the lender allow you to borrow that amount? Be careful not to bite off more than you can chew.
  • Loan terms. Some lenders only have a couple term options, like three or five years. Others have shorter or longer terms to accommodate your needs.
  • Credit inquiry. When applying for a loan, the lender will check your credit. A soft credit check will only be visible to you and won’t hurt your credit score. However, a hard inquiry will show up on your credit report. This will stay on your report for two years and may negatively affect your credit for one year.
  • Repayment options. Most lenders offer a few different repayment options like autopay, online payment or check by mail. Make sure the lender offers a repayment option that suits you.
  • Fees. Lenders may charge origination, prepayment, late payment, insufficient funds and check processing fees. Find out each lender’s fee schedule and narrow down your selection from there.
  • Area of service. Most online lenders do not serve all of the United States. Check to make sure they offer loans in your state.
  • Additional perks. Access to a user-friendly mobile app or exclusive events may make a lender stand out to you. It could be the difference between lenders with the same competitive features.

How To Qualify For The Best Rates

Before giving you the most competitive rates they offer, lenders typically look for the following:

  • High credit score. To get the best rate, you must have good or excellent credit. The first step to qualifying for a loan is usually based on your credit score alone.
  • Strong credit history. Lenders like to see that you’ve had a long history of paying off different types of debt responsibly. This is also partly reflected in your credit score.
  • High income. To get the most competitive rate, you’ll need to have an income much higher than the lender’s minimum requirement.
  • Low debt-to-income ratio (DTI). The lower, the better. DTI is calculated as the ratio of your monthly debt payments to your monthly income.

Lenders At-A-Glance

Lender Loan Amounts Loan Terms APR Range Origination Fee Minimum Credit
LightStream $5,000 – $100,000 2 – 7 years* see website for current rates None 660
SoFi $5,000 – $100,000 3 – 7 years Fixed Rates:
6.99% – 14.87% (with AutoPay)		 None 680
LendingClub $1,000 – $40,000 3 – 5 years 5.98% – 35.89% 1% – 6% 600
LendingTree $1,000 – $35,000 1 – 5 years Varies Varies Varies
Prosper $2,000 – $40,000 3 or 5 years 6.95% – 35.99% 2.4% – 5% 640
Upstart $1,000 – $50,000 3 or 5 years 9.57% – 29.99% 0% – 8% 640
Payoff $5,000 – $35,000 2 – 5 years 8% – 25% 2% – 5% 640
PersonalLoans.com $1,000 – $35,000 3 – 6 years Varies Varies 580
Earnest $5,000 – $75,000 3 – 5 years 6.99% – 18.24% None 680
Best Egg $2,000 – $35,000 3 or 5 years 5.99% – 29.99% 0.99% – 5.99% 660
Peerform $4,000 – $25,000 3 or 5 years 5.99% – 29.99% 1% – 5% 600
PenFed $500 – $25,000 3 – 5 years 6.49% – 17.99% None None
Wells Fargo $3,000 – $100,000 1 – 5 years 7.24% – 24.24% None None
loanDepot $3,000 – $35,000 3 or 5 years 7.18% – 29.98% 1% – 5% 660
Avant $2,000 – $35,000 2 – 5 years 9.95% – 35.99% 1.5% – 4.75% 580
OneMain $1,500 – $30,000 2 – 5 years 16.05% – 35.99% Varies None
*Payment example: Monthly payments for a $10,000 loan at 5.89% APR with a term of 3 years would result in 36 monthly payments of $303.72.

5 Best Personal Loan Lenders


LightStream: Rate Beat Program

lightstream logo

Max Amount
$100,000		 Loan Terms
2 to 7 Years*		 APR
see website for current rates		 Origination Fee
None
*Payment example: Monthly payments for a $10,000 loan at 5.89% APR with a term of 3 years would result in 36 monthly payments of $303.72.

LightStream is an online lending division of SunTrust Bank that uses a unique lending model which tailors rates to the purpose of the loan. A loan to consolidate debt is considered higher risk than a loan to purchase a car; the higher the risk, the higher the rate. LightStream is so confident in the competitiveness of their interest rates, they will beat any APR presented by other lenders by .10 percentage points, given similar terms and conditions.

To qualify, you must have a minimum credit score of 660. There are no income or DTI requirements.

The Good. Low interest rates, loan limit of $100,000, no origination fee or any other fees, Rate Beat Program, $100 loan experience guarantee, and tree donation for every funded loan.

The Bad. High borrower standards.

Learn More

*Full Review

SoFi: With Unemployment Protection

sofi logo

Max Amount
$100,000		 Loan Terms
3 to 7 Years		 APR
Fixed Rates:
6.99% – 14.87% (with AutoPay)		 Origination Fee
None

This direct online lender’s claim to fame is student loan refinancing, but it also offers a wide range of personal loans. SoFi goes out of its way to connect and help borrowers by setting up networking events, providing free financial counseling and offering job protection.

To qualify, you must have a minimum credit score of 680. There are no income or DTI requirements.

The Good. Low interest rates, loan limit of $100,000, initial soft credit check, no origination fees or any other fees, community events, and unemployment protection.

The Bad. High borrower standards, relatively slow funding time.

Learn More

*Full Review

LendingClub: With Cosigner Option

lendingclub logo

Max Amount
$40,000		 Loan Terms
3 to 7 Years		 APR
5.98% – 35.38%		 Origination Fee
1% – 6%

This peer-to-peer lender connects you to investors interested in funding your personal loan. If your credit isn’t the strongest, LendingClub lets you apply with a cosigner, so you have a better chance of getting approved for better rates.

To qualify, you must have a minimum credit score of 600, more than 3 years of credit history and a DTI of less than 40%, or 35% for joint applicants.

The Good. Low interest rates for good credit borrowers, initial soft credit check, and no prepayment penalty.

The Bad. High interest rates for bad credit borrowers, origination and other fees.

Learn More

*Full Review

LendingTree: Where Lenders Compete For You

Lending Tree Logo

Max Amount
$35,000		 Loan Terms
1 to 5 Years		 APR
5.32% – 36%		 Origination Fee
Varies

This online broker lets you receive multiple loan offers with one simple application. Instead of doing all the grunt work, you can sit back and make lenders compete for you.

