Personal loans near me | Interest rates for personal loans average

Loans Offered by RixLoans

Easy and quick online cash advances, cash loans, and more are available.

Installment Loans

Get the money you need now. Repay it over time.

Apply Now

Payday Loans

Short-term loan that is payable on the borrower's next payday.

Apply Now

Merchant Cash Advance

A merchant cash advance is a source of funding for firms.

Apply Now

Title Loans

Obtain the necessary funds while driving your automobile.

Apply Now

Personal Loans Near Me | Rixloans

Rixloans is your guide to personal loans at low interest

Rixloans: Why should you trust it?

Rixloans’s mission is to help you make better financial decisions. For more than 40 years, we have been comparing and surveying different financial institutions to help you choose the best products for your needs.

To ensure that advertisers don’t influence the content, our award-winning editorial staff follows strict guidelines. To ensure accuracy, all content is rigorously reported and edited.

The table below shows current loan information as of the publication date. For more information, visit the websites of lenders. These lenders were chosen based on credit requirements, APR, loan amounts, and fees.

Interest rates for personal loans average

The Federal Reserve has released the latest data. According to them, the average interest rate for a two-year personal loan is 9.46 percent rates can vary greatly from one lender to the next. Personal loan interest rates can go up to 36 percent depending on your credit history and credit score.

Details: The best personal loans at low-interest rates

LightStream Best for generous repayment terms

Overview: LightStream, the online consumer lending arm of Trust (formerly SunTrust Bank), is LightStream. The personal loans it offers are for applicants with strong credit histories. Although personal loans are generally available for almost any purpose, LightStream offers unique uses like adoptions, IVF financing, and horse ownership. The APRs of LightStream loans range between 2.49 percent and 19.99 percent. The loan amount can be as low as $5,000 or as high as $100,000. The terms can vary from 2 to 12 years.

LightStream offers the most generous terms for repayment: Most of the lenders featured on this page offer terms up to five years. Lightstream, however, offers terms up to seven years for most of its loans and 12 years for loans to improve or install a pool or solar energy system.

LightStream loans have attractive fixed rates that are affordable for people with good credit histories. The entire application process can be done electronically. Customers can apply online or via a mobile device. They can also sign loan agreements using these devices. Additionally, funds are available the same day that you apply.

Be aware: Rates quoted for customers who sign up for automatic payments before receiving loan funds are included in the rates. Customers who decline autopay will pay 0.5 percentage points more.

LightStream may be an option for borrowers who are looking for low-interest rates. LightStream not only has the lowest interest rates but also offers the most extended repayment terms.

Payoff – The best way to pay credit card debt

Overview: Payoff loans cannot be used to consolidate credit card debt. The APR ranges from 5.93 percent up to 19.99%. The terms of loans are between two and five years.

The payoff is the best option for consolidating credit card debt. Credit cards can often have double-digit APRs. The payoff could be attractive to people who are looking to consolidate credit card debt.

Perks: There is no application fee, late fees, or payment fees. There are no annual fees or returned check fees.

Payoff charges an origination charge of up to 5%, which covers closing costs and maintenance fees. This is the only fee associated with a Payoff loan.

Impact on borrowers who are looking for low-interest rates

Best Egg – Best for low-interest rates

Overview: Best Egg promises an easy and seamless application and approval process. The loan amounts can range from $2,000 up to $50,000. The terms of loans vary from three to five years.

Best Egg has the lowest APRs and is, therefore, the best: Best Egg’s APR starts at 4.99%, while its maximum APR is 35.99%, which is lower than many other lenders listed on this page.

Benefits: Best Egg loans come with no prepayment penalties, and qualified borrowers can get funds within one day.

You should be aware that Best Egg charges an origination fee to lend money. This is because it matches investors and borrowers. These fees can range from 0.99 percent up to 5.99 percent.

