The Best Personal Loans For All Credit Types

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There is a lot to learn about personal loans and they can seem scary. Believe it or not, all it takes is a good amount of information for you to feel more comfortable with the idea of a personal loan. I am not saying that once you get more information about loans, you should go out and get one. There are many things you should consider before taking on more debt. There are many different personal loans for all credit types available. Continue reading this article to find out more about personal loans.

Top Personal Loans for All Credit Types

If you are considering personal loans for all credit types, you may already know some things about personal loans. However, you may not know everything you need to know. Just in case, I am going to share some information with you that is important to know. At its most basic definition, a personal loan is simply you borrowing money from a lender of some type.

The loan can come from a traditional lender, such as a bank or credit union. However, the lender can also be an online lender and other types of lenders that you may not expect. There are many different loans available, such as a personal loan with bad credit and personal loan options for good credit. You can find some excellent options online. In some cases, you may be able to find lenders that have the capability of staying in a completely online environment or go into an actual building. If you want to get offers by lenders, you can fill out the form below. Or you can return here after you see all the lenders we recommend in this article.


The lender adds interest to the money you borrow. This is a fee that they charge you to allow you to borrow the money. The interest rate for your loan is directly related to your credit score. I will touch more on interest and credit scores later.

Best Overall Loan: Marcus By Goldman Sachs

Marcus by Goldman Sachs logoWhen you are looking for personal loans for all credit types, one of your first considerations should be Marcus by Goldman Sachs. This is an online lender that gives you many options, including unsecured personal loans. Goldman Sachs has been around for a long time. As a result, they have access to a large amount of money and you can feel comfortable with the foundation they are created. They also have the ability to make changes to their online services quickly.

They offer loan amounts from $3,500 and up to $40,000. Their interest rates range from 6.99 percent to 28.99 percent. Their repayment plans range from 36 months to 72 months. When they are determining if they are willing to lend you money, they consider your credit score and your income. Their application takes only 5 minutes and they guarantee no fees. This means that they do not have origination, pre-payment, or late fees. Another one of the benefits of obtaining Marcus by Goldman Sachs is they are a full-service bank, so they have other options available to you, such as savings accounts and CD accounts.

Best Marketplace: Lending Club

Lendingclub loansAnother great option for personal loans for all credit types is Lending Club. This is a peer to peer lending group. That means that the money is borrowed from individual people as lenders. These lenders are selected based on your individual criteria from your application, so it is more likely that the lenders are willing to give you money. They offer debt consolidation loans where they will send the money to your creditors so that you do not have to take those steps. They offer loans in the amounts of $1,000 to $40,000.

Lending Club wants you to have a credit history of at least 3 years and a debt to income ratio of less than 40 percent.  They also do require you to have a credit score of at least 600. They do not have set income level preferences, so if you have a lower income, that should not impact your ability to be approved. However, if you have a lower income, that may make it more difficult for you to have a debt to income ratio of less than 40 percent. They offer loan terms of 3 or 5 years. Their origination fee can get fairly high as it ranges from 1 to 6 percent. Their interest rates range from 6.95 percent to 35.89 percent.

Best Personal Loan: Best Egg

bestegg logoBest Egg is another loan that you should consider as personal loans for all credit types. They are completely online and offer options for debt consolidation and other personal loan reasons. They prefer their borrowers to have a strong income, around $60,000 annually, and a good credit score. The minimum credit score they will approve for a loan is 640, however, their average borrower has a credit score of 685.

The interest rates with Best Egg are fixed, so you do not have to worry about it changing from month to month. They offer loan amounts from $2,000 up to $35,000. They have interest rates from 5.99 percent to 29.99 percent. They have repayment terms of 3 years or 5 years. They have a simple application process and you could get the money in your bank account as quickly as 24 hours after approval. They do have an origination fee from 0.99 percent to 5.99 of the loan amount. They do not charge any pre-payment fees, so you can pay off your loan as quickly as you can.

Best For Flexibility: Earnest

earnest logoAnother great option to consider for personal loans for all credit types is Earnest. They offer various types of loans including student loans, student loan refinancing, and personal loans. They offer the most flexibility of all the lenders because they allow you to control settings that allow you to determine your monthly payment amount. You can see how changes, such as the length of time you choose to repay your loan can change your repayment amount. Earnest allows you to borrow amounts from $5,000 up to $75,000. They offer repayment periods of 3, 4 or 5 years. They offer interest rates from 5.99 percent to 17.24 percent. The interest rate changes based not only on your credit but also on the length of time you choose to repay.

The application process is quick and simple. They also have a mobile app that allows you to track and pay off your loan quickly. They do not charge any fees for their loans. When determining if they are willing to approve you for a loan, they look at your savings, education, potential earnings, and credit score. This gives them a better idea of how much of a risk you are, then just looking at your credit score. They respond quickly to applications and if approved, the money is in your bank account quickly. They pride themselves on their customer service and you can always interact with a human, either via phone or email.

