How to apply for a Loan for the United States?

Faced with certain economic needs, one way to obtain immediate assistance is to apply for a loan. Today, there are various alternatives to access credit. But how do we know which is the most preferable option? Which company provides a better interest rate?

There are many questions that arise before obtaining a loan. Therefore, it is important to know different websites where you can enter to request financial aid. Next, we are going to present you which are the best loans in the United States.

How can I apply for a personal loan in the US?

One of the main aspects to take into account is the credit score you have. Most of the lenders or companies that are in charge of facilitating money seek that users have a good score or at least that it is regular.

It is worth clarifying that there are websites from which you can request a loan even if you have a FICO score below 580. Of course, it is necessary to investigate well about it.

Now, to process a credit you only need your personal data and know the monetary amount you require. The latter will depend on the amounts provided by the companies. For example, some handle the minimum from $1,000 and up.

One of the characteristics of personal loans is that they usually demand few requirements. So it is very easy to get it. Also, you can use it for any need. That will fall on you. Some pages ask for the reason why you need it, while others simply omit this information.

What types of personal loans are there?

There are only two. Each one has particular characteristics and are differentiated by the modalities of use, as well as the requirements. These are:

LOANS WITH GUARANTEE

It refers to the fact that the financial company or lender takes a guarantor to support the operation. This ensures that if the customer does not pay, you can take the money from him. In most cases, the salary, house or vehicle is used as collateral. In the cases that are most used is when people do not have a good credit history.

What usually happens is that when the beneficiary owns a home whose value is greater than the loan, a line of credit is requested on the accumulated capital of the home and this serves as collateral. The same thing can happen with a car. If this last option is used, the lender keeps the title of the car until the credit is paid.

Among its main benefits we have that they handle low interest rates and by requiring a guarantor it is easy to request them. Of course, its main disadvantage is that some good may be seized if you do not pay any fee.

UNSECURED LOANS

As its name indicates, the opposite occurs than in the first case, that is, it is not necessary to give something as a guarantee. In these instances, what the lender does is find out about the user’s credit profile.

If it is within the values, you will be able to get it. What happens when a fee is not paid is that you receive a negative item in your history. If you do not arrive, having been previously intimidated, you could be taken to court. In addition, you would end up paying high surpluses for interest and late payment.

As for the benefits that this type of personal loan has, it is that you do not require a guarantor to request it and you can process it through banks and online platforms. The negative is that their interest rates are usually higher because of the risk they take by not asking for a guarantee. On the other hand, you probably need a good credit profile.

The 18 best personal loans in the United States

If you are looking for a range of options in terms of this type of credit, we have made a list of the ones that stand out the most today, below, we present them to you:

WELLS FARGO

The first thing you should know is that if you are not a client of this bank and you want to request a personal loan with them for the first time, you must go to one of their branches, that is, you cannot process it from the web if this is your case.

Wells Fargo personal loan

This bank is one of the most striking in this type of service since it has excellent rates, since they are very competitive. In addition, they do not ask for so many requirements, unlike other institutions. One point in its favor is that it will not charge you an opening fee. The minimum amount they provide is $3,000, while the maximum is $100,000. The payment terms range from 12 to 84 months and itsannual interest rateis between5. 74% and 24. 49%.

timely

One of its benefits is that you do not need to have an excellent score to process a personal loan with them. They have more than 15 years of experience in the field. In addition, it is worth noting that it stands out for providing its services to the Latino migrant community , so it is not necessary that you have a Social Security number, although they will ask for your individual taxpayer identification (ITIN).

opportune loans

The maximum cap they offer is $10,000. As for their interest rates around 20% and 67%. If you are looking for an urgent loan, Oportun will be of great help to you, since they give you the money in less than 24 hours. On the other hand,you can pay it in up to 46 months.

SOFI

Since recently, 2015 precisely, they have approached the world of personal loans. It currently offers different alternatives in financial matters, ranging from those already mentioned to retirement accounts and insurance.

It is worth noting that this alternative will serve you if you have a good score. Regarding the maximum amount that they facilitate, this is $100,000, while the interest rates are located at 5. 99% and 18. 72%. You can pay it back up to six years. They also handle competitive rates and will help you if you have in mind to refinance a student loan.

AURA

It is a CDFI or Community Development Financial Institution. Its focus is people with regular or low income. Among its characteristics we have that they provide their services to those who seek to improve their credit. The values ​​of their loans range from $300 to $4,000, so it is a good option if you do not need a lot of money and want to correct your score.

