The Top 5 Banks Offering the Best Personal Loan Rates
When it comes to personal loans, getting the best rate is crucial. A good rate can make a big difference in the total amount paid over the life of the loan. Understanding this, we have compiled a list of the top 5 banks offering the best personal loan rates so you can make an informed decision about which one to choose.
1. LightStream
LightStream is a division of SunTrust Bank that offers personal loans with rates as low as 2.49% for borrowers with good credit. The company offers a range of loan amounts, from $5,000 to $100,000, with repayment terms from two to seven years. What sets LightStream apart is their Rate Beat Program, which guarantees that they will beat any qualifying rate from another lender by 0.10 percentage points.
2. SoFi
SoFi offers personal loans with rates as low as 5.74% for borrowers with good credit. The company offers loan amounts ranging from $5,000 to $100,000 and repayment terms from two to seven years. SoFi also provides unemployment protection, which allows borrowers who lose their job to temporarily stop making loan payments without going into default.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs offers personal loans with rates as low as 6.99% for borrowers with good credit. The company offers loan amounts from $3,500 to $40,000 with repayment terms from three to six years. One unique feature of Marcus is their no-fee promise, which means there are no origination, prepayment, or late fees for borrowers.
4. Discover
Discover offers personal loans with rates as low as 6.99% for borrowers with good credit. The company offers loan amounts from $2,500 to $35,000 with repayment terms from three to seven years. Discover also offers a rewards program for borrowers who make on-time payments, providing them with a statement credit for the next month’s payment.
5. Wells Fargo
Wells Fargo offers personal loans with rates as low as 5.99% for borrowers with good credit. The company offers loan amounts from $3,000 to $100,000 with repayment terms from one to five years. Wells Fargo also allows borrowers to apply with a co-signer, which can help those with less-than-perfect credit qualify for a loan.
Conclusion
When looking for a personal loan, it’s important to shop around and compare rates from different lenders. Across the board, the top 5 banks offering the best personal loan rates are LightStream, SoFi, Marcus by Goldman Sachs, Discover, and Wells Fargo. However, it’s important to note that rates may vary based on creditworthiness, loan amount, and repayment term. Be sure to read the terms and conditions of each loan carefully before choosing the right one for you.
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