LendingTree, itself, does not have any eligibility requirements. However, the lenders it works with have their own minimum income, credit score and DTI thresholds.

The Good. Low interest rates for good credit borrowers, initial soft credit check, mobile app with financial tools, and loan monitoring.

The Bad. High interest rates for bad credit borrowers, fees vary from lender to lender, and too much contact from lenders trying to woo you.

Learn More

*Full Review

Prosper: With Clarity Money Compatibility

prosper logo

Max Amount
$40,000		 Loan Terms
3 or 5 Years		 APR
6.99% – 35.99%		 Origination Fee
2.4% – 5%

Prosper Funding LLC is a peer-to-peer online lender offering investor-funded loans for a wide range of uses. It’s compatible with Clarity Money, an app that helps you take control of your finances. The software displays your financial picture, helps cancel unwanted subscriptions, and delivers financial advice that’s tailored to you.

To qualify, you must have a minimum credit score of 640, at least two years of credit history and a maximum DTI of 50%. There is no income requirement.

The Good.  Low interest rates for good credit borrowers, initial soft credit check, no prepayment penalty, and compatible with Clarity Money app.

The Bad. High interest rates for bad credit borrowers, only two fixed term lengths to choose from, origination, check processing, late payment and insufficient funds fees.

Learn More

*Full Review

Other Top Lenders


Upstart: With A “Smarter” Credit Model

upstart logo

Max Amount
$50,000		 Loan Terms
3 or 5 Years		 APR
9.57% – 29.99%		 Origination Fee
0% – 8%

Upstart is the first lending platform to utilize artificial intelligence and machine learning to price credit and automate the borrowing process. With a “smarter” credit model that takes into account education and job history, Upstart has the ability to approve almost twice as many borrowers, with fewer defaults.

To qualify, you must have a minimum credit score of 640, a gross annual income of at least $12,000 and a debt-to-income ratio of up to 45%.

The Good.  Loan limit of $50,000, initial soft credit check, no prepayment penalty, no check processing fee, unique approval process, and ability to borrow twice.

The Bad. High interest rates, only two fixed term lengths to choose from, and origination, late payment and insufficient funds fees.

Learn More

*Full Review

Payoff: Where Science Meets Finance

payoff logo

Max Amount
$35,000		 Loan Terms
2 to 5 Years		 APR
8% – 25%		 Origination Fee
2% – 5%

Not your average broker, Payoff is an online financial wellness company that employs a team of psychologists, data scientists, neuroscientists and techies to provide you with the best tools and services to better understand your finances and help you reach your goals more quickly. It specializes in helping borrowers pay off their high-interest credit card debt by combining them into one monthly payment at a fixed rate and term.

To qualify, you must have a minimum credit score of 640, at least three years of credit history with two open lines of credit, and a maximum DTI of 50%. There is no income requirement.

The Good.  Low interest rates for good credit borrowers, initial soft credit check, no penalty fees, personal service from Payoff Member Advocates, career support, and “empowerment science” assessments to better understand yourself and your financial habits.

The Bad. Only available for debt consolidation, high interest rates for bad credit borrowers, relatively slow funding time, origination fee, and only available in less than half of the United States.

Learn More

*Full Review

Best Egg: Where You Can Borrow Twice

best egg logo

Max Amount
$35,000		 Loan Terms
3 or 5 Years		 APR
5.99% – 29.99%		 Origination Fee
0.99% – 5.99%

Best Egg is an online lending platform that has originated over $5 billion in loans to more than 350,000 borrowers. Definitely not the norm, Best Egg lets borrowers take out two loans at the same time, if eligible.

To qualify, you must have a minimum credit score of 660 and at least three years of credit history with a minimum of three open credit accounts. Your annual income must exceed $50,000 and your DTI should be lower than 40%.

The Good.  Low interest rates for good credit borrowers, initial soft credit check, no prepayment penalty, multiple payment options, mobile app, and ability to borrow twice.

The Bad. High interest rates for bad credit borrowers, only two fixed term lengths to choose from, origination, check processing, late payment and insufficient funds fees.

Learn More

*Full Review

PersonalLoans.com: Where It’s OK To Have Bad Credit

personalloans logo

Max Amount
$35,000		 Loan Terms
3 to 6 Years		 APR
5.99% – 35.99%		 Origination Fee
1% – 5%

PersonalLoans.com is a lender-matching service that specializes in quickly and efficiently connecting less creditworthy borrowers to personal loans by utilizing its comprehensive network of lenders and lending partners. Three types of personal loans are available via PersonalLoans.com: peer-to-peer, personal installment and bank personal loans.

To qualify, you must have a minimum credit score of 580 and at least $2,000 in income per month. There is no DTI requirement. PersonalLoans.com wants to see that you’ve overcome your past issues with credit and are now making your payments in a timely manner.

The Good.  Low interest rates for good credit borrowers, relatively quick funding, and no prepayment penalty.

The Bad. High interest rates for bad credit borrowers, origination, late payment and insufficient funds fees.

Learn More

*Full Review

Earnest: With Merit-Based Approval

earnest logo

Max Amount
$75,000		 Loan Terms
3 to 5 Years		 APR
6.99% – 18.24%		 Origination Fee
None

Earnest offers low-cost personal loans to financially responsible applicants with promising professional futures. The online lender collects and analyzes thousands of data points, not just credit score and history, to assess risk and offer low rates even to those with short credit histories. Not just a lender, Earnest prides itself in building long-term relationships with their borrowers by ensuring customer satisfaction with their specialized Client Happiness team.

To qualify, you must have a minimum credit score of 680, and you must not have declared bankruptcy in the last three years nor have any open collections account. There are no income or DTI requirements.

The Good. Low interest rates, loan limit of $75,000, no origination, prepayment, late payment or check processing fees, low insufficient funds fee, mobile app, and Client Happiness team.

The Bad. High borrower standards, hard credit check, relatively slow funding time.

