Living in the United States, many overseas Chinese may need personal loans temporarily to pay for general household expenses such as decoration, furniture and appliances, wedding expenses, vacations, and even land purchases. In addition, the interest rate for personal loans in the United States is usually lower than that of credit cards, especially for loan applicants with good credit.
This type of personal loan is available from banks, credit unions, and online loan platforms. Online platforms allow you to easily apply for personal loans online. Usually, these small personal loans do not require you to go to a bank to apply for a loan. In addition, many personal loans can be credited within a few business days without a long wait. These online loan platforms are formal financial companies that provide low interest rates, flexible loan amounts, and repayment terms to qualified borrowers.
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Most personal loans don’t require any kind of collateral or security deposit, but late payments will show up on your credit report and lower your credit score. So, be sure to pay your loan in full and on time.
1. Axos Bank – Flexible loan terms
Axos Bank was founded in 2000 and is headquartered in San Diego, California. The bank has offices across the country. In addition to personal loans, Axos Bank also offers CDs, checking, savings, money market, and retirement accounts.
- Minimum FICO credit score: 700
- Loan Amount: USD 5,000 – 50,000
- APR: 11.79%-20.84%
- Repayment period: Up to 6 years
- Better Business Bureau Rating: A+
Features:
- The loan application process can be completed by applying online
- Flexible loan terms range from 3-6 years.
- No collateral is required.
- Available in all 50 states
Axos Bank’s loans can be applied for online, without going to the bank or requiring any collateral, and can be applied for based solely on a credit score.
Axos loans can be used to pay off credit cards, make home improvements, or cover large expenses like medical bills, weddings, or vacations. The bank will deposit the funds into your checking or savings account within two business days of loan approval.
Axos Bank personal loans are unsecured and may have higher interest rates than secured personal loans. But they are generally lower than credit card rates, and you can get a short-term loan from Axos Bank for one to five years.
After submitting your application, you can complete its online review in minutes and the website will tell you whether you qualify for a personal loan. Online prequalification does not hurt your FICO credit score. Applicants must have a valid ID and Social Security number.
Axos Bank’s loan origination fees range from 0% to 2%, and annual interest rates range from 11.79%-20.84%, depending on credit history and credit score. All personal loans have fixed interest rates. The lender offers repayment terms of one to five years. There are also no penalties if you decide to pay off the loan early.
2. Happy Money – Best for paying off credit card debts
Happy Money offers fixed-rate loans to borrowers to use solely to pay off credit card debt. It converts multiple high-interest credit card payments into monthly payments at a lower annual interest rate. It operates in most states and offers loans up to $40,000. Payoff has an A+ rating with the Better Business Bureau and is a BBB-accredited business. It reports payments to the three major U.S. credit bureaus and provides free monthly FICO score updates, which can help borrowers build credit through loans.
- Minimum FICO credit score: 640
- Loan Amount: $5,000 to $40,000
- APR: 11.72% – 17.99%
- Repayment period: 2 years – 5 years
- Better Business Bureau Rating: A+
Features:
- Borrowers can get pre-approved without undergoing a rigorous credit check.
- Some borrowers with good credit may qualify for the loan.
- The loans can only be used to pay off credit card debts and other high-interest personal debts, and borrowers are not allowed to use the loan proceeds for other purposes.
- Provides loans in all states except Massachusetts, Nebraska, and Nevada.
- No late fees, annual fees or early payment penalties.
- Charge up to 5.5%
- The loan is mainly used to repay credit card debts
Happy Money applies for personal loans entirely online. Applying for a loan is also quite simple. Fill out a simple prequalification form (which will not affect your credit score). Next, you will be shown your loan interest rate. If you think it is OK, you can continue to fill out the complete application form. The company will conduct a hard pull on your credit. After the loan is approved, the loan funds will be disbursed within two to five business days.
While Payoff is not a bank, it works with lending partners to originate your loan. Lending partners include Alliant Credit Union, Blue Federal Credit Union, Cross River Bank, First Tech Federal Credit Union, GreenState Credit Union, Teachers Federal Credit Union, Technology Credit Union and USAlliance Financial.
There are no application fees, check processing fees, annual fees, prepayment fees or late payment fees, but borrowers are required to pay a processing fee of up to 5% of the loan amount to cover the operating costs of processing the approved loan.
A FICO credit score of at least 640 and a credit history of at least three years are required.
Payoff offers fixed-rate personal loans, not variable-rate loans. Loan amounts range from $5,000 to $40,000, with repayment terms of 24 to 60 months. Once approved, the loan will be disbursed to the borrower within two to five business days.
