Top Personal Loans

Whether you’re seeking a loan for home improvements, a long-anticipated vacation or simply to pay down credit card debt, a personal loan can represent a financial lifeline. While banks offer personal loans, the process tends to be lengthy and sometimes frustrating, especially for borrowers with less than perfect credit.

In such circumstances, a non-bank lender may be the best – or even only – option available. The online lenders listed below include peer-to-peer lenders and other non-bank lenders. One or more of them may be just the right lender for you!

1. Prosper

Prosper is one of the largest peer-to-peer lenders in the country and provides personal loans to borrowers with FICO scores above 640. Borrowers submit personal and financial information through an online profile. Loans are funded through crowd funding and are dispensed once borrowers’ profiles are fully funded. There are no prepayment penalties and interest rates vary from 5.99 to 36 percent.

Ideal For: People who have a good credit rating and do not want to deal with a traditional bank or lender.

Not Recommended For: Lower credit scores or for people who need a long length of time to repay their loan.

2. Avant

Not to be confused with anti-virus provider Avast, Avant provides nonbank loans to borrowers with a range of credit scores. Borrowers with good credit qualify for loans ranging with interest rates ranging from 9.95 to 36 percent. Borrowers with marginal credit are eligible for loans at significantly higher interest rates, but still lower than payday loans. The online application process is fast and customer service is responsive.

Ideal For: People who have mid-ranged credit scores that need access to funding quickly.

Not Recommended For: People who have a credit score below 580 or who qualify for better interest rates with another lender.

3. Lending Club

Launched in 2007, Lending Club is presently the world’s largest peer-to-peer lending network. Rather than submitting an application, prospective borrowers create online profiles that include detailed financial and personal information. Lenders may inspect profiles and fund those that appeal to them. Lending Club interest rates range from 5.99 to 32.99 percent. However, applicants must have FICO scores above 600 and debt-to-income ratio below 25 percent to qualify.

Ideal For: People who have a good credit rating and do not want to deal with a traditional bank or lender, and for people looking to consolidate large amounts of debt.

Not Recommended For: People with a credit score below 600 or with a debt-to-income ratio higher than 25%.

1. LoanNow

Many borrowers facing financial emergencies turn to undesirable lenders such as pawn shops and payday loans. LoanNow, based in California, features a convenient online application system and fast processing. Applicants with credit challenges may qualify thanks to an underwriting process that looks beyond FICO scores to consider borrowers’ entire financial profiles. Interest rates start at 29 percent, and borrowers who maintain a good repayment record qualify for lower rates for future loans.

Ideal For: People who have lower credit scores that don’t want to take a payday or title loan.

Not Recommended For: Higher credit scores or those who need larger loan amounts, or for those who live in states outside of the ones they operate in.

2. NetCredit

NetCredit specializes in personal loans for borrowers with fair to poor credit. Its online application system is fast and convenient. Interest rates vary according to borrowers’ FICO scores and the laws of the state of residence but can range between 35 and 210 percent. NetCredit loans are only available for residents of Alabama, California, Delaware, Georgia, Idaho, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, Virginia and Wisconsin.

3. LendUp

LendUp is an online payday lender offering smaller loan amounts with shorter repayment terms. LendUp provides borrowers who regularly borrow from payday lenders the opportunity (where available) of gradually improving their rates and terms. At Platinum and Prime levels (where available), you have the opportunity to report payments to credit bureaus, which could increase your credit score. Another unique benefit about choosing LendUp is that unlike many other payday lenders, they do not allow loan rollovers so you won’t end up getting into the difficult cycle of debt.

Ideal For: People looking for a short term, small loan amount and use payday lenders on a regular basis.

Not Recommended For: People with better credit scores that could qualify for better terms elsewhere, or those looking for larger installment loans.

1. SoFi

SoFi is a marketplace lender that specializes in offering low-interest loans to people with high incomes and excellent credit. SoFi used to only offer loans to graduates who wanted to refinance their student loans but has more recently branched out into personal loans and mortgages. Although the San Francisco-based company is still a relatively new player in the business, SoFi has already funded over $3 Billion in loans.

Ideal For: People who are considered prime or super-prime borrowers and need a large loan amount.

Not Recommended For: Marginal or lower credit scores or for people who live in one of the states that they do not operate in.

2. Upstart

Upstart is a peer-to-peer lender specializing in personal loans to recent college graduates with limited credit histories. Upstart considers educational background and job prospects in addition to FICO scores when making credit decisions. Interest rates vary from 5.7 to 30 percent.

Ideal For: Younger adults who have a good credit rating and do not want to deal with a traditional bank or lender.

Interesting facts

• Howard Nassiri is a national law firm based in Orange County, California. Vincent D. Howard and Damian J. Nassiri founded the law firm in February 2007. Howard Nassiri is known for its representation of consumers in the areas of mortgage foreclosures, mortgage workouts, wrongful foreclosure, and mortgage related bankruptcy. The law firm files...
• Regal (Hastings) Ltd v Gulliver [1942] UKHL 1, is a leading case in UK company law regarding the rule against directors and officers from taking corporate opportunities in violation of their duty of loyalty. The Court held that a director is in breach of his duties if he takes advantage of an opportunity that the corporation would otherwise be...