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9 of the best personal loans in 2020



These are some of the best personal loan lenders in 2020. (iStock)

If you’re running behind on your monthly payments and you need money fast, taking out a personal loan can often give you access to the fast funding you need. Fortunately, there are plenty of personal loan lenders you can choose from, each with their own term lengths and eligibility requirements.

Don’t worry about having to navigate personal loan options on your own. Credible can help compare personal loan companies (and hopefully land you some of the lowest rates for what you’re looking for). Below is a list of some of the best personal loan companies that are likely to ensure customer satisfaction, according to Credible’s financial experts.

Axos Bank

Axos Bank offers personal loan options for debt consolidation, home improvement, and other purposes. Borrowers in all 50 states can gain access to up to $35,000 in little as two days after accepting the bank’s final loan offer and pay it back with no pre-payment penalty.

The biggest downside to Axos is that their qualifying requirements may be tough for potential borrowers to meet. Their minimum credit score requirement is relatively high at 740 and they have chosen not to make their minimum income requirements public.

During the application process, a soft credit pull is required. For those who do qualify, Axos offers loan terms of up to five years and interest rates between 6.49 percent – 29.99 percent APR.

  • Loan amount: $5,000 -$35,000
  • Loan terms (years): 1, 2, 3, 4, 5
  • Discounts: None 
  • Time to get funds: Within 2 days of accepting their final loan offer

Compare loans provided by Axos Bank and other online lenders through Credible today.



Available in all states except for Rhode Island and Vermont, Light Stream offers personal loans for credit card refinancing, debt consolidation, and home improvement. Its biggest benefits are that they offer the potential for fast access to funds with no hidden fees. Their loan interest rate can range from 4.99 percent – 19.99 percent APR, which are some of the lowest on the list.

The only real disadvantage to Lightstream is they have not made their minimum income requirement public, which makes it hard to know for sure if you’re a good candidate.

Applying for a loan with LightStream does not require a soft credit pull. However, since the company does have a minimum credit score requirement of 660, these loans may not be an option for everyone.

  • Loan amount: $5,000 – $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 for home improvements)
  • Discounts: Available for those who set up autopay
  • Time to get funds: As soon as the same business day

Compare loans provided by LightStream and other online lenders through Credible today.



One of the best things about Marcus personal loans is that they make their qualifying requirements crystal clear. With a minimum income requirement of $30,000 and a minimum credit score requirement of 660, borrowers with excellent credit are the best fit for these loans. Additionally, there is no origination fee for those who qualify.

However, with a processing time of at least five days, getting your money may take a little bit longer than with some other providers on the list. Potential borrowers also need to know that Marcus does not offer opportunities for discounts.

Marcus offers personal loans for credit card refinancing, debt consolidation, and home improvement purposes. They’re available in every state besides Maryland and interest rates range from 6.99 percent – 19.99 percent APR.

  • Loan amount: $3,500 – $40,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Discounts: None
  • Time to get funds: Many Marcus customers receive funds in as little as five days

Compare loans provided by Marcus and other online lenders through Credible today.



Those looking to use a personal loan for credit card or debt consolidation may want to consider Payoff. They offer loans up to $35,000 with no minimum income requirement and have a minimum credit score of only 640, making them a decent option for those with bad credit.

Unfortunately, Payoff is only available in certain states. As of the time of publishing, Payoff is not available in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Ohio, or West Virginia.

If you do live in an eligible state, keep in mind that applying for one of these loans will require a soft credit pull and you will have to pay an origination fee to close on the loan. The interest rate you’ll be given will fall between 5.99 percent – 24.99 percent APR.

  • Loan amount: $5,000 – $35,000  
  • Loan terms (years): 2, 3, 4, 5 
  • Discounts: None
  • Time to get funds: As soon as 2 – 5 business days after verification

Compare loans provided by Payoff and other online lenders through Credible today.



Prosper offers personal loans for a variety of purposes, including auto loans, small business expenses, debt consolidation, and home improvement. The company’s biggest advantages are that they don’t have a minimum income requirement and their minimum credit requirement is only 640.

The downside to Prosper is that taking out one of their loans does come with an origination fee and they don’t offer any potential for discounts. Ranging from 6.95 percent – 35.99 percent APR, their loan rates are also on the higher end.

Loans from Prosper currently aren’t available in Iowa, North Dakota, or West Virginia. Applying does require a soft credit check and closing on the loan does include paying an origination fee.

