When finding the best personal loans, consider choosing a lender with competitive interest rates and terms, as well as one reputable and easy to work with.

At Camino Financial, we have evaluated many lenders and compiled this list of the 15 best in the US to help you understand and compare the available benefits and features.

You can use personal loans for several reasons, whether you plan to consolidate debt, pay off credit card debt, use it for home repairs or a family vacation, or simply pay for a big or unexpected expense upfront. And also, use the funds for business purposes when you don’t meet the requirements for a business loan.

Top 15 Best Personal Loans

We’ve compiled the 15 best personal loans to give you a comprehensive guide to the terms and features of each. Find the right loan for you by considering the maximum loan amount, APR, loan term, and other relevant features.

We’ve even added some options that accept ITIN.

Camino Financial

We want to help as many people as possible at Camino Financial, so we created a new financial product.

The Startup Business Loan is like a personal loan because you can get from $1,500 and $7,500 with fixed monthly payments and no origination fee.

Plus, you have a lot of flexibility in how you can spend the money.

You can apply with an ITIN if you do not have an SSN! We want to ensure that everyone, regardless of their immigration status, can access the capital they need.

So that you can keep your finances healthy without drowning in debt, our APR does not exceed 25%, and the repayment periods can be between 12 and 36 months. We’ll help you achieve your financial independence!

The best thing is that our process is 100% automatic, paperless, and very fast.

Apply for a startup business loan today

Oportun

With loan amounts starting at $300 and up to $10,000, Oportun is a great option for borrowers with no credit history or bad credit.

This company provides lending services to the Latino community, and, like Aura, it accepts lenders with no Social Security Number and only an ITIN or Individual Taxpayer Identification Number.

Their APR is capped at 35%. This option is also great for covering unexpected expenses or cash shortages, as the funding process typically happens on the same day.

They will give you six to 46 months to repay the loan, making Oportun personal loans a great option for short-term expenses.

They also have a secured personal loan (which requires collateral) for people who may not have a great credit score but don’t want to pay high-interest rates.

OneMain Financial

OneMain Financial is another option for those applicants with only an ITIN. It offers personal loans for borrowers with low credit scores, with both secured and unsecured options available, ranging from 24 to 60 months.

If you need to pay off credit cards or manage business expenses, this institution has a solid history of providing consumer loans. You can borrow from $1,500 to $20,000, and the annual interest rates range from 18% to 35.99%.

SoFi

SoFi offers exceptionally competitive rates for a much longer term if you have a solid credit score.

They are a trusted resource for refinancing student loans or other significant expenses, with two to six years available for the repayment term options.

With a maximum loan amount of $100,000 and low rates ranging from 5.99% APR to 18.72%, Sofi is an excellent solution for creditworthy borrowers to consolidate debt or pay for large expenses. You can complete the personal loan application online.

Citizens Bank

This bank is an excellent choice for debt consolidation, with loan options available for amounts between $5,000 and $50,000.

Citizens Bank is one of the banks that offer personal loans. They require a 680 minimum credit score, making it ideal for individuals with an established credit history.

With no fees for origination or prepayment, you can choose from a term between 36 to 72 months.

Affordable annual interest rates of 6.79% to 20.89% make these personal loans ideal to use for cash or expense needs.

Prosper

If you need to cover large purchases or consolidate debts, Prosper can be a good option with annual interest rates that range from 6.95% to 35.99%.

You can borrow anywhere from $2,000 to $40,000, subject to credit approval.

However, keep in mind that this lender does charge an origination fee, ranging anywhere from 1 to 5% of the total loan amount.

It is a great solution for those who are looking for a repayment term between three to five years.

Best Egg

For individuals with strong credit, Best Egg offers low annual interest rates ranging from 5.99% to 29.99%.

The minimum credit score to apply is 640, and the loan amounts range from $2,000 to $35,000.

This loan is best for individuals with fair to excellent credit, with a median income at or above $60,000.

Many people use Best Egg loans for personal and business expenses as well as home improvements.

Payoff

With fixed rates and simplified term options, Payoff is a great personal loan option to consolidate credit card debt.

