If you’re looking to borrow money for a debt consolidation, home improvement or another large purchase, you might find yourself evaluating personal loan services offered by online lenders, banks or credit unions. These loans can be a great option, but they come with many factors to consider that may affect your overall borrowing experience and cost. The Best personal loan services offer a wide range of options and are typically geared toward consumers with fair to good credit scores, though some lenders may also consider other factors such as employment history, credit utilization and debt-to-income ratios.
The top choice among our reviewed lenders is SoFi, which offers a loan amount up to $100,000 with terms of two to seven years. SoFi also charges no origination, administrative or late fees, making it a standout among its competitors. In addition, it reports your loan payments to the three major credit bureaus, provides unemployment protection and financial planning and runs regular promotions on its website that can help you save even more.
Comparing the Best Personal Loan Providers: A Comprehensive Guide
LendingClub also offers personal loans up to $100,000, with terms of two to seven years. However, its 640 minimum credit score requirement and late fee of 5% of your monthly payment or $15 (whichever is higher) keep it from being a top pick. Read Insider’s full review of LendingClub personal loans.
Wells Fargo is one of the largest and oldest banks in America, and its personal loan offerings are available to existing customers with fair to excellent credit. Wells Fargo’s personal loan limits vary from $3,000 – $100,000 and borrowers can choose a repayment term of 12 – 84 months. Wells Fargo also offers a variety of benefits, including in-person banking and credit card service, and has 8,000 physical branches.