Personal loans have become a convenient way to borrow small or large amounts of money, which are often used to cover a variety of big-ticket expenses such as weddings funerals vacations surprise medical bills or home repairs And because lenders will typically disburse the funds directly into your bank account you can start using the money as soon as possible Being able to complete the personal loan application process online makes them feel even easier to access, though some banks also offer physical branches in case you\’d prefer to do this in person
personal loan lenders that offer expedient funding
Below CNBC Select outlines five personal loan lenders that offer expedient funding and a convenient online application process When compiling this list of the best personal loans we evaluated dozens of lenders looking at key factors such as interest rates fees loan amounts and the types of term lengths offered as well as other features including autopay discounts customer service how the funds would be distributed and how fast you\’d receive them Read more about our methodology below
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MoneyLion a search and comparison engine that matches you with third-party lenders Any information you provide is given directly to Engine by MoneyLion and it may use this information in accordance with its own privacy policies and terms of service By submitting your information you agree to receive emails from Engine by MoneyLion CNBC Select does not control and is not responsible for third party policies or practices nor does CNBC Select have access to any data you provide CNBC Select may receive an affiliate commission from partner offers in the Engine by MoneyLion tool The commission does not influence the selection in order of offers Whos this for LightStream offers low interest loans with flexible terms to customers with good credit or higher as with any loan or line of credit those with excellent credit will be able to take advantage of the lowest interest rates available
This lender provides personal loans
for just about every purpose except for higher education and small businesses You\’ll generally receive your funds on the same day as long as you apply during a banking business day your application is approved you can electronically sign your loan agreement you wont need to visit a physical branch to sign anything and you verify your direct deposit banking account information by ET. Even if you can\’t make the deadline you should be able to receive your funds on the next business day, making this an especially appealing option for anyone in need of funding in a pinch
LightStream also doesn\’t charge any origination
administration or early payoff fees while its loan repayment terms range from to months making them some of the longest terms on our list Whos this for Happy Money offers personal loans for debt consolidation It doesn\’t have physical locations, so customers must handle all account openings and loan applications online Happy Money\’s mission is to help consumers get out of credit card debt once and for all which is why its loans are geared specifically toward debt consolidation You can\’t use a Happy Money loan for home renovations major purchases education etc Applicants can qualify to borrow up to while term lengths vary from 24 to 60 months. Keep in mind the best way to qualify for an interest rate on the lower end of the lender\’s range is to apply with the highest credit score you can Happy Money doesn\’t charge late payment fees, or early payoff penalties if you decide to pay off your debt faster than you initially intended but there is an origination fee based on your credit score and application
Who\’s this for SoFi allows potential borrowers
to apply for as little as and as much as making it a very solid choice if you think you\’ll need to borrow much higher amounts of money for larger expenses — other lenders will typically only offer up to in loan amounts SoFi allows you to choose between variable or fixed APRs which is a bit uncommon among other lenders which usually only offer fixed rates Variable rates can go up and down over the lifetime of your loan so you could potentially save money if the APR goes down however its important to remember that the APR can also go up significantly With fixed rates on the other hand you\’ll be charged the same interest rate for the duration of the loan\’s term which can make it easier for you to budget for repayment
Like other lenders, SoFi offers a discount on your APR for signing up for autopay and doesn\’t charge any late fees or prepayment penalties Once you apply and get approved for a SoFi personal loan your funds should be available within a few days of signing your agreement
