Personal Loans Direct Lender | ACFA
Personal loans can be used to pay for anything, from your dream vacation to your next medical procedure. We have compiled a list of top personal loans direct lender to help you find the right loan. These lenders provide loans directly to the customer, with no middlemen.
Best for debt consolidation: Marcus
Why Marcus is Different: When you take out a consolidation loan from Marcus, your company will pay up 10 creditors. This makes it simple to pay off high interest accounts.
Marcus offers attractive rates. You will need great credit to be eligible for the lowest rates. You will pay more interest if you have a longer term with a lender.
You must have good credit to be eligible for a loan from this business. According to the 2019 Goldman Sachs Annual Report 85% of Marcus loan applicants had credit scores above 660.
No-fee promise — Marcus doesn’t charge sign-up, prepayment or late fees. If you miss or fail to pay the payment due date, additional interest will be added to your account.
Prequalification Before you apply for a formal loan you can view estimated rates and terms. This will not affect your credit score. Your terms and conditions could change after you submit an official application.
You can defer one payment after twelve consecutive on-time completions.
Why Regions Bank differs: While many personal loans are possible to secure, Regions Bank offers a secured loan which could allow you to obtain larger loans with lower interest rates.
Secured with savings — You will need to pledge a Regions savings, CD or money-market account in order to secure a Regions secured personal loans. You can withdraw funds from your account during the loan term, but you will still earn interest.
You have many options for loan amounts. Loans secured by savings and money market accounts start at $250. You can also borrow up to your “verified balance”.
Fees Some regions may charge a processing cost depending on how large your loan is (though this doesn’t reveal the amount). Some regions might charge fees if you are late paying your bills.
Discounts- You might be eligible for a discount on your relationship to another Regions account, or have your loan payments automatically deducted form your Regions checking.
Best for extra perks: SoFi
SoFi Personal Loans are different because You have non-traditional perks like career coaching and financial planning.
Prequalification-SoFi allows you to apply for prequalification prior to submitting a formal loan application. Without affecting your credit score, you can view the estimated term and interest rate of your loan. Your approval and final terms may change after you submit an application.
No-fee promiseSoFi does not charge origination, late, or prepayment fees for personal loans. Pay attention, however, as late payments can be reported to credit bureaus which could adversely impact your credit score.
Loan amounts –SoFi provides loans amounts up to $100,000 with repayment terms that range from 2 years to 7 years. Different lenders may offer credit Karma terms.
SoFi offers competitive rates. The lender states that those who have “a responsible financial record” will be eligible to receive the lowest rates.
PNC offers the best loans
PNC stands out because it offers loans amounts of between $1,000 and $35,000 so even if your needs are small, these loans may be worth considering. If you require cash to finance large-scale projects, you might need to look elsewhere.
Tiered interest rate —PNC provides attractive rates. Sign up for autopay with your PNC checking account to receive a 0.25% discount The rates charged by banks may differ depending on how much you borrow. Unsecure loans of up to $15,000 are eligible for the lowest rates.
Loans from PNC are available without prequalification. To receive a loan offer, a formal application is required. This could lead to a hard credit inquiry that can lower your credit score.
Fees – There are no origination, prepayment, or application fees when you borrow money from PNC.
Home improvement best: LightStream
What sets LightStream apart?
Lenders won’t limit personal loans to $40,000 and less. LightStream provides unsecured personal loans up to $100,000 that can be used for large-scale house renovations and repairs.
Strong credit is required. LightStream loans can be obtained for those with good credit. This loan might not be right for you if your credit score isn’t great.
Low Rates –LightStream provides low rates for qualified applicants. LightStream will give you a discount on your autopay if you apply for personal loans. The lender may beat competitors rates if you meet certain conditions.
Prequalification does not exist. LightStream does not offer prequalification. To see your rate and other terms, you must apply for a loan. This could result in a hard credit inquiry, which could cause your credit score to drop.
The truth about personal loans from direct lenders
Personal loans are offered by many financial institutions, including banks and credit coopers. You can consolidate high-interest debts or make large purchases with personal loans.
Many factors can affect the amount you repay, such as interest rates, loan terms, and fees. These factors can also impact when your money arrives. These factors will vary depending on the lender you deal with.
Before you apply for a loan, it is important to compare the offers. Some lenders will make a soft credit inquiry to determine the rate of your loan without affecting credit scores. This will allow you to decide if it is worth applying for a formal mortgage.
Comparing loans from different lenders in one place may prove to be easier.
How were these loans selected?
To find the best personal loans, we compared personal loans from over a dozen lenders. We considered interest rates, fees, and loan amounts. Repayment terms were also taken into consideration. We also looked at factors like prequalification, direct payments to creditors, funding timelines, and the application process.