'%20fill='%23ccc'/%3e%3c/svg%3e){kind=icon}
1. SoFi
Overview: SoFi is known for its low rates and comprehensive member benefits, making it a top choice for many borrowers.
Key Features:
- Loan Amounts: $5,000 to $100,000
- APR Range: 6.99% - 22.23% (with autopay)
- Loan Terms: 2 to 7 years
- Benefits: No fees, unemployment protection, and access to financial advisors.
Why It’s Great: SoFi’s competitive rates and no-fee policy, along with member benefits, make it an excellent choice for qualified borrowers.
2. LightStream
Overview: A division of Truist Bank, LightStream offers some of the lowest rates for borrowers with excellent credit.
Key Features:
- Loan Amounts: $5,000 to $100,000
- APR Range: 5.95% - 20.99% (with autopay)
- Loan Terms: 2 to 12 years
- Benefits: Rate Beat Program and no fees.
Why It’s Great: LightStream’s Rate Beat Program ensures they offer competitive rates, and their flexible terms are ideal for various needs.
3. Marcus by Goldman Sachs
Overview: Marcus by Goldman Sachs provides no-fee personal loans with fixed rates and flexible payment options.
Key Features:
- Loan Amounts: $3,500 to $40,000
- APR Range: 6.99% - 19.99%
- Loan Terms: 3 to 6 years
- Benefits: No fees, customizable payment dates, and on-time payment rewards.
Why It’s Great: Marcus’s transparency and no-fee policy make it a reliable option for borrowers looking for straightforward terms.
4. Discover Personal Loans
Overview: Discover offers personal loans with no fees and flexible repayment terms.
Key Features:
- Loan Amounts: $2,500 to $35,000
- APR Range: 6.99% - 24.99%
- Loan Terms: 3 to 7 years
- Benefits: No origination fees and a 30-day loan return policy.
Why It’s Great: Discover’s no-fee policy and strong customer service make it a trustworthy choice.
5. Upstart
Overview: Upstart uses artificial intelligence to assess creditworthiness, making it a great option for those with limited credit history.
Key Features:
- Loan Amounts: $1,000 to $50,000
- APR Range: 6.5% - 35.99%
- Loan Terms: 3 to 5 years
- Benefits: Quick funding and a soft credit check for pre-qualification.
Why It’s Great: Upstart’s unique underwriting approach can benefit younger borrowers or those with non-traditional credit backgrounds.
6. Avant
Overview: Avant caters to borrowers with fair to good credit, offering a user-friendly experience and quick funding.
Key Features:
- Loan Amounts: $2,000 to $35,000
- APR Range: 9.95% - 35.99%
- Loan Terms: 2 to 5 years
- Benefits: Lower credit score requirements and flexible terms.
Why It’s Great: Avant’s accessibility to a wider range of credit profiles makes it a practical option for many borrowers.
7. Best Egg
Overview: Best Egg specializes in quick and easy personal loans, often used for debt consolidation and major purchases.
Key Features:
- Loan Amounts: $2,000 to $50,000
- APR Range: 5.99% - 35.99%
- Loan Terms: 3 to 5 years
- Benefits: Fast funding and a simple online application process.
Why It’s Great: Best Egg’s strong focus on debt consolidation and competitive rates for qualified applicants make it a top contender.
8. Earnest
Overview: Earnest offers customizable personal loans with a focus on providing flexibility and low rates.
Key Features:
- Loan Amounts: $5,000 to $75,000
- APR Range: 5.99% - 19.99%
- Loan Terms: 3 to 5 years
- Benefits: No fees, customizable repayment options, and rate reduction for autopay.
Why It’s Great: Earnest’s flexibility in terms and repayment options is ideal for borrowers who value personalization.
9. Payoff
Overview: Payoff is tailored for borrowers looking to consolidate credit card debt with low-interest loans.
Key Features:
- Loan Amounts: $5,000 to $40,000
- APR Range: 5.99% - 24.99%
- Loan Terms: 2 to 5 years
- Benefits: No fees, competitive rates, and tailored tools for improving financial health.
Why It’s Great: Payoff’s specific focus on credit card debt consolidation and competitive rates make it a strong choice for those looking to streamline their finances.
10. PenFed Credit Union
Overview: PenFed offers competitive personal loan rates to its members, often lower than many traditional banks.
Key Features:
- Loan Amounts: $600 to $50,000
- APR Range: 5.99% - 17.99%
- Loan Terms: 1 to 5 years
- Benefits: Low rates, flexible terms, and no origination fees.
Why It’s Great: PenFed’s low rates and flexible terms, combined with the benefits of credit union membership, make it an attractive option.
Conclusion
When selecting a personal loan, it’s essential to compare interest rates, loan terms, fees, and additional benefits. The ten lenders listed here offer some of the best low-interest personal loans available in 2024, each catering to different needs and credit profiles. By carefully evaluating these options, you can find a loan that fits your financial situation and helps you achieve your goals.
