Get Personal Loan in USA from Peer to Peer Lenders & Banks

Getting personal loan in USA is easy and fast provided you meet all the eligibility criteria especially income and credit score. And borrower doesn’t mandate to provide collateral. Purpose doesn’t matter when seeking a personal loan. Whether you want to buy a new car, renovate your home, refinance your credit card, consolidate your debt; getting access to loan is easy and convenient. This is because the interest rate is usually much lower compared to credit cards.

You can get personal loan in USA from:

  1. Banks
  2. Peer to Peer Lending Companies

Peer to Peer Lending Companies

These are nothing but online marketplaces for loans which connect borrowers with investors (i.e. lenders) with no banking institution in between.

Here is the list of P2PL in USA:

Prosper

Is a peer to peer lending platform and offers unsecured loan for meeting any purpose such as financing medical care, to consolidate existing debt, and others.

You can get unsecured personal loan from Prosper for amount ranging from $2,000 to $35,000. But in order to get the approval, the applicant should have good credit history with a minimum score of 640. And based on the score, interest rate will be calculated.

Lending Club

Offers finance upto $40,000 at a rate starting from 7.99%. If you qualify for the loan and it is approved, you can get money within 24 hours. You only need to fill out the online application or contact them over phone any day of the year. Their representatives are available to assist you 365 days a year. There is no fee for loan application and early closure of the loan.

Upstart

Is another P2PL in USA, offering loans ranging from $1,000 to $50,000 for credit card debt refinancing and debt consolidation at a rate of 7.8% – 29.99%.

Banks offering Personal Loan in USA

Lending money from bank is another option when you need personal loan in the United States. You need to simply contact them to request a quote and compare offers from several banks. Banks have advantage of lending money as they earn profit in return.

Here’s the list:

Wells Fargo

It offers you the possibility to get a loan of between $3,000 to $10,000 without prepayment or origination fee. And the interest rate charged is between 6% to 8%.

You can apply for the loan online and get it on the same day if you have a good credit score. For example, if you need to refinance your car, you can be charged a rate of 1.99%.

U.S. Bancorp

Offers line of credit and personal loans for amount ranging from $3,000 and $25,000 at an interest rate of 8.99%. But this rate can be even lower depending on the purpose of the loan. For example, if you need the money for making your home energy efficient then the rate will be lower, with an application or origination fee of about $50 with requires no collateral or annual fees.

However, online application for a personal loan at US Bancorp is applicable only to their customers who are over 120 days old. But if you are a new customer requiring finance, then you will have to personally visit one of its branch and become an account holder and then as a customer apply for the loan online.

TD Bank

It offers unsecured loans from $2,000 to $50,000 dollars at an interest rate of 10%.

Citizens Bank

This retail bank offers various financial products for consumers such as traditional savings accounts, checking accounts, personal loans and student loans and others.

For getting personal loan from Citizens Bank, you can either visit their branch offices located across the country or on their website. But applying for a personal loan on their website is most convenient, as it is time saving. You can get loan amount between $5,000 and $50,000 at fixed rates of 5.99%. You can also choose from 3 to 7 year payment plans with no prepayment or application fees.

You can apply for loan to meet any objective such as special occasions like marriage, birthday, paying off your vacation or consolidating any existing debt, especially credit card debt.

However the minimum income required to get the loan approved is $24,000. And in addition to the income, the applicant needs to have a very solid credit history.

PNC Financial Service Group

It offers you loans from $1,000 to $100,000 with an interest rate of 7.74% depending on the amount of money borrowed.

Other companies offering personal loan in USA

America First Credit Union

Offers fast approval personal loans for a special purchase, vacation, education or any emergency as long as you have a solid credit score and a low interest rate if you secure the loan with a shared savings account or a certificate account.

However you should note that, the interest rate of the credit card is higher than the interest rate of the bank loan regardless of which bank it is.

FreedomPlus

This consumer lending company, offers you the possibility of accessing a loan between $10,000 and $35,000 dollars with a repayment term of 2 to 5 years and an interest rate of 4.99%.

In addition, depending on the state you live, the rate may be vary between 0% to 5%. Loan approval is based on the evaluation of your credit score, if you have a co-signer, your income. If your retirement assets reach a minimum of $40,000 you can get a discount on the interest rate, which can be 2% or 4%. And even if half of the loan is used to pay an existing debt, you can get a discounted interest rate.

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