Request A personal loan in the United States can be a useful resource when you need to pay large or unexpected expenses. But to get the most out of one, it’s best to have a reliable plan to pay for it.
If you have decided to apply for a personal loan, consider all the factors that go into obtaining a loan, including your financial situation, the lender you use, and how you will repay it. Follow our eight-step guide to walk through the process.
What information to have before applying for a loan
Before you begin the personal loan application process, gather all the documents and information you need along the way. Doing so will allow you to move through each step of the process efficiently and get your funds as quickly as possible.
Items you may need include:
Personal identification, such as a driver’s license, Social Security card, or passport.
Proof of income, such as W-2, pay stubs, or filed tax returns.
Employer information, including company name, your manager’s name, and phone number.
Proof of residency, such as a utility bill with your name and address on it or a lease.
10 Best Loan Offers in the USA for Today
- Check your credit report before applying. Know where your credit stands before you shop around for personal loans. Catching and fixing mistakes right away is an easy way to avoid problems later when you apply for a loan.
- Pay the debt. If you are in debt and don’t need the loan funds urgently, paying off some debt can raise your credit score and lower your DTI, which can increase your chances of approval.
- Talk to your current financial institution. Banks and credit unions may be more willing to consider a personal loan application from a customer with whom you have had a long-standing, positive relationship.
- Consider online lenders. Many online lenders offer next-day loan decisions, and funds can be deposited into your bank account within days of applying, if approved.
- Pick up the loan funds in person. If your lender has a physical location, ask if there is an option to pick up funds at the branch so you can get your money faster.
Social Finance, Inc was founded by Stanford Business School students in 2011.
It originally worked under an alumni-funded loan model to connect recent graduates with alumni in their community.
Over the years, the institution has been changing and incorporating products and, in 2015, it began to offer personal loans.
Today, among its products you can find mortgage loans, student loans, loan refinancing, financing for small businesses, retirement accounts, insurance, among many others.
SoFi offers great terms and rates to those with a strong credit score.
It is an excellent option if you want to refinance student loans or cover considerable expenses.
The maximum amount of money loans is $100,000 and interest rates range from 5.99% to 18.72%.
The payment term is from two to six years.
2. Wells Fargo
Wells Fargo is one of the largest banks in the country.
If you wish, instead of visiting one of their branches, you can access the information on their website.
Existing customers can apply online or by phone, but new customers must apply in person.
Wells Fargo offers competitive rates, a wide range of loans, and less stringent credit requirements than other banks.
There are no setup fees and funding times are fast.
You will have access to credits between $3,000 and $100,000, rates range between 5.74% and 24.49% per year and payment terms vary between 12 and 84 months.
3. Universal Credit
Universal Credit is a very convenient lender for those with poor credit scores.
This financial company specializes in personal loans to people with low incomes or who have accumulated high-interest debts.
Universal Credit offers personal loans for people with credit scores starting at 560 and with the following conditions: variable APR between 8.93% and 35.43% and terms of 3 to 5 years for amounts between $1,000 and $50,000.
How do Universal Credit loans work?
Check your rate: see the offers instantly, without obligation and without a credit check.
Choose your offer: choose the option that best suits you according to the term of the loan and the price
You receive the funds the next day after the company does some verifications
The loan application process through the Universal Credit platform is quite simple and friendly.
Oportun offers its services since 2005 to people who have no credit score or have a fairly limited credit history.
His clients are generally low- or medium-income.
Oportun personal loans were named “Best Loan Product for Consumers” by FinTech Breakthrough.
This company provides services to the Latino community in the USA and grants loans of up to $10,000.
It accepts borrowers without a Social Security Number, but you must present your Individual Taxpayer Identification Number or ITIN to apply.
Financing is usually obtained the same day, and borrowers must repay the loan in a period of time ranging from 6 to 46 months. Their annual interest rates are between 20 and 67%.
Upgrade has been in the market since 2017 and its goal is to offer its customers a great value mobile and online banking service, eliminating transaction fees and providing access to affordable and responsible credit through cards and loans.
It offers very reasonable conditions on personal loans for up to $35,000 without collateral.
