With unsecured business or personal loans, you do not need to provide any asset as a security. Some personal loans are flexible such that you can use them for almost any of your needs, such as debt consolidation. However, to qualify for an unsecured personal loan, you need to have an excellent credit score. When looking for an outstanding personal loan, you need to go for a loan with a fixed interest rate and fixed monthly payments.
In this article, we are going to compare some low reate unsecured loans that you may consider.
Fiona Personal Loan
Fiona Personal Loan is a finance connection service that helps you to look for a cheaper personal loan. You can get a wide variety of offers at different rates. You must meet the following requirements to qualify to get a loan; be a US citizen with over 21 years and have good to excellent credit score.
The minimum loan you can apply for is $1,000, while the maximum is $100,000. The minimum loan term is 2 years and a maximum of 7 years while the interest rate is fixed. The APR ranges from 3.84% to 35.99%.
Credible Personal Loans
Credible Personal Loans is a personalized loan comparison service that offers a wide variety of personal loans. The advantage is that they provide loans for a wide range of credit scores at competitive rates. To qualify for a loan, you need to have a credit score of over 640, have a checking account and be an American Citizen. You can compare loans from many lenders and have the loan deposited into your account within two business days.
The minimum loan they advance is $1,000, while the maximum is $100,000. The APR ranges from 3.99% to 35.99% with a fixed interest rate. The minimum loan period is 2 years, while the maximum is 7 years. You need a fair to excellent credit score.
Lending Club Personal Loan
Lending Club Personal Loan is a peer to peer lending service suitable for borrowers with good credit scores. However, the loans are not available for residents of Iowa and West Virginia states. If you wish to know if you can qualify for a loan, you can fill an online form before you can submit a full application. Make sure to apply with a cosigner if you have poor credit scores.
To qualify for the loan from Lending Club, you need to be an American citizen or permanent resident, at least 18 years old and have a bank account. Also, you need to have a credit score of at least 640. The minimum loan they advance is $1,000, while the maximum is $40,000. The APR ranges from 6.95% to 35.89%, where the interest rate is fixed. The loan duration is a minimum of 3 years and a maximum of 5 years.
Monevo Personal Loans
Monevo Personal Loans is a good deal for a borrower who is looking for a fast loan. It is also a good option for a borrower with poor credit scores. You need to fill an online form and you can receive the funds in the next business day. To qualify for a loan, you need to have a credit score of 450 and above, be a US resident aged 18 years and above and have a bank account.
The minimum loan you can apply for is $1,000, while the maximum loan is $50,000. The interest rate is fixed, with an APR of 3.99%. The minimum loan period is 0.25 years and a maximum of 12 years. They do not charge any fee in case of late payment.
Net Credit Personal Loans
Net Credit Personal Loans is a good option for borrowers with poor credit scores. The loans are available only in 15 states in the US. However, you must have good credit scores to get a loan at better rates.
The minimum loan they advance is $1,000, while the maximum loan is $10,000, where the interest rate is fixed. The APR ranges from 36% to 38% with a repayment period of between 0.5 years to 5 years. You can get the loan within 3 business days. The good thing is that you don’t need to have a minimum credit score to qualify for a loan.
Upgrade Personal Loans
Upgrade Personal Loans is a good option if you want to get a personal loan quickly. To get a personal loan, you need to be a US citizen or be a permanent resident, have a valid bank account and email address and a debt to income ratio of 40%.
The minimum loan you can get us $1,000 and a maximum of $50,000. The APR rate is between 6.98% and 35.89%, with a fixed interest rate. You get charged $10 for late payment and a 1.5% to 6% origination fee. The minimum loan period is 3 years, while the maximum is 5 years. You can get the loan into your bank account within 5 business days.
More options for personal loans.
- VivaLoan. It is a loan marketplace that connects borrowers and lenders for a payday loan or a personal loan between $100 to $15,000. Read our complete review of VivaLoan.
- PersonalLoans.com. It is a platform that connects borrowers to lenders who advances personal loans between $500 to $35,000 with up to 35.99 percent APR.
- Bad credit loans. The platform doesn’t offer loans directly. It works with a number of lenders who offer personal loans between $500 to $5,000 with an APR between 5.99 percent and 35.99 percent.
The bottom line is that to get a loan, it is important to first compare different providers. You need to look at the interest rates and the repayment period. Also, to qualify for a loan, you need to look for a loan provider that is within your credit score.