Impact on borrowers who are looking for low-interest rates

SoFi Best – For unemployment protection

Overview: SoFi operates entirely online and can reduce expenses. It also aims to pass on those savings to its customers. SoFi’s APR starts at 5.99 percent and can go up to 19.63 percent. The loan amounts can range from $5,000 to $100,000, and the terms of loans can be up to seven years.

SoFi is the best option for unemployment protection. SoFi’s Unemployment Prevention Program allows you to put your loans in forbearance for up to twelve months, for three months if you lose your job. You won’t be required to pay interest during this period.

Perks: SoFi does not charge prepayment penalties or late fees. The loans come with exclusive benefits for members, including access to career coaches or personal financial advisors. SoFi will even help you find a job if you lose your job.

You need to be aware that SoFi’s entire loan process can be done online. This means you will feel completely at ease.

Impact on borrowers seeking low-interest rates SoFi’s APRs are lower than those of its competitors at 19.63 percent. SoFi may be the most affordable option for those with poor credit ratings.

FreedomPlus – Best for fast approval

Overview: FreedomPlus loans can be used to consolidate debt, make large purchases, improve your home, and many other purposes. FreedomPlus APRs range from 7.99 percent to 29.99%. The loan amounts can range from $7,500 to $50,000, and terms can vary between two to five years.

FreedomPlus is best for fast approvals: FreedomPlus loans can be approved in just 48 hours.

FreedomPlus Perks allow you to borrow from a co-borrower. This could help you get a lower rate than what you would be able to qualify for on your behalf.

You should be aware that FreedomPlus personal loans can have an origination fee ranging from 1.99 percent to 4.99%, with 4.99% being the most common.

Impact on borrowers who are looking for low-interest rates

PenFed – Is best for small loans

Overview: PenFed offers personal loans to help with home renovations, debt consolidation, and medical and dental costs. PenFed’s APRs range from 5.99 percent to 5 years. Terms can be as long as five years. Borrowers may be eligible for loans amounts between $600 and $35,000.

PenFed is the best choice for small loans: PenFed’s loans starting at $600 are low-interest and allow you to borrow what you need for vehicle repairs or other smaller expenses.

Perks: PenFed charges late fees for personal loans but no origination fees and no early payoff penalties.

You need to be aware of the following: To receive a PenFed Loan, you must join this credit union.

PenFed’s impact on borrowers who are looking for low-interest rates. PenFed is a credit union. PenFed’s slightly lower rates could be offset by the personalized service provided by credit unions.

Upstart – Great for people with little credit history

Overview: Upstart strives to provide fair and fast personal loans. Upstart loans have an APR of 4.37 percent to 34.9 percent, and loan amounts from $1,000 to $50,000. The term of your loan can be chosen from three to five years.

Upstart is best for those with little or no credit history. While most loans are based on credit scores and years of credit history, Upstart applications consider the individual’s education, work history, and study area.

Upstart can give you your rate in as little as five minutes. You don’t have to pay prepayment penalties, and funds can be available within one business day.

You should be aware that Upstart charges an origination fee of up to 8 percent of the loan amount.

Low-interest rates for borrowers: Typically, the lowest rates are offered to those who have excellent credit. However, Upstart considers more than your credit score and gives you a better chance of qualifying for a lower rate.

LendingClub – Best for borrowing from a co-borrower

Overview: LendingClub is a peer-to-peer lending site. It acts as a broker to match investors and borrowers. Personal loans can be used for various purposes, such as consolidating debt, home improvement, and refinancing an automobile purchase. You can get loans from $1,000 to $40,000. LendingClub loans are available for $1,000 to $40,000.

LendingClub is the best place to borrow from a co-borrower. LendingClub permits joint applications, which can increase your chances of getting a personal loan at a low-interest rate.

LendingClub offers perks such as an online loan application that takes only a few minutes, and funds are available within 48 hours of loan approval. There are no prepayment penalties.

LendingClub has two things to be aware of: LendingClub charges origination fees ranging from 3 percent to 6 percent. The loans also require a minimum credit score of 600. LendingClub might not be suitable for you if you have poor credit or are trying to rebuild your credit.

