Signature loans range from $1,100 so you’re able to $forty,100, which have payment symptoms anywhere between 3 to 5 age

LendingClub

Pros: You can get a joint loan through LendingClub by adding a co-borrower to your application – something not all lenders offer.

Cons: You may have to undergo a more stringent verification process (i.e., providing more documentation to prove income, assets, and debt) due to pullbacks from the COVID-19 recession. If you have excellent credit, you may find better rates elsewhere as the lowest APR is higher than others on the list.

LendingPoint

Overview: LendingPoint is an online-only lender that offers unsecured personal loans to borrowers with “fair” credit” and steady income or employment.

Pros: The minimum credit score is 590, and the loans range from $2,000 to $25,000 with repayment terms between two to five years. You won’t have to pay a prepayment penalty if you decide to pay off your personal loan earlier than scheduled.

Cons: LendingPoint would prefer you be at your job for at least 12 months before applying to a loan, though it’s not a requirement. You need to make at least $35,000 per year, and you can’t add a co-borrower, a cosigner, or collateral to your loan to improve your chances of approval.

Benefits

Pros: The APR range is lower than many of its competitors, you don’t get charged late fees if you’re accidentally late making a payment, and you can receive free FICO score updates. Continue reading