If you’re looking for the best personal loan bank or company, then you’re definitely on the right article. Today, we’ll be looking first at what personal loan is, it’s pros and cons, before heading to look at the bank or company that gives the best personal loans here in the US.
Table of Contents
What is a personal loan?
If you need money for debt consolidation, home improvements, or medical bills, then you should consider looking into a personal loan. They’re not an excuse for not saving up for significant expenses but, sometimes you might need a lot of money faster than you can save it up. For instance, if you have a considerable yard project that has to get done by a specific date, then the best way to meet up is by getting a personal loan.
There’s a ton of things that qualify for personal loans, but please be responsible with them because they’re not the cheapest loans and I only want you to look for them if you have no other choice. Trust me, getting out of credit card debt is probably a much better reason to get a personal loan than to take a vacation with one.
Best Bank/Company for Personal Loans
If you search for the best personal loans banks on the internet, you’re going to find 50 different companies all competing for your business. And to be honest, a lot of the big companies here in the US, don’t even have the best terms and rates. This is true because most big lending banks charge a 5% origination fee on the total of the value of the loan, which in my opinion is a total rip-off.
With this origination fee, if you’ve got a $20,000 loan, then you’re instantly just going be losing a $1000. Now, what this means is that from day one, you’re only going to take home $19,000 out of your original $20,000 loan. And if you ask for my opinion on this, it is just a total waste of money!
So the best lender we’ll be discussing here is one who doesn’t charge a lending fee, and also awards loans irrespective of an adverse credit profile. So what’s this bank called?
Marcus by Goldman Sachs
Marcus by Goldman Sachs is a loan lending bank, with outstanding personal loans. Marcus advertises that they don’t charge any fees and on top of that, they’ve currently got rates that start just under 7%. And then go all the way to 25%. They’ll let you borrow between $3,500 and $40,000 and later, you can pay them back between 36 to 72 months which is useful if you’d ask me.
However, Marcus does require you to select a purpose for the loan, which is normal, but they’ve got a lot of options to choose from. Just keep in mind that with personal loans, every single category is going to have different rates because you can’t expect medical bills to have the same price as a vacation.
Nevertheless, they are going to be pretty close to each other and understand that all the rates listed in this article can change over time. Also, we probably know by now that to get a loan in the US, you must have a good credit history. However, that’s not the case in Marcus, as they do accept Fair Credit applications as well.
So if your credit is not that good, or want to get a personal loan with bad credit history, then Marcus is simply the solution. However, keep in mind that with such credit profiles, Marcus may give you loans at rates that are as high as 25%, which is high. What’s better is that unlike other lending companies, Marcus also has a savings account that pays more than 2%, which is one of the best yields in the entire savings.
Overall, Marcus is a perfect choice for personal loans. The only downside to this banking firm is that you have to apply first before you know what kind of loans you qualify for. Like, you can’t just know what credits you will get, not until you ask. Other than that, the bank has been rated over the years as the best personal loan lender in the United States.