Best Personal Loans with Low Interest Rates in the USA
If you want to consolidate your debt, pay for unexpected costs, or make a big buy, a personal loan may be the best option for you. The interest rate is one of the most important things to think about when picking a personal loan. You may be able to pay off the loan faster and for less money if the interest rate is lower. Personal loan interest rates in the US can be very different based on your credit score, income, and the length of the loan. This piece will talk about some of the best personal loans in the U.S. with low interest rates and give you tips on how to get the best deal.
1. SoFi: Best for High Loan Amounts and Flexible Terms
One of the most well-known online lenders in the US is SoFi, which offers personal loans with low interest rates. Personal loans from SoFi can be for any amount between $5,000 and $100,000, making them a beneficial choice for people who need a bigger loan. If you choose AutoPay, the APR for a SoFi personal loan starts at 5.99% and can go up to 20.99%, depending on your credit score, the amount of the loan, and other factors.
Not only does SoFi have low interest rates, but it also lets you choose your own terms. Between 24 and 84 months is the range of terms you can choose from. This allows you to tailor your monthly payments to your budget. SoFi doesn’t charge any fees for starting a loan, being late, or paying it off early, so it’s a cheap choice. SoFi also gives borrowers a lot of extras, like unemployment insurance and career advice, which makes it a wonderful choice for people who want a personal loan and a lot of extra help.
2. LightStream: Best for Excellent Credit Borrowers
SunTrust Bank’s online banking arm, LightStream, is known for having some of the lowest interest rates on personal loans in the U.S. LightStream may be one of the best places to get a low-interest personal loan if you have excellent credit (usually a score of 700 or higher). LightStream offers one of the best deals in the industry, with interest rates starting at just 5.73% with AutoPay. But LightStream’s interest rates can reach 19.99%, depending on your credit score, loan amount, and repayment time.
LightStream gives personal loans from $5,000 to $100,000 with terms that can be as long as 144 months. This makes it a fantastic choice for both small and large loan amounts. One excellent thing about LightStream is that it doesn’t charge any fees. There are no origination fees, early payment fines, or late fees. LightStream also offers a unique program known as “Rate Beat.” If you qualify, LightStream will beat a competitor’s interest rate by 0.10%, potentially saving you even more money. This makes LightStream an excellent choice for individuals with solid credit.
3. Marcus, by Goldman Sachs: Best for Debt Consolidation
Marcus by Goldman Sachs is a reputable lender that provides personal loans at competitive interest rates, particularly for individuals seeking to consolidate their debts. Marcus gives personal loans to people with good credit at interest rates that start at 6.99%. You can borrow anywhere from $3,500 to $40,000, and you have 36 to 72 months to pay it back. You can pick the best way to pay back the loan based on your current financial situation because the terms are flexible.
One excellent thing about Marcus by Goldman Sachs is that it doesn’t charge any fees. It’s a wonderful choice for people who want to avoid hidden fees because there are no origination fees, late fees, or prepayment fines. Marcus also offers a unique credit system known as “on-time payment.” If you make all of your payments on time for a year, you can get a lower interest rate. This could help you save money over the loan’s term and get your finances in better shape. Marcus is a wonderful option for people who want to combine their high-interest credit card debt into a single monthly payment that they can handle.
4. Discover personal loans: best for loan amount flexibility.
Find out more about Discover if you need a personal loan with low interest rates. Personal loans from Discover have interest rates that start at 6.99% (with AutoPay) for people who qualify. The loan amounts range from $2,500 to $35,000. This makes it ideal for those who require a small loan or wish to use it for specific expenses.
One excellent thing about Discover personal loans is that they don’t charge any fees for starting the loan, paying it off early, or being late. They also give you a choice of flexible payment plans, from 36 to 84 months. The lender gives clear, open information about interest rates and fees, and Discover’s customer service gets high marks. Discover also allows you to receive your money back within 30 days if you decide to change your mind about the loan after signing the contract. This makes Discover a fantastic choice for borrowers who value freedom and excellent customer service.
5. Upstart: Best for Borrowers with Short Credit Histories
The online lending site Upstart uses artificial intelligence (AI) and machine learning algorithms to figure out who is creditworthy. This means that Upstart can accept borrowers with short credit histories or credit that isn’t great. Personal loans from Upstart have interest rates that start at 5.31 percent for people whose credit meets their requirements. You can borrow anywhere from $1,000 to $50,000, and you have 36 to 60 months to pay it back.
Upstart is different because it looks at more than just education, work history, and future earnings when deciding whether to give a loan. This can be especially helpful for recent college graduates or young professionals who need a personal loan with a low interest rate but don’t have a lot of credit background. Upstart also doesn’t charge any fees for paying off the loan early, and the application process is quick and easy. This makes it a fantastic choice for people who need money quickly.
6. Payoff: Best for Credit Card Debt Consolidation
Payoff specializes in giving people personal loans to pay off high-interest credit card debt. Payoff can help you if you’re having trouble making all of your credit card payments on time by giving you a low-interest personal loan that you can use to pay off all of your debt at once. The interest rate on Payoff’s personal loans starts at 5.99% (with AutoPay), which is a lot less than the interest rates on most credit cards, which are usually between 15% and 25%.
Payoff lets you borrow between $5,000 and $40,000, and you have 24 to 60 months to pay it back. The company focuses on people who want to get out of debt and improve their finances by combining their high-interest credit card debt. They also offer tools to help people improve their credit scores. The initial fee charged by Payoff is comparable to that of other lenders, and consolidating your debts into a single loan with a lower interest rate can result in significant cost savings over time.
7. Best Egg: Best for Fast Funding
Best Egg is an online lender that gives personal loans with low interest rates. They focus on getting you the money quickly and making the application process as simple as possible. Prices for personal loans from Best Egg start at 5.99% if you choose AutoPay, and loans run from $2,000 to $50,000. There are three different loan terms—36, 48, and 60 months—so borrowers can choose the one that works best for them.
After receiving approval from Best Egg, borrowers can receive their money as soon as one working day. Best Egg is renowned for its swift approval process for these loans. This makes Best Egg an excellent choice for individuals seeking immediate financial assistance for urgent situations or bills. Best Egg does charge an application fee, which can be anywhere from 0.99% to 5.99% of the loan amount and your credit score. Even so, Best Egg is a favorable choice for many borrowers because it has low interest rates and quick funds.
Conclusion
When searching for the best personal loan with a low interest rate, it’s crucial to consider your credit score, the loan amount, and your repayment plan. Some of the best places in the U.S. to get a personal loan with low interest rates are SoFi, LightStream, Marcus, Goldman Sachs, Discover, Upstart, Payoff, and Best Egg. Different lenders offer different benefits, like letting you choose the loan amount, not charging any fees, or getting the money quickly. Understanding these benefits can assist you in selecting the most suitable option for your needs. Before you apply, get quotes from a few different lenders and compare their interest rates, fees, and terms to find the best deal for you. You can make big steps toward your financial goals and better handle your money if you get the right personal loan.