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4 best personal loans you must go for in 2023.

4 best personal loans you must go for in 2023.

Personal loans are inevitable steps we all have to undertake from time to time. In this post,we will give you the 4 best personal loans you must go for in 2023. Wondering what personal loans are, let us have a better understanding of it in investopedia.

Investopedia defines as “an amount of money you can borrow to use for a variety of purposes.”

Why do people go for a personal loan?

Personal loans are mostly given by banks, credit unions, and even online lending platforms.Most people take personal loans to meet pressing needs.

There are several reasons why one may choose to take a personal loan, but one of them is that people go for personal loans  for example to plan a dream wedding, or renovate a home. Others go for personal loan to consolidate debt.

It is worthy to note that most of the money borrowed are always given a given time to repay. They are mostly paid with interest.

There are also other charges  that come with personal loans.These charges may include fees which are charged by some lenders on personal loans.

How much personal loan can one take? This depends on the reasons which is compelling one to take a personal loan. The amount one can take mostly range from $1000.00 to a whopping amount of $50,000.00.

There are instances when some lenders may give you up to $100,000.

A survey which was carried out by Forbes Advisor showed “that over 80% of Americans borrow less than $20,000 in personal loans”.

4 best personal loans to go for in 2023.

If you are planning for a personal loan,the first company to go for a personal loan is SOFI.

What is SOFI?

Sofi is  “an online lending platform that offers unsecured fixed-rate personal loans in every state except Mississippi.”

Sofi was founded in 2011.The company has given out more than $50 billion in loans. Wondering what is unique about Sofi.

They allow high loan amounts and can even extend the loan terms for you.

Sofi loan figures range from $5,000 to $100,000. This is on thing which makes Sofi one thing makes them one of the preferred destination, especially for those with better credit.

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They also have a better repayment terms  which are highly flexible. Their repayment term spans between 2 and 10 years.

Sofi accepts a minimum credit score of 650 as well as an annual income of not less than $45,000.

The interesting thing is that they do not charge any origination fee or payment penalties, unlike their peers.

The other thing is that their  loan use,limits you to personal as well as family and household-related expenses.

LightStream

They are one of the loan companies to look out.

 LightStream is  “a consumer lending division of Trust.”

It was formed after the merger of “SunTrust Bank and BB&T.” The loan amount  one may get from them vary. It is  based on the purpose of thee loan and it range from $5,000 to $100,000.

They allow you to spread your repayment. The repayment period ranges from 2 to 7 years. They do not charge origination fee as well as late payment fees.

They give loans for all the 50 states in the Us and even Puerto Rico. One of their eligibility requirements are that lenders must have good credit.

There is no requirement for their applicants to “pre-qualify” for their loan.

They offer varied loan uses, unlike SOFI, but do not accept refinancing of an existing Lightstream loan with another Lightstream loan. Borrowers can receive their loans on the same day if they are approved before 2.30 p.m. on the day of the approval.

Marcus

Marcus  is “a subsidiary of the investment bank Goldman Sachs”.

They give personal loan which ranges from $3,500 to $40,000.

Though they give as low loan figures as compared to others, they allow their repayment period go from three to as many as six years.

If you are an autopay enrollee, then you can access APRS for 6.99% to 19.99. This comes with a 0.25 percent discount.

Because Marcus allow applicants to pre-qualify, it allows you to see your options without hurting your precious credit.

Marcus do not give out their minimum credit score. You will need a minimum of 660 or may be given a lower amount.

Wondering,what their loan amounts can be used for, they can be used for the following: “debt consolidation, home improvement, moving and relocation, special events, travel and vacations, and more.” They add that caution that,

you cannot use their loans to refinance your existing student loans.

Marcus turnaround time is 24 hours. Your applicants can be approved in 24 hours, and this compares favorably with other lenders.

LendingPoint.

This loan company is “an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington, D.C.”

LendingPoint does not offer loans in states like West Virginia and Nevada.

People in these states can however use their online application. It works best to offer them quick funding to solve their immediate need.

The company loan amounts that ranges from $2,000 to $36,500. However, those in Georgia seem to have a lower amounts. Georgia borrowers  have a minimum loan amount of $3,500.

Though their loan amounts are lower as compared to others, they have a flexible repayment terms that ranges between two and five years.

They do this give borrowers time to pay comfortably and conveniently.

Unlike the previous ones, they charge origination fees.

Your origination fee depends on the state you are coming from and can range from 0% to 6%.

Though they have high APRs,you can avoid the high APRs by trying to maintain a high credit score.

The unique thing about their  turnaround time is such that you can receive your money the next day after your loan amount has been approved.

Their eligibility requirement is that you must have a minimum credit score of 600.

That is not all; you must live in one of the 48 states that they accept loan applications from.

As indicated earlier, if you are in Nevada or West Virginia, then you cannot apply for LendingPoints loans.

 

 

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