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The Top 5 Personal Loans You Can Take In 2023

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 The Top 5 Personal Loans You Can Take In 2023

Personal loans are taken out to deal with various economic needs, such as debt consolidation, wedding arrangements, or any major purchases. When unexpected financial needs arise, personal loans can provide a quick solution. A large number of Americans depend on personal loans as a financial safety cushion during times of emergency. Therefore, they are reliable and trusted. However, it can be difficult to decide which personal loan you should go for with regard to the rates they procure. For that purpose, we have curated in this article the 5 best personal loans you can avail of in the US in 2023, along with their relevant information.

For What Reasons Can You Take a Personal Loan?

There are numerous reasons why individuals choose to take out personal loans. By nature and definition, personal loans mean that they serve an individual's miscellaneous personal needs. Hence they can be utilized for various purposes, including home repairs, debt consolidation, medical expenses, or funding education. No matter the need, personal loans offer a flexible and convenient way to acquire necessary funds without having to burn a hole through your cash reserves.

How Do Personal Loans Work?

The process of getting a personal loan starts with a simple application. It is relatively straightforward and typically involves an online application. All you need to do is fill it up with the correct information. Once you submit your application, an approval process is initiated. The loan funds are deposited directly into your bank account in a lump sum if approved. Depending on the specific loan terms, you may be required to start making monthly payments as soon as the funds are transferred to you. 

The 5 Best US Personal Loans Available Right Now

SoFi: Ideal Choice for Those with Great Credit

SoFi has established itself as one of the leading lenders in the United States, offering personal loans to customers in times of need. It’s differentiated from other types of loans by its larger loan amounts, including up to $100,000, which is uncommon among other lenders. However, it's important to note that SoFi has a minimum loan amount requirement of $5,000 and requires a minimum credit score of 680. The current APR range for SoFi loans is 5.74% - 21.78%, and loan lengths can range from 24 to 84 months.

Discover: Long Payoff Durations

Discover is a reputable financing company that offers personal loans with extended repayment periods. If you prefer a longer duration to repay the loan, Discover might be the right choice. They have a track record of approving applications within 7 business days. To be considered for a personal loan from Discover, you'll need a credit score of at least 660. The current APR range for Discover loans is 6.99% - 24.99%, and you can choose loan lengths of 36, 48, 69, 72, or 84 months.

Payoff: Credit Card Consolidations

Payoff specializes in personal loans specifically designed for credit card debt consolidation. If you're looking to consolidate all your credit card debts into one manageable loan, Payoff can greatly help. They offer loan amounts ranging from $5,000 to $35,000. The current APR range for Payoff credit card consolidation loans is 5.99% - 24.99%, and you can select loan lengths of either 36 or 60 months.

LendingPoint: Lower Credit Score Top Pick

LendingPoint is an Atlanta-based service that specializes in providing financing options for individuals in need. However, there's a catch: the borrower must have credit scores of 580 and above. It expands access to personal loans for many people who may need financial assistance. While LendingPoint offers easier approval, it's important to note that they have a higher APR range of 9.99% - 35.99%. Loan amounts offered by LendingPoint range from $2,000 to $36,500, and loan lengths can be 24 to 60 months.

Upstart: Best For Short Credit History Loans

Upstart is a loaning company that has emerged lately and provides advanced services by incorporating artificial intelligence into its operations. Their unique approach of forgoing extensive background checks on the borrower allows them to approve more applicants than other providers. Upstart offers loans ranging from $1,000 to $50,000 and requires a minimum credit score of 620. The current APR range for Upstart loans is 3.22% - 35.99%, and you can choose loan contracts of 36 or 60 months.

Tips on How to Compare Loans

Comparing loans in the right way makes sure you choose the best one for yourself. Here are some things to keep in mind while making your choice:

Purpose of the loan: Consider your loan's purpose to narrow your search and find the best lender that caters to your specific needs. 

Availability of reliable customer support: Choosing a lender with strong customer support is crucial. It ensures that you have a reliable advocate throughout the loan process. 

Compatibility of prepaid plans: Additionally, evaluate the prepayment plans offered by different financing companies to find the most suitable option.

Conclusion

By undertaking a simple application and approval process, you can start benefiting from personal loans in overcoming unexpected financial challenges. Whether you need funds for medical expenses, debt consolidation, home relocation, vacation financing, or improving cash flow, a personal loan can be valuable. A simple internet search will help you find the best interest rates available in your area.

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