8 Best Personal Loans That Fit Your Situation and Needs

By Michael Adeyanju |
|8 min read

There are times when you are down financially, but you have needs or opportunities that can't wait until you get some cash. At such times, looking for the best personal loans on offer is the best way out because they can easily send money to your account in no time. Personal loans are meant to meet your individual needs and are offered by lending institutions with simple application procedures. On successful application, the lender deposits a lump sum into your account, which you are required to pay in addition to an offered interest rate within a given periodat.

The Ideal Personal Loans in The Market

An excellent personal loan is that which helps in settling financial needs and achieving your goals. Countless personal loans are on offer, but it's advisable to go for a loan from a lender offering the best personal loan rates because it is manageable when it comes to repayment.

Here is a list of the best personal loans for you based on your credit score.

For Excellent Credit

If your credit score stands excellent, here is a list of loan options you could conside:


Marcus is one of the most attractive options for creditworthy borrowers. It is helpful in debt consolidation, home improvement, or for making a substantial investment.

Eligibility criteria:

  1. Good to excellent credit score.

  2. Prove that you can repay the loan (i.e., reliable source of income and creditworthiness).

  3. Must be over 18 years of age and a citizen of the United States.

  4. Must have a U.S. bank account and an Individual Tax ID number and a Social Security Number.

Loan amount: Ranges from approximately $3,500 to upwards of $40,000.

APR range and fees: Marcus Loans attract an annual rate of 6% to 29%, depending on the amount requested, repayment period, and your credit history. There is no origination fee to process the loan application.

Repayment terms: Marcus's loan term offers flexibility in your repayment schedule. The repayment period ranges between 36 to 72 months.

Time to receive funds: After approval, it only takes two working days to have the money in your account.


  1. Flexible loan repayment schedule.

  2. No processing fee.

  3. A short time to get the money.

  4. You can pay off the loan early.


  1. Only available to people with a good credit score.
  2. Only available for residents in the United States.


Optimum for borrowers with outstanding creditworthiness. They have an APR of 4.99 to 13.29% and they charge no application fee.

Eligibility criteria:

  1. A minimum credit score of 660.

  2. Must have a few years of credit history with various accounts.

  3. Must have a proven ability to save.

  4. Should have a low debt-income ratio.

Loan amount: Ranges from $5,000 to $100,000.

Repayment terms: Repayment is quite flexible and varies from 2 to 12 years, depending on the loan purpose.

Time to receive funds: Money is released into your account within 24 hours as long as the application gets a nod.


  1. It has a friendly annual percentage rate.

  2. Friendly rates for people with high credit scores.

  3. The loan takes a short time to get approved.


  1. High annual interest rates for people with low credit scores.


Sofi offers yet another choice for people with good credit scores. It is the right choice for personal loans meant for home improvements.

Eligibility criteria:

  1. Borrowers must be citizens of the United States.

  2. Applicants must be 18 years of age or older.

  3. Applicants must have a proven reliable source of income.

  4. Loan amount: SoFi offers a minimum of $5,000 and a maximum of $100,000. Applicants with outstanding credit status can get higher amounts.

APR range and fees: SoFi has fixed and variable annual interest rates, which start at 5.99% and 6.49%, respectively. There is no loan processing fee charged and prepayment is allowable.

Repayment terms: The repayment period is within 3-7 years.

Time to receive funds: Funds requested are received within 24 hours, and in some instances, 48 hours.


  1. It is easy to make an application.

  2. No application processing fee charged.

  3. Cash sent to your account within no time.
  4. Flexible loan terms on offer.
  5. Can make an online application from the comfort of your home.


  1. Unsuitable for people with low credit scores.


Laurelroad offers personal loans to people with outstanding credit status and is ideal for debt consolidation.

Eligibility criteria:

  1. A minimum credit score of 660.

  2. Must be a US citizen or have a permanent US residential address.

  3. Accessible to students.

Loan amount: You are at liberty of borrowing up to $45,000, with flexible repayment terms.

APR rate: Ranges from 8.01 - 16.30%, depending on the amount you are borrowing and the repayment period.

Time to receive funds: On successful application and approval, money is deposited within two working days.


  1. The application process is entirely online, which means that you can apply from home.

  2. A low-interest rate starting at 8.01%.

  3. Discounts on prompt monthly payments.

  4. The money is sent to your account quickly.


  1. They do not allow postponement of payments in case your income is cut short.

  2. It does not have flexible repayment options.


The Lending Club offers personal loans in the United States to people with good credit scores.

