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8 Top Personal Loan Companies Online: Unsecured Loans, Small Personal Loans, Low Interest Personal Loans & More!



Many people will need or want to use a personal loan at some point in their life. Whether you want to consolidate credit card debt or perhaps make an improvement to your home, personal loans can be an easy, responsible way to handle your finances.

However, just like any major financial decision, you need to make this one carefully. 

Do your research about online loan providers, and make sure you can responsibly fulfill the terms. Unfortunately, there are many predatory lenders out there who try to offer you hope or a big advance amount but will end up jeopardizing your future and ruining your credit history.

We took a look at some of the most famous personal loan companies to help you find the best personal loan for your needs. Continue reading to see the best personal loan lenders.

Top Personal Loan Providers: First Look

  1. Best Personal Loan Provider Overall – LoanPioneer 
  2. Best for Low Rate Unsecured Personal Loans – Quicken Loans (Rocket Loans) 
  3. Competitive Personal Loan Rates – LightStream
  4. Best for Personal Loans for Tuition – SoFi
  5. Flexible Loan Purposes – Upstart
  6. Best lender for bad credit – Avant
  7. Best for Canadians – Fairstone
  8. Connects High-Risk Borrowers to Loan Lenders – ZippyLoan

1. LoanPioneer – Best Personal Loan Provider Overall


  • Fast cash approval
  • No fees
  • No prepayment penalties
  • Flexible loan use


  • Hard-pull credit checks
  • Non-competitive APRs

LoanPioneer connects you to its trusted network of lenders. And because the company doesn’t charge a thing for its service, it might make them stand out from the pack, unlike some top picks on our list. Ensure you’re a US citizen or permanent resident before getting your hopes high, though.

While it may conduct hard-pull credit checks, LoanPioneer’s fast approval rate might come in handy if you need the money for emergency use. You can have your funds ready as early as the next business day!

This company boasts non-competitive APRs, at least comparatively, starting from 5.99%. But they don’t limit your use of the loan, unlike some providers. Whether you want to consolidate debt, improve your home, go on vacation, etc., you could qualify for a loan with one, or more, of LoanPioneer’s lenders.

  • Min Credit Score: >500
  • APR: 5.99% to 35.99%
  • Term Lengths: 3 months to 36 months
  • Origination Fee: Information unavailable
  • Prepayment Penalty: None

2. Quicken Loans (Rocket Loans) – Best Providers for Low Rate Unsecured Loans


  • No prepayment penalties
  • Easiest online application
  • Fast cash approval
  • High maximum loan amount


  • Non-competitive APRs
  • Moderate/High origination fees
  • Late fees

Quicken is the giant in the room when it comes to online financial management. They finance large loan amounts and mortgages through a second brand, Rocket Loans. For mortgage refinancing, here are a few home mortgage refinance lenders to consider.

They can approve applicants with credit scores as low as 640, which is pretty forgiving. If you have a great credit history, you can get an APR as low as 7.141%.

Because of Quicken’s established online processes, they can often offer some of the fastest cash approval, sometimes within 2-4 days. Quicken only grants loans to U.S. citizens or permanent residents.

  • Min Credit Score: 640
  • APR: as low as 7.161%, up to 29.99%
  • Term Lengths: 36 months, 60 months
  • Origination Fee: 1%-6%
  • Prepayment Penalty: None

3. LightStream – Competitive Personal Loan Interest Rates


  • No prepayment penalties
  • No fees
  • ‘Rate-Beat Program’ – will beat opponent’s APR by 0.1%
  • Fast cash approval


  • Requires 660 credit score
  • No prequalification process
  • Hard-pull credit checks

LightStream offers very competitive interest rates. Not only are the rates low, but they guarantee lower rates than competing lenders and will beat any other APR by 0.1%.

With good credit history, you can get a decent APR. With an excellent credit score, you can get an APR as low as 2.49%! But be forewarned, LightStream conducts ‘hard pull credit checks, which can affect your credit score.

LightStream can sometimes approve loans and deposit cash within a single day.

With the best personal loan rates, Lightstream offers the best personal loans and is best for debt consolidation for qualifying U.S. citizens or permanent residents.

