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Updated
Though Charles Schwab hasn’t provided an exact reason, it’s safe to assume it doesn’t offer personal loans because its real bread and butter is banking and investing. While it has two secured line of credit options, it’s more focused on offering retirement, stock trading, investment and financial planning services to customers.
Even though you won’t be able to get a personal loan from Charles Schwab, you still have options. These alternatives stand out because they cover a wide range of needs, from competitive rates to flexible loan amounts.
Wells Fargo offers both secured and unsecured personal loans and lines of credit — all starting at a competitive 5.99% APR. While you may be able to borrow up to $100,000, you’ll need good to excellent credit to qualify for the lowest rates and largest loan amounts.
Already bank with Wells Fargo? You may also be eligible for a rate discount. And it also comes with the added bonus of visiting a branch to discuss your application in person.
A subsidiary of SunTrust, LightStream offers personal loans up to $100,000 with competitive rates thanks to its Rate Beat program. If you receive a better offer from a competing lender, LightStream promises to beat that rate by 0.1% — provided the lender meets certain terms and conditions.
But like with Wells Fargo, you’ll need to have good to excellent credit to qualify for the lowest rates. And it also doesn’t have that local banking experience since everything is done entirely online.
LendingClub, one of the largest peer-to-peer (P2P) lenders in the US, may be a good fit for borrowers only looking to take out a small loan. You can borrow as little as 10.68%, making this a less-expensive alternative to taking out a short-term loan.
It doesn’t have as stringent credit requirements as the other lenders on this list. And you can also apply with a cosigner to strengthen your application. Its rates run a bit higher, though, topping out at 35.89%.
Sort of, but they’re all secured. It has two personal line of credit options — the Pledged Asset Line (PAL) and margin loan — which allow you to borrow against your equity securities, mutual funds, CDs and bonds. It also offers a home equity line of credit (HELOC), which requires you to borrow against the equity you own in your home. However, these won’t be much help if you don’t have enough money tied up in liquid assets or your home to use as collateral. And you risk losing these assets should you default.
Charles Schwab isn’t the end of the road when it comes to personal loans. There are other lenders out there that can get you the money you need — without having to use your assets as collateral.
Compare even more providers and learn more about how it all works with our guide to personal loans.
You might qualify for a better deal even if you don’t have a green card — or a cosigner.
Take advantage of $0 trades and no investment minimums with this well-known broker.
Find the most competitive deal available to you.
Compare our top 8 picks for borrowers with a credit score from 580 to 669.
Compare APRs of top providers and find out what affects the rate you get.
Funding from $200 to $30K to borrowers of all credit types.
Competitive rates and fast funding — but only for borrowers with good credit.
3 options to finance online shopping, borrow small amounts or compare lenders fast.
Just don’t expect to know what rates and terms you might qualify for until after you fill out its online form.
Explore other options for borrowers with less-than-perfect credit.