They offer loans between $5,000 and $35,000, two and five years for repayment, and annual interest rates from 5.65% to 22.59%.

Keep in mind that this lender charges origination fees of up to 5%, but there are no other common fees associated with the loan.

Upstart

Upstart is an online lender with affordable annual interest rates between 8.13% and 35.99%, estimated to save borrowers up to 24% compared to credit card rates.

Not only does Upstart make sure there is no prepayment penalty, but they also offer a simple application process for borrowing up to $50,000.

Marcus

By Goldman Sachs Banks, Marcus specializes in debt consolidation loans and personal loans for creditworthy applications, with an APR ranging from 6.99% to 19.99%.

This is one of the most competitive options if you are looking for an option with a fixed interest rate and no origination fee. You can use the funds to pay for business expenses or your cash flow needs with loan term options between 36 and 72 months. You can make an online personal loan application.

Laurel Road

This online lender offers competitive terms for low to middle-income small businesses.

Not only does Laurel Road have low rates and flexible terms and conditions, but if you need money fast, you can get approved within two days and receive your money within two more.

They feature an easy-to-use online application and payment calculator.

You can also receive discounts if you sign up for autopay directly from your bank for each payment.

#CaminoTip
We don’t recommend applying for several personal loans with different lenders at the same time. This can damage your credit score. It’s better to research all the lenders you’re interested in and apply only with the one that better fits you.

Upgrade

By applying for a personal loan through Upgrade, you can find out if you’re approved within minutes.

This online lender offers friendly terms and conditions for unsecured personal loans for up to $35,000.

They have low fixed rates, affordable monthly payments, and no prepayment penalties.

They also provide their customers with access to credit monitoring and educational resources to help them better manage their financial well-being and credit score.

Lending Tree

Lending Tree is a marketplace with many online lenders for personal loans that allow you to shop around for the best personal loan rates.

Numerous lenders use Lending Tree to connect with a variety of borrowers.

Given the variety of lenders, you’re likely to find personal loans with low-interest rates that work for your needs.

Lending Tree allows you to select what you want to use the personal loan for, so you can find one that tailors to your goals.

Lending Club

In today’s world, you have numerous options at your fingertips for finding personal loans from a variety of sources.

Lending Club is a peer-to-peer platform connecting individuals looking to borrow with individuals looking to invest.

You can get reasonable terms and conditions through Lending Club, even if you have a low credit score.

It usually takes around seven days from the time you apply until you receive your money in your bank account. You can borrow up to $40,000.

Rocket Loans

As the name implies, Rocket Loans guarantees a quick application and approval process to get your money quickly.

They also provide prospective borrowers with access to personal loan experts to answer any questions and guide them through the process.

In addition to priding themselves on the simplicity of their system, Rocket Loans also caters to a wide range of individuals.

That way, you’re likely to be able to find a personal loan with low interest and all the conditions that work for your personal circumstances.

#CaminoTip
Top 3 Soft Pull Personal Loans: The Best Options.

Here are the top 15 top personal loans at a glance:

Tips for Comparing Personal Loans

There are a few things to keep in mind when comparing personal loans.

• The interest rate. Make sure to compare rates from multiple lenders so you can get the best deal possible.
• Consider the loan term. Shorter terms will have higher monthly payments, but you’ll pay less in interest overall. Longer terms will have lower monthly payments, but you’ll pay more in interest over time.
• The prepayment penalty. Some lenders charge a fee if you pay off your loan early, so be sure to read the fine print before signing anything.
• The fees associated with the loan. Many lenders charge origination fees, late fees, and other hidden charges. By understanding all the fees, you’ll be able to get a true comparison of the cost of the loans.

Don’t forget to shop around. Personal loans are available from banks, credit unions, and online lenders.

Compare offers from multiple lenders to ensure you’re getting the best deal possible.

Requirements for Personal Loans

Requirements for personal loans can vary depending on the lender, but some general requirements are typically needed to qualify.