Best personal loans Aura

As for its annual interest rate, it is 35. 97%. If you need more information you can call them at (888) 481-0306, while to request it you can do it at one of their offices or through their website. Similar to Oportun, you do not require a Social Security number, just the ITIN. Its only disadvantage is that this loan platform only works in Illinois, Texas, California and Arizona.

ONEMAIN FINANCIAL

It is one of the companies in this sector with the longest history, since they have been providing their services for 100 years, so you can find it throughout the United States. This allows them to offer personal loans in a completely personalized way, as they will analyze your case as if it were the only one, which makes it one of the best in the field.

Best Personal Loans OneMain Financial

If you have a regular score, OneMain Financial is your alternative. The amounts they offer start at $1,500 and go up to $20,000. You can pay them in up to 5 years with an interest rate from 18% to 35. 99%. Although they are high numbers, this is because they focus on people with a score between 500 and 550. Perhaps an unfavorable point is that it charges origination fees which are 1% and 10%. An advantage is that you can choose the payment date. They also work with secured loans.

UPGRADE

They have been offering loans for a short time, specifically since 2017. They do not require guarantors and the maximum amount they offer is $35,000. It is favorable since it does not issue penalties for making an advance payment.

Best personal loans Upgrade

Its annual interest rates range from 7. 99% to 35. 89% and you can pay it between 36 and 60 months. This type of loans allows you to refinance debts, get out of an emergency and for any other economic activity that comes your way. They do not have extra costs for making transactions on their website.

CITIZENS BANK

It focuses on all types of financial operations in addition to being one of the companies with the longest track record in the field in the United States. If you have a good or excellent credit score, it will be very useful for you. In this sense, the score you must have is at least 680.

The 18 best personal loans Citizens Bank

The annual interest rates they handle range from 5. 79% to 20. 89%, while the time to pay off the loan is from 35 to 72 months. If you choose to pay early, you will not be charged for it. The minimum amount they offer is $5,000 and the maximum is $50,000.

PAYOFF

Its headquarters are in California, but it provides its services throughout the country. If you apply for a loan from their website you can access the money you need in a matter of minutes. In addition, their annual interest rates are between 5.99% and 24.99% and the values ​​they offer are from $5,000 to $40,000.

payoff personal loans

It is important that you keep in mind that depending on the state in which you reside, the minimum amount that they provide could vary. Regarding the terms to cancel the installments, they start at 24 months and can reach 60. It should be noted that the amounts of the payments are fixed.

BEST EGG

It is an interesting option in terms of personal loans. What’s more, it was rated by “Best Company“, in 2019, as the best, according to the users themselves. Their platform is easy to understand, so it will not be difficult for you to process a loan with them.

Best Egg

Of course, not everyone can access one, it will suit you only if you have an excellent credit history and have an income of at least $60,000 (annually). The maximum amount they provide is $35,000, their annual interest rate ranges from 5. 99% to 29. 99% and you can pay it from 36 to 60 months.

PROSPER

If we talk about “peer-to-peer” financial companies, Prosper is on the podium. Moreover, it is a pioneer in the United States in this regard. Regarding the amounts they provide, they range from $2,000 to $35,000 and you can pay it for 3 to 5 years with an annual interest rate that varies between 7.95% and 35.99%.

Prosper

One of its positive points is that it is possible to modify the payment date. However, one of its disadvantages is that it does not offer discounts for making payments automatically. And when we refer to the time you have to pay off the loan, they are only those only options, that is, there is no middle range. In addition, it charges very high origination fees ranging from 2.41% to 5%. Lastly, your requirements are somewhat complicated. For example, you must have at least 2 years of credit history and have a score of 640 or higher.

LENDING TREE

It is a platform where you can access loans for all kinds of things, whether it is obtaining a car or paying your debts. In it you will find different loans, so it will allow you to choose the best option on the market.

Lending Tree

It is ideal for those looking for a personal credit comparator. The maximum limit that it is easy for you to obtain is $50,000. The annual interest rate is located at 35.99% and the loan can be paid in a time that goes from 2 to 180 months.

UPSTART

If you do not have a credit score, this is an ideal option since its main focus is this type of client. They are based on other specifications such as work to analyze the solvency of each one. The APR (annual interest rate) they have at 5. 38% to 35.99%. In addition, it is possible to obtain up to $50,000 (the minimum is $1,000).

