Unsecured personal loans are probably the easiest way to lay off stress regarding financial crisis from mankind. These loans can help you start a new career and get your life back on track. But before applying for such loans you should be fully aware of their policies and requirements. My article highlights all the best options if you are looking to apply for unsecured personal loans.
What are Unsecured Personal Loans?
Unsecured personal loans are basically the security free loans. No collateral is applied on the issued amount to secure the loan. A risk you might be willing to take as the consequences are not immediate if the repayment is delayed. If you are a lender than you might be wondering that investing money on unsecured personal loans is a great risk but in your (lender) case you have all the right to take legal action against the borrower if repayment is delayed beyond limits or is stopped.
Best Unsecured Personal Loans on Overall Basis:
The following three companies offer best personal loans for people with high credit and are worth a shot for people with low credit hence can be categorized as overall best personal loans:
Lending club offers best personal loans ranging up to as high as $40,000. The credit score limit is quite lenient as they require a credit up to 600 for applying. It is well known among the people due to its excellent policies and simple loan system. Lending club does business in 48 states and its APR ranges from 5.99% to 35.89%. Although Lending club is quite reasonable however it does charges 1% to 6% origination fee and also check processing fee.
- Wells Fargo:
If you prefer face to face dealings than Wells Fargo is your best option. The APR range is from 6.25% to 19.75% and grants loan in the range of $3000 to $100,000. Repayment to Wells Fargo is quite lenient as it ranges from 12 to 60 months. However no online service is offered by Wells Fargo for new customers. You will need to visit a branch to get your desired loan.
Prosper is one of the most famous peer to peer lending organization. It is broadly available everywhere and is extremely reasonable when it comes to debt to income ratio and the number of the credit entries on your report. It requires a credit score up to 640. The range of loan lies between $2000 to $35,000 with APRs of 5.99% to 35.97%
Best Unsecured Personal Loans for High Credit:
The following lenders offer personal loans at low interest rates for high credit scores:
Lightstream is a branch of Sun Trust branch and has extremely impressive terms and high loan limits. No repayment or any sort of origination fee is required in its process. But not every other person can apply for a loan at lightstream, you need to have excellent credit score, stable job and sufficient income with a strong savings background to qualify. The range of loan is $15,000 to $100,000. If you are looking for a fast loan then lightstream is the best choice as it delivers money really fast in minimum of a day.
SoFi is the top leading student loan refinancing organization. It offers loan from $5000 to as big as $100,000. No origination fee or anything else is required. Loans are granted in 47 states but you need to have a really good credit score with a reasonable debt to income ratio and a stable job.
Earnest is very much new in business but with its excellent policies it has grown quite famous. It offers low rates from 4.25% to 9.25% on its loans and the range of the loan goes up till $50,000. But Ernest requires a good history with healthy savings account and an income which can easily bear all expenses.
Best Unsecured Personal Loans for Reasonable Credit:
If your credit isn’t good it lowers your chances to get a good loan but if you are careful in observing your choices you might end up with a life changing loan with low interest rate. The following lenders offer what you’re looking for:
PersonalLoans.com is just a website and not a direct lender. It is hard to know in advance all the information you need but some basic information is as follows:
- The service is available in 50 states
- Loan ranges up to $35,000
- APRs range is 5% to 6%
It is an excellent service and with just three simple steps you can get your loan approved.
If you have a very low credit score than peerform is your best option as it offers loan to borrowers with credit score as low as 600. It offers loan up to $25,000. It is available in just 37 states and the process is quite slow and peerform also has 5% origination fee with several other service charges. The repayment is a three-year term. It is extremely easy to understand all the requirements as the website is quite transparent.
If you have friends and family ready to back you up then vouch is your best option. It is a rising company and demands at least one person to pledge a certain amount of money in case you cannot repay the loan. The range of the loan lies between $500 to $15,000 with an APRs range of 7.35% to 29.99%. if you are looking for a smaller loan you can payback easily then vouch offers its services on your demand
My article can act as a guide which lets you decide the best lender that can fulfil all your demands. ENJOY!