Learn More

*Full Review

Peerform: With Debt Consolidation Perks

peerform logo

Max Amount
$25,000		 Loan Terms
3 or 5 Years		 APR
5.99% – 29.99%		 Origination Fee
1% – 5%

Peerform’s online lending platform allows borrowers with less than perfect credit hassle-free loans at competitive rates. It’s especially great for debt consolidation with slightly lower rates and higher loan amounts for this specific loan purpose.

To qualify, you must have a minimum credit score of 600, at least one year of credit history, a gross annual income above $10,000, and a maximum DTI of 40% (excluding mortgage).

The Good.  Low interest rates for good credit borrowers, initial soft credit check, no prepayment penalty, and debt consolidation perks.

The Bad. High interest rates for bad credit borrowers, relatively slow funding time, only two fixed term lengths to choose from, origination, check processing, late payment and insufficient funds fees.

Learn More

*Full Review

PenFed: With Debt Protection

penfed logo

Max Amount
$25,000		 Loan Terms
3 to 5 Years		 APR
6.49% – 17.99%		 Origination Fee
None

As a credit union, PenFed requires that you join in order to apply for a loan. Anyone is qualified for membership by signing up with Voices for America’s Troops ($14 in dues) or the National Military Family Association ($15 in dues). This military-focused credit union acknowledges that, sometimes, bad luck happens. When you enroll in its debt protection insurance plan, you’re covered.

PenFed considers your entire financial situation during the underwriting process to evaluate your loan application. There are no set credit score, income or DTI requirements to qualify.

The Good.  Low interest rates, no origination fee or prepayment penalty, flexible loan repayment, live customer service 24/7, and debt protection option.

The Bad. Available only to PenFed customers, hard credit check, and late payment and insufficient funds fees.

Learn More

*Full Review

Wells Fargo: Where Relationship Matters

wells fargo logo

Max Amount
$100,000		 Loan Terms
1 to 5 Years		 APR
7.24% – 24.24%		 Origination Fee
None

Personal loans through Wells Fargo is a great choice for borrowers with good to excellent credit. Approval is based on your “whole picture” and takes into consideration length of credit history, debts, and relationship with Wells Fargo.

There are no set credit score, income or DTI requirements to qualify.

The Good.  Low interest rates for good credit borrowers, loan limit of $100,000, cosigners welcomed, relatively fast funding time, no origination, prepayment or check processing fees, and small rate discounts for Wells Fargo checking account or certificate of deposit account customers.

The Bad. High interest rates for bad credit borrowers, hard credit check, and late payment and insufficient funds fees.

Learn More

*Full Review

loanDepot: With Perks For Existing Customers

loandepot logo

Max Amount
$35,000		 Loan Terms
3 or 5 Years		 APR
7.18% – 29.98%		 Origination Fee
1% – 5%

LoanDepot is a pioneering online lender with mortgage, home equity and personal loan services. If you’ve already borrowed from loanDepot, you’ll most likely get better rates and terms.

To qualify, you must have a minimum credit score of 660 and a maximum DTI of 40%, excluding mortgage. There is no income requirement.

The Good.  Low interest rates for good credit borrowers, relatively quick funding time, and no prepayment penalty.

The Bad. High interest rates for bad credit borrowers, only two fixed term lengths to choose from, late payment and insufficient funds fees.

Learn More

*Full Review

Avant: On Forbes’ Radar

Avant Logo

Max Amount
$35,000		 Loan Terms
2 to 5 Years		 APR
9.95% – 35.99%		 Origination Fee
1.5% – 4.75%

In 2015, Forbes Magazine named Avant the sixth most promising company in the United States. That comes as no surprise since the lender service has originated $4 billion in loans to over 600,000 borrowers in just 3 years.

To qualify, you must have a minimum credit score of 580 and a gross annual income of at least $20,000. There is no DTI requirement.

The Good. Initial soft credit check, relatively quick funding time, no prepayment penalty, mobile app, and live customer service seven days a week.

The Bad. High interest rates, origination, late payment and insufficient funds fees.

Learn More

*Full Review

OneMain: Where Bad Credit Is OK

onemain financial logo

Max Amount
$30,000		 Loan Terms
2 to 5 Years		 APR
16.05% – 35.99%		 Origination Fee
Varies

Formerly known as SpringLeaf, OneMain Financial offers customized loan solutions operating out of over 1,700 branches in 44 states. It specializes in providing personal loans of up to $30,000 to people with bad credit.

There are no set credit score, income or DTI requirements to qualify.

The Good.  Cosigners and collateral welcomed, initial soft credit check, relatively quick funding time, flexible payment options, no prepayment penalty, seven-day commitment guarantee, and OneMain Rewards program.

The Bad. High interest rates, must meet in person to complete the application, origination, late payment, insufficient funds and payment processing fees, full coverage insurance required for collateral.

Learn More

*Full Review

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SoFi Review: Personal Loans $5,000 To $100,000 With Unemployment Protection

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Founded in 2011, Social Finance Inc. (SoFi) is a niche loan company that specializes in student loan refinancing for recent graduates. Since then, the online lender has expanded their financial services to include mortgages and personal loans. SoFi has lended $30 billion in funds to 500,000 borrowers and counting.

Their personal loan targets recent college graduates with handsome incomes looking to consolidate debt. Loan amounts max out at $100,000 and can be paid over a term period of 3 to 7 years.

Read on to see if SoFi’s personal loan is a good fit for your financial needs.

Learn More at SoFi

Borrower Averages

Credit Score 720
Credit History Short
Annual Income $114,000

The typical SoFi borrower has a high credit score and income, but a relatively short credit history. That’s because this lender is more interested in responsible bill payment, free cash flow, career and education, rather than a long credit history.

The Good

Sofi Fees

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to SoFi’s website and apply online.
  • Joint applications. As of April 2018, SoFi welcomes cosigners to help increase your chances of getting approved for a competitive rate.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • No origination fee. There’s no “middleman” fee, and you will receive the full amount of your loan.
  • Competitive fixed rate. With excellent credit, your APR could be a low, competitive rate, and that won’t budge for the entire duration of your loan term. You can even get a 0.125% rate discount on an additional SoFi joan – just for being a member.
  • No fees. There are no prepayment or late fees.
  • Live customer support. Available 7 days a week via phone or social media.
  • Better credit. Borrowers raised their credit scores by 31 points on average when paying off credit card debt with a SoFi personal loan.
  • Unemployment protection. If you lose your job, you can temporarily pause your payments, and SoFi will even help you find a new job.
  • Community events. Access to SoFi member events like happy hours or panel sessions, where borrowers can meet, mingle and network.

