Wednesday, June 7th
2023 Personal Loan Reviews
SuperMoney
- Loan referral service
- 14 lender network
- Loans up to $100,000
- Competitive APR's
- In operation since 2013
SuperMoney offers comparison shopping for many financial products, including personal loans. They offer funding through just over a dozen partners, and you can see detailed information and reviews about each one before filling out your application. SuperMoney hasn't been around as long as some of the other referral platforms we evaluated and so there's not as much customer feedback yet. SuperMoney is a good way to gather information about personal loans you might be eligible for, and their streamlined process makes it easy to complete your application.
Prosper
- Peer-to-peer lending platform
- "A+" rated and accredited by the BBB
- Minimum credit score of 640 for new borrowers
- Repayment terms of 3 or 5 years
- All fixed-rate loans
- Origination fees of 2.4% to 5%
- Wide range of APRs
Prosper gives everyday investors (and institutions) the ability to fund personal loans for everyday individuals. This peer-to-peer lending platform offers next-day funding in many cases, but you need a credit score of at least 640 to be eligible to borrow money here. Overall, Prosper has a good reputation and is a reliable source of personal loans if you qualify - just remember, peer-to-peer lending is a different kind of experience.
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The 10 Best Personal Loans
Where Can You Find the Best Personal Loans?
With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.
Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.
Personal Loan FAQ
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What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.
How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:
- Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
- Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
- Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
- Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
- Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?
TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!
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