Best Lender With No Fees (Other Than Late Fees): Discover

Discover logoAnother lender you should consider when looking for personal loans for all credit types is Discover. Discover has been around for a long time and brings their experience and solid foundation to every loan. They do require you to have a minimum credit score of 660 and their typical borrower has a credit score of 747. Although, they do consider other factors besides credit score when making decisions about loans. They do not accept co-signers for loans. Borrowers also must have a minimum income of $25,000 per year.

They have loan options for personal loans and debt consolidation. They offer loan terms from 3 years to 7 years, which is a generous repayment option. They offer loans in amounts from $2,500 to $35,000.  They do not have pre-payment fees, so you can pay off your loan early if you would like. They also do not have a loan origination fee. They do, however, have a late payment fee of $39. They do allow you to change your payment date two times during the repayment period. You do have to allow a full 12 months between the two payment date changes. Discover also allows you to check your rate. This feature allows you to see if you qualify for a loan from Discover and your rate without having a hard hit against your credit.

Best Lender For Those With 620 Credit Score: Upstart

Upstart LoansLast on the list of personal loans for all credit types lender is Upstart. Just because they are last on this list does not mean you should consider them last. Upstart has many great things to offer to you. They are perfect for a borrower that does not have much of credit history but has a promising career with increased income. They are will to lend money to borrowers that have a credit score of 580 or higher. Upstart also prefers that their borrowers have an income of $12,000 or more per year. They offer amounts from $1,000 to $50,000 for approved borrowers, and they offer loan terms of three and five years. They do have origination fees of anywhere from 1 to 8 percent of the loan amount. Also, they want their borrowers to have a debt to income ratio of less than 45 percent.

Upstart is a favorite lender among their customers. They have funded more than $3.2 billion to over 250,000 borrowers. Do not overlook them on your search for personal loans for all credit types.

What Do I Need To Know About Interest?

Interest is something you should know a good amount about before you research personal loans for all credit types. High-interest rates can end up costing you a lot more money in the long run. The more you know, the better able you are to find the best personal loan and terms for you. Interest rates can range significantly depending on the lender and your credit score. As you already know, interest is added to the amount of money you borrow.

Some examples of how a credit score affects your interest rate

Higher interest rate changes the amount you owe and your monthly payment amount.

If you have good credit, you can find a loan with a 10 percent interest. That is the lower end of the interest scale. If you borrow $10,000, that means you owe $1,000 in interest. You are really paying back $11,000. You are only borrowing $10,000, please keep that in mind. If you are paying back the money over a 3 year period, that means that you pay $305.56 per month.

Now, using the same amount you are borrowing of $10,000 but your credit is closer to bad than good, so you might have an interest amount of 30 percent. That means your interest amount is $3,000 and you are paying back $13,000. Now, over that 3 year period, your monthly payments are $361.11.

And finally, let’s say you have really bad credit and your interest amount is 50 percent. You are still borrowing $10,000 but you are paying $5,000 in interest. You are paying half the amount of money you borrowed as a fee for borrowing the money. That means you are repaying $15,000. Your monthly payment amount is now $416.67.

If you have bad credit, that means you could end up paying over $100 more per month to borrow the same amount of money. Now imagine if you borrowed more money than $10,000, the amount of interest you pay is much higher.

What Can I Do About My Credit?

Before you begin looking for personal loans for all credit types, you should understand your credit score and what it means for you. The first step you should take is pulling your credit report. This gives you a clear understanding of your credit score and what is on your credit report. This is what lenders see when they decide if they want to give you money. Credit scores fall between 350 to 850. When you have good credit, it stays in the 670 to 800 range and when your credit begins falling below 570, it is considered to be bad credit.

If you are in need of a loan right away, you may not be able to do anything to improve your credit score in time to get a better interest rate. However, you can take steps to begin improving your credit score that will help you with future loans, insurance, mortgages, and perhaps jobs.

Taking on a personal loan can help you build better credit, but only if you make payments on time. One of the biggest credit score killers is late or missing payments. You want to work hard to make all of your payments on time and in the proper amounts. You want to work hard to decrease the amount of debt that you carry. This helps to relieve the burden that you have when it comes to debt, as well as improving your credit score. When you pay off your debt, it also improves your debt to income ratio, which also improves your credit score. When you improve your credit score, it gives you many more options when you are looking for a personal loan.

Conclusion

In your pursuit of a personal loan, there are many points which you should consider. All of them are important and you should brush past any of them. You really need to have a true understanding of loans, credit, fees, and interest. Even when you need money right away, a loan is not something you should enter into lightly. You should weigh all of the options and after careful consideration, select the right one for you.

One more point that I did not really touch on throughout this article is repayment. A loan is just that, a loan. You must pay it back. You must have the money to pay it back. Before you pick the loan for you, you must first make sure that you can repay the loan. You need to take a hard look at your budget and determine how much you can afford to pay each month. Once you determine that amount, do not agree to a loan that has you paying more than that per month. Doing that puts you in a terrible position. You will negatively impact your credit and cause yourself more stress. Think carefully before you proceed with a loan of any type.

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