Tuesday, October 8th
2024 Personal Loan Reviews
SoFi®
- Loans available from $5,000 to $100,000
- Rates may include origination fees of up to 7%
- Flexible repayment terms spanning from 2 to 7 years
- Most loans funded same or next day
- Available in all states except Mississippi
- Live customer support 7 days a week
- "A+” BBB rating
- Thousands of 5-star ratings from happy clients
With over two million members and $50 billion in funded loans, SoFi offers personal loans ranging from $5,000 to $100,000 with competitive APRs. Enjoy flexible repayment terms spanning from 2 to 7 years and quick funding, often within the same or next day. By enrolling in autopay, you could also save on interest. While origination fees may apply, SoFi maintains an "A+" rating from the BBB and thousands of five-star ratings on Trustpilot, making it an option we can confidently recommend for personal loans.
Splash Financial
- Operates as a loan referral service
- Primarily works with student loans, but expanded to include personal loans
- 0.25% discount when you set up autopay
- Origination fees of 0 to 12%, depending on the chosen lender
- "A+” rated and accredited by the BBB
- In business since 2013
If you're considering Splash Financial for your personal loan needs, you'll find a company committed to alleviating the burden of debt since its establishment in 2013. Originally focusing on student loan refinancing, Splash Financial has expanded its services to include personal loans, maintaining a praiseworthy dedication to customer service while connecting customers with a diverse range of lenders. The application process is relatively straightforward, with the ability to check your eligibility in just three minutes. However, Splash Financial's lack of transparency regarding its network of lenders, their higher starting interest rates, and potentially steep origination fees may give you pause. While the company's strong BBB rating and positive customer feedback are a good sign, we'd recommend looking at higher-ranked referral services first.
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Where Can You Find the Best Personal Loans?
Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.
Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.
Personal Loan FAQ
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First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.
Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.
Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.
Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.
Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:
Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K. - Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
- Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
- Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?
To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!
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