We are committed to researching, testing, and recommending the best products. We may receive commissions from purchases made after visiting links within our content. Learn more about our review process.
Home Loans and Current Rates from Bank of America
Sometimes you need a little extra cash. Where do you turn? Some people use credit cards, but high interest rates and a temptation to spend more and grow your balance means credit cards may not be the best choice. If this situation sounds familiar, you may want to consider a personal loan.
If you are in the market for a personal loan, make sure you only borrow what you need and that you have the ability to pay back any funds you borrow. Also plan to pay off the loan early, if you can afford to, as that will save you money over the life of the loan.
Your next big choice is going to be where to get your personal loan. But before you do that, let’s take a glance at what criteria you need to consider to get the best personal loan possible. First, check the interest rate — it’s how much you pay to borrow. Interest rates vary with your credit score and market interest rate conditions. A lower rate is better.
Next is fees: Some lenders charge origination and other fees. Always do your best to avoid fees when possible. If you can find a loan with no origination fee, that’s often your best personal loan option. One other thing to consider is prepayment penalty: Some loans charge a fee if you pay the loan back early. Avoid that if at all possible.
Need some help finding out who you can turn to? We’re here for you. We rounded up the most trusted and reputable personal loan companies, so you can count on getting the best rate and deal possible. We teamed up with QuinStreet to bring you the following personal loan offers. Below the table, we give you our top picks for personal loans and why we recommend them.
Best Personal Loan Companies of 2019
- Best Overall: Marcus by Goldman Sachs
- Best for Young Professionals: SoFi
- Best for Marketplace Loans: Prosper
- Best for Biggest Marketplace: Lending Club
- Best for Just Personal Loans: Best Egg
- Best for Payment Flexibility: Earnest
- Best for Credit Card Consolidation: Payoff
- Best Alternative Personal Loan: Earnin