  • Min Credit Score: 660
  • APR: 2.49% to 19.99%
  • Term Lengths: 2 to 12 years
  • Origination Fee: None
  • Prepayment Penalty: None

4. SoFi – Best for Personal Loans for Tuition


  • No origination or late fees
  • No prepayment penalty
  • Promotional cash gifts
  • Flexible use for loans


SoFi is another online personal loan lender. They are currently offering a cash gift of $360 if you get a soft credit check and approval for a loan from them.

Unlike some of the other lenders in this article, you can use SoFi’s loans to cover expenses, like tuition, that are usually forbidden for loan amounts.

SoFi’s approval process is relatively slow compared with Rocket or LightStream. Approval can take up to 11 days. SoFi only grants loans to U.S. citizens or permanent residents.

  • Min Credit Score: 640
  • APR: 5.99% – 20.99%
  • Term Lengths:  2-7 years
  • Origination Fee: None
  • Prepayment Penalty: None

5. Upstart – Flexible Loan Purposes


  • Approval not necessarily based on credit history
  • Flexible loan purposes


  • $50,000 maximum loan amounts
  • Potentially high fees
  • High APRs

Upstart was founded by ex-Google employees, so you can be sure that they will think outside the box when it comes to personal loan approval. Their approval is not only based on your credit. 

Rather than focusing solely on your credit history, Upstart will look at literally thousands of different factors while considering your loan application. However, don’t let your credit score slide—it’s still the primary factor in getting a low APR.

While Upstart’s personal loan rates aren’t as competitive as others in this article, they will allow you to use your loan money for the largest variety of purposes. After all, if they think outside the box, you can also. 

In addition to being a U.S. citizen or permanent resident, Upstart requires that you have a minimum annual income of $12,000.

  • Min Credit Score: 620
  • APR: 6.18% to 35.99%
  • Term Lengths: 36 months, 60 months
  • Origination Fee: 0%-8%
  • Prepayment Penalty: None.

6. Avant – Best Personal Loans for Bad Credit


  • Offers secured loans
  • Approval with a bad credit score


  • High APRs
  • Moderate origination fees
  • $35,000 maximum loan amounts

If you have a poor credit score, Avant might be the best option for you. They accept applications based on your credit scores as low as 580.

Avant also offers guaranteed loans. This means they can provide lower interest rates and lower origination fees if you have a car that you are willing to put up as collateral.

Because they finance riskier borrowers, they naturally have higher interest rates and late payment fees. They boast next-day approval and cash availability.

  • Min Credit Score: 580
  • APR: 9.95% to 35.99%
  • Term Lengths: 24 months to 60 months
  • Origination Fee: from 2.5% up to 4.75%
  • Prepayment Penalty: None

7. Fairstone – Best Online Lender for Canadians


  • Offers secured loans for homeowners
  • Longest payback periods (with secured loans)
  • No origination fees


  • For Canadian citizens only
  • $35,000 maximum loan amounts
  • Prepayment penalty

Because most banks require U.S. citizenship, Canadian citizens have limited options for personal loans. Fairstone is a Canadian lender who specializes in personal loans for Canadians.

Fairstone, unfortunately, offers loan interest rates that are comparable to credit card interest rates. However, if you are a homeowner, you can offer your home as collateral for a secure loan. Secure loans have lower interest rates and longer payback periods, giving you a very low monthly payment. 

Just remember that you will be making these payments for a long time, and the total amount paid will be excessively large. Fairstone only grants loans to Canadian citizens or permanent residents. It is the best option for Canadians.

  • Min Credit Score: Information unavailable
  • APR: 19.99% to 39.99%
  • Term Lengths: 36 months to 60 months, or 120 months for a secured loan
  • Origination Fee: None
  • Prepayment Penalty: Yes, for secured loans. Unsecured loans have no prepayment penalty

8. ZippyLoan – Connects High-Risk Borrowers to Lenders


  • Bad credit scores accepted
  • Offers lowest minimum loan amount


  • Very High Fees
  • Short payback periods
  • Late payment fees

ZippyLoan is not actually a lender. They are a service connecting high-risk borrowers to lenders. As such, ZippyLoan can help customers with very low credit scores and history. But as you might expect, rates will be high, and terms will be unforgiving.