The Bad

  • High standards. SoFi likes creditworthy borrowers, so you must have a good credit score and high income in order to get your loan approved.
  • Funding time. It takes, on average, 7 days before the funds reach your bank account.
  • Not available in all states. You can’t apply for a SoFi personal loan if you live in Mississippi.
  • Online only. SoFi does not have any brick-and-mortar branches to make payments or ask questions in person. However, doing business online allows SoFi to keep their expenses down and pass these savings onto their borrowers.

Eligibility Requirements

All applicants must have a minimum credit score of 660. There is no minimum annual income requirement and no debt-to-income ratio requirement.

SoFi Terms & Fees

Loan Amounts $5,000 – $100,000
Loan Terms 3 to 7 years
Repayment Options Monthly
Origination Fee None
APR Fixed: 6.99% APR – 14.87% APR (with AutoPay)
Prepayment None
Late Payment None
NSF/Returned Payment None
Unemployment Protection Yes
Check Rates at SoFi

The Breakdown

SoFi members can feel like they’re part of an elite club, thanks to their high credit standards and members-only events. It’s quick to apply, with or without a cosigner, and it won’t hurt your credit score. SoFi’s rates are competitive with no origination, prepayment, late or NSF (Non-Sufficient Funds) fees. You’ll see improved credit scores with on-time payments, and you’ll have access to live 24/7 customer support, community events and even unemployment protection.

Sample Loan

Loan Size $30,000
Loan Term 48 months
APR 10.0%
Total Interest $6,522.12
Monthly Payment $760.88

However, you can’t apply if your credit score is lower than 660 or if you live in Mississippi. Funding time takes longer than other online lenders, and there are no brick and mortar branches.

Learn More at SoFi

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Earnest Review 2018: Personal Loans With Standout Customer Experience

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Earnest offers low-cost personal loans for debt consolidation and important life expenses to financially responsible applicants with promising professional futures. The online lender collects and analyzes thousands of data points, not just credit score and history, to assess risk and offer low rates, even to those with short credit histories.

Launched in 2014, Earnest offers loans with fixed rates as low as 6.99% for loan amounts ranging from $5,000 to $75,000.

Not just a lender, Earnest prides itself in building long-term relationships with their borrowers by ensuring customer satisfaction with their specialized Client Happiness team.

Like what you’re reading so far? Find out the good, the bad, and my breakdown of Earnest personal loans below.

Borrower Averages

Earnest Personal Loans

Credit Score Above 720
Credit History Short
Annual Income $114,000

Borrowers are evaluated beyond credit scores and include saving habits, education and earning potential. Earnest likes to see that you have enough savings to cover at least 2 months of normal expenses, you spend less than you earn, you have increasing bank account balances, you do not carry large amounts of credit card and personal loan debt, you have a history of making payments on-time and you are not regularly charged late, overdraft or NSF (Non-Sufficient Funds) fees.

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Earnest’s website and apply online.
  • No origination fee. There’s no “middleman” fee, so you’ll receive the full amount of your loan.
  • Flexible fund use. A personal loan through Earnest can be used for refinancing high-interest credit card debt, buying an engagement ring, renovations, weddings, and more.
  • Competitive fixed rate. With excellent credit, your APR could be as low as 6.99%, and that won’t budge for the entire duration of your loan term.
  • Low fees. There are no prepayment, late or check processing fees. There is an NSF fee of $8, but that’s lower than the industry standard of $15.
  • Client Happiness team. Personal customer care that will handle any service questions or issues for the life of your loan.
  • Earnest app. Manage your loan and make payments directly from your smartphone. You have full access to your dashboard and can even adjust your payments or make additional payments.

The Bad

  • High standards. Earnest likes creditworthy borrowers, so you must have a decent credit score, high income and projected credit potential in order to get your loan approved.
  • Not available in all states. You can’t apply for an Earnest personal loan if you live in Alabama, Delaware, Kentucky, Nevada or Rhode Island.
  • Hard credit check. This can affect your credit score. It pulls information from major credit bureaus and receives timely payment reports.
  • Funding time. Earnest has unique underwriting standards, which takes time. It will be at least a few business days before you receive your funds.
  • Online only. Earnest does not have any brick-and-mortar branches to make payments or ask questions in person.

Eligibility Requirements

All applicants must have a minimum credit score of 680 and must not have declared bankruptcy in the last 3 years nor have any open collections accounts. There is no minimum annual income requirement and no debt-to-income ratio requirement.

Earnest Rates, Terms & Fees

Loan Amounts $5,000 – $75,000
Loan Terms 3 to 5 years
Repayment Options Monthly
Origination Fee None
Time To Funding Within a week
Repayments Monthly payments over 3 to 5 year terms
APR 6.99% – 18.24%
Prepayment None
Late Payment None
NSF Payment $8
Check Processing None

The Breakdown

Applying to Earnest for a personal loan is quick and easy, with no collateral required. There are no origination, prepayment, check processing or late fees, and the insufficient funds fee is almost half of what their competition charges. If you’re creditworthy, Earnest rates can be as low as 6.99%. After you receive your loan, things should be smooth sailing with the high-tech Earnest app and the help of their Client Happiness team.

Sample Loan

Loan Size $30,000
Loan Term 48 months
APR 10.0%
Total Interest $6,522.12
Monthly Payments $760.88

To qualify for Earnest’s low end of rates, you must have a decent credit score, high income and projected credit worth. Otherwise, you could pay as high as 18.24% APR. The application requires a hard credit check, which will knock off points on your credit score. Funding takes about a few business days. Unfortunately, personal loans at Earnest are not available in Alabama, Delaware, Kentucky, Nevada or Rhode Island, and there are no brick and mortar branches.

