One of the most common topics that speakers get asked to talk on is personal finance. The good news about giving this type of speech is that you are just about guaranteed that you are going to be able to keep your audience’s attention! When we give speeches like this, we need to understand the power of our words. Based on what we tell our audience, there is a very good chance that they are going to leave our talk and go take action. This means that we need to be extra careful and take the time to make sure that the information that we are presenting is accurate. As an example of the type of research that we need to do in order to prepare for a speech like this, let’s take a look at how we’d get ready to deliver a speech on personal loans.
Did you know the average American has an average of $38,000 in personal debt?
If you’re struggling to pay off your credit card or other personal debt, it’s time you look into a personal loan. With so many options on the market, it might be difficult to pick the right one for you.
In this article, we have compiled all of the great loans available in one place for you.
Read on to get started.
SoFi Personal Loans
Since this personal loan offers zero fees, low-interest rates, and flexible payment options, you need to have a credit score of at least 680.
The interest rates of the SoFi personal loan vary depending on credit-worthiness, but it’s between 5.99% to 16.79%.
You can borrow as little as $5,000, but you also have the option to borrow as much as $100,000. Although it doesn’t have any fees, it can take up to 7 days for the funds to become available.
Marcus by Goldman Sachs
Personal loans by Marcus by Goldman Sachs are one of the best ones on the market. They offer interest rates as low as 5.99% and as high as 28.99%.
Borrowers can borrow between $3,500 up to $40,000, and pay it back in flexible terms.
However, this loan is not for everyone since they require a credit score of at least 660. They also don’t have the option to add a co-signer to the loan.
Since this loan doesn’t have additional fees it’s perfect for those looking to consolidate their debt.
Laurel Road Personal Loan
Laurel Road offers personal loans for borrowers with a credit score of at least 660. Although the minimum interest rate of 8.01% is higher than some of their competitors, their maximum interest rate of 16.30% is a lot lower.
They offer loans as small as $1,000 and as high as $45,000. Borrowers can choose the terms between 3 to 5 years.
Aside from a late fee, Laurel Road doesn’t have any other additional fees. Since they expect only creditworthy applicants, they have the option to add a co-signer.
Lightstream is another great personal loan of 2019 for borrowers with a good credit history. To qualify for a Lightstream personal loan, borrowers should have a credit score of at least 660.
They have some of the most competitive interest rates of the market. Their interest rates vary between 4.49% to 17.49%.
You can borrow at little as $5,000 and as high as $10,000. Borrowers can pay back the loan in 2 to 7 years.
This loan doesn’t come with additional fees and gives you the option to add a co-signer.
Upstart is a great personal loan available for borrowers with fair credit. In order to qualify for a loan with Upstart, you need a credit score of at least 620.
Since their credit requirements are not as strict as some other loans we discussed, borrowers could pay as high as 35.99% on interest.
They offer loan amounts as low as $1,000 and as high as $50,000. You can expect to see your funds within only a few business days.
However, this loan does come with origination and late fees and doesn’t offer the option to add a co-signer.
It’s encouraged for borrowers to have a debt-to-income ratio of 45% max.
Upgrade is another personal loan for borrowers with fair credit. Their interest rates are as low as 7.99% and as high as 35.89%.
Borrowers can borrow up to $50,000 or as little as $1,000. Since this is a loan for borrowers with a minimum credit score of 620, it does have origination and late fees.
This is a great option for people who want to consolidate their debt.
To have a better chance of getting approved, borrowers should have a minimum annual income of at least $30,000.
Avant offers personal loans for people with a credit score as low as 580. Although their target is borrowers with poor credit, their interest rates are only as high as 35.99%.
Borrowers can request as little as $2,000 or as high as $35,0000. This is a great option for borrowers with a low credit score since it gives them the option to refinance once their credit improves.
While they might not have the option to add a co-signer, they don’t penalize borrowers for paying early.
Rocketloans is another personal loan available in the market. This loan is for people with a credit score of at least 640 and with a minimum annual income of $24,000.
The interest rates of this loan vary between 5.89% up to 28.99%. Qualified applicants can borrow as little as $2,000 or as high as $35,000.
If you want to learn more, check out the full Rocketloans review.
OneMain Financial Personal Loans
OneMain Financial is a type of personal loans for borrowers with bad credit, which means their interest rates as a higher.
Borrowers can pay as little as 18% and as high as 35.99% on interest. Unlike other loans that offer high borrowing amounts, OneMain only lets you borrow as much as $20,000.
The available loan terms are 2 to 5 years. Although it’s not specified, they expect borrowers to have a minimum annual income of at least $49,000.
Aside from the high-interest rates, they also have origination and late fees.
They also provide the option to add a co-signer in order to get a better interest rate.
Payoff Personal Loans
Payoff personal loans are a great option for those who want to consolidate their credit card debt.
To qualify for this type of loan, borrowers should have a minimum credit score of 640. Unfortunately, this loan doesn’t pay off creditors directly, and it doesn’t give you the option to apply with a co-signer.
Borrowers can take out up to $35,000 and have the option of paying it back in 2 to 5 years.
Payoff also expects borrowers to have a debt-to-income ratio of less than 50%. To increase the chances of qualifying, borrowers should also have a minimum annual income of $40,000.
Great Loans of 2019 for Personal Borrowers
Now that you know about these great loans of 2019, it’s time to pick the right one for you.
You can use a personal loan to consolidate your credit card debt or to finance the project of your dream. The type of loan you can qualify for depends on your credit score and annual income.