  • Loan amount: $2,000 – $40,000
  • Loan terms (years): 3, 5
  • Discounts: None
  • Time to get funds: On average, within 5 days of accepting your offer

Compare loans provided by Prosper and other online lenders through Credible today.



Available to cover your personal, family, and household needs, a SoFi personal loan comes with the potential for affordable interest rates. In addition to offering rates that range from 5.99 percent – 17.53 percent APR, the company also offers a discount if you set up autopay. They’re currently available in every state, except for Mississippi.

Be aware that since SoFi has chosen not to disclose their minimum income or credit requirements, it’s nearly impossible to know whether you’re a good candidate before you apply. Your best bet is probably to get in touch with their customer service team, which you can do by phone or email.

Applying for a SoFi personal loan does require a soft credit check, but on the plus side, you won’t have to pay an origination fee if you’re approved.

  • Loan amount: $5,000 – $100,000 
  • Loan terms (years): 2, 3, 4. 5, 6, 7
  • Discounts: Available for autopay
  • Time to get funds: 3 business days

Compare loans provided by SoFi and other online lenders through Credible today.



With a minimum credit score of just 600, Upgrade is a solid option for those with less-than-perfect credit who are in need of credit card refinancing, debt consolidation, or home improvement help. Though their rates are a bit higher at 7.99 percent – 35.97 percent APR, they do offer a discount for setting up autopay,

Upgrade does not disclose its minimum income requirement and their loans are not currently available in Connecticut, Colorado, Iowa, Maryland, Vermont, or West Virginia.


Closing on a personal loan with Upgrade does come with an origination fee.

  • Loan amount: $1,000 – $35,000 ($3,005 minimum in Georgia, $6,005 minimum in Massachusetts) 
  • Loan terms (years): 3, 5  
  • Discounts: Available for autopay
  • Time to get funds: Within a day of clearing necessary verifications

Compare loans provided by Upgrade and other online lenders through Credible today.


Avant is also a good choice for those who want to know the qualifying requirements before they apply for a loan. With a minimum income requirement of $24,000 and a minimum credit score that ranges from 580 – 680, Avant makes sure to put all their cards on the table. Besides transparency, one of the best things about this company is that they have a quick turnaround time, allowing you to access the money as soon as the next business day.

That said, Advant does charge an origination fee when you take out a loan with them and, as of right now, their financing is only available in certain states. Currently, you cannot get a loan from Avant if you live in Colorado, Connecticut, Hawaii, Iowa, Louisiana, Nevada, New York, South Carolina, Vermont, or West Virginia.

With interest rates ranging from 9.95% – 35.99% APR Advant’s interest rates are higher than some of their competitors, However, they do offer the opportunity to access a discounted rate if you set up autopay.

  • Loan amount: $2,000 – $35,000

  • Loan terms: 2, 3, 4, 5

  • Discounts: Autopay

  • Time to get funds: As soon as the next business day, if approved by 4:30 PM CT on a weekday


With a minimum income requirement of just $12,000 and a minimum credit score of 600 (in most states), Upstart is likely going to be a solid option for lower-income borrowers. They also offer more flexibility of use since their loans can be used for educational or relocation purposes in addition to debt consolidation and large purchases.

Unfortunately, Upstart does not offer their borrowers any opportunity for discounts and their loans are currently available in Iowa or West Virginia. Notably, Upstart also charges an origination fee.

The company’s interest rates range from 8.13% – 35.99% APR, which is on the higher end of what consumers should expect to pay.

  • Loan amount: $1,000 – $50,000

  • Loan terms: 3, 4, 5

  • Discounts: None 

  • Time to get funds: 1-3 business days

The bottom line

If you’re in the market for a personal loan, remember that it’s important to compare your loan options from multiple lenders. Generally, you’ll want to choose the loan with the lowest loan interest rate, but you’ll also need to make sure that the fee structure and available loan terms work for you. Fortunately, Credible’s personal loan marketplace makes it easy to shop around for a loan from the comfort of your own home.

While you’re weighing your options, it may be helpful to use a personal loan calculator to get a better idea of the costs of taking out a loan. If you still need more options to consider, Credible also compared loans provided by Discover, Earnest, HSBC, Laurel Road, One Main Financial, Pen Fed Credit Union, PNC, and Rocket Loans.

FAQ about personal loans

What should you use a personal loan for?

Personal loans are the fastest-growing type of consumer debt. The most popular reason to get a personal loan is debt consolidation, but it can be used for everything from unexpected expenses to college tuition or home improvement.