The fees associated with ZippyLoan personal loans can be as high as 30% of the loan amount. This works out to amazingly high interest debt.

Loans like this are often called “payday loans” because they are meant to be paid back when paychecks are deposited. Payday loans usually have the lowest minimum loan amount.

ZippyLoan usually only accepts applications from borrowers with a regular paycheck.

  • Min Credit Score: None
  • APR: Varies
  • Term Lengths: 6 months to 6 years (some can be paid off in a few weeks)
  • Origination Fee: 15%-30%
  • Prepayment Penalty: None

Choosing the Right Lender: Your Questions Answered

How Do Personal Loans Work? 

A personal loan (also called an installment loan) is a type of loan where the lender provides you a large upfront amount, which you repay in monthly installments for a certain period of time.

The loan amount can range from $1000 to $100000, depending upon your credit score and your debt to income ratio (DTI).

The repayment period usually ranges between one and seven years.

Personal loans differ from other loans also based on the purpose of the money. For example, most lenders will not grant a personal loan for the purposes of paying tuition, business expenses, or with the intention of gambling.

What Are the Qualification Requirements for a Personal Loan?

Aside from having a good credit score and a low DTI, there are other qualifications that you will probably have to meet to get a personal loan online.

Citizenship: If you apply for a loan from a U.S. financial institution (or even many online lenders), they may require you to prove your citizenship or permanent residency. You will need a social security number for almost any kind of loan. 

If you are not a U.S. citizen or permanent resident, you may be able to apply for a loan with an eligible cosigner who has U.S. citizenship.

State of residence: Additionally, most banks or lenders with physical offices will require that you have a permanent address in a state in which they conduct business. They might ask you for proof, such as utility bills mailed to that address.

Minimum age: Most banks and lenders will not approve a loan to anyone under 18 without a cosign.

Government-issued identification: Before applying for a loan, make sure you have a driver’s license, social security card, or another form of government-issued ID.

Steady Employment/Regular Income: You should be ready to show proof of employment (going back a few months, hopefully) or other sources of income. This will help determine your DTI as well. Lenders may ask for paycheck stubs, bank statements, or other documentation.

Meet credit score requirements: Each lender will have minimum credit score requirements. See our description of each lender for an estimate of each one’s minimum credit score.

How Much Do Personal Loans Cost?

Personal loans have three cost factors to consider before you sign on the bottom line.

Interest rates: Depending on your credit score, your personal loan might have an interest rate anywhere between 5% and 35%. Of course, you’ll want to improve your credit score as much as possible to get the lowest rate. Learn more about how to fix your credit.

You should also consider that the shortest payback period will help you save the most on interest payments. If you can pay off your loan in one or two years, that will be much cheaper than paying it off over seven years. 

Origination fees: Lenders typically charge a fee for processing and approving your loan application. This fee can be between 1%-6% of the total loan amount.

Early cancellation fee: If possible, you will want to find a personal loan without an early cancellation fee. Banks and other lenders charge this fee to make up for the interest payments they will lose if you pay off your loan early. 

Basically, this is a penalty for responsible loan management. Avoid it if at all possible, or try to get the smallest cancellation fee offered.

When Is a Personal Loan a Good Idea/Bad Idea?

A personal loan is usually a great idea if you have multiple debts with high interest rates, and you can consolidate them into a single loan with a lower interest rate.

If you have credit card debt with outstanding balances and high interest rates, a personal loan is a good way to save money on interest payments. However, there are several self-assessment indicators that you should not take out a personal loan:

Covering basic living expenses: If you are taking out a personal loan to make rent or utility payments, this is a dangerous indicator that you may be living above your means. Loan providers are hesitant to lend money in these situations because it indicates that you may have trouble making payments.

Paying for luxury items or events: It’s also not a good idea to take out a personal loan for expensive electronics, jewelry, or weddings, or vacations. This is a bad financial habit to get into, and it’s much better to save up for expenses like these.

Using the loan for investment: Investments always carry a risk, and it’s a bad idea to use loan money for a risky purpose. If your investment opportunity is safe, it will have a lower interest return than your loan conditions. If your investment suggests a higher return, that indicates a higher risk that you could actually lose money. 

Either way, it’s a bad idea to take out a personal loan for investment purposes.

