Compare cheap personal loans | Low rates and affordable repayments

Compare cheap personal loans

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Want to get a loan without overspending on rates and fees? Find out what cheap personal loans are available.

If you’re in the market for a personal loan, one of the most important features consider is the cost of the loan. In this guide, we take you through what to look for when it comes to cheap personal loans and what to consider before you apply.

LendingClub Personal Loan

LendingClub Personal Loan

LendingClub offers you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 5.98%–35.89%* APR based on your credit score.

  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • Loan Term: 3 to 5 years
  • Turnaround Time: Up to 7 days
  • Total Costs: Depends on your credit score.
  • Consolidate loans or pay off high interest debt
  • Confidential and secure online application

    How cheap is a “cheap” personal loan?

    This depends on the type of loan you’re looking to apply for. For example, a secured car loan will usually have lower rates than an unsecured personal loan with no collateral. Interest rates as low as 5% aren’t unheard of in the personal loans market.

    Compare cheap personal loans

    Rates last updated June 21st, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Minimum Credit Score Max. Loan Amount APR
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640
    $35,000
    5.99%–29.99% (fixed)
    Upgrade Personal Loans*
    Affordable loans with two simple repayment terms and no prepayment penalties.
    620
    $50,000
    5.96%–35.97% (fixed)
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    15.49%–34.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99%–35.99% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    740
    $100,000
    6.199%-15.365% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    580
    $100,000
    3.09%–35.99% (fixed)
    Prosper
    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
    640
    $40,000
    6.95%–35.99% (fixed)
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    5.5%–11.74% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    640
    $35,000
    4.99%–29.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    5.98%–35.89% (fixed)
    CompareFirst Personal Loans
    An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
    580
    $50,000
    2.99%–36% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34%–155% (fixed)

    Compare up to 4 providers

    How to find out if a personal loan is competitive

    You need to compare more than the interest rate to make sure a loan is competitive. You can look at:

    • Upfront and ongoing fees. These fees will be added onto your principal loan amount and will therefore affect your repayments and the interest you have to pay.
    • APR. The Annual Percentage Rate incorporates the fees as well as the interest rate to show you the true cost of the loan.

    What else should you consider besides the cost of the loan?

    Besides the interest rate, fees and APR, you can consider the following:

    • Repayment flexibility. Check whether you’ll be able to make additional repayments or pay off the entire loan amount early without penalty.
    • Loan terms. Some lenders offer shorter loan terms than others. This affects the monthly repayment amount.
    • Type of interest rate. Your loan can either be fixed or variable, and both of these rates will come with different features.
    • Loan amount. Check what the minimum and maximum borrowing amounts are and if they meet your needs.

    Are you eligible for a personal loan?

    Lenders have different criteria to determine your eligibility for loans. Generally, to be eligible for a personal loan you’ll need to be 18 years old or older, a US citizen or permanent resident and earning a regular income.

    You’ll then need to prove your ability to manage the loan repayments by providing income, asset and employment information. Secured personal loans will also require details of what you’re using as security, and this secured asset will also need to meet certain eligibility criteria.

    If you find you don’t meet all the eligibility criteria on your own, you could consider a joint application personal loan to increase your chances of approval.

    How to apply for a cheap personal loan

    After you’ve found a personal loan using our comparison table above, you can follow the secure link to the lender’s online application form. The specific information you’ll be required to submit will differ between lenders, but it’ll usually be something along the lines of:

    • Personal details including your name, contact details and proof of your identity
    • Details of your employment including your income and type of employment
    • Financial details including your assets and debts

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    2 Responses

    1. Default Gravatar
      BenJune 12, 2017

      I was diagnosed with cancer in march I have my disability approval verification letter. My SSA payment will be 1281 per month beginning July 2017. My SSI and my VA benefits are still processing. Am I able to get a 2000 loan, pledging a portion of my back pay which has an approval date of January 12, 2017. These funds will be released shortly. They will cover January 2017 thru June 2017. Can my disability verification letter be my security pledge for a 3 to 6 month loan for 2000? Thank you, Ben F

      • finder Customer Care
        MayJune 15, 2017Staff

        Hi Ben,

        Thanks for reaching out.

        The lenders that you can contact with to discuss your loan options and eligibility are listed on this page. Each lender has their own set of requirements and criteria, so best to confirm with them any financial documents needed. Just in case you’d like to check the lender’s website, please click on the green ‘Go to site’ button on that page.

        Hope this helps.

        Cheers,
        May

    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site