The majority of personal finance loans are usually unsecured unless you have a poor credit score. Those with bad credit ratings may find it difficult to find an unsecured loan, but there are lenders who are willing to fund even without collateral. If you have a pretty fair or good credit score, it would be easier for you to find a great unsecured loan. We have come up with some of the top lenders for unsecured loans.
Majority of borrowers who avail of Avant loans have credit scores between 600 to 700. They can offer an unsecured personal finance loan of up to $35,000. Terms are from two to five years with an Annual Percentage Rate from between 9.95% to 36%.
Avant is known for its flexibility when it comes to payments. They give you the ability to change your due date and amount of your payments online a day before they are due.
They also give a rebate of the $25 late fee if you make three straight payments on time after your late payment.
Avant may have higher rates compared to other online lenders, but the maximum rate is still lower than other no credit check lenders. This service is available in all states except Colorado, Iowa, and West Virginia.
Most of Lending Club customers have an average credit score of 700. To increase your chances of qualifying for a loan, your credit score has to be fair and with a few years of credit history. Rates range from 5.99% to 35.89% with a three or five-year payment term. The maximum loan amount is up to $40,000.
One of the downsides with LendingClub is the peer to peer loans that they offer which takes almost 7 days to get the funds released to borrowers. For those who can afford to wait, then this can be a good lending provider for you.
If your credit score is between 620 to 680 then Upstart may be the right lender for your unsecured personal loan. There is a $50,000 maximum loan amount that you can avail with rates from between 6.37% to 29.99%. The average rate for a 3-year loan is at 17% which is competitive with other internet lenders.
Upstart will also check on your education, work history, and credit history. Having a stable job and a higher degree in education can give you a chance for better rates even if you have a low credit score.
If you are planning on getting a loan for a coding or development boot camp, Upstart works directly with 17 major boot camps. If you get accepted into these programs, Upstart can give you easier criteria for eligibility for your loan. Some of the partners are Fullstack Academy, Dev Bootcamp, and Hackbright Academy. Upstart is available in all U.S. states except West Virginia.
Best Egg is a good option if you don’t have great credit scores. You need to have decent annual income and a credit score of at least 640. The best rate that they can give is 5.99% and if you want to qualify for this rate you need to have a credit score of 700 and an annual income of $100K.
The maximum loan amount is at $35,000 with rates up to 29.99% and terms of three or five years. Take note of late fees and origination fees, but the good thing is they don’t charge prepayment penalties. Funds can be released in just 1 day.
SoFi is known for their great interest rates, bigger loan amounts, flexible terms, and unemployment protection. Loan amounts range from $5,000 to $100,000 with competitive rates from 5.7% and 14.24%. Payment terms are 3, 5 or 7 years with a 3-day loan release timeframe.
The only exception where you can’t use your SoFi personal loan is for educational expenses. A minimum credit score of 680 should be able to qualify you for a loan.
One of the best lenders when it comes to unemployment protection. If you lose your job, they will defer your payments and even help you find a new job. They also provide career coaching and development on top of hosting networking and social events for their borrowers. SoFi is available in all U.S. states except Nevada and Mississippi.