Updated on March 1, 2021
By Kat Tretina
Whether you want to consolidate high-interest credit card debt or you have a major purchase to finance, you might be considering taking out a personal loan. That's a smart move, because personal loans carry much lower interest rates than credit cards, allowing you to save big money over the life of your loan.
However, it’s a good idea to do some research before submitting a loan application. Interest rates and terms can vary widely from lender to lender, and you want to ensure you’re getting the best deal possible.
Check out our carefully screened partners below to find a lender that will work for your needs.
A personal loan is typically an unsecured form of debt, meaning you don’t have to put up any property as collateral. A personal loan gives you flexibility, allowing you to consolidate debt, pay for home repairs, finance a vacation, or even to cover the cost of your dream wedding.
There are literally hundreds of personal loan lenders out there, and, frankly, it can sometimes be difficult to identify the legitimate companies from the bad actors. At Nitro, we have relationships with trustworthy, established lenders.
They’ve gone through an extensive vetting process, and we selected them based on the following criteria:
Whether you're looking to pay off existing debt or make that big purchase, a Citizens One Personal Loan can help you achieve your financial goals.
Citizens Bank Personal Loans: Low Rates and No Existing Account Required
We'd recommend a Citizens Bank personal loan as a good option if you have good to excellent credit, especially if you are an existing customer of the bank. However, you don't have to be a customer to apply.
Benefits of a Citizens Bank Personal Loan:
Low rates. No fees. Personal loans made easy.
Pay off credit cards or invest in home improvements.
Are you paying more than 17% interest on your credit cards? SoFi Personal Loans could help you save thousands. With low personal loan interest rates and a fixed monthly payment, you can get loans to pay off credit cards, pay off high interest debt, or make a major purchase. It only takes minutes to apply.
We're Offering Personal Loans With No Fees. Ever.
See if you're eligible for a personal loan from Marcus.
Get personal loan options in as few as 5 minutes. Here's how it works:
1) . Tell us about yourself. We’ll customize your personal loan options based on your input.
2). Choose your personal loan. Explore your loan options, and pick one that suits your budget and time frame.
3). Complete your application. Add a few details to verify your identity and finalize your personal loan application.
Pros
Cons
Apply in minutes. Have funds in your account as soon as today.
Finally, a loan that rewards your credit. Low rates, great service. Your best loan ever, guaranteed.
When you have a track record of financial responsibility, you deserve an exceptional rate and superior service.
Qualifications
Pros
Cons
Fund the Unexpected with Laurel Road. The simple solution for personal lending.
Life can be expensive.
Borrow up to $45,000 with flexible terms to fit your needs. Use a personal loan to pay off high rate credit cards and other high-interest debt, to make home improvements, and more.
With low rates and flexible terms, Laurel Road offers personal loans that fit your needs. Get rates in just two minutes and receive funds in as little as two business days.
Check Your Rate in Minutes!
Manage your debt by simplifying your bills.
Put your credit card debt behind you. A low-interest loan from Best Egg gives you the freedom to pay off or pay down your higher-rate balances on credit cards and loans.
Determine how much you need to get things done. Request a loan from $2,000 to $35,000* to handle household remodeling, car repairs, vacations, and even medical expenses.
Make one fixed, monthly payment. Enjoy fixed Annual Percentage Rates (APRs) that range from 5.99% to 29.99%
Qualifications
Pros
Cons
When shopping for a personal loan, you should look for the following features:
Eligibility criteria for a personal loan can vary from lender to lender. In general, they’re looking for borrowers who have good to excellent credit and stable incomes. When they evaluate your application, they’ll review your credit score to determine whether or not to issue you a loan and to decide what interest rate you’ll receive.
Most lenders will include their minimum eligibility requirements on their websites.
If you can’t qualify for a loan on your own, some personal loan lenders allow you to apply with a cosigner. A cosigner — usually a friend or relative with excellent credit — shares responsibility for the loan and lessens the risk to the lender. With a cosigner, you’re more likely to qualify for a loan and score a low interest rate.
When it comes to personal loans, the following costs may apply:
While it's important to consider rates, fees, and payment terms, it’s a good idea to look beyond just the numbers as well; it’s essential that you choose a reputable and trustworthy lender with a reputation for helping customers.
Named one of the “best banks in America” by Money magazine, Citizens is a consistently solid choice for a personal loan. Even though it’s one of the nation’s oldest and largest financial institutions, Citizens has shown a commitment to being at the cutting edge of technology, offering both convenience and stability to their customers. Plus, Citizens has an excellent record of civic responsibility and engagement. Their staff provides more than 85,000 hours of volunteer time each year to various causes, including teaching financial literacy in the communities they serve. So it’s a bank you can feel good about doing business with.