Below is a list of some of the most common requirements:

• A good credit score: You will need a good credit score. This is because personal loans are often unsecured, which means that there is no collateral backing up the loan. As such, lenders will look at your credit score as an indication of your ability to repay the loan.
• A steady income: Lenders will also want to see that you have a steady income to qualify for a personal loan. This is because they will want to make sure that you can repay the loan.
• A minimum amount of debt-to-income ratio: Your DTI ratio is a measure of how much debt you have compared to your income. Lenders use this ratio to help determine whether you can afford to repay a loan. Ideally, your DTI ratio should be below 36%. This means that no more than 36% of your income should pay monthly debts.

How to Apply for a Personal Loan Online

There are a few things to keep in mind when applying for a personal loan, such as:

• Before shopping around for personal loan lenders, you must know how much money you need to borrow. This will help you narrow down your options and ensure that you don’t end up with a loan that’s too small or too large for your needs.
• Check your credit report and score before you apply. This will give you an idea of where you stand and whether or not you’re likely to have the lender approve you.
• Once you know your credit score, you can start shopping for the best small personal loan. Many lenders will allow you to get prequalified for a loan, giving you an idea of what interest rate you qualify for.
• You’ll also want to compare loan terms, fees, and repayment options.
• Read the fine print carefully before you agree to anything. This includes understanding the interest rate, repayment terms, and any fees or penalties associated with the loan.
• Be prepared to provide some collateral. This could be in the form of a vehicle or other asset that the lender can hold onto in case you default on your loan.

Once you’ve found the right loan for your needs, you can apply for it online or in person. Make sure to have all of the required documentation, such as your ID, proof of income, and bank statements.

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What Is a Personal Loan?

A personal loan is a loan taken out for personal, rather than business, purposes.

You can use the loan for anything from debt consolidation to wedding funding.

However, they can be a good option for those who cannot get other types of financing.

Remember that lenders limit most loans to around $40,000, with a few allowing more significant amounts. However, if the limited amount still fits your needs, personal loans could be your best option.

How Do Personal Loans Work?

Personal loans are one of the most popular types because they can be accessed by anyone with good and bad credit.

Prospective borrowers go through an application process either online or in person and then wait for approval from their lender – whether it’s granted instantly like at banks & Credit Unions; gradually leading up to funding over time via monthly payments, which start as soon as you get paid (like certain debt financing companies); or denied altogether without any retroactive interest fees charged if rejected immediately after applying.

When considering a personal loan, it’s important to understand how they work and what to expect.

Here’s a quick overview of how they work:

1. Apply for a personal loan with a lender.
2. If approved, the lender will give you a loan amount and terms.
3. You’ll make monthly payments to the lender, with interest, until you pay off the loan.
4. You’ll finish with payments once you pay off the loan.

They are a great way to get the funds you need for a major purchase or to consolidate debt.

Types of Personal Loans

There are many types of personal loans available to consumers.

Some common types include:

• secured loans, which are backed by collateral such as a home or car;
• unsecured personal loans, which are not backed by collateral;
• fixed-rate loans, which have an interest rate that remains the same for the life of the loan; and
• variable-rate loans, which have an interest rate that can fluctuate over time.

What can personal loans be used for?

Here are some of the most common reasons people use personal loans:

Debt consolidation

If you have multiple debts with high-interest rates, you might want to consolidate them into one loan with a lower interest rate.

This can save you money on interest and make it easier to pay off your debt.

Large purchases

A personal loan can be a good way to finance a big purchase, such as a new car or a wedding.

Since personal loans usually have fixed interest rates, you’ll know exactly how much your monthly payments will be.

Unexpected expenses

An unexpected expense, such as a medical bill or car repair, can be difficult to afford.

A personal loan can help you cover the cost of these unexpected expenses.

For businesses

There are many reasons why business owners might take out personal loans.

Perhaps they need to make a one-time purchase for their business, such as investing in new equipment or inventory.

Or maybe they need to cover unexpected costs, like emergency repairs.

You can use the loan proceeds to finance expansion plans, such as opening a new location or hiring additional staff.

And in some cases, business owners may use personal loans to consolidate debts, such as credit card balances or business loans.

