FCA Loan
The 6 best personal loans of February 2024
We rounded up our picks for top six personal loan lenders offering some of the best APRs and no (or low) origination fees.
WHY CHOOSE US
Personal loans are the fastest-growing debt category in the last decade. That’s due in part to the rise of fintech and peer-to-peer lending companies, which make accessing these loans cheaper and easier than ever before.
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A form of installment credit, personal loans must be paid back in regular increments over a set period of time. Many see them as an affordable alternative to credit cards, because personal loans often have lower interest rates than credit cards, and consumers can use them to finance nearly every kind of expense, from home renovations to relocation costs and sometimes even paying off student loan debt. But that doesn’t mean they’re free money. Personal loan APRs average 12.17%, according to the Fed’s most recent data. Meanwhile, the average credit card interest rate is around 21.19%.
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When compiling our list of the best personal loans, we Select evaluated dozens of lenders. We looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds.
Compare offers to find the best loan
This tool is provided and powered by Engine by MoneyLion (“EML”), which matches you with third-party lenders. By submitting your information, you agree to receive emails from EML and any information you provide is given directly to EML subject to its own privacy policies and terms of service. FCA market Select does not control and is not responsible for third party policies or practices, nor does FCA market Select have access to any data you provide. FCA market Select may receive an affiliate commission from partner offers. The loan offers are ordered from low to high APR. By providing your information and request for offers, you can see if you’re pre-qualified for a loan offer(s). If you are pre-qualified, multiple factors influence the order in which offers are presented, including commission received by EML, lender criteria and lender decisioning. If you do not qualify, you may be shown secondary offers, for which commission influences the order presented.
Who’s this for?
LightStream, the online lending arm of Truist Bank, offers low-interest loans with flexible terms for people with good credit or higher. LightStream is known for providing loans for nearly every purpose except for higher education and small business. You could get a LightStream personal loan to buy a new car, remodel the bathroom, consolidate debt, or cover medical expenses, according to the company’s website.
You can receive your funds on the same day, if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET.
LightStream offers the lowest APRs of any lender on this list, including a discount when you sign up for autopay. Interest rates vary by loan purpose, and you can view all ranges on LightStream’s website before you apply. This is subject to change as the Fed rates fluctuate.
If you select the invoicing option for repayment, your APR will be 0.50% higher than if you sign up for autopay. The APR is fixed, which means your monthly payment will stay the same for the lifetime of the loan. Terms range from 24 to 144 months, dependent on loan purpose — the longest-term option among the loans on our best-of list.
LightStream does not charge any origination fees, administration fees or early payoff fees.