If you happen to be looking for a personal loan, it’s imperative that you begin your search by looking for lenders that offer the lowest interest rates. Now that the world is dealing with an unprecedented health crisis, and people are in more need of immediate cash than in recent times, it’s likely that many will be looking to loan lenders for some help.
Interest rates on loans can vary wildly, and they can take you by surprise at some point along the line if you’re not aware of all of the details in the loan agreement. It isn’t uncommon to hear about someone getting caught paying off a lot of interest, and this can just as easily happen to you. By doing some extra research beforehand, and checking out this list we’ve compiled, you’ll have a much better idea as to what lenders to look to first when searching for your personal loan.
This company, Fiona Financial, is not a direct lender, but rather they work as a connection service. Regardless, many of the lenders that they have included in their network offer some of the lowest starting APR rates, at around 4.99%. You do need to have a good credit score, 670 and up, to be considered for a loan from them. Through this connection service, you also have the option of viewing different loan options without it affecting your credit.
SpeedyNetLoans is committed to helping people out during this crisis, by getting loans to those who need them the most. Through this connection service, you can receive a personal loan of up to $5,000 from various lenders, with a starting APR rate of 5.99%. This site is very effective at matching you with lenders that fit your exact criteria, and with those who can help you out the most. Loans can be a complicated subject, but to get a good overview, you can read the full SpeedyNetLoan review.
This loan lender offers one of the lowest maximum APR rates at 17.24%, and they normally start out their APR rates for new customers at 5.99%. This lender takes into consideration your work and education history before giving out a loan. A career path with good education is your best bet at receiving the lowest rates possible from this lender. The only downside is that they start their loans at $5,000.
The best part about this loan lender is that they specifically look to help out current and former members of the military. Those who look for a loan through PenFed can start out with an APR rate of 6.49%, with a credit score of at least 650. In addition, their maximum APR rate is set at 18%, much lower than the standard 36%.
LightStream offers one of the lowest starting APR rates available in general, at around 5.49%. This lender will also offer you a lower starting APR if you happen to find a better offer from another lender. There is no origination fee, but the minimum loan you can take out from them is $5,000.
Regardless of what may be going on in the world, people will always need loans. Loans are there to provide financial assistance to those in need. Still, you are much better off taking a loan from certain lenders rather than others, mostly due to differences in interest rates. Now that you’re aware of some low interest rate lenders, you’ll be well on your way in choosing the one that’s right for you.