What To Know About Personal Loans Interest Rates and Fees

Interest rates and fees on personal loans in the US can vary greatly, so it’s important to compare your options carefully before you apply.

Here’s a look at some things to keep in mind when shopping for a personal loan:

Fixed or variable interest rate

You have two main choices for personal loan interest rates: fixed or variable.

• Fixed interest rates remain the same for the life of your loan, so you’ll always know how much your monthly payments will be.
• Variable interest rates, on the other hand, can fluctuate over time, meaning your monthly payments could go up or down.

Origination fee

An origination fee is a one-time charge assessed when you take out a loan.

It’s typically a percentage of your loan amount and can vary depending on the lender.

For example, some lenders may charge a 2% origination fee on a $10,000 loan, while others may charge a 5% origination fee.

Prepayment penalty

A prepayment penalty is a fee that some lenders charge if you pay off your loan early.

If you find a better interest rate elsewhere or simply want to save on interest by paying off your loan sooner, the lender may penalize you for doing so.

Late payment fee

The lender may charge you a late payment fee if you make a late payment on your personal loan.

This fee is typically a percentage of your unpaid balance and can vary depending on the lender.

Minimum monthly payment

Most personal loans have a minimum monthly payment, the smallest amount you must pay.

This is typically a percentage of your loan balance and can vary depending on the lender.

Grace period

A grace period is your time before your first payment is due.

This can be helpful if you need a little extra time to get your finances in order before making your first payment.

Collateral

Collateral is something of value that you pledge to secure a loan.

If you default on your loan, the lender can seize your collateral to recoup their losses.

Many personal loans don’t require collateral, but some do.

Personal Loan Average Interest Rates

The cost of a personal loan depends on several factors, including the loan amount, the interest rate, and the loan term.

The average interest rate for a personal loan is about 10%, but it can range from 7% to 36%.

Here are average personal loan rates by credit rating, according to data from LendingTree:

• Excellent credit (720-850): 5.8% – 15.9%
• Good credit (690-719): 8.5% – 19.9%
• Fair credit (630-689): 13.3% – 32.2%
• Poor credit (300-629): 17.4% – 35.0%

The term of the loan also affects the cost – loans with shorter terms usually have lower interest rates but require higher monthly payments.

The best way to estimate your personal loan’s costs is to use a personal loan calculator.

This tool considers all the different factors that affect the cost of a personal loan, so you can see exactly how much you’ll need to pay back each month.

With a personal loan calculator, you can compare different loans and find the one that’s right for you.

Term Loan Calculator

Loan Amount

Payment TermPlease select24 Months30 Months36 Months48 Months60 Months

Monthly Interest RatePlease select1%1.25%1.5%1.75%2%2.25%2.5%

The 2022 Fed Hike Impact on Personal Loans

The Federal Reserve has raised interest rates to fight inflation.

The action is an effort by the central bank not only to balance out economic growth but also to prevent prices from rising too fast, which could lead to a dangerous bubble forming in housing markets and other areas where wealth has been flowing freely over time.

How has this affected personal loan interest rates?

The Federal Reserve has increased this several times in 2022, with rates currently at 2.25%.

If you want to know about the interest rate hike in 2022, read our article.

Pros and Cons of Personal Loans

On the one hand, personal loans can give you the financial flexibility to cover unexpected expenses or make a large purchase.

On the other hand, also comes with interest and fees that can add up over time.

Here are a few pros and cons of this loan to help you decide if they’re right for you:

Pros

• They can give you the financial flexibility to cover unexpected expenses or make a large purchase.
• You can use the personal loan funds for a variety of purposes, including consolidating debt, paying for home improvements, or funding a major life event like a wedding or vacation.
• It typically has lower interest rates than credit cards, so you can save money on interest over time.
• You can choose the repayment term that best fits your needs, making it easier to manage your loan payments.Usually, it’s easier to qualify for personal loans than for business loans.
• There are fewer requirements in general and less paperwork involved.
• Many lenders don’t require a high credit score. However, if you do have strong credit, you may be able to qualify for competitive interest rates.
• There are many loan options available (but not all of them) with no collateral required: this means you don’t need to secure the loan against your property or assets.
• The interest rates and monthly payments are usually fixed to help you plan your monthly expenses.
• The approval process in personal loans is much faster than in business loans.

