Couple applying for low rate loan

Low Interest Personal Loan

Information verified correct on January 21st, 2017

A low interest personal loan can help you save money over time. Read on to find out more.

People across the US frequently seek personal loans for different reasons. While someone might want a loan to consolidate debt, others might seek one to go on a vacation. One of the key differentiating factors for personal loans is the interest they charge, since this aspect plays a crucial role in the cost of any loan.

Lenders normally offer low-interest personal loans to people with good and excellent credit rating. If you have poor or bad creditworthiness your chances of getting a low interest personal loan remain slim, unless you can provide some type of collateral.

If you’re considering applying for a low-interest personal loan online or in-store, going through this guide will help you make an informed decision.

NetCredit Personal Loan

NetCredit Personal Loans

NetCredit offer you the chance to borrow money as alternative to bank personal loans. As you borrow more your credit score increases and your interest rate becomes lower.

  • Min. Loan Amount: $1,000
  • Loan Term: Varies upon State
  • Turnaround Time: 1 business day
  • Total Costs: Depends on your credit score.
  • Build your credit score - Must be 21+
  • No security needed
  • Confidential and secure!

    Personal loans you can apply for

    Rates last updated January 21st, 2017
    Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
    NetCredit Personal Loan
    You could borrow up to $10,000 and get an interest rate personalized to your credit score
    $10,000 300 1 business day Varies based upon state of application Go to site More
    LightStream Personal Loans
    You could borrow up to $100,000 with rates starting from 1.99% fixed.
    $100,000 680 Varies You must have a good or excellent FICO and be an American citizen or a permanent resident of the US. Go to site More
    SWIFT Personal Loans
    With a 5 minute simple application, SWIFT connects you with lenders that will offer you terms that are reasonable, affordable, and trustworthy.
    $10,000 1-2 days You have a valid bank account, You have a job or regular source of income, You are a resident of the United States and You are 18 years of age or older Go to site More
    SoFi Personal Loan
    Borrow up to $100,000 with a competitive APR and no fees.
    $100,000 660 Varies You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
    Avant - Personal Loan
    Borrow up to $35,000 with APRs ranging from 9.95% – 36.00%
    $35,000 660 1-2 business days You must have at least a fair credit score (580 or more). Showing proof of a steady income. You must be a US Resident over 18 years old. Go to site More
    Upstart Personal Loans
    You are not required to have a specific minimum annual gross income, or credit history. That easy.
    $50,000 660 1-2 business days 18+. US citizen or permanent resident. 660 credit score or higher. Go to site More
    Payoff Personal Loans
    Stress-free loan with APR starting at 8 and a 35000 credit line
    $35,000 660 1-2 business days Avg credit score and debt to income ratio less than 50%. 18 years and older. Go to site More
    Lending Club Personal Loan
    Borrow up to $40,000 with rates starting at 5.99 to 35.89 APR based on your credit score.
    $40,000 660 Varies You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income. Go to site More
    LendKey Student Loans
    Reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your student loans.
    $175,000 660 1-2 business days You must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible school. Go to site More

    Personal loan lender matching services

    These matching services connect consumers with personal loan lenders. It is important to note that these services do not make credit decisions and they are not lenders, loan brokers or agents for any lender or loan broker. They can help link you up with a lender that might be able to help you access a loan.

    Rates last updated January 21st, 2017
    Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
    PersonalLoans.com
    An online loan matching service that connects you with lenders.
    $35,000 Varies by Lender 1-2 days You must be employed, 18+ with a bank account. Go to site More
    TrustedPersonalLoans.com Personal Loan
    Trusted Loans give you flexibility to pay for your credit, once or twice each month.
    $10,000 330 As soon as tomorrow 18+, have an open bank account, be employed or have regular income Go to site More
    LendingTree Personal Loan
    What everybody ought to know about LendingTree and the personal loans it provides.
    $35,000 639 If you apply during working hours on a business day you can get access to approved funds within 24 hours. You must be an American citizen or a permanent resident of the US, You must be at least 18 years of age and You should have a regular source of income Go to site More
    Accredited Debt Relief
    Accredited Debt Relief can help you lower your monthly payments and interest rates or get out from serious debt. They offer free consultations at 1-877-569-5675.
    Varies based on lender No minimum Varies based on lender 18 years of age or older, legal resident of the United States and additional terms may apply based on services and products used. Go to site More

    How do low interest personal loans work?