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LendingClub Review 2018: Personal Loans Up To $40,000

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

LendingClub was one of the OGs that started peer-to-peer lending, which acts as a matchmaker between borrowers and investors. The go-between lender was founded in 2007 and has facilitated more than $35 billion in loans.

While LendingClub screens potential borrowers and services the loans, the decision to lend falls squarely on their pool of investors. Behind the scenes, each borrower is assigned a grade based on credit and income data. Your grade then determines what interest rates you qualify for and helps investors decide whether or not to give your loan the green light.

Want to get in on this matchmaking? Before you say “I do,” make sure to read my in-depth analysis below for everything you need to know about LendingClub personal loans.

Factor Borrower Average
Loan Size $15,317
APR 12.88%
Income $78,784
Credit Score 700
Debt-to-Income Ratio 12%
Learn More at LendingClub

Advantages Of LendingClub

  • It doesn’t hurt to ask.  Applying online won’t affect your credit score because LendingClub uses a soft credit inquiry. However, before finalizing your loan, LendingClub will do a hard credit check, which can put a dent in your credit score. This last bit is standard for all lenders.
  • No collateral needed. Great news if you don’t own a home, but still need access to larger sums of money at a low, fixed rate. Plus, it’s a lot quicker than traditional secured loans.
  • Cosigners allowed. If you don’t think you can qualify for a competitive rate all on your own, LendingClub is one of the few providers that allows you to apply with a cosigner to give your application more weight.
  • Fast and convenient. The whole process can be done at home, in front of your computer or on your mobile phone. You can even have the funds you requested in your bank account as soon as tomorrow or up to 7 days.
  • Flexible fund use. From consolidating your credit cards to going on vacation or even renovating your home.

  • Competitive fixed rates. From consolidating your credit cards to going on vacation or even renovating your home.
  • No prepayment penalties. There’s no penalty for partially or fully paying off your loan before the scheduled due date.
  • Rebuild your credit. LendingClub reports your payments to major credit reporting bureaus, so you can rebuild your credit by making on-time payments.
  • Late payment grace period. LendingClub gives you a 15 days after your monthly payment due date before charging 5% or $15 in late fees. To avoid this, make sure to schedule automatic payments from your bank account.

Disadvantages Of LendingClub

  • Borrowing not available in all states. This isn’t a big disadvantage as it only affects one state – Iowa.
  • Not a student loan alternative. Like most other personal loan providers, LendingClub does not allow use of funds towards college or graduate school.
  • Origination fee. LendingClub charges anywhere from 1% to 6% of your loan amount, which is deducted from your funds before it reaches your bank account.
  • Check processing fee. LendingClub charges a check processing fee of $7. You can avoid this by making online or mobile payments directly from your bank account.

Eligibility Requirements

To qualify you must have a minimum credit score of 600, a minimum credit history of 3 years, and a debt-to-income ratio of less than 40% for all single applicants, 35% for all joint applicants.

LendingClub Fees

Usage Fee Notes
Origination 1-6% One-time fee charged when you receive your loan.
APR 5.98%-35.89% With no prepayment penalties.
Check Processing $7 For each monthly payment made by check.
Late Payment 5% or $15 Once per each late payment, if your payment is more than 15 days late.
NSF/Returned Payment $15 Per transaction.

The Breakdown

A LendingClub personal loan is a good option for borrowers with strong credit histories, who need up to $40,000 in funds, and can pay it all back in less than 5 years. The application process is fast and easy, with no collateral needed and cosigners welcomed. LendingClub’s fixed rates are competitive, and you can use your newly acquired funds for just about anything. There is no penalty if your monthly payment is late for up to 15 days or if you pay off your loan early.

Please keep in mind LendingClub’s origination fee of 1% to 6%, which is considered to be part of your loan. You have to pay this fee back to your investors even though the amount was deducted from your funds.

Sample Loan

Factor Figure
Loan Size $10,000
Origination Fee (3.5%) $350
Funds Received $9,650
Loan Term 48 months
APR 18.0%
Total Interest $4,112
Monthly Payment $294

Lastly, sorry Iowans! LendingClub’s matchmaking service for borrowing is not available in your state.

Learn More at LendingClub

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LoanDepot Personal Loans Review 2018: $5,000 To $35,000 Loan Amounts

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Cali-based loanDepot was founded in 2010 and has quickly grown to one of the largest online lenders in the United States with over $800 million in personal loans funded. It offers rates as low as 7.18% for loans up to $35,000. Want to see if loanDepot is a good fit for you? Read on for the good, the bad and my breakdown of personal loans with loanDepot.

About LoanDepot

Borrower Averages

Credit Score 705 – 715
Annual Income $98,436
Home Owner 80%

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to loanDepot’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. After approval, you’ll get your funds between two to three days.
  • Flexible fund use. A personal loan through loanDepot can be used for debt consolidation, medical expenses, home improvement, special occasions and more.
  • Competitive fixed rate. With excellent credit, your APR could be as low as 7.18%, and that won’t budge for the entire duration of your loan term.
  • No prepayment penalty. So you can pay that loan of yours back as quickly as possible!
  • Rebuild your credit. LoanDepot reports your payments to Equifax and TransUnion, so you can rebuild your credit by making on-time payments.

The Bad

  • Only two fixed term lengths. You’re limited between either a three-year term or a five-year term.
  • Late payment fee. If your monthly payment is  more than 15 days late, you will have to pay a $15 fee.
  • Unsuccessful payment fee. If your payment is rejected, you will incur a fee of $15 per unsuccessful transaction.

Eligibility Requirements

Applicants must have a minimum credit score of 660 and a maximum debt-to-income ratio of 40%, excluding mortgage. There is no minimum income requirement.