Is Using a Loan To Pay off Debt a Good Idea?

Consolidating your debt into one loan with a low interest rate can be a great idea. But if you have multiple debts, this may be an indication of other financial problems.

Before listening to the commercials that promise ‘one low monthly payment,’ consider consulting a licensed financial manager. He can help you create a budget and make sure your spending habits fall within your means.

If you have gotten your budget under control, then the top debt consolidation loans are a great way to reduce your overall interest payments and simplify your debts.

Risk and Benefits

If you begin to miss your monthly payments on a personal loan, it will impact your credit score. Lenders might use debt collection agencies to recoup the loan, which can quickly turn unpleasant. You will also quickly find that other banks and lenders will not conduct business with you.

However, if you can responsibly make monthly payments, you might be able to get some quick cash necessary to improve your home, pay emergency medical bills, or consolidate debt. If you have a good credit score and a low DTI ratio, a single low monthly payment for a few years might take care of your immediate needs.

Best Personal Loans: The Takeaway

If your credit has seen better days, look into LoanPioneer. They offer flexible loans that can be used to sort out debt, pay for home improvements, go on vacation, and so on! Alternatively, Quicken Loans are a solid choice if you’re looking for potentially higher loan amounts. 

On the other hand, if you have good credit, LightStream can give you the best APR and payment plans. It’s a great choice for home improvement loans or debt consolidation. 

Payday loans like ZippyLoan are not recommended except in dire emergency cases. You should also consider looking into the best credit repair company for your unique needs before proceeding to your next loan. An improved credit score always translates to better rates.

Always be sure to compare monthly payments to your current payments before consolidating, and examine all of the fine print before signing a new loan.


The reviews and statements published here are those of the sponsor and do not necessarily reflect the official policy, position or views of Observer.

8 Best Personal Loans Online: Compare Online Lenders for Personal Loans in 2021

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Cleaning up your credit safely



TUCSON, Az. (KGUN) — Americans who are dealing with financial hardship because of job loss and aftermath caused by the pandemic could be struggling to make ends meat and in some cases they might be racking up credit card debt or they’re simply late on paying bills.

KGUN 9 caught up with Sean Herdrick with the Better Business Bureau of Southern Arizona who says there are ways to get your credit fixed but you have to be careful about who’s handling your situation because they can take your money and leave you with bad credit.

“To see how many 1-star ratings there are for credit companies is frightening. They promise you they will do all of this stuff for your credit, get things taken off. Negotiate with your creditors. They’ll ask for a fee up front, you send them the fee and they never come back to you,” Herdrick said.

According to the BBB you can check their website to find out details about how a company operates. And while there are three common ways to fix your credit. It’s also a good idea to get schooled on extra fees.

“We vet the companies we accredit and if you find an accredited credit business chances are they’re doing a good job and they’re going to help you out. Credit counseling and that’s probably the best way. There’s also debt relief or settlement companies where they offer to settle your debts for you or come up with a plan to do that and a debt consolidation company they will offer a loan at a lower interest rate to help pay off all of your debts at once,” Herdrick said.

The U.S Department of Commerce released data that says Americans are spending their stimulus checks on clothing and sporting goods while others are using it for bills to fend off financial ruin and get their credit back on track.

“Do your research make sure the company you hire can give you what you need,” Herdrick said.

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Taking A Joint Home Loan Can Benefit You. Here’s Why – Forbes Advisor INDIA



In India, buying a home is mostly the single largest investment made by an individual during their lifetime. As our families expand, we plan for the future and plan to invest in bigger homes that can comfortably accommodate and protect a growing family. However, such dream houses come at a significant cost, warrant access to huge funds, and hence, require key financial planning.

In most cases, individuals need to opt for home loans to fulfil the cost obligation associated with buying a house. Considering the amount and type of loan taken, there are certain eligibility criteria that one needs to be aware of before initiating applications. 

At the time of taking a home loan, your lender or you may wish to add another applicant, also called co-applicant, to your home loans for various reasons and the structure of having a co-applicant is referred to as a joint home loan. 

Let’s understand when and why should you take a joint home loan. 