Impact on borrowers who are looking for low-interest rates

Prosper – Best for No Prepayment Penalty

Overview: Prosper is a peer-to-peer lender that offers loans to people with good to excellent credit. Prosper loans have an APR of 7.95 percent but can go up to 35.99 percent. You can get loans for as little as $2,000 up to $40,000, and the repayment terms are either three- or five-year.

Prosper has no prepayment penalties. This means that you can pay off your loan early and save interest.

Perks: Prosper allows you to apply online and receive money as soon as possible after meeting all requirements.

Watch out: Prosper is a peer-to-peer lender. Borrowers must wait for investors to fund their loans. You will need to reapply if your loan does not receive at least 70% funding within 14 days from the time you submitted your application.

Impact on borrowers seeking low-interest rates: Although its interest rates are higher than many of its competitors, its fees are meager.

Upgrade – Fast funding

Overview: Personal loans are available through Upgrade for people with good credit or better. You can use the funds to consolidate debt, refinance credit cards, make significant purchases, or improve your home—the APRs for The Upgrade range from 5.94 percent up to 35.97%. The terms of loans range from $1,000 to $50,000 and are available for two to seven-year terms.

Why Upgrade is the best option for quick funding: Upgrade has a fast application process and can approve loans in just minutes. After completing the verification process, money can be available in as little as one working day.

Perks: No prepayment penalty. You can also use one of its loans to consolidate debt. Upgrade offers the option to have the funds sent directly to your creditor.

Be aware: All personal loans are upgraded to come with an origination charge of between 2.9 percent and 8%. This fee is taken from your loan funds.

Impact on borrowers who are looking for low-interest rates. Borrowers with good credit may consider Upgrade as an alternative to a payday lender. These lenders offer quick loans without any credit checks and can be accessed quickly. Upgrade offers extremely fast funding.

Marcus by Goldman Sachs – Best for debt consolidation

Overview: Marcus by Goldman Sachs loans can be used for major purchases and to pay off credit card debt. The APRs of loans range from 6.99% to 19.99% and are available for between $3,500 and $40,000. The repayment terms range from three to six years.

Marcus by Goldman Sachs is best for debt consolidation: Marcus has a low rate cap and repayment terms of up to six years. This could make it affordable to repay existing loans or credit card debt.

Marcus offers perks such as no prepayment or sign-up fees: The company will allow you to skip a month if you pay on time for an entire year. Interest won’t accrue during that period.

Marcus does not accept joint applications, so it may not be an option if you require a cosigner to qualify.

Impact on borrowers who are looking for low-interest rates: Marcus specializes in low-interest consolidation loans. The terms of these loans are flexible enough to suit the needs of borrowers seeking low rates.

TD Bank – Best for Few Fees

Overview: TD Bank offers personal loans to people with good credit or those trying to establish credit. You can use the funds to consolidate debt, pay off your mortgage, or for renovations. TD Bank offers unsecured loans from $2,000 to $50,000 with terms ranging from 3 to 5 years and APRs ranging between 6.99 percent to 21.9 percent.

TD Bank is the best choice for low fees: Borrowers looking for low-interest rates will also save with TD Bank. It doesn’t charge any origination, application, or prepayment fees, and it doesn’t charge non-sufficient funds fees (NSF). However, it does charge a late fee equal to 5 percent of the due payment or $10.

Perks: Personal loans from TD Bank are available within one business day.

Watch out: TD Bank is a full-service bank. This means that its loans are best suited for customers who plan to do their entire banking here.

Impact on borrowers who are looking for low-interest rates

Here are some facts about low-interest loans

What is a personal loan with low-interest rates?

Personal loans with low-interest rates typically have an annual percentage ratio (APR) of less than 12 percent. Short-term personal loans can be provided by credit unions, banks, and peer-to-peer lending sites. The proceeds of a personal loan can be used to consolidate credit card debt, make major purchases, or even take a vacation. It all depends on the source.