Here are some different types of personal loans you should consider — like debt consolidation loans or secured loans.

Where is the best place to get a personal loan?

Banks and credit unions are popular places for acquiring a loan, but you can also find fast funding from online lenders. Credible can find you the lowest rates, term lengths, and estimated monthly payments within just minutes.

How do you apply for a personal loan?

The first step is to check your credit history to get an idea of the credit score you’re working with (you want to aim for a FICO score of at least 670). You can still get approved for a personal loan with bad credit, but the higher the better.

The second step is to shop around for the best interest rate. Credible can help you compare loan rates across many financial institutions within a few minutes.

Here are seven steps you need to take as you apply for a personal loan.

What are the terms of a personal loan?

Loan amounts, rates, lengths, and fees vary, depending on the lender as well as your personal credit score. Most loans range from $1,000 to $50,000, although some lenders will give as much as $100,000 to consumers with excellent credit.

Lender annual interest rates can range from 5 percent to 36 percent. Borrowers with higher credit scores generally receive lower interest rates. Some lenders will charge an origination fee to process the loan. This can range from one to eight percent of the amount of the loan. And most personal loans can be taken for a term of 12 to 60 months.

Be sure to consider all of the costs and terms before committing to a loan and how they fit with your budget. If you want to pay off the loan before the end of the term, make sure the lender doesn’t charge a prepayment penalty. If you need further guidance, contact a financial advisor to discuss your options when it comes to borrowing money.

What interest rates should you expect?

Personal loan interest rates can vary greatly depending on the type of personal loan you’re looking for — as well as your credit score and the repayment term you’re considering.

The personal loan lenders highlighted by Credible offer rates ranging from 3.99 percent to 35.99 percent APR.

How do you find the best personal loan rates?

Opting for a low-interest personal loan will give you access to the money you need at the lowest cost to you. Here are five things you can do to get the best personal loan rates.

  1. Shop and compare offers
  2. Get a secured loan
  3. Select a short-term loan
  4. Check your credit score
  5. Get a co-signer with a good credit score

How does a personal loan affect your credit score?

Here are the positive impacts a personal loan can have on your credit score:

  • Building your credit card payment history
  • Contributing to a better credit mix
  • Lowering your credit utilization ratio

Here are the negative impacts a personal loan can have on your credit score:

  • It creates a hard inquiry on your credit report
  • It can create more debt
  • There are additional fees

There are other steps you can take when it comes to improving your credit or FICO scores, however. Becoming an authorized user, getting a secured card, making your monthly payments on time, and asking for a higher credit limit are just a few options you have.

Stephanie Vozza and Lauren Bowling contributed to this report.

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Credit 9 Gets Bad Review For Debt Consolidation Loans



Have You Received A Loan Offer In The Mail From Credit 9?

If you have been thinking about it and you just received a “too good to be true” loan offer in the mail from Credit 9, Tripoint Lending, Simple Path Financial, or SPF Saves or – listen to your gut instinct. Do you really think you qualify for a 3% interest rate? Do you really think that reservation code is especially for you? Check Crixeo and find out the truth.

Is Credit 9 A Scam?

Credit9 is affiliated with Americor Funding, a debt resolution company.

It appears that Credit 9 is operating a typical bait and switch scheme. They lure you in by sending you direct mail with a “personalized reservation code” and a low 4%-5% interest rate to consolidate your high-interest credit card debt.

Credit9 doesn’t tell you that you need excellent credit to qualify for a loan with that low-interest rate (which you have been supposedly preapproved for).

While the Credit 9 Nine mailer offers incredibly low rates, the licensing information on their site discloses that “typical” rates for most states they include in their disclosure are 18-24% APR.

Interestingly, while having sample rates for the State of Pennsylvania, the Credit 9 website also discloses that “These products/services are not offered to Pennsylvania residents.”

When it comes to debt-consolidation loans, you’ll find varying interest rates that may be different from one lender to another.

Debt consolidation programs cover several types of loans, including home equity loans, personal loans, and balance transfer credit. The main reason for taking out a personal loan is the consolidation of existing debt. Interest rates may vary, but they are less expensive, convenient, and easier to manage than other types of debts – such as medical bills and credit cards.

The average interest rate depends on the type of personal loan you’re applying for, your credit score, and other factors. In most cases, the better your credit, a better credit will get you approved for a more affordable interest rate.

Factors That Influence Debt Consolidation Loan

Lending Tree also reported that the annual percentage rate (APR) for a personal loan was also heavily influenced by the credit score of the borrower.