3. LendingTree – Best Loan Comparison Marketplace
LendingTree is a loan comparison website. It is not a lender itself, but it compares and screens multiple lenders for you to help you find the most suitable loan company. By checking interest rates through LendingTree, you can shop around and compare multiple options at the same time without affecting your credit score.
It offers a variety of different types of loans such as personal loans and mortgage loans. These include:
- Business Loans
- Personal Loans
- Housing Loans
- Car Loans
- Student Loans
- Financing and refinancing mortgages
It offers a variety of loan services and can apply for a variety of loan amounts to suit all kinds of people. It’s easy to apply for a personal loan with LendingTree, and you can apply online or through the app. Just answer a few questions, provide some basic personal and income information, including your social security number, and wait for the result.
- Purpose of the loan: The purpose of the loan can be anything from debt consolidation to a vacation, a big-ticket purchase, or wedding expenses.
- Loan Amount : With LendingTree, you may be able to get a loan amount ranging from $1,000 to $50,000.
- Estimated credit rating: You can choose Excellent, Good, Fair or Poor to search for suitable loan companies.
LendingTree only provides your actual credit score after you complete your application. It will first ask a series of questions to confirm your identity. Then it will show you all the available quotes for the loan amount you requested. During the online application process, LendingTree will send you an email to let you know the status of your loan application. You can easily complete the entire approval process in 15 to 30 minutes.
Its website also offers personal finance services and tools, such as information about credit cards and credit scores.
4. SoFi – Borrow up to $100,000
SoFi is short for Social Finance. SoFi offers personal loans up to $100,000. Loans are available in all states of the United States. In addition to personal loans.
- Minimum FICO credit score: 680
- Loan Amount: USD 5,000 – 100,000
- APR: 8.99% – 29.49%
- Repayment period: Up to 7 years
- Better Business Bureau Rating: A+
Features:
- SoFi charges no loan origination fees, prepayment fees, or late payment fees.
- Loans up to $100,000 are available.
- Co-borrower is acceptable.
- Available in all U.S. states and Washington, D.C.
- Must be 18 years of age in most states
- Must have income or job offer within 90 days
- Must be a U.S. citizen, permanent resident, or non-permanent resident
- Loans cannot be used for real estate, investment, business or college financing.
SoFi offers fixed-rate personal loans ranging from $5,000 to $100,000. Repayment terms range from two to seven years, and funds can be received in approximately seven days after approval.
SoFi charges no fees, no origination or late fees, or early repayment penalties. If you choose to automate your payments, you can get a 0.25% interest rate discount.
SoFi requires a minimum FICO credit score of 680, and applicants must be currently employed or have a job offer within the next 90 days, or have sufficient income from other sources.
SoFi accepts co-borrowers, but they must live at the same address as the primary borrower, and the application process may take an extra week or two. SoFi offers an unemployment protection program that can defer loan payments for up to 12 months if you are laid off.
The entire loan process can be completed online, which is very convenient.
5. LightStream – Lowest Loan Rate
LightStream is the online personal loan division of SunTrust Bank. Its online personal loans can be up to $100,000 and can be used for almost any purpose. Personal loans are available to borrowers with good credit in all 50 states of the United States.
- Minimum FICO credit score: 680
- Loan Amount: USD 5,000 – 100,000
- APR: 6.99% to 25.49%
- Repayment period: Up to 12 years
- Better Business Bureau Rating: A+
Features:
- Provide more than 30 different loan purposes
- Loans up to $100,000 available
- No loan origination fees, prepayment fees, or late payment fees
- Fixed rate loans available
- At least several years of credit history
- Need to have stable income and assets sufficient to repay debts
- Social Security Number
LightStream loans can be used for more than 30 purposes, with the top three loan purposes being car loans, home improvements and debt consolidation, as well as family life, medical care, weddings, etc.
The LightStream personal loan application process can be completed on the website. You need to select the main purpose of the loan, the loan amount you are applying for, and the loan term you are applying for. You can see the annual interest rate (APR) range for your loan type.
You will need to enter your personal, employment and security code information before submitting your application. LightStream will check your credit and assess your debt-to-income ratio. Once your loan is approved, you will need to provide your purpose of funds and bank information so that the loan funds can be transferred to you. The funds can be credited to your account as soon as the same day.
There is no minimum credit score requirement for LightStream personal loans. Lenders evaluate a variety of factors when reviewing applications, including income, assets, credit report, and payment history. LightStream offers a mobile app for checking and making payments, monitoring account balances, updating personal information, and managing banking information.
