Top 5 Best Personal Loan Companies of 2019

by Max Leed Project Director

If you need to borrow money, do not go with the first lender you find. The loan can come with high-interest rates and rigid payment terms that can make your loan significantly more expensive.

Personal loans can save you money if you can ensure a lower interest rate. Also, improve your credit score with each payment on time you make.

Since personal loans are for a fixed loan amount, you cannot add to the balance as you can with credit cards. This makes it easier to get out of debt and stay out of it.

As you will discover, you may be able to refinance your debt with a personal loan and get a lower interest rate.

We have researched the top 10 personal loans companies but we discuss only five in details here, just for you. The companies mentioned below offer excellent loan options and have no hidden fees.

Before submitting your application, be sure to look for the best personal loan you can get. Spending a little bit of your time now can save you thousands later!

1. Fiona

Lowest APR: 3.84%
Loan terms: 2-7 years
Maximum loan: $ 100,000
Rating: 4.8/5

Fiona is different from other companies listed in this publication because it searches for the best loan terms for you and compares it with the lender that best meets your needs.

Unlike Credible, Fiona does not provide a list of all lenders and their rates. Rather, Fiona guides you to the best option for you.

The personal loan rates you can find in Fiona are as low as 3.84%. This could be a big difference from the 15% (or more) that you may be currently paying on your credit card debt.

2- CREDIBLE

Lowest APR: 4.99% with automatic payment
Loan terms: 2-7 years
Maximum loan: $ 100,000
Rating: 4.8 / 5

Credible Labs Inc simply known as "Credible" is a California-based company that acts as a market for financial products to help consumers find the right company that meets their circumstances and needs.

The website exists since 2012 and presents personal loans from leading lenders, including Light Stream, Marcus, Upstart, Avant and Best Egg. With Credible, consumers can request loan amounts ranging from $ 1,000 to $ 100,000 for debt consolidation, credit card refinancing, home improvement, professional development, car financing, moving expenses and events, just to name some.

3- SOFI

Lowest APR: 5.99%
Loan Terms: 2-7 years
Max Loan: $100,000
Rating: 4.4/5

Founded in 2012 and based in San Francisco, California, SoFi Lending Corp offers a variety of financial products, including refinancing of student loans, mortgages and mortgage refinancing, private student loans and personal loans.

Although most lenders offer loan amounts of up to $ 45,000, SoFi personal loans range from $ 5,000 to $ 100,000, with terms of 2 to 7 years, making it an excellent option to consolidate debts, make improvements in the home or pay for expensive medical procedures. The company's personal loans are not guaranteed, with fixed or variable interest rates. As of June 17, 2019, the company's fixed rates ranged from 5.99% to 17,665% with AutoPay, with variable rates between 5.68% and 14.70% with AutoPay. It is worth noting that the company's variable rates have a limit of 14.95%, which is considerably lower than the maximum industry limit of 35.99%.

In addition to its flexible financing options and low-interest rates, SoFi's single loan approach is what makes it our best option overall. Most lenders will only consider borrowers with a certain FICO score and a debt/income ratio. Although SoFi also considers these factors, it also takes into account the financial history and professional experience of the borrower for approval.

As the company has no physical branches, the entire loan application process must be completed online or through the SoFi mobile application. Customer service is available 24/7, by email and by phone, in case you need more help.

4- LightStream

Lowest APR: 4.05%
Loan terms: 2-7 years
Maximum loan: $ 100,000
Rating: 3.7 / 5

Lightstream's motto, "Loans for virtually anything," is maintained on its website by the company's wide range of specialized loans. From basement remodelling to boat and horse repair, Lightstream really emphasizes the versatility of its debt products. We especially liked its fixed-rate, simple interest loans and fertility financing, which start at only 4.05% APR with AutoPay (verification date: June 15, 2019), although you must have good credit.

This rate is one of the lowest we have found, and Lightstream will exceed the APR of any competitor by .10 points, provided certain conditions are met. In addition, the terms can be up to 7 years and there are no fees or fines for prepayment. However, they perform a strong credit extraction and currently do not offer prior approvals.

5- Payoff

Lowest APR: 5.65%
Loan terms: 2-5 years
Maximum loan: $ 35,000
Rating: 3.2 / 5

The Payoff is a personal loan company based on the application that focuses on helping you pay your credit cards and save you money.

The repayment loan term can be between two and five years. Payoff also offers job loss support to restructure your monthly payments if you lose your job. This benefit is becoming more common, but it is still a rarity among private lenders.

Final Thoughts

Most people do not like to obtain personal loans. However, they can have a valid purpose if they are used correctly, and if you need one, the best thing you can do is find the best personal loan.

Fortunately, this list and these tools help you understand your personal loan options and allow you to shop the best rates and terms of personal loans.

Remember, if you just want to simplify things, see Credible for personal loans. They will do all the work for you to buy around several lenders in minutes.