Eligibility criteria:

  1. US citizenship, permanent residence, or eligible visa holder.

  2. The applicant must have attained the majority age depending on the state.

  3. Maximum of 31% debt-income ratio.

Loan amount: Ranges from $1,000 and $40,000.

APR range: Ranges between 6.95 - 35.89 %, depending on factors such as credit rating and the amount you are seeking.

Repayment terms: The repayment term is over a period of 3 to 4 years.


  1. Outstretched loan repayment period between 3 and 5 years.


  1. Suitable for borrowers with high credit scores.

  2. Low debt-to-income rate is a must.

  3. Minimum of three years of credit history is a must.

  4. Charges loan processing fee which ranges between 1% to 6 % of the total loan amount.

For Bad Credit

Credit score fluctuates depending on your ability to pay in time. There are instances where you realize you are rated poorly, below 670, yet you need a loan. You don't have to worry; here is a list of lenders for you.


The Upstart lender is suitable for people with bad and fair credit scores.

Eligibility criteria:

  1. Minimum credit score of 620.

  2. American citizenship.

  3. 18 years and above.

Loan amount: Ranges from $1,000 and $50,000.

APR range and fees: The loans have an ARP range between 5.67 and 35.99%. Upstart charges borrowers a loan processing fee that ranges between 0% to 8% of the loan amount.

Repayment terms: The repayment period is between 3 to 5 years.

Time to receive funds: The loan application is simple, and the loan amount is sent to your account within 48 hours.


  1. Fast processing.

  2. Prepayments accepted.

  3. It has lower interest rates.

  4. Privacy is assured.


  1. There is a loan processing fee.


Upgrade personal loan is ideal for American citizens with bad credit status.

Eligibility criteria:

  1. Be an American citizen.

  2. Must have attained a minimum age of 18.

  3. A verified bank account.

Loan amount: Ranges between $1,000 and $50,000.

APR range and fees: The loans have an ARP range of 5.99% to 35.89%. A loan processing fee is charged and ranges from 1.5% to 6%.

Repayment terms: The repayments are over a period of 1 to 5 years.

Time to receive funds: A loan is processed within 5 days and deposited to your account within 7 working days.


  1. Prepayments accepted and rewarded.

  2. Affordable monthly repayments.


  1. Takes longer to get approved.

  2. Charges an origination fee ranging from 1.5% to 6%

  3. Penalties for late payment amount to $10!


Avant loan is ideal for people with fair to bad credit scores in the United States.

Eligibility criteria:

  1. Minimum acceptable credit status of 580.

  2. Must be a US citizen.

  3. Must have attained the majority age.

Loan amount: Avant loan lends borrowers up to $35,000.

APR range: Has an ARP that varies from 9.95% to 35.89%.

Repayment terms: The repayments are over a period of 2 to 5 years.


  1. Lenient requirements.

  2. Approval in less than 48 hrs.

  3. Flexible terms of payment.

  4. Online applications accepted.


  1. An origination fee between 0.95% to 4.75%.

  2. Penalties on late payments.

Roadmap to Ideal Personal Loans

To get a perfect deal when applying for a personal loan, it is essential to consider the following tips.

  • Understand Your Credit History

Credit history is among the factors used in interest rate determination. If the score is high, the interest charged is lower. Make sure to check your credit rating to ensure you qualify for cheap loans that help your financial situation.

  • Compare Various Loans

After making a decision on the amount you need along with knowledge of your credit score, compare the loans available. Compare interest rates, origination fees, and the time you need to be able to pay back the charges by imposed by the lenders. Go for loans with the lowest rates for the amount of money you need.

  • Go for Fixed Interest Rates

A loan with a fixed interest rate is easy to finance because monthly repayment installments remain constant. In a case where the interest rate goes high within the loan repayment period, the loan remains the same, making it easy to budget monthly payments.

  • Use of Referrals

Using people you trust to help identify the best lenders is a great way. Do not go with the first lender you get referred to, but take the time to review several lenders before narrowing it down to one. The use of the internet can be beneficial in learning about lenders. Lots of information is available from the companies' websites and customer reviews among others.

Closing Remarks

A loan can be an excellent method for accomplishing your dreams in life. There are a large number of people who have made it in various sectors through the use of loans. It is, however, essential to note that loans have messed up other people because of lack of due diligence. Make a well-informed decision by considering the factors discussed in this article, and you will come out victorious.



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