Getting a personal loan is a great way to help you finance any major purchase. However, there are several types of loans to choose from and selecting the best one for you can be tricky. In this article, we'll take a look at some of the best options available.

SoFi

SoFi offers low-interest personal loans in the United States. These loans can be used for a variety of purposes, including consolidating debt, making purchases, paying medical bills, and more.

Before applying for a SoFi loan, however, you should check the company's eligibility requirements. These include a credit score of at least 680, an income of at least a sixth figure, and an age of majority.

To qualify, you must be an American citizen or permanent resident. You must also be employed and have an acceptable debt-to-income ratio. A job loss or layoff may affect your ability to make payments. In these situations, SoFi may offer a temporary pause to your loan payments.

If you're considering a SoFi loan, you should also consider how their unemployment protection program works. They will suspend your monthly payment for up to 12 months if you are unemployed. This protection can provide you with peace of mind, even if you aren't completely sure you'll be able to get back to work soon.

The best way to find out if you're eligible for a SoFi loan is to use the company's free online application. After you submit your application, you'll receive a rate quote based on your specific needs.

If you decide to accept the loan, the lender will then send you the funds. You'll be able to make your payments using an online bill pay service or by printing out a paper check.

Unlike traditional lenders, SoFi does not charge customers any fees for origination or late fees. It also does not apply prepayment penalties to loans.

Another great feature is their mobile app. With a SoFi loan, you can make your payments through the mobile app.

SoFi is a peer-to-peer lender, which means it doesn't have a physical branch. However, you'll still need to go through the same online application process.

SoFi's customer support is available seven days a week. Members can take advantage of a number of benefits, such as career coaching and networking events. There is also an opportunity to participate in SoFi's referral program.

Depending on the state you live in, the minimum loan amount and interest rates may differ.

Upstart

Upstart personal loans are designed to help borrowers get back on track and improve their credit score. Upstart's underwriting model is based on artificial intelligence. It takes into account factors such as the applicant's employment history, income, and credit profile. The result is an offer with an APR that is generally lower than other options.

Upstart also offers a hardship program. During the period of hardship, loan payments are suspended. However, interest continues to accrue. This can be a huge advantage if you are facing a major purchase.








Upstart offers loans between $1,000 and $50,000. These loans have a three or five-year repayment term. They are best suited for borrowers with good to fair credit. To qualify for an Upstart loan, you need to be employed and have a regular income. Also, you must have a bank account that is within the U.S. You can use the funds to pay for unexpected bills, consolidate debt, or help you achieve your goals.

To receive an Upstart loan offer, you will need to fill out a form. It only takes a few minutes to do so. Once you submit the form, you will be provided with an estimated rate quote. If you choose to accept the offer, you will be required to sign a promissory note.

While the Upstart application is relatively simple, there are a few things you should know. First, you must be willing to allow a hard credit inquiry. This will drop your credit score temporarily.

Additionally, you must be able to prove you have a reliable income and an active bank account. In addition to providing this information, you may be asked to upload supporting documents. Finally, you must check your credit report before your application is reviewed.

When you apply for an Upstart loan, you will be notified of your estimated interest rate. You can also view your payment obligations online. After you sign your promissory note, you can change your monthly payment date.

Upstart is a fast-paced lender that uses artificial intelligence to fund loans. Their AI system evaluates the information you provide to determine your eligibility.

Avant

If you have been looking for a low interest personal loan, Avant is one of the best options available. They provide loans for consumers with fair or poor credit. You can choose between different loan amounts, from $2,000 to $35,000.

Unlike many other lenders, Avant does not require a minimum credit score. It will consider your household income and debt-to-income ratio in order to approve you for a loan. Their customer service team is friendly and helpful.

The Avant application is easy to use. It includes a dashboard that lets you track your application's progress. Applicants can also send in additional documents via email or fax.

The application also features a mobile app, which gives you the ability to make payments and manage your loan. Users can also review payment history. There is also a hefty administration fee of 4.75 percent, which is deducted from the amount of the loan before disbursement.

When it comes to customer support, the Avant team is available seven days a week, seven days a year, from seven AM to eight PM Central Time. Customers are satisfied with the level of care they receive.

The perks of an Avant personal loan include flexible repayment terms and a low prepayment fee. This means that borrowers have the option to pay off the loan early, saving them both money and time. In addition, the company's Knowledge-Based Authentication system allows identity verification to take place electronically.

The main benefit of an Avant personal loan is that it can be approved as soon as the next business day. However, you will have to wait about 30 days for the loan to start making monthly payments. Thankfully, there are no late fees or penalties for missed or dishonored payments.

With a quick and simple application, a soft credit inquiry, and a variety of loan options, Avant is a great option for borrowers in need of a small sum. Whether you are interested in buying a new car or remodeling your home, an Avant loan can help you get back on track.

Although some of the benefits of an Avant loan may be overshadowed by its high fees and other drawbacks, they are still well worth it.

Marcus by Goldman Sachs

Marcus by Goldman Sachs offers a variety of personal loans for different purposes. They're available both online and over the phone, and can help you get the money you need to pay off debt, go on vacation, or even make home improvements. You can apply for a loan online, and you can receive the funds in as little as three days. However, you may be required to fill out additional paperwork before receiving your money.

When you visit the Marcus website to apply, you'll be prompted to fill out a few basic personal information forms. This is followed by a credit check. The company will then show you a list of potential loan options based on your desired monthly payment and loan term. If you like the terms, you can move forward with the application.

Marcus doesn't offer prepayment penalties, so you won't be penalized if you miss a payment. You'll also be rewarded for making on-time payments. Paying on time won't add interest to your balance, and your loan will be extended by one month.

Depending on the financial institution, the approval process can take less than 24 hours. You can then check on your account using the lender's web or mobile app. There are also customer service representatives who are available seven days a week.

Marcus has no minimum income requirements, but you will need a solid credit history. Your FICO(r) score will determine the amount you can borrow, and you'll be able to choose a loan with flexible payment terms.

If you have excellent credit, you may qualify for a Marcus by Goldman Sachs personal loan. But if your credit isn't so good, you might want to look for better rates elsewhere. And remember, you'll be able to apply again after six months.

Although Marcus personal loans come with competitive rates and flexible payment terms, you can't have a co-borrower. To make things easier, you can use their autopay discount to avoid late payments. It's worth 0.25% of the total amount, and it can help you save on interest.

Finally, the Marcus website gives you the option to defer one payment. After 12 consecutive on-time payments, you can skip a month of payments.