Best Personal Loan Providers Online
The cost of living is forever going up and that means our expenses and emergencies are following suit. If you’re like 78% of Americans that live paycheck to paycheck, you might have to get some help in the financial department to float you along for a while. Whether it’s to consolidate debts, cover a medical expense, or pay for a vacation, taking out a personal loan might make perfect sense for your situation. You can even take out a loan just to have some discretionary spending money.
The great thing about personal loans is that they’re unsecured loans which means that you don’t have to put anything down as collateral and they’re (generally) really easy to qualify for. Personal loan providers typically care more about your ability to pay back the loan instead of what your credit score looks like. That makes them far superior to other more predatory short term loans, like title loans and payday loans, where you’d end up paying hundreds of extra dollars in fees and potentially falling further in debt.
It isn’t a big deal if you have bad credit either. Lenders have made qualifying for one easier than ever before so there are plenty of options for personal loans with bad credit. However, if you do have good credit, you could be approved for a loan with a lower interest rate, longer term, or even a much higher loan amount.
No matter why you need the money, it’s important that you partner with the right personal loan provider. This way you can get the best loan possible and pay it off without breaking your budget.
Ace Cash Express
Ace Cash Express is one of the most widely known lenders on our list with hundreds of locations throughout the country. This makes getting a loan from them incredibly convenient since there’s probably a location (or two) within driving distance. With their low threshold to qualify, they also have the lowest barrier to entry.
Loan Details
- Amount: $200 – $5,000
- Duration: Varies
- Collateral Needed: No
- Interest Rate: 163% – 661%
- Approval Time: Instant to Next Business Day
- Loan Deposit Time: ~1 business day
While Ace makes it easy to get a personal loan and is faster than other lenders when it comes to getting you that money, their higher than average interest rates mean that you would end up spending hundreds, potentially thousands, of dollars extra in paying off the same loan you might get elsewhere. This may not affect you if you have good or great credit, since you’ll be undoubtedly be approved for a low interest rate, but borrowers with bad credit will end up having high interest rates on their loan. You’re also not able to borrow a large amount so if you need more than $5,000, look elsewhere.
Eloan
Like we said in our review, Eloan is the best kept secrets in the lending space. They are, without a doubt, one of the most borrower friendly personal loan providers with low APRs on their loans, terms ranging from 18 to 60 months, and lending up to $35,000 depending upon the application. Their financial pedigree is above reproach as well with over 124 years of experience.
Loan Details
- Amount: $1,500 – $35,000
- Duration: 18 – 60 months
- Collateral Needed: No
- Interest Rate: 7% – 36%
- Approval Time: ~1 Business Day
- Loan Deposit Time: 1 – 3 Business Days
- Late Fees: Yes
- Insufficient Funds Fees: Yes
The one genuine drawback to Eloan is they have a longer than average time to deposit your loan into your account. While this could will be a problem for borrowers that need cash fast, it’s generally a non-issue for everyone else. And one that can easily be overlooked because of their high loan amounts, competitive interest rates, and flexible loan terms.
Avant
Avant is one of the best choices for a personal loan with bad credit. You can be approved for one of their loans and get a very competitive interest rate (depending on your credit) so you aren’t racking up hundreds or thousands of extra dollars in interest. Our recommendation is to use Avant for debt consolidation loans since they have a high ceiling on the amount you can borrow and you can spread those payments out over a 2 to 5 year period so the monthly payments don’t put a major strain on your budget.
Loan Details
- Amount: $2,000 – $35,000
- Duration: 24 – 60 months
- Collateral Needed: No
- Interest Rate: 10% – 36%
- Minimum Credit Score: 580
- Approval Time: ~1 Business Day
- Loan Deposit Time: ~1 Business Day
- Late Fees: Yes
- Insufficient Funds Fees: Yes
- Administration Fees: Yes
Loan Depot
If you’re having trouble being approved for a loan elsewhere, Loan Depot might be the perfect lender for you. Many borrowers like yourself are actually quite reliable, but they don’t have the credit score to back it up. Loan Depot puts a heavy emphasis on factors beyond your credit score and history so you can get approved for one of their personal loans. You’re also able to take advantage of a much higher lending ceiling with them so you can cover a much wider range of expenses than if you went with a different lender.
Loan Details
- Amount: $5,000 – $100,000+
- Duration: 24 – 60 months
- Collateral Needed: No
- Interest Rate: Varies
- Approval Time: ~1 Business Day
- Loan Deposit Time: 2 – 3 Business Days
- Late Fees: Yes
- Insufficient Funds Fees: Yes
King of Kash
King of Kash is one of the fastest growing bad credit personal loan companies in the country. They mainly specialize in short term loans with the majority of their loans falling between 9 – 12 months. They’re also one of the fastest personal loan providers. They can give you a loan decision in a matter of minutes and, if you’re approved, you can have your loan deposited within 24 hours. However, the main drawback to using King of Kash is that you can be subject to high interest rates if you have a low credit score.
Loan Details
- Amount: $0 – $3,000
- Duration: 4 – 12 months
- Collateral Needed: No
- Interest Rate: Varies
- Approval Time: Minutes
- Loan Deposit Time: ~1 Business Days
- Late Fees: Yes
- Insufficient Funds Fees: Varies