LoanDepot Terms & Fees

Loan Amounts $3,000 – $35,000
Loan Terms 3 or 5 years
Repayment Options Monthly
Origination Fee 1% – 5%
Funding Time 2-3 days
Soft Credit Check? Yes
APR 7.18% – 29.98%
How To Qualify
  • Minimum credit score of 660
  • No minimum income requirement
  • Debt-to-income ratio of 40% or lower, excluding mortgage
Prepayment Fee None
Late Payment Fee $15
NSF Payment Fee $15
Check Processing Fee None

The Breakdown

Applying for a personal loan with loanDepot is quick and easy with a simple online form, no collateral required and a soft credit check. You can use your funds for just about anything, and your rates could be as low as 7.18%. There’s no penalty for paying back the loan early, and it’s a great opportunity for you to rebuild your credit.

Sample Loan

Loan Size $20,000
Loan Term 60 months
Origination Fee (2.5%) $500
Funds Received $19,500
APR 18.0%
Total Interest $10,472.11
Monthly Payment $507.87

However, if you’ve got less than stellar credit, your rates can be upwards to 29.98%. You have only two term lengths to choose from, three or five years. Plus, you have to watch out for those late payment and insufficient funds fees.

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Payoff Review 2018: Personal Loans For High-Interest Credit Card Debt

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Not your average broker, Payoff is an online financial wellness company that employs a team of psychologists, scientists and techies to provide you with tools and services to better understand your finances and help you reach your goals more quickly. It specializes in helping borrowers pay off their high-interest credit card debt by combining them into one monthly payment at a fixed rate and term. Keep reading for the good, the bad and my breakdown of unsecured personal loans with Payoff.

Learn More at Payoff

About Payoff

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Payoff’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Fixed rate. It won’t budge for the entire duration of your loan term.
  • No penalty fees. Payoff does not make you pay late, check-processing, returned check, insufficient funds or prepayment fees.
  • Payoff tools. So called “empowerment science” assessments to evaluate your financial personality, stress and cash flow. The aim is to better understand yourself and your financial habits.
  • Personal service. You’ll receive a welcome call once you accept the loan, and Payoff Member Advocates will perform quarterly check-ins during your first year. Customer service is available via phone, email and live chat.
  • Career support. If you lose your job, Payoff will work with you to create a new payment plan for your loan. Its team of recruiters can also review your resume, provide job interview advice and assist with find you a new job.
  • Rebuild your credit. Payoff reports your payments to all three major credit bureaus, so you can rebuild your credit by making on-time payments. Customers who paid off at least $5,000 in credit card debt saw an average credit score increase of 40 points within the first four months of receiving their loan.

The Bad

  • Not available in all states. A Payoff personal loan is only available in less than half of the United States. Bad news if you live in Alabama, Arizona, Connecticut, Delaware, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, North Carolina, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Vermont, Virginia, Washington, West Virginia and Wisconsin.
  • Restricted fund use. A personal loan through Payoff can only be used for debt consolidation.
  • For those with good credit. You should not have any delinquencies greater than 90 days within the past 12 months.
  • Funding time. It could take anywhere from 2 to 7 days before you receive your funds.

Eligibility Requirements

Applicants must have a minimum credit score of 660 and a maximum debt-to-income ratio of 50%. There is no minimum annual income requirement. However, you must have at least three years of good credit history with two open lines of credit of which you’ve made on-time payments.

Payoff Terms & Fees

Loan Amounts $5,000 – $35,000
Loan Terms 2 to 5 years
Repayment Options Monthly
Origination Fee 2% – 5%
Funding Time 1 to 7 business days
Soft Credit Check? Yes
APR 8% – 25%
How To Qualify?
  • Minimum credit score of 660
  • No annual income requirement
  • Debt-to-income ratio of less than 50%
Prepayment Fee None
Late Payment Fee None
NSF Payment Fee None
Check Processing Fee None

The Breakdown

Payoff is a great option for people with good credit histories, but struggling to pay off their high-interest credit card debt. The application is quick and easy with only an initial soft credit check and no collateral required. Your rates are fixed, and there aren’t any penalty fees whatsoever. Payoff prides itself on its member benefits and services like “empowerment science” assessments, personal service from member advocates, and career support.

Sample Loan

Loan Size $20,000
Loan Term 48 months
Origination Fee (3.5%) $700
Funds Received $19,300
APR 16.5%
Total Interest $7,453.13
Monthly Payment $571.94

However, you can only use your Payoff personal loan for debt consolidation. Most Payoff borrowers have good credit with no delinquencies greater than 90 days in the past year, so your chances of getting approved with bad credit is slim. Funding can take up to 7 days, much longer than the average online broker. You must also live in a state where Payoff offers loans.

Learn More at Payoff

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OneMain Review 2018: Personal Loans For Bad Credit Borrowers

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Formerly SpringLeaf, OneMain Financial offers customized loan solutions operating out of over 1,600 branches in 44 states. It specializes in providing personal loans of up to $30,000 to people with bad credit. To date, OneMain has originated more than $10 billion in loans to over 3.5 million borrowers. Want to learn more? Keep reading for the good, the bad and my breakdown of personal loans with OneMain Financial.

About OneMain Financial Personal Loans

Borrower Averages

OneMain Financial considers both your credit history and your financial ability to repay the loan. It analyzes your income, budget and other financial responsibilities to determine whether or not to approve your application.

Credit Score 622
Annual Income $49,000

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here. However, you are welcome to provide personal property as collateral.
  • Joint applications. OneMain welcomes cosigners so you have a better chance of getting approved and qualifying for better rates.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. You can get your funds the same day you’re approved.
  • Flexible fund use. A personal loan through OneMain can be used for debt consolidation, home improvements, life events, travel and more.
  • Fixed rate. It won’t budge for the entire duration of your loan term.
  • Seven-day commitment guarantee. If you change your mind, you have seven days to cancel with no penalty.
  • No prepayment penalty. So you can pay that loan of yours back as quickly as possible.
  • Flexible payment options. You can make payments online, in a branch, by phone, by mail, via app and even at a Walmart Service Desk.
  • OneMain Rewards. Earn points by completing simple tasks like paying your bills on time, completing budget tutorials, monitoring your credit score and interacting with the company on social media. Points can be redeemed for gift cards and other discounts.

The Bad

  • Not available in all states. You can’t apply for a OneMain personal loan if you live in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.
  • Must meet in person. To complete the loan, you’ll have to visit a branch to verify your identity, income, expenses, employment and collateral (if any).
  • High rates. The low end is just over 16%, while the high end is almost 36%!
  • Full coverage insurance required for collateral. If you take out a secured loan, OneMain requires that you have full coverage on the vehicle you use as collateral.