Key features of a Citizens Bank personal loan:
The folks behind SoFi, which stands for “social finance,” feel your pain when it comes to debt. The company was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. Today, they offer a variety of lending products through their online platform.
Key benefits of a SoFi personal loan include:
Marcus is the retail banking arm of finance giant Goldman Sachs. Founded in 2016, Marcus currently focuses on two things: high-interest savings accounts and personal loans. By tightly focusing on these two areas, the company is able to offer highly customized financial products.
Key benefits of a Marcus personal loan include:
Lighstream is the digital banking arm of SunTrust Bank. It was founded with the vision to simplify the lending process for borrowers with good to excellent credit. If you have a high credit score and a solid income history, Lightstream is definitely worth taking a look at.
Key benefits of a Lightstream personal loan:
Laurel Road has small-town roots, but it has grown into a national online lending powerhouse. In fact, it was one of the first lenders to completely digitize the loan process using proprietary technology. Expect a seamless online experience if you decide to take a out a loan from Laurel Road.
Key benefits of a Laurel Road personal loan:
Best Egg is an online-only lending platform that was conceptualized by veterans from the banking industry who wanted to bring a tech-startup vibe to online lending. The goal: make banking easy for the way that people live today.
Key benefits of a Best Egg personal loan:
In most cases, you can apply for a personal loan online; the process takes just a few minutes.
To complete the application, you’ll need to provide the following information:
Most reputable personal loan lenders don’t charge an application fee.
When you submit a full application for a personal loan, lenders will perform a hard credit inquiry, which does impact your credit.
To shop around and get the lowest rates, it’s a good idea to get rate quotes before you apply. Some lenders will allow you to get an estimate with just a soft credit check, which doesn’t affect your credit.
Most personal loan companies will make a decision within a few minutes after submitting your application. In some cases, the lender may reach out to you for additional information or documentation, such as copies of your pay stubs.
If approved, you can get your money in as little as two business days.
Whether you're looking to pay off existing debt or make that big purchase, a Citizens One Personal Loan can help you achieve your financial goals.
Citizens Bank Personal Loans: Low Rates and No Existing Account Required
We'd recommend a Citizens Bank personal loan as a good option if you have good to excellent credit, especially if you are an existing customer of the bank. However, you don't have to be a customer to apply.
Benefits of a Citizens Bank Personal Loan:
Low rates. No fees. Personal loans made easy.
Pay off credit cards or invest in home improvements.
Are you paying more than 17% interest on your credit cards? SoFi Personal Loans could help you save thousands. With low personal loan interest rates and a fixed monthly payment, you can get loans to pay off credit cards, pay off high interest debt, or make a major purchase. It only takes minutes to apply.
We're Offering Personal Loans With No Fees. Ever.
See if you're eligible for a personal loan from Marcus.
Get personal loan options in as few as 5 minutes. Here's how it works:
1) . Tell us about yourself. We’ll customize your personal loan options based on your input.
2). Choose your personal loan. Explore your loan options, and pick one that suits your budget and time frame.
3). Complete your application. Add a few details to verify your identity and finalize your personal loan application.
Pros
Cons
Apply in minutes. Have funds in your account as soon as today.
Finally, a loan that rewards your credit. Low rates, great service. Your best loan ever, guaranteed.
When you have a track record of financial responsibility, you deserve an exceptional rate and superior service.
Qualifications
Pros
Cons
Fund the Unexpected with Laurel Road. The simple solution for personal lending.
Life can be expensive.
Borrow up to $45,000 with flexible terms to fit your needs. Use a personal loan to pay off high rate credit cards and other high-interest debt, to make home improvements, and more.
With low rates and flexible terms, Laurel Road offers personal loans that fit your needs. Get rates in just two minutes and receive funds in as little as two business days.
Check Your Rate in Minutes!
Manage your debt by simplifying your bills.
Put your credit card debt behind you. A low-interest loan from Best Egg gives you the freedom to pay off or pay down your higher-rate balances on credit cards and loans.
Determine how much you need to get things done. Request a loan from $2,000 to $35,000* to handle household remodeling, car repairs, vacations, and even medical expenses.
Make one fixed, monthly payment. Enjoy fixed Annual Percentage Rates (APRs) that range from 5.99% to 29.99%
Qualifications
Pros
Cons
© 2021 Nitro College. All Rights Reserved.
Disclaimer: The information obtained throughout the Nitro site is intended to be used for educational purposes only. All product names, logos, and other trademarks displayed within the Nitro site are the property of their respective owners. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. We recommend consulting a licensed financial professional before making any financial decisions. This site may be compensated through our partner relationships. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education.