Where Can I Get a Personal Loan? 4 Options Compared

Close up of a personal loan application form with glasses, a pen, and a calculator placed on it

So, you want to buy a car, move from your current place or need some startup business loans. Naturally, for personal needs, you need more money, and the next step is to ask yourself ‘where can I get a personal loan?’. Some simple steps you should follow before applying for loans is to check your credit score, get pre-qualified, check what loans are available, compare the offers and read the fine print. Today we are going to look at some places where you can get a loan from and see how they compare to each other.

Where Can I Get a Personal Loan? 4 Alternatives

1. SoFi

SoFi stands for social finance and has become one of the bets such companies since its beginning in 2011. The best thing about them is that they cover plenty of situations, such as personal loans, parent financing, student loan refinancing, home mortgages, etc. For the unsecured loans, you can get some attractive interest rates, as well as terms.

  • Variable rates starting from 5.17%;
  • Fixed rates starting from 5.49%;
  • No application/origination fee;
  • Loans between $5,000 – $100,000.

2. Citizens Bank

If you ask yourself where can I get a personal loan, you can also include Citizens Bank on your list. They have a huge array of financial products, such as student loans, personal ones, savings and checking accounts, etc. Their advantage is that they have a lot of physical locations placed all throughout the country. If you visit their website, you can see an easy application you can fill.

  • Rates between 5.99% for the fixed ones and 6.01% for variable ones;
  • Loans between $5,000 – $50,000;
  • Payment plans from 3 to 7 years.

3. Upstart

The Upstart company was recently founded in 2012 when some former Google employees created a tech-lending platform. It’s a unique option because it relies on a peer-to-peer lending system, unlike other traditional companies. Anyone can invest in such a loan application, which is good.

  • Fixed rates starting from 6.37%;
  • Loans between $1,000 – $50,000;
  • Payment plans from 3 to 7 years;
  • No application or fees before payment.

4. Prosper

The last suggestion for answering the ‘where can I get a personal loan’ question is Prosper. This is, in fact, a peer-to-peer platform. It’s exclusively online and has offered over $9 billion in what concerns loans. They have plenty of loan options, from debt consolidation to healthcare financing.

  • Low-interest rate;
  • One monthly payment;
  • Easy application online.

Conclusion

These are just four of the many sources of personal loans you can find both online and offline. Each of them comes with their own benefits and disadvantages. For example, Citizens Bank has plenty of physical location throughout the country, which is great for people who are not that good with the online world. Meanwhile, Prosper relies entirely on the virtual environment both for attracting people and for the application. In the end, it’s important to analyze and compare everything, from the rates to the type of loans and various advantages. Remember that even if a solution seems great, it might not be suitable for your own needs.

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Author: Amanda Knowles

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