Eligibility Requirements

There are no minimum credit score, gross annual income or debt-to-income ratio requirements.

One Main Financial Terms & Fees

Loan Amounts $1,500 – $30,000
Loan Terms 2 to 5 years
Repayment Options Monthly
Origination Fee Varies by state
APR 16.05% – 35.99%; 9.99% minimum for secured loans
Soft Credit Check? Yes
How To Qualify
  • Minimum credit score: None, but average is between 600 and 650
  • Minimum credit history: Not provided
  • Minimum annual income: None, but average is $49,000
  • Debt-to-income ratio: Not provided
Prepayment Fee None
Late Payment Fee 5%
NSF Payment Fee Varies by state
Debit Card Payment Fee $2.95 per payment
Payment Fee at Walmart $1 to $1.50

The Breakdown

OneMain Financial is a great choice for borrowers with less than stellar credit who can apply with a cosigner. Collateral is not required, and the company will only do a soft pull on your credit during the initial application process. Funding is super quick after approval. The rate is fixed, and there’s a seven-day grace period for you to change your mind, for whatever reason. You also have plenty of payment options to choose from. With OneMain Rewards, you can easily earn discounts and gift cards from participating restaurants and retailers.

Sample Loan

Loan Size $15,000
Loan Term 48 months
Origination Fee (4%) $600
Funds Received $14,400
APR 26.0%
Total Interest $9,276.46
Monthly Payment $505.76

However, the process is not all online. To complete the application, you have to drag yourself to a OneMain Financial branch with the necessary documents. The rates are also quite high compared to other lenders. If you are going to take out a secured loan, OneMain requires that you have full coverage insurance on that collateral. Lastly, OneMain personal loan is not available to those living in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.

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PenFed Credit Union Personal Loans Review 2018

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

With over 80 years of lending experience, Pentagon Federal Credit Union AKA PenFed serves more than 1.6 million members in all 50 states and military bases around the world.

PenFed offers loans up to $25,000 with rates as low as 6.49%. This military-focused credit union acknowledges that, sometimes, bad luck happens. When you enroll in its debt protection insurance plan, you’re covered. Find out more about PenFed personal loans: the good, the bad and my breakdown.

About Personal Loans From PenFed

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to PenFed’s website and apply online (for members only).
  • Joint applications. PenFed welcomes cosigners, so you can have a better chance of getting approved and qualifying for better rates!
  • Quick funding. It can take as little as one business day, if approved.
  • Flexible fund use. A personal loan through PenFed can be used for debt consolidation, home improvement, auto repair and travel.
  • No origination fee. What you borrow is what you get.
  • Competitive fixed rate. With excellent credit, your APR could be as low as 6.49%, and that won’t budge for the entire duration of your loan term.
  • No prepayment penalty. So you can pay that loan of yours back as quick as possible!
  • Live customer service 24/7. PenFed is available to their members worldwide, via web, seven days a week, twenty-four hours a day.
  • Flexible loan repayment. You can also adjust the due date on your monthly payments once per year, terms apply.
  • Debt protection option. In case of disability or death, PenFed’s Debt Protection insurance plan will pay off or cancel some or all of your loan payments.

The Bad

  • For PenFed customers only. Because PenFed is a credit union, you will be required to join in order to apply for a loan. Anyone is qualified for membership by joining Voices for America’s Troops ($14 in dues) or the National Military Family Association ($15 in dues).
  • Loan terms vary by amount. You can borrow as little as $500 for a three-year term, $5,000 for a four-year term and $10,000 for five-year term.
  • Hard credit check. This can affect your credit score. It pulls information from major credit bureaus and receives timely payment reports.
  • Late payment fee. If your payment is more than 5 days late, you’ll be hit with a 20% fee.
  • Returned check fee. If your payment is returned due to insufficient funds, it’ll cost you $30.

Eligibility Requirements

There are no minimum credit score, gross annual income or debt-to-income ratio requirements. Instead, PenFed will consider your entire financial situation during the underwriting process to evaluate your loan application.

PenFed Terms & Fees

Loan Amounts $500 – $25,000
Loan Terms 3 to 5 years
Repayment Options Monthly
Origination Fee None
APR 6.49% – 17.99%
Prepayment Fee None
Late Payment Fee 20%
NSF Payment Fee  $30
Check Processing Fee None

The Breakdown

PenFed is a great choice for average credit borrowers or those with poor credit who can apply with a cosigner. You don’t need collateral and the application process is quick and easy. There are no origination or prepayment fees, and the rates are competitive with good credit. PenFed caters to their members with live 24/7 customer service, flexible loan repayment and debt protection.

Sample Loan

Loan Size $12,000
Loan Term 48 months
APR 12.0%
Total Interest $3,168.29
Monthly Payment $316.01

If you aren’t already a PenFed member, it’ll take you a few extra steps to apply. Loan terms vary by amount, so make sure to check what terms apply with your loan amount. You’ll be hit with a hard pull on your credit just to see if you qualify for a PenFed personal loan. Lastly, when you receive your funds, keep in mind the late and NSF payment fees.

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Upstart Review 2018: Personal Loans By Ex-Googlers

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

Founded by former Google employees, Upstart is the first lending platform to utilize artificial intelligence and machine learning to automate the borrowing process and price credit. With a “smarter” credit model that takes into account education and job history, Upstart has the ability to approve almost twice as many borrowers, with fewer defaults.

Since 2012, Upstart has originated $2.2 billion in loans and quadrupled in growth in 2017 alone. Want more intel? Keep reading for the good, the bad and my breakdown of personal loans through Upstart.

Learn More at Upstart

About Upstart

Borrower Averages

The typical Upstart borrower is a recent college graduate with good GPA and SAT scores and low debt-to-income ratios.

