Personal Loans 101
What’s a personal loan?
What should I know about interest rates?
Any tips or tricks I should know while shopping rates?
Personal loan companies reviewed by Lantern by SoFi:
- Avant: Avant aims to appeal to a wide range of potential borrowers by offering both secured and unsecured loans. Both types come with an origination fee.
- Best Egg: Online loans from Best Egg are unsecured and you can use them for many purposes. Loan amounts can go as high as $35,000 but not all annual incomes and credit scores qualify for the highest loan amount.
- Upstart: Upstart uses so many different data points beyond your credit score, you could stand a better chance of being approved for a loan if you otherwise have a positive financial history.
- Upgrade: Upgrade loan could be one way to roll multiple payments into one payment—potentially with a lower fixed rate.
- Marcus: No fees charged by Marcus. Particularly if you have a good credit score (among other qualifying financial factors) and are eligible for Marcus’ more competitive rates.
- OneMain Financial: For those who have struggled to prequalify for lending elsewhere in part due to their credit scores, OneMain may provide an easy loan application process for financing up to $20,000.
- Payoff: If you’re struggling with credit card debt, multiple monthly payments, and high interest rates, a Payoff unsecured personal loan may simplify your debt repayment.
- Lending Point: For those with fair credit history or a lower credit score than many lenders consider, finding affordable lending options can be a challenge, but LendingPoint may be an option for consumers within this niche.
- LightStream: For applicants with solid credit looking for affordable financing for a personal project or expense, LightStream may be an option to consider.
- Prosper: Whether you’re looking for an unsecured personal loan for certain qualifying small business expenses or for another purpose, if you have decent credit, Prosper could provide competitive rates for your financing needs.
Top uses for a personal loan:
- Consolidate debt
- Pay off high-interest credit card debt
- Home improvements
Learn how Lantern by SoFi finds and compares your loan options.
With just a few pieces of information, we can help you find lenders who best match your qualifications and needs. The process goes something like this:
Provide information about yourself and the loan you need.
Compare loan options from our trusted network of lenders.
Apply for a personal loan with the lender of your choice.
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