Role of a Co-applicant in a Joint Home Loan

A lender while considering applications simply wants to check if the borrower can repay the home loan along with their household expenses and existing loans. Therefore, while calculating your eligibility they generally keep aside a certain fixed portion of your income that covers your existing expenses. An individual’s eligibility is decided on the basis of the discretionary amount left post calculating their interest repayments and monthly instalments. 

In a joint home loan, you can add another co-applicant or applicants who becomes liable to pay the home loan along with the primary applicant. Liability of the loan is a collective responsibility on both or all the co-applicants as well. Generally, immediate family members, including father, mother, spouse, children, and brother, are most eligible to become co-applicants in joint home loans. 

With such arrangements the question that mostly arises is whether the co-applicant is also the co-owner of the home being considered. Co-applicant or co-applicants may or may not be the co-owner of the property, however they have a liability to pay back the loan. The co-owner of the property is a joint owner along with other owners. 

As a safeguard and prudent underwriting practice, lenders ask all co-owners to also become co-applicants in home loans, however, the reverse need not be true. This is a decision the pros and cons of which should be carefully considered by the primary applicant while choosing joint home loans.

Why Choose a Joint Home Loan Over Any Other Loan 

There are a number of additional advantages in considering taking a joint home loan as compared to an individual home loan. These include higher loan amount eligibility, lower interest rates and other income tax benefits. 

Higher Loan Amount Eligibility: When you add an income-earning co-applicant to a loan, the lender considers the income level of all the applicants and calculates an eligibility amount higher than that of only one individual applying for a home loan. This allows applicants or families to take a larger home loan amount or purchase a more aspirational home since the room for increasing an applicant budget is possible. 

Lower Interest Rates: In order to avail lower interest rates individuals can add their spouses or mother as co-applicants for a joint home loan and as a joint property owner. This is useful as most lenders in India offer a lower rate of interest to women borrowers. It is up to 10 to 25 basis points lower than the interest rate for male borrowers. 

Tax Benefits: Tax benefits can be enjoyed by all the co-applicants separately. For this to happen, co-applicants should be property owners as well and should contribute to the payment of monthly instalments towards the repayment of the home loan. 

Income Tax benefits that are available to the all co-applicants include: 

  • Benefit under Section 80 C of the Income-Tax Act for the loan’s principal payment up to a maximum limit of INR 1.50 lakh per year. 
  • Benefits under Section 24 of the Income-Tax Act for interest paid on a home loan up to INR 2 lakh per year. 
  • In a joint home loan, both the applicants can claim the above amounts individually and use this as an effective tax planning tool

Co-applicants and first-time loan applicants can utilise the joint home loan as a great tool to improve their credit score, thereby easing the process for future loan applications as and when required for various other purposes. 

Necessary Documents Needed for a Joint Home Loan

Documentation is the most cumbersome and tiring part of taking any loan. However, it is a critical part of any lender’s operations as they would want to make sure that their borrower meets income eligibility and supporting documents are provided. 

There are a number of regulatory guidelines for the know your customer (KYC) and property-related documents, where it is imperative that all accurate documentation is shared to avoid unnecessary rejections and thereby delaying the availability of funds. 

For any home loan, typically an applicant needs to provide the following: –

  • KYC documents which include:
    • Identity Proof
    • Address Proof 
  • Income proof documents including but not limited to:
    • Salary slips, Form 16 issued by your employer or
    • Income tax returns (especially for self-employed) of the last three years
  • Property related documents such as: 
    • Agreement to sell, a sale deed or a registry 
    • Previous sale deed for the property (typically all transactions done on that property in the last 13 years) 
    • Few property or location-specific documents like a no-objection certificate (NOC) from relevant authorities or from your bank if the project is funded by any financer in case you are buying new property from a builder.

All applicants need to provide their KYC documents regardless of whether they earn an income or not or whether they even co-own the property. 

If you are applying for a joint home loan mainly for higher eligibility wherein the income of other applicants also needs to be considered, then income documents of all the applicants will be required to be shared with the lender in addition to KYC documents.  

If your purpose is to save on stamp duty charges by adding a female member of the house as a co-owner of the property, then you must make sure that the draft agreements and final sale deed or the registry documents have relevant members stated clearly as co-owners. 