Average Credit Score 692
Average Income $100,000

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Upstart’s website and apply online.
  • Unique approval process. The application process doesn’t only look at credit score. It’ll also focus on other factors like area of study, work history and GPA.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. It can take as little as one business day, if approved.
  • Flexible fund use. A personal loan through Upstart can be used for debt consolidation, medical bills, travel and even education-related expenses.Upstart has partnered with several coding bootcamps that allows the borrower to use the loan for tuition, even if you don’t have a job or college degree.
  • Fixed rate. It won’t budge for the entire duration of your loan term.
  • No prepayment penalty. So you can pay that loan of yours back as quick as possible!
  • Live customer service 7 days a week. Upstart’s friendly Silicon Valley-based team is available between 6am and 5pm on weekdays and 6am to 5pm on weekends, PST.
  • Borrow twice. If you’re thinking about taking out a second loan with Upstart, make sure your first loan is at least six months old and that you haven’t missed any payments. The total amount of both loans must not exceed $50,000.

The Bad

  • Not available in all states. You can’t apply for an Upstart personal loan if you live in West Virginia or Iowa.
  • Only 2 fixed term lengths. You’re limited between either a 3 year term or a 5 year term.
  • The fees. Before receiving your funds, an origination fee of up to 8% will be deducted. The late fee is $15 or 5% of the amount due, whichever is greater. If your payment is returned due to insufficient funds, it’ll cost you another $15.

Eligibility Requirements

Applicants must have a minimum credit score of 620, a gross annual income of at least $12,000 and a debt-to-income ratio of up to 45%.

Upstart Terms & Fees

Loan Amounts $1,000 – $50,000
Loan Terms 3 or 5 years
Repayment Options Biweekly or monthly
Origination Fee 0% – 8%
Soft Credit Check? Yes
Typical APR 7.8% – 29.99%
Funding Time Usually 1 day; 3 days for education loans
Prepayment Fee None
Late Payment Fee $15 or 5%, whichever is greater
NSF Payment Fee $15
Check Processing Fee None

The Breakdown

Upstart is a great choice for borrowers with average credit or young borrowers who are new to credit, thanks to the lending platform’s unique approval process. Applying is painless, and you may be able to get your hands on funds as soon as the next day. Fund use is extremely flexible, including student loan repayment and tuition for coding bootcamp. Live and friendly customer service is available to you seven days a week. If you like your experience with Upstart, you can request a second loan even though you haven’t finished paying off the first one yet (terms apply).

Sample Loan

Loan Size $25,000
Loan Term 60 months
Origination Fee (4%) $1,000
Funds Received $24,000
APR 18.0%
Total Interest $13,090.14
Monthly Payment $634.84

Upstart’s rates aren’t the most competitive, with its low end starting at 7.73% APR. If you are leaning towards Upstart, make sure to calculate in the origination fee of up to 8% and keep in mind their fees for late payment and insufficient funds. Also, you can only choose between a three year or five year term length. Lastly, sorry West Virginia and Iowa residents, Upstart is not available in your state.

Learn More at Upstart

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Avant Review 2018: Personal Loans For The Typical Middle-Class American

By: | Last Updated: | This content is not provided or commissioned by the issuer. Opinions expressed here are author’s alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the issuer’s Affiliate Program. Please visit our Advertiser Disclosure for additional details.

In 2015, Forbes Magazine named Avant the sixth most promising company in the United States. That comes as no surprise since the lender service has originated $4 billion in loans to over 600,000 borrowers.

Want to see what Avant has in store for you? Below is the good, the bad and my breakdown of personal loans with Avant.

Avant Pros & Cons

Pros

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Avant’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. It can take as little as one business day, if approved.
  • Flexible fund use. A personal loan through Avant can be used for debt consolidation, home improvement or unexpected expenses.
  • No prepayment penalty. So you can pay that loan of yours back as quick as possible!
  • Avant tools. With a simple dashboard and mobile app, staying up to date with your loan is easy.
  • Live customer service 7 days a week. In a recent survey, 95% of Avant customer said they left satisfied. Nine out of ten Avant borrowers would recommend this lending service to others.
  • Rebuild your credit. Avant reports to Equifax, Experian and TransUnion, so you can rebuild your credit by making on-time payments.

Cons

  • Not available in all states. You can’t apply for an Avant personal loan if you live in Iowa, Colorado or West Virginia.
  • Origination fee. There is an administration fee which can range from 1.50% to 4.75%.
  • Rates. Even the low end (9.95%) of Avant’s rates isn’t that low, and most definitely the high end (35.99%) as well.
  • Late payment fee. Miss your payment by more than 10 days, and Avant will charge you a $25 late fee. If your next three payments are on-time, Avant will reward you by refunding the last late fee.
  • NSF fee. If your payment is rejected, you will have to pay $15 per unsuccessful transaction.
  • Online only. Avant does not have any brick-and-mortar branches to make payments or ask questions in person.

Borrower Averages

Avant president, Adam Hughes, says the company focuses on the “typical middle-class American consumer.” About half of Avant’s borrowers take out loans for debt consolidation.

Credit Score 650
Annual Income $40,000

Eligibility Requirements

Applicants must have a minimum credit score of 580 and a gross annual income of at least $20,000. There is no debt-to-income ratio requirement.

Avant Terms & Fees

Loan Amounts $2,000 – $35,000
Loan Terms 2 to 5 years
Repayment Options Monthly
Origination Fee 1.50% to 4.75%
APR 9.95% – 35.99%
Prepayment Fee None
Late Payment Fee $25
NSF Payment Fee $15
Check Processing Fee None

The Breakdown

Applying for a personal loan with Avant is quick, convenient and easy with no collateral needed. You can receive your funds in as little as one business day. With exceptional customer service and Avant’s app, it’s easy to manage your loan.

Sample Loan

Loan Size $15,000
Loan Term 36 months
Origination Fee (2.5%) $375
Funds Received $14,625
APR 18.0%
Total Interest $4,552.29
Monthly Payment $542.29

Avant rates aren’t the most competitive, with its low end starting at 9.95% APR. Make sure to calculate in the origination fee of up to 4.75%. Plus, there are fees for late payment and insufficient funds. Avant is not available to Iowa, Colorada and West Virginia residents, and you can only communicate with representatives online or via phone.

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