Lender terms can vary, but they all have a predetermined payment term, ranging from three to five years. These installment loans are repaid monthly via monthly payments. Calculate your debt-to-income ratio before applying for a loan. This is the sum of your monthly debt payments and your gross monthly income. Lenders consider applicants with low DTI ratios to be more reliable borrowers.

How do lenders determine interest rates?

Each lender has its algorithm for determining the interest rate that you will receive. The three most important factors that lenders consider are credit score and debt-to-income ratio. Your chances of getting low rates and large loans are higher if your DTI is lower and your income is higher.

Some lenders consider other factors, such as your education, work history, and length of employment. It is important to compare rates from multiple lenders and shop around.

What is considered a low rate of interest?

Rates may be offered to those with the highest credit scores (720-850), between 10.3 percent & 12.5 percent.

What does the coronavirus have to do with personal loans at low interest?

Some banks and online lenders have created new loan options to assist Americans in financial distress due to COVID-19’s impact. To assist those affected by the pandemic, many institutions offer hardship loans. These loans can often have low- or zero-interest rates and offer flexible repayment options. Many lenders also offer loan relief programs with reduced fees if you have an existing personal loan.

You must compare low-interest loans.

It can be difficult to compare loan rates between lenders. However, it is necessary to get the best interest rate. Lenders use their algorithm to determine interest rates so that the same financial profile may get you a lower rate from one lender than another. These are other things to consider when comparing loan rates with lenders.

  • Lender term: How long do you plan to repay the loan? Personal loan terms typically last three to five years.
  • Interest rate: Lenders may charge different interest rates, and they will be determined primarily based on your credit score, income, and financial health.
  • The lender charges an origination charge to process a new loan application. It depends on the amount of the loan, your credit score, and the length of the loan.
  • Other fees: While some fees included in the APR calculation may not be apparent. You should be aware of any additional fees, such as late fees or prepayment penalties.

How to get no-interest loans

Auto dealerships and retail outlets can finance no-interest loans. You won’t have to pay interest if you borrow money. These are some possible costs associated with a no-interest loan.

  • Origination fee
  • Prepayment penalties
  • Late payment fees
  • Late payments are subject to interest charges

You don’t have to pay the interest rate alone. When comparing lenders, be aware of origination fees. These fees are usually taken out of the loan amount and charges like late fees. Balance transfer credit cards with a 0 percent intro APR may be less expensive than no-interest loans, provided that you pay off the card before the intro period ends.

How to get low-interest personal loans

There are many ways you can increase your chances of getting the lowest-interest loan possible.

  1. Explore all options. Compare rates from different lenders to make sure you get the best deal.
  2. Look for discounts. When you sign up for their autopay programs, many lenders offer rate discounts. You may also receive discounts if your existing customers or you open savings or checking accounts with them.
  3. Consider credit unions. Credit unions are non-profit organizations that offer loans at a lower cost than traditional banks and lenders.
  4. Some lenders offer preapproval. This allows you to determine if you are eligible for a personal loan. This tool is useful if you are just looking around to save you from a tough draw on your credit.
  5. Apply only for what you need. A low loan amount will lower your monthly payment and the amount of interest you pay over the loan’s life.
  6. Reduce your debt: Most lenders consider your debt-to-income ratio, which is the ratio of your monthly debt payments to your gross monthly income. You can lower your DTI ratio by reducing your debt and getting more loans at lower interest rates.
  7. Know your credit score. Although many lenders require a minimum credit score of 600, most offer the best rates to those with credit scores of at least 700. If you don’t have the cash right away, you can improve your credit score before applying for a personal loan.

 

Author: Kimberly Chantal Parkes

Social Media:

Kimberly Chantal Parkes is a former contributor to Rixloans. Kimberly Chantal is a freelance copy editor and writer with a specialization in personal financial planning. After having graduated from Kansas State University with a bachelor's degree in journalism, she began her career in media wearing many hats for community newspapers within the Kansas City area: writer as well as copy editor, photographer and coffee runner among other things.

Copyright © 2022 RixLoans.com | All Rights Reserved