    Individuals who have excellent credit history are ideal candidates for lenders that offer low interest personal loans. Depending on the lender you choose you can apply online or at a physical location. However, not all lenders operate across all American states.

    Applying for these loans requires that you meet some eligibility criteria. Once you apply the lender reviews your application. If you apply for an online personal loan and the lender approves your application the money is transferred into your bank account electronically.

    You have to make repayments towards the loan per a predetermined repayment plan until you repay it completely.

    What features are offered with these personal loans?

    When comparing low interest personal loans, paying attention to these aspects is important:

    • Interest. Low interest personal loans for excellent credit offer the most competitive annual percentage rates (APRs). If you’re borrowing a significant sum that you wish to repay over a prolonged period this aspect can have a noticeable effect on the cost of the loan.
    • Secured or unsecured. If you cannot provide any collateral your options limit to low interest unsecured personal loans. By providing some kind of security you can get a lower APR.
    • Loan amount. Different lenders offer low interest unsecured personal loans for amounts from $500 to $50,000. The maximum you can borrow depends on your creditworthiness, your existing financial situation and your ability to make repayments.
    • Loan term. Getting a loan term that matches your requirement may be easier than you think. You can normally find low interest personal loans with terms from two to seven years.
    • Processing time. If you need money in a hurry this aspect requires particular attention. Some lenders can give you access to funds on the day you apply or by the next business day. Some may get you to wait for as long as seven to 10 business days.

    What types of low interest rates personal loans are there?

    In your search for low interest personal loans you’ll come across these options:

    • Peer-to-peer loans. Peer-to-peer lending is gaining popularity in the US. Lending platforms that offer peer-to-peer personal loans connect investors with borrowers. With good or excellent credit rating you can get competitive interest rates.
    • Credit union loans. Credit unions don’t have any shareholders so they transfer their profits to their members through competitive interest rates and little to no fees. Not all credit unions offer membership to the public at large.
    • Secured personal loans. Secured personal loans require that you provide some kind of collateral. In return, you’ll pay a lower APR.

    What are the pros and cons of these loans?

    • Savings. If you take a low interest personal loan that you wish to repay in a few years, you can end up saving a tidy sum in interest.
    • Easy process. With widespread usage of the Internet, getting a personal loan has become considerably simpler. You can now apply using any internet enabled computer and some lenders provide apps for mobile devices as well. There are lenders that let you complete the identification process online.
    • Repayment flexibility. You can find lenders that let you make payments as per your pay schedule, be it weekly, fortnightly or monthly. Some let you repay your loan early without charging any extra fees or penalties.
    • Prepayment penalties. Find out if you may have to pay prepayment penalties because these can put a dent in your plans if you plan to repay your loan ahead of time.
    • Scams. The online world is not devoid of unscrupulous characters. Before you apply for a low interest personal loan online find out if the lender you choose is legitimate by contacting the Federal Trade Commission and the Better Business Bureau.
    • Bad credit is a problem. Finding low interest personal loans for bad credit is near impossible, unless you consider getting a secured loan.

    Frequently asked questions

    What eligibility criteria do I have to meet to get a low interest personal loan?

    You’ll have to meet your state’s minimum age requirement, which, in most cases, is 18 years. You should be an American citizen or a permanent resident of the US. Lenders also require you to have a regular source of income.

    How quickly can I apply for a low interest personal loan online?

    If you have all the required information close at hand the process should take around five to 10 minutes.

    What information do I have to provide to apply for a low interest personal loan?

    You’ll have to provide personal information such as your name, date of birth and contact details. Identification details can come from your driver’s license, passport, social security card or state ID. Lenders also require your employment and income related details.

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    US Personal Loans Offers

    Learn about our information service
    TrustedPersonalLoans.com Personal Loan

    Trusted Loans give you flexibility to pay for your credit, once or twice each month.

    LightStream Personal Loans

    You could borrow up to $100,000 with rates starting from 1.99% fixed.

    NetCredit Personal Loan

    You could borrow up to $10,000 and get an interest rate personalized to your credit score

    SWIFT Personal Loans

    With a 5 minute simple application, SWIFT connects you with lenders that will offer you terms that are reasonable, affordable, and trustworthy.

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