6. Upstart – For people with no or poor credit history
Upstart, a California-based lending platform founded in 2012 by former Google employees, applies artificial intelligence to reduce lending risk and costs for its bank partners. The loan broker provides unsecured personal small loans ranging from $1,000 to $50,000 to borrowers anywhere in the United States except West Virginia or Iowa.
- Minimum FICO credit score: 580
- Loan Amount: $1,000 to $50,000
- APR: 7.80% – 35.99%
- Repayment period: Up to 5 years
- Better Business Bureau Rating: A
Features:
- The fastest way is to apply and get the loan on the same day. If it is an education loan, it will take three working days.
- No credit history required, if you have little or poor credit history, the loan interest rates may be high.
- There are no prepayment penalties, and you can repay all or part of your loan at any time without paying any prepayment fees.
- Charge an Origination Fee: Upstart will deduct a one-time, non-refundable Origination Fee from your loan before you receive the loan.
- Upstart does not accept co-signers and only considers the borrower’s personal information during the application process.
- You must be 18 years of age or older.
- Email, verifiable name, verifiable date of birth, and Social Security number
- A U.S. bank account with a routing number
- Minimum annual income of $12,000
- Have a job or start a job within six months
Upstart offers unsecured personal small loans from $1,000 to $50,000 at fixed interest rates of 7.80% – 35.99% for nearly any purpose including paying off credit card or other debt, moving, renovations, medical expenses, weddings, expanding your business, and more. Interest rates and minimum interest rates vary by state.
You can check your loan interest rate on Upstart’s website without affecting your credit score. The loan amount you can get will be evaluated based on your credit, income and other information in your application. Applicants need to provide a valid email address, name and Social Security number. Applicants need to have a regular source of income and a U.S. bank account.
You can get an Upstart loan with a minimum credit score of 580, but the lower your credit score, the more your loan will cost. Upstart’s loan application process can be completed online, and some applicants may need to verify their information over the phone.
7. Best Egg – Best for people with poor credit history
Best Egg is an online lending platform that provides loans to the entire United States. It was founded in 2014. It provides personal loans with a minimum amount of $2,000, which can be used to pay for medical expenses, home renovations, childcare, vacations, repayment of other debts, large purchases, and various other expenses. The loan can be completed in as little as one business day.
- Minimum FICO credit score: 600
- Loan Amount: $2,000 – $50,000
- APR: 7.99% – 35.99%
- Repayment period: 3-5 years
- Better Business Bureau Rating: A+
Features:
- Loan funding typically takes one to three business days to be approved.
- Borrowers must be U.S. citizens and at least 18 years of age to apply.
- The minimum loan amount in most states is $2,000.
- No prepayment penalty.
- A processing fee ranging from 0.99% to 9.99% of the loan amount is charged.
- Joint personal loans are not accepted.
You can check your rate and receive a pre-approval letter from Best Egg through a Soft Pull credit check. Online applications can be approved in minutes, and loan funds can be sent to you in as little as one business day. Personal loans cannot be used for higher education or to purchase securities .
With a FICO credit score of 700 or higher and an annual income of at least $100,000, you may qualify for Best Egg’s best APR.
The minimum term for Best Egg loans is 36 months and the maximum term is 60 months. Loans are only available to U.S. citizens and permanent residents of legal age.
8. Earnest – Best for Student Loans
Earnest offers private and refinanced student loans with competitive rates, no fees, and longer-than-average grace periods. Borrowers can also use flexible repayment options, such as choosing their own due date or setting their own unique repayment schedule.
- Minimum FICO credit score: 650
- Loan Amount: $5,000 – $250,000
- APR: 3.74% to 16.49%
- Repayment period: Up to 15 years
- BBB Rating: A
Features:
- Enrolled full-time (or part-time as a senior) at an accredited college or university
- Credit score of at least 650 and pass a credit check
- Loans up to $500,000 are available.
- Have a credit history of at least three years, no outstanding accounts, no bankruptcy record
- Inquiring about loan availability will not affect your credit score.
- There are no loan processing fees.
- Loans for undergraduate, graduate, parent and professional programs
- Co-borrowers are not accepted.
Undergraduate students can borrow a minimum of $1,000 and up to the full cost of school. When you select and qualify for a loan, you can also choose a repayment term between 5 and 15 years. Borrowers in Nevada are not eligible for Earnest Private Student Loans.
Another outstanding feature of Earnest is that it is fee-free. Borrowers do not have to pay late fees, origination fees, or prepayment penalties.