Cons

• Personal loans come with interest and fees that can add up over time.
• You could damage your credit score if you miss a payment or default on your loan.
• Personal loans are not secured by collateral, so they may be more difficult to qualify for if you have bad credit.

Before taking out a loan, be sure to understand the terms and conditions so you can make the best decision for your financial needs.

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Benefits of Personal Loans

Remember that lenders limit most loans to around $40,000, with a few allowing more significant amounts.

However, if the limited amount still fits your needs, personal loans could be your best option.

Something to keep in mind is to check your credit reports.

The Consumer Financial Protection Bureau confirms that AnnualCreditReport.com is the official website that allows you to access each of your credit reports from all three of the major credit bureaus — Equifax, Experian, and TransUnion — at no cost.

Also, consider that some bank institutions will check your credit profile; a credit profile is a document that provides information about someone’s credit history.

Lenders and other agencies use credit profiles that offer credit to determine someone’s creditworthiness, and they are also utilized by prospective landlords and other people who might have an interest in someone’s credit history.

One of the best ways to get a personal loan is by improving your credit score.

Good credit scores will make it easier for someone to access credit, while bad credit can become a major stumbling block. 

#CaminoTip
Personal Line of Credit vs. Personal Loan: Which Is the Best Option for You?

Is it a Good Idea to Get a Personal Loan?

Personal loans could be a great tool to finance your personal needs.

You see, debt is not always bad. When debt allows you to accomplish your goals and it doesn’t hurt your finances, it’s a great idea to acquire debt (in the form of a personal loan or a credit card, for example).

It all depends on what you plan to do with the loan and if it will have a good ROI (Return On Investment).

You also need to make sure that the loan has fair interest rates. If you have an excellent personal credit score, you might be able to get better terms, therefore, cheaper loans.

Can I use a personal loan for my business?

Many people decide to get personal loans to finance their business needs.

While this is not a bad practice (especially for newer businesses), getting a business loan will always be better if you want to seriously invest in your business.

Why? Well, business loans will offer you bigger amounts that will allow you to really grow your business.

Online Personal loans vs. traditional lenders

Though online personal loans and traditional lenders both have their advantages, there are some key differences to consider before taking out a loan.

For one, online personal loans tend to be more convenient than traditional loans.

You can usually apply for an online loan from the comfort of your own home, and the process is often faster than going through a traditional lender.

Another advantage of online personal loans is that they can sometimes be more affordable than traditional loans.

This is because online lenders often have lower overhead costs than brick-and-mortar banks, meaning they can pass the savings on to you in the form of lower interest rates.

Of course, there are also some drawbacks to consider with online personal loans.

One is that you may not be able to get the same level of customer service as you would with a traditional lender.

This is because you’ll likely be dealing with a computer rather than a human being when you apply for an online loan.

Another potential downside of online personal loans is that they can be more difficult to qualify for than traditional loans. This is because online lenders often have stricter eligibility requirements than brick-and-mortar banks.

So, which type of loan is right for you? That depends on your individual circumstances. An online personal loan may be the best option if you’re looking for a fast and convenient loan. However, if you’re worried about qualifying for a loan, you may be better off going with a traditional lender.

Get the Capital You Need

At Camino Financial, we focus on helping you access affordable capital through excellent financial solutions.

Camino Financial has fewer qualification requirements for those who cannot obtain funding from traditional banks.

We offer the best rates and terms, and the paperwork required during the process is minimal.

Our loans

These are some of the features of our loans:

• Startup business loans from $1,500 to $7,500
• Funding as fast as 2 business days
• A fast, safe, and paperless application
• Fixed interest rates and monthly payments

It doesn’t matter if you have a new business or a seasoned one; Camino Financial is your best option, thanks to our different financial products.

When you apply with us, we’ll ensure to offer the loan that will best help. We’ll also guide you throughout the process.

You can complete the application within a few minutes and receive an instant loan quote!

Apply for a startup business loan today