Upstart

If you have a credit score, it should be at least 580. His times are usually very fast. Funds will usually be deposited to you within 1 business day. Similar to other companies, with Upstart you also have the chance to choose the payment date.

However, there are certain negative issues. One is that you only have 2 terms to pay off the loan: 3 or 5 years. Also, its origination fee is very high: close to 8%. On the other hand, they ask you for several requirements. One of them is that your gross income should be greater than $12,000. They will ask you for an address, a bank account and it is necessary to have a job, either part-time or verify that you have sources of income.

LAUREL ROAD

Its focus is students who require credit to pay high university costs, although it also provides personal and mortgage loans. Two years ago, it joined KeyBank, one of the most recognized institutions that provides financial and banking services in the USA.

Laurel Road personal loans

One of its advantages is that you can apply for a loan online. Its rates (8.01%) are one of the lowest in the market, in addition to the fact that the process does not usually take that long, at most 2 days. So if you need money urgently, Laurel Road may be the alternative you need. You can receive a discount if you access from “AutoPay” through your bank to make payments. The maximum amount they provide is $45,000 and is paid over 36 to 60 months.

MARCUS

You do not need any type of guarantee to request it and the amounts they handle range from $3,500 to $30,000. It is one of the companies in this area with the longest history in the United States.

Marcus

As for the interest rates that operate, they range from 6. 99% to 23.99%. The terms they offer can range from 35 to 72 months. One aspect to note is that if you have good solvency, the rates will be lower and you will have more time to pay off the loan.

ROCKET LOANS

It is not necessary that you have a guarantee to request a loan with this company. One aspect to note is that the payments are fixed, so it will be more comfortable for you to cancel it. The amounts they work with range from $2,000 to $45,000.

Rocket Loans

On the other hand, we have that if you make a payment in advance you will not receive penalties or additional charges for it. If you need the money urgently, with Rocket Loans you will get it in a period of 1 to 3 days. As for the time you have to pay it, you can choose from 36 to 60 months. Its APR ranges from 7. 161% to 29. 99%.

LENDING CLUB

It also works with the “peer-to-peer” modality. If you opt for this company, keep in mind that you will require a score greater than 600. However, if this is not your case, you can still request a credit, only you must do it through a co-signer.

Lending Club

Among the requirements that they handle we have that you have to be an American citizen or have a visa. In addition, you will be required to be of legal age and have a bank account. The amounts they work with range from $1,000 to $40,000 and you can pay it back within 3 to 5 years. Its APR ranges from 7.04% to 35.89%. Perhaps the most negative point that it has is the time for it to be deposited. It usually takes a week. Lastly, it charges an origination fee of 1% to 6%.

FIRST TECH CREDIT UNION

It is ideal for those who do not have an excellent credit profile, although you should know that to apply for a loan you need to register with the Financial Fitness Association or the Computer History Museum.

First Tech Credit Union

You have to consider their competitive rates, they range from 6.70%. The amounts of money they lend range from $500 to $50,000, while the terms to pay it off range from 24 to 84 months.

FINANCIAL PATHWAY

They work with the Latino community, so you don’t need a Social Security number. Having an ITIN is enough. The amounts they provide are not so high: they start at $1,500 and can reach $7,500. The positive is that the monthly payments are fixed.

Way Financial

Your APR does not exceed 35%. Although it is high, they are loans that do not require collateral and do not pay much attention to the immigration status of the applicant. You can pay it between 12 and 36 months. The procedure is completely online, so it will be quick to process and receive it.

Aspects to consider before requesting a personal loan

There are several points to highlight. One of the reasons in its favor is that it is easier to obtain a personal one than a commercial one due to the requirements they handle. The first does not demand so many requirements, so not requesting so many requirements makes it easy to achieve. Other advantages are:

  • If your idea is to buy a home, there are banks that offer mortgage loans that are more suitable for this type of service.
  • They probably won’t ask you for an excellent score. Many times with a score of 600 you will be able to request a personal loan.
  • If you get one that does not require a guarantee or guarantor, it will be very convenient for you. This way you will be calmer in case for some reason you cannot pay a fee.
  • Regarding the monthly payment, they are usually fixed, so you will not have to be modifying your expenses and you will be able to keep better control of your payments.
  • They are usually approved in a matter of minutes, especially if you apply online.
  • They help you pay for financial needs.