All lending organizations are not created equally. Some offer up a higher quality service than the others. The top personal loan lenders of 2018 are so named for a reason. For starters, top lenders are usually popular with borrowers because they have shown themselves to be trustworthy, reliable, and offering quality products and services to borrowers using their services.
A Closer Look at the Criteria for the Top Personal Loan Lenders in 2018
Personal loans are used for a number of reasons. For example, some personal loans are used for the purposes of debt and credit card consolidation, while others may be used for the purposes of home improvement and other personal projects. Unsurprisingly, some of the product offered by personal loan lenders are better suited to some purposes than others, while other lenders have personal loans product options that are more general in their scope. Additionally, lenders also have different lending amounts that they offer their clients, as well as varying interest rates and repayment terms. It is important that borrowers consider all of these options in light of their financial circumstance and personal ambitions before signing the dotted line to access a personal loan. With that said, we take a closer look at two of the best personal loan lenders available in 2018 below.
Two Standout Personal Loan Lenders of 2018
First up is Marcus by Goldman Sachs – a personal banking and lending/borrowing brand by Wall Street giants Goldman Sachs. Marcus is easily one of the best rated lenders of 2018 for several reasons. For starters, the organization already stands on the shoulders of a very credible and successful financial brand. Secondly, Marcus stands out as its own entity and leader in its respective product offerings. Currently, Marcus leads in both its personal loans and savings accounts products as they focus on personal loans for a wide range of purposes, including debt consolidation (including credit cards) and home improvements to name a few.
Marcus online loans range in amounts from $3,500.00 to $40,000.00 with interest rates of approximately 7% to 25%. Also, there are no prepayment, origination or late fees. This no-fee guarantee, and the straight-forward five-minute application process are among the many attractions from this personal loan lender.
Another top personal loan lender is SoFi (Social Finance) – a particularly great option for young professionals. Like Marcus, SoFi offers up personal loans for a wide range of purposes including debt consolidation and personal projects. In addition to those personal loan options, SoFi offers young professionals lending products for education – namely, student loans and student loan refinancing. Wealth management and life insurance products are available too. Loan amounts at SoFi range from US$4,000.00 to US$100,000.00 with interest rates between approximately 7% and 16% with terms ranging from 3 to 7 years repayment. Importantly, there are no fees associated with SoFi personal loans – only interest.
Why You Should Avoid Low Tier Lending Institutions
As stated before, higher tier lending institutions are usually so ranked because of their credibility. In many cases, the opposite is also true. That is, lower ranked lending institutions can be deemed less trustworthy and credible and will have less options and far less agreeable terms to offer borrowers.