Whether you’re paying for an unexpected expense, need to Secure a loan with Alpine Credits or want to take a vacation, personal loans can be an affordable financing option. A personal loan can be unsecured or secured by your home, car or other assets as collateral. Most personal loan companies perform a soft credit check during prequalification, which won’t impact your credit score. However, some lenders require a hard credit check to make sure you meet their minimum requirements and have paid your bills on time. This can lower your credit score by a few points, though it typically rebounds within a few months if you pay your bill on time.
Finding the Right Fit: How to Select the Best Personal Loan Service for Your Financial Goals
The best personal loan services offer competitive starting APRs and loan terms. Credible, our top pick for a personal loan marketplace, lets you compare quotes from 17 lenders in as little as two minutes without affecting your credit score. Other options for finding personal loans include traditional banks, credit unions and online lenders such as SoFi, LightStream, and PenFed.
SoFi stands out from the competition with its unsecured personal loans that range up to $100,000 and come with repayment terms of two to seven years. The lender also offers a variety of benefits, including unemployment protection and financial planning, that can reduce your borrowing costs. Another plus is that SoFi doesn’t charge origination fees, late payment fees or prepayment penalties. The lender does, however, require excellent credit to qualify for a personal loan. Those with lower scores can consider applying with a cosigner.