Most lenders charge more than 10% interest rates for their loans but there are a few lenders that offer a cheap interest rate under 10%. lower interest rates means you will save more money on the repayment and repay back your loan faster. The following are the three top lenders that charger a less than 10% interest rates for their personal loans.
LendingClub offers personal loans at a low interest rate APR that starts from 6% with a maximum loan amount of $10,000. Most people get an interest rate that is under 10% at Lending Club which could help in saving thousands of dollars in the loan. The reason Lending club is able to offer such a low interest rate is because they are an online lender without any branch across the USA. The interest rate that LendingClub offers is a fixed rate which means that the interest rate will stay the same throughout the loan term even if you are late in making the repayment. You can check your interest rate after a soft inquiry that is harmless to your credit score. LendingClub is a peer to peer platform so the loan funds come from the investors in the USA.
Lightstream is another lender that offers loan with excellent interest rate that starts from 6%. The loan amount that Lightstream offers is in between $5,000 – $100,000. They do not charge any fee and you can prepay without having to pay the prepayment penalty fee. The interest rate that you are assigned depends on what you are buying. You will be able to view the interest rate range for different purposes at the LightStream website. LightStream is great for people with a credit score above 720 and have at least 5 years of credit history. Joint application is allowed. To apply for Sofi, you simply complete an online loan application with the necessary information and it will return in a few minutes whether you get approved for the loan.
3. Americas Choice CU
Americas Choice, also known as student loan refinancing, offers fixed and variable rate loans. Americas Choice fixed rate loan offers an interest rate that range from 5.95% – 12.99%. Americas Choice variable rate loan offers an interest rate that range from 4.74% – 11.34%. You can enjoy an even lower interest rate if you participate in auto pay. The minimum loan amount is $5,000 while the maximum loan amount is $100,000. The loan duration is in between 3 – 7 years. Americas Choice does not charge origination and prepayment fees. However, they do charge a 4% fee. Americas Choice has strict requirements and you need to have a good job and income in order to get approved. Some of the requirements are stable employment history, good FICO score, strong cash flow, and employment offer of at least 90 days starting from the application date.