how does your credit score impact the personal loan options you have available?

Best loan for limited credit historyUpstartRating: 4.5 stars out of 54.5Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan am

how does your credit score impact the personal loan options you have available?

Best loan for limited credit history

Upstart

UpstartRating: 4.5 stars out of 54.5Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:Not disclosedFixed APR From:5.6% 35.99%Loan amount:$1,000$50,000Term lengths:3 to 5 yearsMin. annual income:$12,000

Overview: Upstart developed a reputation for offering fast and fair unsecured personal loans. APRs for Upstart loans vary by state and range from 5.60 percent to 35.99 percent. Loan amounts range from $1,000 to $50,000, and you can choose a repayment term of either three or five years.Why Upstart is the best for limited credit history: While many loan applications are based primarily on a borrowers credit score and years of credit, Upstart applications also factor in an individuals education, job history and area of study.

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Pros

  • No minimum credit score requirement
  • Quick next day funding
  • Offers direct payment to creditors

Cons

  • Origination fee of up to 8 percent of the approved loan amount
  • Potentially high APR with the maximum set at 35.99 percent
  • Loans only available for three- or five-year terms

Eligibility & More Caret DownImpact on bad credit borrowers:Because Upstarts approval decisions arent based solely on credit history, applicants may fare better than they would with other lenders.Who Upstart is best for: Upstart is especially good for young people such as recent college graduates who need loans but haven't had time to establish a strong financial history.Time to receive funds: Upstart claims that 90% of borrowers receive funds one business day after the loan is accepted. Some loans may take longer, including those used for education reasons.

Fees: Upstart charges an origination fee of 0% to 8% as well as a late fee of 5% of the amount due or $15, whichever is greater. There is also a returned check fee of $15 and a one-time paper copies fee of $10.

Additional requirements: Applicants must have a US residential address unless they are active-duty military, a personal bank account with a U.S. routing number, an email address, and a full-time job or full-time job offer starting within six months, or a part-time job combined with some other income.

Best secured loan

OneMain

OneMainRating: 3.8 stars out of 53.8Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:NoneFixed APR From:18% 35.99%Loan amount:$1,500$20,000Term lengths:2 to 5 yearsMin. annual income:$7,200

Overview: OneMain Financial offers both unsecured loans and secured loans, which require providing collateral, such as a motor vehicle. Loan amounts range from $1,500 to $20,000. APRs can run anywhere from 18.00 percent to 35.99 percent, and term lengths are 24, 36, 48 or 60 months.Why OneMain Financial is the best for a secured loan: Many lenders only offer unsecured loans. Borrowers who cant get approved elsewhere may have a better chance of getting a secured loan with OneMain Financial.

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Pros

  • Secured options available
  • Over 1,500 branches offices for those who prefer in-person service
  • A variety of loan term length options ranging from 2 to 5 years

Cons

  • Origination fees vary by state
  • High minimum APR of 18.00 percent
  • Business purposes are not allowed

Eligibility & More Caret DownImpact on bad credit borrowers:With the option of secured loans, bad credit borrowers may be able to avoid costlier forms of financing, such as payday loans.Who OneMain Financial is best for: People who are homeowners or otherwise have an asset that can be used as collateral may find this lender preferable.Time to receive funds: Money will be available in as soon as one business day after approval. If you sign the loan agreement at a physical location, you may be able to get the funds immediately.

Fees: OneMain charges an origination fee of $25 to $500 or 1% to 10%, a late payment fee of $5 to $30 or 1.5% to 15% of the monthly payment or delinquent portion, as well as insufficient funds fee of $10 to $50.

Additional requirements: Select states have different minimum loan amounts. OneMain does not go into detail about how to qualify, so additional requirements may vary.