For a credit score of 720 or higher, the APR was 7.63% at its lowest. And for a credit score of 560 or lower, the APR was a whopping 113.62% at its highest.

This means that personal loans favor buyers with strong credits, while borrowers with a bad credit face extremely high interest rates. It is worth shopping around, no matter how bad your credit score.

Doing research will give you an idea about the rates available to you from different lenders and your options. It is worth noting that each application could trigger a hard pull on your credit report, which will hurt your credit score for a few months. This is why it is better to submit multiple applications in quick succession so that your credit score only goes through a single hard inquiry throughout your shopping period.

What is the Average Loan Legnth for Debt Consolidation?

The average loan length varies, but most borrowers are able to secure a repayment term of between 2 to 5 years. While it is within the realm of possibility to negotiate a higher repayment term, it will come at the cost of a higher interest rate. Not to mention the fact that you’ll be paying the interest rate for longer. Lenders do this to offset the risk of default on their loans.

Factors That Affect the Average Debt-Consolidation Loan Rate

The actual loan rate depends on the type of solution you’re looking for. For instance, home equity loans have the lowest average interest rates This is because it’s a secured loan, meaning your home becomes collateral, and you can secure a lower rate that is more feasible for you. The average home equity loan for a 15 year term at fixed rates is well within the range of 3% to 9%.

By contrast, unsecured personal debt accrues some of the highest interest rates. They are unsecured, which means there’s no collateral for lenders to recoup their investments should the borrower default. These are known as personal loans and they often come with an average loan rate of about 11.91%.

Other than the type of product you’re looking for, there are few other factors to consider.

Credit Scores

As a general rule, a strong credit score can help you secure lower interest rates. But if your credit report shows a history of late or missed payments, you should try to improve your credit before applying for debt-consolidation loan.

The Lender

You’ll find debt-consolidation loans at credit unions, online lenders, and traditional banks – among others. Every lender will charge a different rate. You’ll get lower APRs at credit unions compared to traditional banks. Some online lenders offer loans to individuals with low credit scores. But their interest rates are often extremely bloated – often hovering within the ranges of 6% to over 30%.

Debt to Income Ratio

The Debt-to-Income ratio is the ratio of your debt owed each month to your earnings. Lenders often equate high DTIs as a high risk. A high DTI, usually above 40% will make it difficult to secure a lower interest rate.

Loan term

The loan term is the period over which you repay your loan. A shorter-term loan offers lower interest rates and reduces your overall cost. Longer loan terms come with high APRs and a higher cost, but they usually translate to lower monthly payments.

Fixed vs. Variable PR

A fixed interest rate might mean a higher interest rate, but it will likely remain the same during the length of your term. Variable interest rates often start lower but increase over time based on market changes.

The Bottom Line

Now that you know more about debt-consolidation loans, you can strategize the best financial outcome for your situation.

Finding a good interest rate requires two basic elements:

  1. The loan you receive should have a lower interest rate than your existing debt
  2. You should change your spending habits to get out of debt without paying.

Despite the glaring issues (for individuals with lower credit scores), consolidation loans can be extremely useful with the right tools. Provided you’re astute with your finances, you should be able to clear out your other debts with relative ease. It’s always prudent to do your research when it comes to any major financial decision, and this holds true for debt consolidation.

As always, make sure to read the terms and conditions to learn as many details about the loan as possible – otherwise it could end up being something like a natural disaster.

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No Credit Check Loans in Canada: Is This Loan Option Legit? – Blog



Sometimes, you’ll find yourself in life being strapped for cash while there are bills that you need to pay. In this unfortunate circumstance, one of your options is to borrow money. Even for a small sum of cash, you can obtain a loan to tide you over until you have enough money to repay it and get back to normal.

Among the small loans that you can get today are payday loans. The good thing about this loan type is that you can obtain the money fast, and you can avail of it even if you don’t have a stellar credit score. If you want to get this loan, you can apply for no credit check loans in canada on PersonalMoneyNetwork’s website.

But is the “guaranteed” marketing legit? And how does guaranteed payday loans work? Let’s find out in this blog post.

How Does This Loan Option Work?

Lenders that provide guaranteed payday loans conduct non-traditional credit checks on borrowers. They don’t care as much of your credit history as your ability to repay the loan. So, instead of checking your credit score, these online lenders look at your source of income as the primary requirement for you to get approved.

