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    The 10 Best Personal Loans of Year 2024

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    Best Personal Loans

    Best Personal Loans: Taking out a personal loan can be a great way to finance large purchases or consolidate high-interest debt. With interest rates still near historic lows in 2024, it’s an ideal time to take advantage of a low-rate personal loan. Here are the 10 best personal loans of 2024 based on interest rates, fees, loan amounts, terms, and borrower requirements.

    1. LightStream – Best Personal Loans

    LightStream offers outstanding rates with no fees and highly customizable loan options. Here are some of the key features:

    • Interest rates from 3.49% to 19.99% APR with AutoPay discount
    • Loan amounts from $5,000 to $100,000
    • Terms from 24 to 144 months
    • No application, origination, or prepayment fees
    • Quick funding in as soon as 1 business day

    LightStream has an easy online application and provides funds directly to your bank account. Loan eligibility is based primarily on creditworthiness rather than income. LightStream offers both secured and unsecured loan options. Overall, LightStream is our pick for best overall personal loan because of its low rates, minimal fees, and flexible loan options.

    Best Personal Loans

    2. SoFi – Best for High Loan Amounts

    SoFi offers personal loans up to $100,000 along with competitive interest rates and member benefits. Here’s an overview:

    • Interest rates from 5.99% to 20.28% APR
    • Loan amounts from $5,000 to $100,000
    • Terms from 24 to 84 months
    • No application or prepayment fees
    • Unemployment protection and career coaching

    SoFi personal loans don’t have any application or origination fees. Prequalifying online is easy with no impact to your credit score. SoFi members get access to career coaching, entrepreneur programs, and other unique benefits. SoFi is our top pick for high loan amounts thanks to loans up to $100K and great rates.

    Best Personal Loans

    3. Upgrade – Best Credit Health Tools

    Upgrade offers rewards programs and credit health monitoring along with competitive personal loan options. Here are the details:

    • Interest rates from 5.94% to 35.97% APR
    • Loan amounts from $1,000 to $50,000
    • Terms from 24 to 84 months
    • No application or origination fees
    • Credit health tools to monitor and improve your score

    Upgrade personal loans reward on-time payments with interest rate reductions over time. Free credit monitoring is also included. Upgrade is unique in providing credit health tools to help borrowers monitor and improve their credit scores. With competitive rates and strong rewards programs, Upgrade is our pick for best credit health tools.

    4. Payoff – Best for Debt Consolidation

    Payoff is designed specifically for debt consolidation loans. Benefits include:

    • Interest rates from 5.99% to 24.99% APR
    • Loan amounts from $5,000 to $40,000
    • Terms from 24 to 60 months
    • No application, origination, or prepayment fees
    • Goal-based debt payoff tool

    Payoff provides online tools that help optimize your debt payoff strategy. All borrowers complete a financial education course as part of qualifying for a loan. Payoff offers complimentary access to credit monitoring services as well. With its debt consolidation focus and payoff tools, Payoff is our pick for best personal loan for debt consolidation.

    5. Marcus – Best Loan Term Flexibility

    Marcus by Goldman Sachs offers outstanding flexibility in loan terms. Here are some of the key details:

    • Interest rates from 6.99% to 19.99% APR
    • Loan amounts from $3,500 to $40,000
    • Terms from 36 to 72 months
    • No application, origination, or prepayment fees
    • Flexible terms from 3 to 6 years

    Marcus offers personal loan terms from 36 to 72 months, while many lenders cap terms at 60 months. This added flexibility allows borrowers to reduce monthly payments by extending the length of the loan. Marcus also has no application, origination, or prepayment fees. With outstanding loan term flexibility, Marcus is our pick for best personal loans.

    6. Best Egg – Best for Fair Credit

    With its focus on fair credit borrowers, Best Egg offers an excellent option for those with scores in the mid 600s. Features include:

    • Interest rates from 5.99% to 35.99% APR
    • Loan amounts from $2,000 to $50,000
    • Terms from 36 to 60 months
    • No application or origination fees
    • Minimum credit score of 640

    Best Egg has a minimum credit score requirement of just 640. They can approve borrowers through their AI-powered underwriting system in minutes. While interest rates are higher for fair credit borrowers, Best Egg’s model provides fair lending for those with less than good credit. This makes them our pick for best personal loans for fair credit.

    7. FreedomPlus – Best for Bad Credit

    FreedomPlus offers loans specifically tailored for borrowers with bad credit or credit scores below 640. Here are the key features:

    • Interest rates from 10.68% to 29.99% APR
    • Loan amounts from $10,000 to $40,000
    • Terms from 12 to 60 months
    • No application, origination, or prepayment fees
    • Minimum credit score of 600

    FreedomPlus has a minimum credit score requirement of just 600, making it a great option for those with bad credit. While interest rates are higher, this allows borrowers with poor credit to access to personal loans they might not otherwise qualify for. FreedomPlus is our pick for best personal loans for bad credit.

    8. LendingClub – Best Peer-to-Peer Loan Marketplace

    As the largest peer-to-peer lender, LendingClub offers competitive fixed rates and the ability to shop hundreds of loan offers. Key features include:

    • Interest rates from 6.95% to 35.89% APR
    • Loan amounts from $1,000 to $40,000
    • Terms from 36 to 60 months
    • No application or origination fees
    • Browse multiple loan offers from different investors

    LendingClub gives borrowers access to personal loan offers from a variety of different investors who fund the loans. This allows you to browse multiple loan offers to find the rate and term that works best for you. LendingClub’s large marketplace makes them our pick for the best peer-to-peer personal loan company.

    9. Avant – Best for Prequalifying

    Avant provides easy prequalification and unsecured personal loans up to $35,000. Here are some of the key details:

    • Interest rates from 9.95% to 35.99% APR
    • Loan amounts from $2,000 to $35,000
    • Terms from 24 to 60 months
    • Administration fee from 1% to 4% of loan amount
    • Prequalify with a soft credit pull

    Avant’s prequalification allows you to check potential rates and likely approval odds before a hard inquiry. Those with fair credit can prequalify without impacting their credit score. With easy prequalification and mid-range loan amounts, Avant is our pick for best personal

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