There are no prepayment penalties, fees are low, and monthly payments are affordable.
You can use the Upgrade personal loan to refinance credit cards, consolidate debts, carry out work at home or to make an important purchase.
6. OneMain Financial
OneMain Financial is a financial entity with more than 100 years of experience.
He has branches all over the country and often meets face to face with his clients to discuss their cases individually.
Their service is personalized and they work to find a financial solution that suits the needs of each client.
OneMain Financial is the ideal platform for borrowers with below average credit scores.
In principle, the amounts of your loans vary between $1,500 and $20,000 to be paid between 2 and 5 years at an interest rate that ranges between 18% and 35.99%.
It is certainly a bit high, but we must remember that these are loans for credit scores between 500 and 550.
In addition, the company does not offer discounts on their percentages for setting up autopay and they charge origination fees that are typically between 1% and 10% of the loan value.
However, these loans have several positive aspects that we must highlight.
Among them, we can mention the fact that they will allow you to choose your payment date, they will finance the loan the same day or the day after the approval and they will offer you to pay directly to the creditor of the money.
On the other hand, if you do not have a sufficient credit score, they will give you the options of accessing a guaranteed loan or requesting it with another person.
Payoff is a California-based financial services company.
It offers fixed-rate credit through a peer-to-peer lending platform so borrowers can pay off their credit cards.
With Payoff you can get money loans online quickly, on its platform you will find loans with fixed rates between 5.99% and 24.99% APR for loan amounts between $5,000 and $40,000.
The minimum loan amount and interest rate may vary in some states.
The minimum rate for loan amounts over $15,000 is 6.99%.
For detailed information you can visit the page https://www.payoff.com/loan/rates-and-fees/.
Funds to pay off your credit card balances will be electronically deposited into your account.
The payment term varies between 24 and 60 months, in this period of time you will make fixed monthly payments.
They offer you personal attention in the Tustin, CA office.
8. Citizens Bank
Citizens Financial Group, Inc. is one of the oldest and largest financial institutions in the United States.
It offers a wide range of personal and commercial banking products and services to individuals, small businesses, midsize businesses, and large corporations and institutions.
Citizens Bank is a great option for those with a good credit record.
To get money loans from this institution, you must have a credit score of at least 680.
There are no charges for opening or advance payments, interest rates range between 6.79% and 20.89% per year.
Payment terms vary between 36 and 72 months.
If what you want is to consolidate debts, this bank will offer you excellent options.
You will find money loans for amounts between $5,000 and $50,000.
Prosper, founded in 2005, is the first peer-to-peer lending marketplace in the United States.
From its inception to the present, it has provided more than $12 billion in loans to more than 770,000 people.
Prosper handles all money lending services on behalf of borrowers and investors.
Prosper has good credit compared to other lenders for people with good credit.
The amounts that they handle normally vary from $2,000 to $35,000, payable between 3 and 5 years at an interest rate that ranges between 7.95% and 35.99%.
This company gives you the option to change your payment date if necessary, as well as offers joint loans and a wide variety of amounts that you can select.
In this sense, you have a wide variety of options to finance your dental treatment.
However, it also has not so positive aspects.
First, it doesn’t offer discounts for setting up automatic payments.
Similarly, you will only have two term options to be able to pay the full amount with interest (3 years or 5 years).
And finally, this lender charges origination fees ranging from 2.41% to 5%, as well as 5% of the unpaid amount if you are late.
Another factor to consider is the requirements they apply for.
First, you must have a minimum of two years of credit life and a credit score of 640 or higher.
In fact, its average borrowers have a score of 726.
In addition, your debt-to-income ratio must not exceed 50%, you cannot have filed bankruptcy in the last year and you must have less than 5 inquiries on your credit report in the last 6 months.
10. Best Egg
In 2019, Best Company ranked Best Egg the #1 personal credit among consumers.
Obtaining a personal loan with Best Egg is fast, easy and safe.
Best Egg personal loans are ideal for people with an annual income of $60,000 or more and a fair to excellent credit history.
In general, these loans are used to make home improvements or to cover personal expenses.
Best Egg loans are often used for home improvements, major purchases, debt consolidation, moving expenses, etc.