However, the word “guaranteed” is not entirely true. Let’s just say it’s almost guaranteed. As long as the lender sees that you’re capable of paying what you owe, you’ll get immediate approval of your loan application.

The application process for this loan is straightforward because it’s online. Just send your credentials to the lender, and the latter will review it whether you’re qualified. Once the lender approves your application, you can get the money quickly. Your lender will transfer the funds to your bank account or send you a check just within the day of your application or the next day.

Keep in mind that online payday loans are short-term money loans. The word “payday” in its name means that you have to repay what you owe on your salary payment date, which usually comes every two weeks or one month.

It’s essential to manage your repayment when taking out a payday loan because the interest rate can be pretty high. Some borrowers of this loan are stuck in a debt cycle because they fail to create a budget plan for repayments.

Features You Need to Consider

For you to find a lender that offers the best deal for your financial situation, you should take note of these features.

  • Loan amount. Payday loans are regulated by the state where you live. For instance, there’s a limit on how much money you’re able to borrow. It’s advised to go for a lender that allows borrowers to take out the maximum limit, especially if you want to borrow a higher sum of cash.
  • Repayment period. Besides the amount of the loan, the loan terms of payday loans are also state-regulated. You better understand the state regulations on payday loan terms before you apply for one. Typically, payday loans have a repayment period of two weeks or one month.
  • Time of access to funds. Online lenders differ when it comes to processing loan applications and providing the funds that borrowers need. If you want to use the loan for an emergency, make sure to go to a lender that provides you access to the funds just within the day of your application.

Benefits of Online Payday Loans

Choosing an online payday loan can help you survive a short-term financial problem. Here are some of the pros of this loan option.

  • No hassle to apply for this loan. You won’t have any problem applying for a payday loan because the application is online. Just visit the website of the lender and submit your loan application there.
  • You can use the loan for whatever purpose. Payday loans are good for any kind of purchase. You can use the funds to pay for a car repair, cover travel expenses, pay bills, etc.
  • People with bad credit can avail of this loan. Since there’s no hard credit inquiry for payday loans, borrowers with poor credit scores can still get approved for this loan. The most important requirement is to have a regular income to receive approval.
  • Regulated by the state. State governments have put regulations to prevent lenders from charging exorbitant fees and interest rates.

Drawbacks of This Type of Loan

After learning the advantages of taking out this loan option, let’s now discuss the drawbacks of online payday loans.

  • Expensive interest and fees. If you compare payday loans to traditional loans, the former charges higher fees and interest rates. Lenders want to have a buffer against providing loans to high-risk borrowers. That’s why payday loans are more expensive than traditional loans.
  • Predatory lenders and scammers. Online lenders are not easy to trust because some don’t follow regulations, and they put their borrowers into a debt trap. So, you must be extra careful looking for one.


Online payday loans are the go-to money loan if you need a small sum of cash for the short term. Learn the features of the loan, its advantages, and disadvantages before taking out one. You can review this blog post if you want to learn more about it.

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Local Toyota Dealership Offers Financing to Those with Poor Credit



Drivers with Bad Credit or No Credit May Still Finance at Gale Toyota.

ENFIELD, Conn. (PRWEB) October 30, 2020

Drivers in the Enfield area who are having a hard time with credit or who are just getting started with their credit history may still be able to find financing for a new car, as Gale Toyota offers financing to customers with poor credit.

While Gale Toyota might be best known for its selection of new Toyota models and a variety of pre-owned vehicles, the dealership also has a dedicated subprime financing department ready to work with customers who might not be able to receive financing at a different auto dealership. Whether the credit problem is due to bankruptcies, foreclosure, late payments, repossessions, collections, tax liens or any other financial calamity, Gale Toyota offers to work on a financial plan that will work for the customer.

For those who are setting out into the credit world for the first time or who have struggled with credit in recent days, this kind of loan is one that can help get them back in good credit graces once more, as long as they stick to the schedule and terms outlined in the agreement. This is particularly beneficial for drivers in need of a new set of wheels who might not be accepted for financial terms at dealerships elsewhere.

Gale Toyota crafts subprime loans that are unique to the individual’s needs so they can have a payment plan that will work well for them. Each loan is designed to be within each customer’s budget to help ensure successful completion of the loan and payment. The representatives from the dealership will take customers through the entire process and help ensure they’re getting the right loan and the right car.

Interested parties who wish to receive more information about the ins and outs of the subprime financing are encouraged to visit or call 860-269-3608.

For the original version on PRWeb visit:

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