Therefore, it is very important to know what are the best options to access a loan, as well as the conditions that each financial institution requests to grant a certain amount of money to the consumer. Know everything about this process!
1 Know your credit history before requesting a loan
Before applying for a loan, it is necessary to carry out an analysis of the credit history that is available, as this will function as a parameter for the financial institution to grant a loan.
One of the first steps will be to consult the credit history, where a breakdown of all the credit movements that the user has carried out is made, recording the punctuality or arrears of their payments.
2 Analyze your ability
Although it is true that one of the main reasons that drive people to apply for a loan are emergencies and unforeseen events, it is also necessary to start from a question: how much can I pay?
Analyzing the financial capacity in the short and medium term will be a determining factor in requesting an amount of money from the bank; After knowing the interest to be paid, the user can make a decision based on numbers.
3 Determine your collaterals
When applying for a loan, the bank will request that the person requesting the benefit disclose a “collateral”; This refers to an asset, such as a car or a house, to ensure the payment of the loan.
Before choosing which will be the collateral or collaterals that will be declared in the application, it is necessary to analyze in depth what the implications of this decision are, to ensure that the user obtains the maximum benefit.
4 Take into account your capital before requesting your loan
Before formally requesting a loan with a financial institution, it is very important to take into account the capital that a person or a company has, since these usually represent a higher risk.
The capital of a person or company, in general, is used to cover basic operating needs, so it is not usually used to make purchases of goods.
5 Think about the conditions of the lenders
Each lender offers a list of similar conditions that can vary depending on the amount requested, the term in which it will be paid and the collateral presented.
It is necessary to carefully analyze what are the conditions that a person will be subjected to when requesting a loan: the interest rate, the fine print and the terms are just some of the most important.
The 13 best personal loans in the United States
1 SoFi
Did you know that SoFi personal loans have been ranked the best of 2021? This, after Forbes analyzed all the options in the market.
SoFi offers personal loans with minimal rates; in fact, it is possible to request a loan of 100,000 dollars with an interest rate of between 5.99% and 18.85% APR, in addition to having unemployment insurance and a simple to use platform.
2 Wells fargo
Wells Fargo is a highly recognized financial institution, so its operations offer maximum security; in addition, it offers payment terms of between 12 and 84 months.
For a personal loan of 100,000 dollars, to be covered within a period of 3 years, the user will pay an APR rate of 5.74%; however, this percentage may vary, depending on the applicant’s credit history.
3 Opportunity
With Oportun, you can request loans of between $ 300 and $ 10,000, with APR rates that, according to their policies, will never exceed 36%, which makes it ideal for most users.
One of the advantages of Oportun is that it is possible to access loans within the established range in a period of up to two hours, in addition to saving up to $ 1,000 in the payment of the first personal loan.
4 Lending Club
Lending Club is a viable option for all those who wish to obtain a personal loan for up to $ 40,000, with fixed interest rates and low monthly payments.
This platform divides the types of loans into: home purchase, home renovation, car financing, business investment, vacations, debt consolidation, among others.
5 Loan with OneMain Financial
Perhaps one of the main attractions of OneMain Financial personal loans is that they can be made 100% online and, best of all, they promise not to affect a person’s credit history.
With OneMain Financial it is possible to access loans of between 1,500 and 20,000 dollars, with an APR rate of between 18% and 35.99%, which represents a minimum payment of 176 dollars per month.
6 Citizens Bank
For consumers who want to make large purchases or purchase fixed-term assets, Citizens Bank is one of the most viable options, allowing you to borrow between $ 5,000 and $ 15,000.
It is possible to apply either by phone or online, without fees for opening, closing or annuities. According to its website, this financial institution is ideal for accessing a loan within two days.
7 Prosper
Prosper is a platform that adapts to the client’s needs and their ability to fully cover a loan. It is possible to apply online for amounts up to $ 40,000.
Prosper offers low rates and the possibility of covering a personal loan in a period of no more than five years, with fixed and low monthly payments. With this option, the loan is accessible up to 24 hours of application.
8 Best Egg
Best Egg has low rates, up to 5.99% APR, which may vary depending on the conditions chosen by the client; for example, he may choose between a construction loan, vacation, renovation or purchase.
One of the first steps to apply for a personal loan with Best Egg is by placing the email address on its platform; Thus, the client will be able to know how much quantity he can access.
9 Loan with Payoff
With Payoff, clients have the opportunity to borrow up to $ 35,000, with an APR of 5.99%, with no mandatory fees or late payment penalties.
One side to consider is that Payoff can make loans to people with a credit score starting at 640; however, APRs sometimes go as high as 24.99%.
10 Marcus
No fee, at no time. At least that is the promise of Marcus, which offers the possibility of accessing loans of between 3,500 and 40,000 dollars to access property or perform renovations.
Marcus’ APRs range from 6.99% to 19.99%; By paying on time for 12 consecutive months, the beneficiary will see a full month of debt paid off.
eleven Loan with Laurel Road
With Laurel Road, people in need of a loan can receive an amount of up to $ 45,000 to use on any home purchase or renovation, with no extra fees.
Access this loan online with fixed APR rates of up to 7.5%. For example, for a loan of $ 45,000, to be paid in 5 years, the beneficiary will cover installments starting at $ 829 per month.
12 Loan with Upgrade
Upgrade has personal loan plans of up to $ 50,000, with a cashback rewards program, regardless of the type of loan you request.
This institution is classified as an accessible means to improve the quality of life of people, therefore it offers low APRs and affordable monthly rates for its clients.
13 Lending Tree
Lending Tree has received excellent reviews from its users. In financial terms, it is a serious institution that serves as a bridge to access amounts of between $ 1,000 and $ 50,000.
It is possible to apply different filters so that the user knows what the payment conditions will be depending on the amount, the selected payment term and the credit score they have.