If you are a nonresident Indian (NRI), you can issue a registered power of attorney (POA) in favour of a trusted family member for them to execute the necessary documentation on your behalf. However, you must ensure that the exact purpose of the required transactions are mentioned in the POA, thereby easing the process for compliance and reducing chances of rejection.

Factors to Consider Before Applying for a Loan

Before even applying for a joint loan, it is important to fully understand the lenders’ conditions, which differ depending on the provider you’re considering to approach. 

Lending Conditions

  • If the property has co-owners, in such a case, the lender, in all likelihood, insists all co-owners to become co-applicants as well. 
  • The lender may also insist any or one of your family members become co-applicants in the case of an NRI loan. 
  • If you have given the power of attorney to any of your family members, the lender is likely to insist one of the family members is available in the country as co-applicant for follow-ups and communication purposes to minimize repayment risks.

Credit Score Reports

It is always better to check your and the other co-applicant’s credit score and bureau report prior to applying. This will help to ensure that you are aware of all your past and current loans along with their performance over time. 

In some cases, if it is observed that you may have an old credit card with some minor payment overdue or incorrect reporting by any financial institution, it may lead to the possibility of hampering your overall credit score, reducing the chances of approval.

In India, there are primarily four credit bureaus via which you can check your credit report. Any bureau after paying relevant fees, which is about INR 500, will process your credit report. These credit bureaus include CIBIL, Equifax, CRIF Highmark and Experian.  

When to Avoid Taking a Joint Home Loan?

When a co-applicant already has significant loan obligations and is not left with sufficient income to be eligible for a higher home loan amount, it is generally advisable to reconsider taking a joint home loan and instead consider an individual home loan.

Healthy credit history is very important for lenders while considering applications and a co-applicant who has a bad credit history or poor track of repaying past loans is a major factor while assessing the eligibility of a new loan. 

If your income is sufficient to cover costs with no additional benefits available in terms of tax write-offs, it is suitable for you to avoid a joint home loan and keep the responsibility of your liability limited.

Joint home loans are also best avoided if there is a plan for taking on a larger liability or loan in the near future as the joint loan may impact the eligibility criteria of future loans due to existing liabilities.

Bottom Line

A joint home loan is a beneficial financial tool with the potential of helping the borrower secure higher loan amounts. 

It can aid individuals significantly improve their spending power and investing threshold while buying a larger and more comfortable home and at the same time keeping the primary applicant’s liabilities manageable by sharing the repayment burden with other co-applicants. 

If utilized correctly, it can help you enjoy higher tax benefits, while simultaneously reducing overall tax outgo on a yearly-basis. 

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Fixed-rate student loan refinancing rates inch up, but still hover near record low



Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The latest trends in interest rates for student loan refinancing from the Credible marketplace, updated weekly.  (iStock)

Rates for well-qualified borrowers using the Credible marketplace to refinance student loans into 10-year fixed-rate loans hit another low during the week of April 12, 2021.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender, during the week of April 12:

  • Rates on 10-year fixed-rate loans averaged 3.78%, up from 3.73% the week before and down from 4.81% a year ago. The record low for 10-year fixed rate loans was 3.71%, during the week of Feb. 15, 2021.
  • Rates on 5-year variable-rate loans averaged 3.26%, up slightly from 3.13% the week before and down from 3.28% a year ago. Variable-rate loans recorded a record low of 2.63% during the week of June 29, 2020.

Student loan refinancing weekly rate trends

If you’re curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates won’t affect your credit score.

Current student loan refinancing rates by FICO score

To provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Sept. 30, 2021. As long as that relief is in place, there’s little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of the low interest rate environment to refinance their education debt at lower rates.

If you qualify to refinance your student loans, the interest rate you may be offered can depend on factors like your FICO score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term. 

The chart above shows that good credit can help you get a lower rate, and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request rates from multiple lenders so you can compare your options. A student loan refinancing calculator can help you estimate how much you might save. 

If you want to refinance with bad credit, you may need to apply with a cosigner. Or, you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.

You can use Credible to compare rates from multiple private lenders at once without affecting your credit score.

How rates for student loan refinancing are determined

The rates private lenders charge to refinance student loans depend in part on the economy and interest rate environment, but also the loan term, the type of loan (fixed- or variable-rate), the borrower’s credit worthiness, and the lender’s operating costs and profit margin. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

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