Best Personal Loans for September 2024: Rates starting at 7.80% and loan amounts up to $100,000
Best Personal Loans for September 2024
1. SoFi – Best Overall
SoFi offers personal loans with no fees, competitive rates, and added perks like career counseling and financial planning. It has a minimum loan amount of $5,000, making it ideal for those needing large sums but less suited for smaller loans. Their rates are among the lowest, and they even offer unemployment protection.
2. Discover – Best for Debt Consolidation
Discover excels in debt consolidation loans by offering flexible terms, next-day funding, and no origination fees. They provide a smooth application process, and their customer service is highly rated. They offer a personal loan APR range of 6.99% to 24.99%, making it ideal for those with good credit seeking lower interest rates. However, they do not accept co-signers, which could limit options for some borrowers.
3. Upstart – Best for Bad Credit
Upstart is perfect for borrowers with low or no credit scores, allowing approvals based on alternative factors like education and job history. Their APR range can go from 6.5% to as high as 35.99%, but it is one of the few lenders accepting credit scores as low as 300. While APRs can be high, it gives access to those who might struggle with traditional loans.
4. LightStream – Best for Low Rates
LightStream, a division of Truist, stands out for its low APR range, starting as low as 7.99% with autopay. They offer fast approvals, flexible repayment terms from 2 to 12 years, and no fees whatsoever. Their loans cater to borrowers with good to excellent credit, but they don’t allow for pre-qualification, which may be a disadvantage for some applicants.
5. Upgrade – Best for Fair Credit
Upgrade targets those with fair credit, offering loans up to $50,000 and APRs ranging from 7.46% to 35.97%. They charge a 2.9% to 8% origination fee but offer features like joint applications and secured loans. They also provide educational tools for improving financial health, such as free credit monitoring.
6. Marcus by Goldman Sachs – Best for No Fees
Marcus offers personal loans with no fees—no late fees, no prepayment fees, and no origination fees. Their APR range is 6.99% to 24.99%, and they provide a feature allowing borrowers to defer a payment after making 12 consecutive on-time payments. It’s ideal for borrowers seeking a straightforward, no-fee loan option.
7. LendingClub – Best for Joint Loans
LendingClub is a peer-to-peer lending platform that caters to borrowers seeking joint loans. They allow co-signers and have an APR range of 8.05% to 36%, making them suitable for fair-credit borrowers. The platform charges an origination fee of 3% to 6%, but their flexible repayment options and online banking experience make them a solid choice for debt consolidation or larger purchases.
Conclusion
The personal loan market in September 2024 offers diverse options tailored to different financial needs, from bad credit to debt consolidation, and no-fee loans. Choosing the right lender involves considering factors like credit score requirements, fees, and additional benefits such as career counseling or financial planning. Depending on your credit situation and loan purpose, one of these lenders could offer the best terms for your personal financial goals.
By carefully comparing your options, you can find the personal loan that best fits your unique financial situation. Make sure to evaluate loan terms and additional benefits to ensure you get the most favorable conditions.
