If you have a high credit score and want to get a loan, you will want to take your time so that you can find the best option for your needs. When you have a respectable credit rating, you will enjoy better terms and interest rates than you would otherwise. You have proven that you repay your debts, and lenders have taken notice. Although you could drive to banks that are in your area, doing so is often time-consuming. Many people prefer to search for online lenders, and you can do the same. During the process, take notes on what each finance company has to offer, and you can review the details when you are ready to proceed.
You can turn to LightStream when you want to get a personal loan and to access the funds on the same day that you apply. When you use this option, you can set a repayment term between two and seven years, and many borrowers enjoy the flexibility. Depending on how you intend to use the funds, you can get an interest rate as low as 3 percent. Because you will need to apply for at least $5,000, LightStream might not make sense for you if you only need to borrow a small amount. You can request as much as $100,000 from this finance company, and if your credit rating is at least 670, you should not have much trouble getting an approval.
For those who have great credit and need a personal loan, SoFi is a good choice. Going with this lending company will give you up to seven years to repay the amount that you borrow, and you can request loans between $5,000 and $100,000. Although SoFi will sometimes approve people with a credit score of 660, you will need to have a rating of at least 700 in most cases. If you are worried about late fees, SoFi will put your fears to rest. People who fail to make a payment on time will only need to pay 5 percent extra. Depending on your credit history, you can expect an interest rate between 4 and 15 percent.
As far as online lenders are concerned, LendingClub is a favorite among borrowers, and you will soon see why. The company allows its customers to borrow between $1,000 and $40,000, making it a wise choice for anyone who wants to plan a vacation, buy a vehicle or make home improvements. If your credit score is 600, you can get a loan but will need to pay 35 percent in interest. Having a perfect rating, though, will earn you an interest rate of 5 percent. You will have five years to repay your balance, and your late fees won’t exceed 6 percent of your payment.
If you need money within 24 hours, you can’t go wrong with RocketLoans. Boasting a 6 percent interest rate, this lending company will not let you down. You can get started with a credit score of 640, and you can borrow up to $35,000. People often use this option to consolidate credit cards and to cover unexpected expenses. Those who utilize the services of RocketLoans will have five years to pay off the debt. Even though this path is attractive to some people, you might want to try other lenders if your credit score is higher than 700.
Choosing Your Lender
Choosing the right lender does not need to be as difficult as some people believe. When you keep your needs, goals and situation at the front of your mind, the correct path will become clear. Consider how much money you need, how much time you want to have to repay it and how your credit score looks. Getting more time to repay your loan will allow you to enjoy low monthly payments, but you will likely pay more in interest over the years. When you decide on your ideal terms, you can review the options and choose the lender that meets your needs the best. Some people skip this part of the process, but a little dedication can save you a lot of money.