Best loan for low rate caps

TD Bank

TD BankRating: 4.9 stars out of 54.9Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:700Fixed APR From:6.99% 18.99%Loan amount:$2,000$25,000Term lengths:1 to 5 yearsMin. annual income:$0

Overview: TD Bank's TD Fit unsecured personal loan offers borrowers anywhere from $2,000 to $25,000 and comes with few fees. Its loans are also funded in as little as one business day.Why TD Bank is the best for low rate caps: While TD Bank doesn't offer the absolute lowest rates, the cap on its personal loan rates is relatively low at 18.99 percent APR. This could make it particularly appealing for borrowers with poor credit who might otherwise be subject to rates above 30 percent.

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Pros

  • Soft credit check in prequalification
  • Flexible loan amount range
  • Option to change your payment date

Cons

  • Only available in certain states
  • Cannot be used for business or education expenses
  • No autopay discount

Eligibility & More Caret DownImpact on bad credit borrowers:The maximum APR for TD Banks personal loans is roughly 14 percentage points lower than what many other lenders offer, which could save borrowers thousands in interest.Who TD Bank is best for: People who live in the states TD Bank services and would otherwise have loans above 22 percent APR.Time to receive funds: Money can be available as soon as one business day after approval.

Fees: TD Bank only charges a late fee of 5% of the minimum payment or $10, whichever is less.

Additional requirements: Loans cant be used for business or education expenses. You must be at least 18-years-old and provide your Social Security Number.

Best loan for a range of repayment options

Avant

AvantRating: 4.5 stars out of 54.5Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:580Fixed APR From:9.95% 35.95%Loan amount:$2,000$35,000Term lengths:1 to 5 yearsMin. annual income:$14,400

Overview: Avant offers unsecured loans of between $2,000 and $35,000 with APRs from 9.95 percent to 35.95 percent.Why Avant is best for a range of repayment options: Avants loans offer repayment terms of 12 to 60 months, and with no prepayment penalty, borrowers can save money on interest by paying their loans off early.

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Pros

  • Income of other household members can help qualify
  • No prepayment penalty
  • Low minimum credit score requirements

Cons

  • High upfront administration fee
  • High minimum APR of 9.95 percent
  • No co-signers or co-borrowers

Eligibility & More Caret DownImpact on bad credit borrowers:Avants minimum FICO credit score is 580  the lowest among the four lenders on this page that disclose their credit score requirements.Who Avant is best for: Avant may be preferable for individuals with a low credit score but think they are likely to be able to pay off the loan early.Time to receive funds: Money may be available as soon as one business day after approval.

Fees: Avant charges an administration fee of up to 4.75 percent, a late fee of $25, and a dishonored payment fee of $15.

Additional requirements: You must have a $500 monthly free cash flow and 70% debt-to-income ratio, including rent or mortgage payments. Avant generally requires a minimum income of $20,000.

Best for small loans

Lending Point

Lending PointRating: 4.4 stars out of 54.4Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:600Fixed APR From:7.99% 35.99%Loan amount:$2,000$36,500Term lengths:2 to 6 yearsMin. annual income:$30,000

Overview: LendingPoint operates in 48 states and Washington, D.C., and is known to offer unsecured loans for those with credit scores as low as 600. Loan amounts range from $2,000 to $36,500, and APRs start at 7.99 percent and go as high as 35.99 percent. The repayment terms offered by LendingPoint vary from 24 to 60 months.Why LendingPoint is the best for small loans: Some lenders with tighter credit requirements have a $5,000 minimum for personal loans, but LendingPoint lets bad credit borrowers take out as little as $2,000.

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Pros

  • Approval based on a variety of factors
  • Available in most states
  • Low minimum borrowing amount

Cons

  • High origination fee for some
  • Loans limited to $36,500
  • High minimum APR of 7.99 percent

Eligibility & More Caret DownImpact on bad credit borrowers:LendingPoint offers broad availability, with personal loans available to borrowers in all but two states.Who LendingPoint is best for: LendingPoint is a good option for people who have bad credit and don't need to borrow a lot of money, such as people needing a small loan to cover a college expense or small purchase.Time to receive funds: Money will be available as soon as one business day after approval.

