The 8 Best Personal Loan Companies to Use in 2018

Wall Street titan Goldman Sachs offers Marcus as its personal banking and borrowing brand. Marcus offers personal loans and savings accounts, both among the best in their respective industries. For lending, Marcus focuses on debt consolidation, credit card consolidation, home improvement and other personal loans.

Marcus offers online loans from $3,500 to $40,000. As of this writing, interest rates range from 6.99 APR to 24.99 percent APR and loans are available with terms from 36 months to 72 months. All loans have a fixed interest rate with a fixed monthly payment.

In addition to competitive interest rates, the reason Marcus is at the top of our list is its no fee guarantee and simple five-minute application. There is no origination fee, no prepayment fee and there are no late fees, though you should always make your full payment on time each month.

SoFi started as a student loan lender, so it knows young professional finances inside and out. It offers student loans, student loan refinances and mortgage loans in addition to personal loans. SoFi also offers wealth management and life insurance products and has a bank account coming soon.

SoFi, short for Social Finance, empowers borrowers with tools to repay their loans and offers a range of useful services. Interest rates currently range from 7.08 to 15.37 percent with automatic payments. Loans are available from $5,000 to $100,000 in value in terms of 3, 4, 5, 6 or 7 years.

There are no fees for personal loans from SoFi, just interest. SoFi also offers a unique unemployment protection feature so you don’t get stuck in a jam should you lose your job. That’s a useful backup plan in any job market.

Prosper is a marketplace lender where individual investors join forces to fund your loan. It offers competitive rates and terms that put it head-to-head with even many traditional lenders and other online lenders.

Prosper personal loans are available from $2,000 to $40,000 with interest rates ranging from 6.95 to 35.99 percent APR. Low credit borrowers beware of the high-interest rates here, while those with the best credit history may find market leading rates.

Also be on the lookout for some fees at Prosper you don’t see at all online lenders. While there is no prepayment fee, there is an origination fee. That fee ranges from one to five percent of the loan value depending on your credit history.

Lending Club is one of the biggest and best-known marketplace lenders, and while it suffered some recent negative publicity in recent years on its investing side, it ranks as a top option for personal loan borrowers.

Lending Club is not a traditional lender. Instead of getting your loan funds from Lending Club, it comes from loan investors in $25 increments. Lending Club has originated more than $35 billion in loans. It is a huge lending marketplace.

Personal loan interest rates currently range from 6.16 to 35.89 percent APR, making it both one of the cheapest and one of the most expensive personal lenders depending on your personal credit history. Loans are available for up to $40,000. Just beware the origination fee, up to six percent of the loan value, if you choose to go with Lending Club.

Best Egg sounds like a breakfast restaurant, but it is, in fact, an online lender. Like many personal loan companies, it is popular for debt consolidation, home improvement and a range of other personal expenses.

Best Egg offers loans from $2,000 to $35,000 at interest rates from 5.99 to 29.99 percent. Best Egg charges an origination fee ranging from 0.99 to 5.99 percent of the loan value and offers three- or five-year repayment terms.

Best Egg is better for borrowers with a solid income and credit score. The minimum credit score is 640 at Best Egg, but the average credit score and income are 685 and $60,000 per year, respectively.

Earnest offers student loan refinancing, home loans ​and personal loans, so it may fit into other lending plans in your future outside of personal borrowing. When you sign up for a loan with Earnest, you can tinker with multiple settings to choose your preferred monthly payment. This is a great option for those with repayment worries.

Earnest charges no origination fees and offers loans with interest rates from 5.49 to 18.24 percent depending on the loan duration and your credit history. Loans are available in three, four, and five-year terms. Loans are available from $5,000 to $75,000 total.

Earnest loans are quick and easy, and the mobile app is a great tool to help you track and pay off your loan as quickly as possible.

Payoff offers a personal loan called “The Payoff Loan.” It is advertised primarily as an option to pay off and consolidate credit card debt. Hence the name Payoff.

Loan rates range from 5.94 to 22.60 percent interest and require an origination fee of two to five percent of the loan value. But there are no early payment fees, late fees or even returned check fees. This makes the loan very predictable once you have it set up.

The approval process is quick and simple. You need a 640 credit score to qualify and a debt-to-income ratio below 50 percent. Payoff also requires no current delinquencies and no delinquencies over 90 days in the last 12 months for approval.

Payday loans have a bad reputation for a good reason: They are a huge rip off for the most vulnerable borrowers. Earnin thought payday loans shouldn’t include the “ick” factor and offers short-term loans with no interest and no fees.

Yes, you read that right. You can borrow from Earnin with no interest and no fees. It is a “pay what you think is fair” product. If you can’t afford to pay any fees, you don’t have to. That’s pretty cool and very unique in the lending industry.

Loans are available for up to $100 per day and $500 per pay period through the Earnin app. If you just need a little extra cash to get by until payday, this is much cheaper than a traditional payday loan or a personal loan.