When you need extra cash, what do you do?
You can use your credit card, but the high-interest rate is not worth the trouble. If you can’t borrow the money from friends and family, you might consider taking out a personal loan.
With that said, we are sharing the five best loan lending companies in 2019. Review them and see which one suits you best.
1. Eloan
This online lending company specializes in debt consolidation and personal loans. It is a Puerto Rican-based company that is allowed to offer its services in the United States. The company has been around for more than 20 years. It was founded in 1997 and is backed up by Banco Popular de Puerto Rico.
The company operates under US Federal Banking laws, and they have funded more than $5 billion in online loans. For more information, read the Eloan Review from LoanReviewHQ.com.
2. Marcus
The Personal Banking and Lending brand of Goldman Sachs, Marcus offers personal loans and savings accounts. This brand is known for offering perhaps the best interest rates and terms in the financial marketplace. Marcus offers debt consolidation loans, home improvement loans and other types of personal loans.
It has the most competitive interest rate. There is no fee guarantee, and the loan application process takes only 5 minutes.
3. Lending Club
Lending Club is perhaps the most famous lender currently in the market space. It suffered some negative publicity recently, but it still ranks among top lenders. This is not a traditional lender. Instead of lending you the funds itself, it borrows from loan investors in $25 increments. So far, the company has lent more than $35 billion in loans. It is among the cheapest lenders.
Lending Club is a San-Francisco Based company that more or less connects borrowers with investors; it’s a peer to peer lending platform. It offers debt consolidation, home improvement and other types of personal loans. The loans have monthly payments, a fixed interest rate, and no prepayment penalties.
4. LightStream
LightStream is the online division of SunTrust Bank that caters to highly qualified borrowers. It is known to offer low-interest rates. But before it lends you any money, it evaluates your APR through careful testing.
It offers both secured and unsecured loans. The company is very confident in their services. They even offer a Rate Beat Program which beats a competitor’s published rate by 0.10% (if conditions are met).
5. Sofi
Better known as Social Finance, this company has grown to be one of the best lenders. This is impressive considering it was founded in 2011. It loans for home improvement, relocation, medical reasons, and much more, offering both fixed and APR loans.
The application process is simple. Potential borrowers can prequalify for a loan with soft credit in just 2 minutes. If you want to apply, complete your online application with the help of the company’s consultants, and wait. Once you are through the evaluation process, you can expect the funds to be wired into your account in a few days.