A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, “regardless of whether repayment of loans is linked to a borrower’s payday.”
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Unsecured Personal Loan Offers
An unsecured personal loan is a great way to consolidate debts and get a fixed monthly payment at a lower rate.
Here is a look at current personal loan offers from top lending companies if you want to borrow $5000.
With the UpStart personal loan offer the estimated APR is between 13.5 and 17.5%. You can expect your monthly repayment to be about $175 per month.
This is a good loan to take if you have little credit history. They do charge an origination fee that is between 1 and 6% of the loan amount as well as late fees. You will need to have a minimum credit score of 620.
With Discover the estimated APR is between 7 and 25%. You can expect your monthly payment to be about $176.
You will need to have a minimum credit score of 660 and a minimum household income of $25 000. Discover do not charge an origination fee, but they do charge a late fee of $39.
The estimated APR for the Pave personal loan offer is 18% and you will need to make a monthly repayment of about $181.
With Pave, you need to have a minimum credit score of 660. They do charge an origination fee and a late fee. This is a good personal loan offer for those that have a short credit history.
With Prosper the estimated APR is between 15 and 23%, with an estimated monthly repayment of $183.
This is a good loan option for those that have a good credit profile. You will need to have a minimum credit score of 640. They generally require a high income and several years of credit history. The maximum debt to income ratio is 50% without a mortgage. Prosper do charge a late fee and an origination fee.
With Lending Point, the estimated APR is between 17.5 and 24%. The monthly repayment is about $188.
This is a good personal loan option for those that have poor credit. You will need to have a minimum credit score of 600 and a gross minimum income of $20 000. The maximum debt to income ratio must be less then 45%. They do charge a late fee and origination fee.
Personal Loans for Debt Consolidation
Paying off debt is the way to a healthy financial life. A debt consolidation loan could help you with your debt. A debt consolidation loan is where a lender will give you a personal loan that you are able to use to pay off your other debts. You will then need to pay fixed monthly installments over a period of time to pay the personal loan back.
The interest rate that you receive on the loan will depend on your credit history and this is usually fixed for the term of the loan.
Here is a look at the best personal loans for debt consolidation.
No Origination Fee Lender
This loan carries an APR between 6.99% and 24.99%, which is fixed. The loan amount that you are able to borrow is between $2500 and $35 000. The term of the loan is between 3 and 7 years. You will need to have a minimum credit score of 660. There is no origination fee, but they do charge a late fee of $39.
LightStream offers APR’s that start at 2.99% to 4.99% and they can range up to 14.49%. The loan amount that you are able to take is between $5000 and $100 000. The term of the loan is between 2 and 7 years. The minimum credit score required is 680. There are no fees.
The APR with SoFi is between 5.95% and 11.74%, which is fixed. The variable rate is from 4.73% and is capped at 12.49%. The loan amount that you are able to take is between $5000 and $100 000. The loan terms are 3, 5 and 7 years. You do not need a minimum credit score, as SoFi will consider credit in conjunction with underwriting standards. There are no origination fees. There is a late fee, which is the lesser of 4% of payment or $5.
Financial Discipline Lenders
The APR is fixed and ranges between 8% and 22%. The loan amount that can be taken is between $5000 and $35 000. The term of the loan is 2 to 5 years. You will need to have a credit score of 720. There is a PayOff charge, which is called a PayOff Platform Fee, which ranges from 2% to 5% of the loan amount and is dependent on the term included in APR. There are no late fees.
Lenders That Allow Co-Signers
Backed Personal Loans
The APR is fixed and is between 2.90% and 16%. The loan amount that can be taken is between $3000 and $25 000. The term of the loan is 1 to 3 years. A borrower without a co-signer will need a minimum credit score of 660 and 720 with a co-signer. The origination fee is between 0.8% and 2%. The late fee is $20 that is charged after 15-day grace period.
The APR is between 7.93% and 29.9% and is fixed. Loan amounts range from $5000 to $35 000. The term of the loan is between 2 and 5 years. You will need to have a minimum credit score of 640, bot 700 or more is best. The origination fee is between 1.38% and 5%. The late fee is 5% of payment or $15.