You don’t have to pay anything while you’re in school and during a nine-month grace period after graduation. After that, you’ll need to make monthly payments in full, spread evenly over the life of your loan. This option is the most expensive, and you’ll pay the most interest over the life of your loan.
The application process for Earnest personal loans can be completed completely online, without the need to apply in-store.
Frequently asked questions
⭐What is a Personal Loan?
Unlike a credit card line of credit, a personal loan is a one-time loan that you borrow from a bank, credit union or online lender and repay over a fixed period of time. The borrower repays the loan in fixed installments, usually over a period of two to five years.
Personal loans are usually unsecured, and are based on your creditworthiness rather than collateral. You can get a personal loan from different types of lenders, including traditional brick-and-mortar banks and online loan sites. They will determine whether to lend money and how much to lend by evaluating the borrower’s credit score, income level, and other aspects.
⭐What are the conditions for obtaining a personal loan?
To see if you qualify for a personal loan, a lender may look at some or all of the following:
- Credit score
- Payment History
- income
- Debt-to-income ratio
- Collateral (if you are applying for a secured loan)
⭐Should you apply for a personal loan?
Personal loans are suitable for the following situations:
- You need to urgently get yourself some money to pay off your credit card debt to lower your interest rate. If you have high-interest credit card debt, you may want to consider a debt consolidation loan. If you qualify for a low-interest personal loan, you can pay off your debt faster and pay less interest.
- You have urgent expenses like medical etc. You can get a personal loan fairly quickly through online personal loans as many lenders will disburse funds within 24 hours.
- You need to make a large purchase, such as an appliance. Before taking out a loan, first check if the retailer offers installment payments at a better rate. If not then consider a personal loan.
- Home improvement loans. You may also consider home equity loans with some limitations. Home equity loans usually have lower interest rates than personal loans. Consider a personal loan if you don’t want to use your home as collateral.
- You need money for a vacation or wedding. If your savings are not enough, you can consider a personal loan. Of course, you don’t have to rush and save enough money before holding the wedding.
⭐Where can you get a personal loan?
Personal loans are available from a variety of sources, from brick-and-mortar banks and credit unions to online loan sites.
Banks or credit unions can provide face-to-face services, which require you to go to a physical store in person. Online loans are very convenient and can be done quickly as long as you go online.
And online loans allow you to easily compare the interest rates, terms and other factors of personal loans on different websites and choose the best American personal loan company.
⭐What to consider when choosing a personal loan company?
Since each lender has different terms and conditions, here are some things to consider when applying for a loan:
1. Approval Requirements
Lenders often set minimum credit scores and other qualifying factors.
Some lenders require you to have worked for a certain number of months before you can apply for a personal loan. If you were furloughed or unemployed, your lender may ask for documentation showing when you returned to work, such as a leave letter or a job offer from your employer.
If you don’t have a long-term employment record or a high income, you’ll need to have a high credit score to be eligible for a personal loan.
Your debt-to-income ratio is also important, with a DTI of 40% or lower generally being best.
Lenders may also require borrowers to have a minimum annual income.
Borrowers with higher incomes are more likely to be approved because they have more money to pay back the loan, but even with a higher income, a poor credit score or a high debt-to-income ratio can have an impact on loan approval.
If you don’t meet the credit score or income standards, a co-signer can help you qualify for a personal loan and may even help you get a lower interest rate.
2. Interest Rates
Personal loans can have two types of interest rates: fixed or variable. Most personal loans have a fixed interest rate that remains the same for the life of the loan.
Variable interest rates change over the life of the loan, depending on prevailing interest rates. Most borrowers do not want a floating interest rate and would prefer a fixed rate loan.
3. Loan Terms
Each lender has its own terms, such as loan amount, term length, and usage restrictions.
- Minimum and maximum loan amounts. Every lender has a minimum and maximum loan amount.
- Minimum and maximum loan terms. Lenders also have minimum and maximum loan terms. Loan terms are usually two to five years, but some lenders, like Earnest, offer terms as long as seven years. The longer your loan term, the lower your payments will be and the more interest you’ll pay. If you can afford a higher monthly payment, choose a shorter loan term to save on interest.
- Loan use restrictions. Some lenders have restrictions on how you can use the loan. Don’t lie about how you might use the money. Lying on your loan application can be considered loan fraud and result in additional charges.
- Payment time. Some lenders offer fast loan disbursements, with loans available as soon as the same day. Typically, funds are available within a few business days.
4. Fees and Penalties
Each lender charges different fees.