Fees: LendingPoint charges an origination fee of up to 6 percent. There may also be a late fee of up to $30 and an insufficient funds fee of $20.

Additional requirements: You must have less than a 50 percent debt-to-income ratio, not including your mortgage, to qualify. LendingPoint loans are not available in Nevada or West Virginia.

Best loan for fast funding

Upgrade

UpgradeRating: 4.8 stars out of 54.8Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:560Fixed APR From:7.46% 35.97%Loan amount:$1,000$50,000Term lengths:2 to 7 yearsMin. annual income:$30,000

Overview: Upgrade offers unsecured personal loans that can be used for debt consolidation, credit card refinancing, home improvements or major purchases. APRs available from Upgrade start at 7.46 percent and go as high as 35.97 percent. Loan amounts range from $1,000 to $50,000, and terms are 24 to 84 months.Why Upgrade is the best for fast funding: Loan funds can be available within just one business day of going through the providers verification process.

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Pros

  • Allows joint applications
  • Upgrade sends debt consolidation loan funds directly to creditors
  • Flexible loan amount range of $1,000 to $50,000

Cons

  • Origination fee of 2.9 percent up to 8 percent
  • $10 late fee and $10 returned check fee
  • High APRs compared to some competitors

Eligibility & More Caret DownImpact on bad credit borrowers:Customers looking to consolidate debt can have their loan funds sent directly to their creditors. This could help borrowers stay on track while building their credit.Who Upgrade is best for: Upgrade may be a good option for people who have a big purchase but not a lot of time to find a lender. It is also good for people who want to have their lender send payments directly to creditors for a debt consolidation loan.Time to receive funds: Money will be available as soon as the next business day after verification.

Fees: Upgrade charges an origination fee of 2.9 percent to 8 percent, a late fee of up to $10 and a returned check fee of $10.

Additional requirements: To get the lowest rate, you must enroll in autopay and use some loan proceeds to pay off any existing debt directly. You must also have a minimum of two accounts on credit history and a 75 percent or less debt-to-income ratio.

Best loan for online experience

LendingClub

LendingClubRating: 4.3 stars out of 54.3Info Hover for moreBankrates editorial team scores lenders based on crucial factors like APR ranges, loan amounts, total loan costs including fees and discounts, customer experience and tools such as mobile apps. The options expressed are the opinion of the Bankrate staff. Our partners compensate us, but partner relationships do not influence our reviews or scoring.See offers Arrow Right

Check rate with BankrateMin. credit score:Not disclosedFixed APR From:8.3% 36%Loan amount:$1,000$40,000Term lengths:3 to 5 yearsMin. annual income:$0

Overview: If your credit score makes it difficult to get approved for a loan, LendingClub allows you to increase your chances of approval by having a co-borrower. Not every lender offers this option, and it can be a helpful way to qualify for a loan that you wouldn't have gotten otherwise.Why LendingClub is the best for an online experience: LendingClub has a robust website that features an easy application process and an extensive loans resource center.

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Pros

  • Co-borrowers allowed
  • 15 day grace period for late payments
  • Low minimum borrowing amount

Cons

  • Origination and late fees
  • Limited lerm term options
  • No autopay discount

Eligibility & More Caret DownImpact on bad credit borrowers:Customers can borrow as little as $1,000, which makes it easier to get only the money you need and avoid going into more debt.Who LendingClub is best for: People who want to have a co-borrower or don't want to borrow a high amount may find what they need with this lender.Time to receive funds: Money may be available as soon as 48 hours after approval.

Fees: LendingClub charges an origination fee of 3 percent to 6 percent, as well as a late fee of 5 percent or $15, whichever is more.

Additional requirements: The maximum debt-to-income ratio (DTI) is 40 for individual applications and 35 for joint applications.

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