Nowadays, there are several ways to obtain money to meet personal expenses. However, some
options are more viable than others. One of the most commonly used methods of obtaining
resources is to apply for a personal loan. However, before using this option, you should be
informed to choose the most suitable option for your needs.
Personal loans are generally widely used in the United States because they are agreements
between banks or lenders that agree to provide large amounts of money under specific terms and
conditions. For this reason, many people use this method to cover specific needs and increase
their financial possibilities.
In this article, we share a list of the best personal loans in the U.S so you can analyze each one
and find the one that best suits what you are looking for.
Discover the most recommended lenders!
1. LightStream- Same-Day Loan Delivery
LightStream offers low-cost financial products with flexible interest rates and terms for people
with good credit or better. According to your credit score, you can obtain a loan from $5,000 to
$100,000, with terms ranging from 24 to 144 months. The annual percentage rate (APR) is
between 5.99% and 22.99%. Their limitation is that they do not lend money for small business
financing or higher education payments.
One of their most significant advantages is that you can receive the money on the same day.
To acquire a loan, you only need to fill out the application on a banking business day, your
request is reviewed, and once approved, you must electronically sign your loan contract to verify
your bank account information before 2:30 p.m. (ET). In addition, LightStream does not charge
origination fees, administrative fees, or prepayment fees.
2. SoFi- Facilitates debt consolidation or refinancing
With SoFi, you can borrow from $5,000 to $100,000 with interest rates ranging from 7.99% to
23.43% and terms ranging from 24 to 84 months.
This company started as a student loan refinancing company but expanded into personal loans,
perfect for consolidating or refinancing your debts. To apply for a loan with this company, you
only need to use their available application to manage your payments. In addition, SoFi gives
you the option to select between a variable or fixed APR.
3. PenFed – No membership is required to apply for a loan
PenFed is a federal credit union that allows for membership to the general public and, among its
financial products, offers personal loans for debt consolidation, home improvement, auto
financing, and medical expenses, among other things. One of its most significant advantages is
that it allows you to obtain loans as low as $600, with a higher range of up to $50,000. In
addition, its interest rate varies from 7.74% to 17.99% APR, with payment terms ranging from
one year to 5 years.
4. Marcus de Goldman Sachs- No additional cost for debt financing
Goldman Sachs’ Marcus company allows you to borrow from $3,500 to $40,000, with time
lapses of 36 to 72 months and interest rates from 6.99% to 24.99% APR. In addition, one of its
most significant advantages is that it does not charge additional fees to finance debt
After the approval of your debt consolidation loan, the company will ask you if you want to
use direct payments to send money to the creditors so you can guarantee that the funds will be
used to pay off your debt directly. When you select this option, you must provide the account
numbers, the addresses of your creditors, and the amounts you wish to pay. Marcus then deposits
any remaining money into your connected bank account.
5. Discover- No origination fees
Discover’s loans can be used for debt consolidation, home improvements, weddings, and
vacations. Although the company doesn’t charge origination fees, it does charge a $39 late fee
if you don’t pay your loan on time each month. The loans range from $2,500 to $35,000, with
fixed interest rates from 6.99% to 24.99% APR, depending on your score, and repayment terms
vary from 36, 48, 60, 60, 72 and 84 months.
Another advantage of Discover’s loans is that there is no penalty for paying off your loan early
or making additional payments in the same month to reduce interest. Plus, the company can
pay your creditors directly if you get a debt consolidation loan.
Now, all you have to do is choose the right personal loan lender for your financial needs!