A personal loan can be a smart way to meet short-term financial goals, including paying off debt and making home improvements. Borrowers can find rates by searching reputable financial websites and lenders’ marketplaces.
The best personal loans offer competitive annual percentage rates (APRs), no fees and repayment terms that fit your budget. Investopedia’s picks include LightStream, which checks all these boxes.
OneMain Financial
If you’re in need of a personal loan to consolidate debt, fund a major purchase or cover unexpected expenses, there are many options available to you. But be sure to research rates, terms and lenders to make sure you get the best deal possible.
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OneMain Financial offers a variety of personal loans with fixed interest rates and flexible repayment terms. Their loan specialists are available to help you find the right personal loan for your needs and budget. They can also explain the advantages and disadvantages of different types of personal loans to help you choose the right option for your situation.
A OneMain loan specialist will take your income, employment status, debt-to-income ratio and other factors into account when determining your eligibility for a personal loan. You will need to provide government-issued identification, proof of income and your address. You can also apply with a co-applicant to boost your approval odds and potentially lock in lower interest rates.
Though not as generous as some competitors, OneMain Financial has one of the lowest credit score minimums in the industry, making it possible for people with less-than-perfect scores to qualify for a personal loan. In addition, they allow borrowers to secure their loans with property, which can reduce the risk to the lender and improve their chances of getting approved.
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OneMain loans can be used to fund almost any type of expense, from weddings to home improvements to emergency medical costs and more. However, you should avoid using a personal loan to finance gambling or other illegal activities, as the lender will likely report these to your credit file.