Lenders usually charge origination fees to cover the costs of processing the loan. Origination fees are usually 1% to 6% of the loan amount. However, some lenders do not charge this fee.
Most lenders charge late fees if payments are not made on time, so be sure to pay your loan on time. Some lenders waive late fees, including Goldman Sachs’ Marcus and Bank of America, but you will accrue additional interest if you pay late.
5. Repayment Options
Most lenders offer flexible payment options, including automatic transfer, mailed checks, or online checks.
Some lenders, like SoFi, offer autopay discounts, which can lower your interest rate if you pay your loan using autopay.
⭐Will a personal loan hurt your credit?
A personal loan can help improve your credit in the long run, especially if you use a debt consolidation loan to pay off your credit card balances. When you submit your loan application, the lender will check your credit. There are two ways a lender can do this check: a soft credit inquiry or a hard credit inquiry.
If you are approved for a personal loan, a new loan can lower the average age of your credit history. Although the length of your credit history only makes up 15% of your FICO credit score, it can still affect your chances of getting a loan. Payment history is the most important factor in your credit score, accounting for 35%, which means it is important that you pay your personal loan on time. If you stop paying your personal loan, you’ll hurt your credit.
You don’t have to risk losing your home or car if you apply for an unsecured personal loan, but that doesn’t mean they’re risk-free. Failing to repay a loan, also known as defaulting, can do some pretty serious damage to your FICO score. It can make it more difficult and expensive to borrow money in the future.”
⭐What is the interest rate for personal loans?
Personal loan APRs typically range from 6% to 36%, depending on the borrower’s creditworthiness and other factors. Generally speaking, the higher your credit score, the lower your personal loan interest rate will be.
Additionally, the higher your credit score, the more favorable terms personal loans you can choose from. Loan companies want to lend money to people with good or excellent credit scores.
Typically, you may need a credit score of 680 to 700 or higher to qualify for a personal loan. If your credit score is in the 620 to 680 range, you may need a co-signer to get a personal loan.
However, your credit score is not the only factor that determines personal loan approval or interest rates. Lenders will also ask for information about your job, minimum annual income, income stability, savings, etc. These will all affect your loan eligibility.
⭐Which bank in the United States has the lowest loan interest rate ?
Personal loan interest rates in the United States usually range from 4% to 36%. But the specific interest rate depends on your personal financial situation, especially your credit score, income, and debt. In general, LightStream is the company with the lowest loan interest rate. You can go to LendingTree to check the interest rates of different banks and loan companies and choose the loan with the lowest interest rate to apply.
⭐How to apply for a personal loan?
Steps to apply for a personal loan in the United States:
1. Check your potential rates on personal loan websites. Use soft credit to find out what loan amounts and interest rates you can get. You’ll usually need to provide your personal information, such as address, income, and social security number, on the lender’s website. Write down how much you want to borrow, why you’re borrowing, and how long you want to pay it back. Once you’ve provided these details, you’ll find out what your loan rate is and how to formally apply for a loan.
2. Compare loan offers. Research different loan sites to find the lowest personal loan rates.
3. Choose one or two lenders that you like best. Then formally apply, which will initiate a hard credit inquiry on your credit report. Note that even with good credit, there is no guarantee that you will be approved or get a specific interest rate. Good luck!
⭐Can I apply for a personal loan if I have a bad credit record?
You can apply for a personal loan even if you have a bad credit history, but the loan amount will be lower and the interest rate will be higher. If you have a bad credit score, you can go to Badcreditloans . They offer personal loans of up to $10,000 for people with low credit scores, and you can apply online.
⭐How long does a Bank of America personal loan take?
How long it takes to get a personal loan depends on several factors, such as the lender’s requirements, your credit score, and the application process. If everything goes well, you may be approved the same day you apply; in other cases, it may take up to a week.
⭐Which bank is easiest to apply for a personal loan?
The banks that are easiest to get a personal loan from are USAA and Wells Fargo. USAA has no minimum credit score requirement, so even people with bad credit may qualify. Wells Fargo typically requires a credit score of 660 for its unsecured personal loans. However, they also offer secured personal loans, which can be applied for even with lower scores.
Summarize
We have recommended American personal loan companies above, with their interest rates, loan terms, loan conditions, etc. You can choose a suitable loan company according to your actual needs. These small loans can meet your shopping, credit card repayment, marriage, decoration, medical expenses and other purposes. Of course, if you need money in the short term, you can also consider applying for a US credit card , which can solve your urgent needs. For international students, you can apply for an international student credit card that does not require a social security code .
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