An unsecured loan is one that you do not have to provide any collateral. These are loans that you can get on your own. They usually have a slightly higher interest rate because they do not ask for collateral.
These loans are usually easy to apply for and to get. To get a forbrukslån uten sikkerhet or unsecured consumer loan, is a loan without security, all you really need to have are a good credit history and credit score. The better credit history and score that you have the more likely you are to get the loan.
This article will share with you some of the best consumer loans out there. These were measured by sixteen different data points that include loan details, loan costs, eligibility, accessibility, customer experience, and application process. These data points help to pick the best of the best loans for consumers.
- Best Overall Personal Loan
SoFi – This is an online lender that has been around since 2011. They are friendly to borrowers, especially those with credit scores at 650 and above. You can get a loan from five thousand dollars to one hundred thousand dollars. These loans also have relatively low interest rates that are between about 7.99% to 23.43%. The better your credit history, the better your interest rates.
These loans are not the best for debt consolidation because you must pay the debts off by yourself, the lender cannot do it for you. Learn more about debt consolidation here. SoFi does offer other perks, though, including protection if you are ever unemployed and you can change your loan due date once a year.
- Best for Low Interest Rates
LightStream – This company loans to people with a credit score of 660 and above, but it is easy to qualify for their loans with this credit score. They loan in amounts from five thousand dollars to one hundred thousand dollars. Their interest rates are from a low of 5.99% to a high of 23.99% with a discount for autopay.
This company has loans in all US states and some of the territories including Puerto Rico. The biggest con of this company is that they do not offer a mobile app to help you manage the loans. You do have access to your loan management on their website.
- Best for Terms Up To 72 Months
Marcus – You may not have heard of Marcus, but most people have heard of Goldman-Sachs, and this is the parent company of Marcus. You can get a loan from them from thirty-five hundred dollars to forty thousand dollars. The interest rates reflect a discount for autopay and are 6.74% to 24.74% depending on your credit history. This company does not disclose the credit scores that they wish you to have.
Marcus does not charge any fees for their loans, not even late fees, or early payoff fees. They do not even charge startup fees. They do not have a mobile app for you to manage your loans, but they do have customer service support seven days a week from 9 am to 7 pm eastern time. They are always willing to help you during these times.
- Best for Fast Funding and Below Average Credit
LendingPoint – This company is good if your credit score is 600 or above, making it one of the lenders that will help with a lower credit score. They have a higher interest rate because of this which is about 7.99% to 35.99%. They offer personal loans from two thousand dollars to thirty-six thousand five hundred dollars. They allow you up to five years to pay your loans off.
This company does require you to pay origination fees that vary depending on the state that you live in, they can go as high as 6%. This is one of the biggest disadvantages of this company, but if you have a lower credit score, you might find them to be a good fit for you.
- Best For Bad Credit
Upgrade – This company can help you even if your credit score is below 600, they go as low as 560. They loan from one thousand dollars to thirty-five thousand and have interest fees that go up to 35.97%. These higher interest rates reflect their ability to work with customers with lower credit scores. They also have origination fees that go up to 8% of your loan. You can learn more about origination fees here: https://www.investopedia.com/terms/o/origination-fee.asp. These fees are wrapped into your loan to make it easier for you to pay.
Upgrade also has a mobile app that allows you to track your progress on your loan throughout the payoff term and allows you to pay online to avoid late fees. It also has a feature that allows you to watch your credit health. This is one reason that it was picked best loan for bad credit.
- Best for Comparing Multiple Offers
Universal Credit – This company allows you to compare different loan companies because it appears to be more of a credit broker for a number of other companies. They say that they can loan to people with credit scores as low as 560, but because of this they have high interest fees that go up to a high of 35.93%. They also have high origination fees that are taken from your loan amount.
Their biggest advantage is their willingness to work with people who have a poor credit history. The biggest disadvantages are the high fees that they charge.
- Best for No Interest if Paid Within 30 Days
Discover – This company requires you to have a credit score of at least 660, and they have interest fees as high as 24.99% depending on your credit history. You can do an online application and they have a mobile app to help you to manage your loan. They promise quick funding and excellent customer service.
You can get a loan from twenty-five hundred dollars to thirty-five thousand dollars. You will have a payoff term up to five years. The only fees that they have are late payment fees, they do not have origination fees.
- Best for Loans as Small as $1,000
Upstart – You will need a credit score of at least 600 to borrow from one thousand dollars to fifty thousand dollars. You will pay interest fees from 6.50% to 35.99%, making them one of the higher interest fees. They promise to help more people because of their artificial intelligence approach to approving loans. They also say that they are great lenders for people with a fair credit history.
They have a repayment term that goes up to five years and they say that they are more restrictive. It is a widely available loan that is available in all but two states.
- Best for a Range of Repayment Options
Avant – They require a credit score of at least 580 and have interest rates as high as 35.99% because of this. They also charge many different fees, including origination fees and late payment fees. They will loan from two thousand dollars to thirty-five thousand dollars. They are not available in every state, so do your research before you apply.
You need to be careful with Avant because there was a settlement that was paid to the FTC because of dishonest fees that were charged when they were not due. As with any service, you will want to check the FTC, the Better Business Bureau, and your state’s attorney general’s office before you apply.
These are just a few of the lenders that can help you to get an unsecured loan. Some of these loans can even help you if you have a lower credit score. You will have to expect to pay more in interest and other fees if you have a lower credit history, but it might be worth it to you.