In today’s digital age, many people are turning to online lenders to obtain personal loans. Online lenders offer convenience, speed, and competitive rates, making it an attractive option for borrowers seeking a personal loan. However, with so many online lenders available, it can be difficult to determine which one is the best for you. In this article, we will discuss two of the best personal loan companies we found online: SoFi and Discover Personal Loans. We will review their loan terms, interest rates, fees, and borrower protections to help you make an informed decision when choosing a lender. Whether you are looking to consolidate debt, finance home improvements, or cover unexpected expenses, a personal loan can be an excellent solution. So, let’s dive into the details of SoFi and Discover Personal Loans to help you find the right lender for your personal loan needs.
1- SoFi
SoFi (Social Finance) is a well-known online personal finance company that offers a range of financial products and services, including personal loans. It is considered as one of the best personal loan companies in the online lending industry.
SoFi offers personal loans to borrowers with good to excellent credit, with loan amounts ranging from $5,000 to $100,000. The loan terms can range from 2 to 7 years, and the interest rates are competitive, starting at 5.99% APR. SoFi does not charge any fees for its personal loans, including origination fees or prepayment penalties.
One of the unique features of SoFi is that it offers unemployment protection to its borrowers. If a borrower loses their job through no fault of their own, SoFi will temporarily pause their loan payments and provide career coaching and job search assistance. This feature provides borrowers with added security and peace of mind, knowing that they will not default on their loan if they become unemployed.
Another advantage of SoFi is its streamlined application process. Borrowers can apply for a personal loan online and receive a decision within minutes. The funds can be disbursed within a few days of approval, making it a quick and easy way to get the funds needed for personal expenses, debt consolidation, or home improvements.
SoFi also offers other financial products, including student loan refinancing, mortgages, investment accounts, and insurance products. This provides borrowers with a one-stop-shop for their financial needs, making it convenient to manage their finances in one place.
In summary, SoFi is a reputable online personal finance company that offers competitive rates, flexible loan terms, no fees, and unique borrower protections. Its streamlined application process and comprehensive financial products make it a top choice for those seeking a personal loan or other financial services.
2- Marcus by Goldman Sachs
Marcus by Goldman Sachs is a popular online lending platform that provides personal loans to customers who need funds for various reasons. It is considered one of the best personal loan companies available online due to its competitive interest rates, flexible repayment terms, and simple application process.
One of the most appealing features of Marcus by Goldman Sachs is its low interest rates. The platform offers fixed-rate loans with APRs starting as low as 6.99%, which is lower than many other online lenders. Additionally, Marcus does not charge any origination fees, prepayment fees, or late fees, making it an attractive option for borrowers who want to save money on loan costs.
The repayment terms offered by Marcus are also quite flexible. Borrowers can choose loan terms ranging from 36 to 72 months, giving them the ability to customize their loan to fit their specific needs. This flexibility allows borrowers to choose a loan term that best fits their budget and repayment goals.
Another advantage of Marcus is its user-friendly application process. Borrowers can apply for a loan online in just a few minutes, and receive a decision within a few days. The application process is simple and straightforward, and borrowers can easily track their loan status online.
Finally, Marcus is backed by Goldman Sachs, a reputable and well-established financial institution. This provides borrowers with peace of mind knowing that they are working with a trusted lender with a long history of financial stability.
In conclusion, Marcus by Goldman Sachs is an excellent option for anyone seeking a personal loan online. With its low interest rates, flexible repayment terms, simple application process, and backing by a reputable financial institution, it is no wonder why Marcus is considered one of the best personal loan companies available online.
3- Discover Personal Loans
Discover Personal Loans is a top-rated online lender that provides personal loans to borrowers with good to excellent credit. Discover is known for its competitive interest rates, flexible loan terms, and exceptional customer service.
Discover Personal Loans offers loan amounts ranging from $2,500 to $35,000, with loan terms of 3 to 7 years. The interest rates start at 6.99% APR, which is competitive in the online lending industry. Discover also charges no origination fees, closing costs, or prepayment penalties, making it a transparent and cost-effective option for borrowers.
One of the unique features of Discover Personal Loans is its 30-day money-back guarantee. Borrowers have the option to return the entire loan amount within 30 days with no interest charges or fees. This feature provides added peace of mind to borrowers who may have second thoughts about their loan decision.
Discover Personal Loans also offers an online application process that is quick and easy. Borrowers can apply for a loan online, receive a decision within minutes, and have the funds deposited into their account within 1-7 business days.
Discover also provides exceptional customer service, with dedicated loan specialists available to answer any questions and guide borrowers through the loan process. Borrowers can also access their loan account online or through the Discover mobile app, making it easy to manage their loan and make payments.
Overall, Discover Personal Loans is a reputable online lender that offers competitive rates, flexible loan terms, no fees, and exceptional customer service. Its 30-day money-back guarantee and streamlined application process make it a top choice for borrowers seeking a personal loan.
4- LightStream
LightStream is an online lending platform that offers personal loans to borrowers with good credit. It is considered one of the best personal loan companies available online due to its competitive interest rates, flexible loan terms, and quick and easy application process.
One of the standout features of LightStream is its low interest rates. The platform offers fixed-rate loans with APRs starting as low as 2.49% for borrowers with excellent credit. This is lower than many other online lenders, making it an attractive option for borrowers who want to save money on loan costs.
LightStream also offers flexible loan terms, with repayment periods ranging from 24 to 144 months. This allows borrowers to choose a loan term that best fits their financial needs and budget. Additionally, LightStream offers a unique “Rate Beat” program, which guarantees to beat any competitor’s interest rate by 0.10% if certain conditions are met.
Another advantage of LightStream is its easy and straightforward application process. Borrowers can apply for a loan online and receive a decision within minutes. The platform also offers same-day funding, which is a great option for borrowers who need funds quickly.
LightStream is also known for its exceptional customer service. The platform offers a team of loan specialists who are available to help borrowers throughout the entire loan process. Additionally, LightStream offers a satisfaction guarantee, which allows borrowers to return the loan within 30 days for any reason and pay no interest or fees.
In conclusion, LightStream is an excellent option for borrowers with good credit who are looking for a personal loan online. With its low interest rates, flexible loan terms, quick and easy application process, and exceptional customer service, it is no wonder why LightStream is considered one of the best personal loan companies available online.
Conclusion:
In conclusion, there are many reputable online lenders that offer personal loans to borrowers with good to excellent credit. SoFi and Discover Personal Loans are two of the best personal loan companies available online.
SoFi is known for its competitive interest rates, flexible loan terms, and borrower protections, such as unemployment protection. It also offers a streamlined application process and comprehensive financial products, making it a one-stop-shop for borrowers’ financial needs.
Discover Personal Loans, on the other hand, offers competitive interest rates, flexible loan terms, exceptional customer service, and a 30-day money-back guarantee. Its online application process is quick and easy, and there are no fees or penalties, making it a transparent and cost-effective option for borrowers.
Both SoFi and Discover Personal Loans are excellent choices for borrowers seeking a personal loan. It is important for borrowers to do their research, compare rates and terms, and choose the lender that best suits their needs and financial situation. With the right lender, a personal loan can be an excellent way to consolidate debt, finance home improvements, or cover unexpected expenses.