To take a loan first, we need to know the types of loan present and the one we need among them. The loan can be divided further into different subcategories these loan types are as below.
Types of Loans
- Business Loans
- Micro Loans
- Unsecured Loans
- Credit cards
- Signature Loans
- Consolidation Loans
- Student Loans
- Auto Loans
- Home Loans
- Home equity Loans (second mortgages)
- Government Loan programs
- Construction Loans
Loan companies in America
There are many Loans providing organizations present. Let us dive into this article to learn about the most and best possible Loan lending companies. The interest rate and there lending limit.
In lending, Marcus focuses on debt consolidation, credit card consolidation, home improvement, and other personal Loans. Marcus offers online Loans of $ 3,500- $ 40,000.At the moment, interest rates range between 6.99% and 28.99%, and Loan terms are between 36 and 72 months.
All Loans have a fixed rate with a fixed monthly payment. For residents of New York, the APR is between 6.99% and 24.99%. Besides competitive interest rates, the reason why Marcus is at the top of our list is the toll-free guarantee and ease of use within five minutes. There is no origination fee, no upfront fee, and no late fee, although you should always pay on time and a monthly basis.
SoFi offers student Loans, student Loan financing, and mortgage Loans with asset management and life insurance products. SoFi, short for social finance, allows borrowers to repay their Loans and provides a range of useful services. Interest rates currently range between 5.99% and 17.67% for automatic payments. Loans are worth $ 5,000 to $ 100,000 for 3 to7 years. There are no fees for personal Loans from SoFi, just interest. SoFi also offers a unique anti-unemployment feature, so you do not get stuck in a traffic jam when you lose your job. It is a useful backup plan for every job.
Prosper offers competitive pricing and terms that match other online lenders and even many traditional lenders. Prosper personal Loans are available for amounts ranging from $ 2,000 to $ 40,000 with interest rates between 6.95% and 35.99%APR borrowers should be wary of high-interest rates, while those with the best credit may find market-leading interest rates.
Look out for Prosper fees that you cannot find at any online lender. While there are no prior charges of payment, there is an origin charge. This fee is between 1% and 5% of the Loan, depending on your credit rating.
Lending Club is not a traditional lender. Instead of receiving your Loan from the Lending Club, they come from Loan investors. The Lending Club has raised more than $ 35 billion in Loans. It’s a huge credit market. Lending club interest rates currently range between 6.95% and 35.89% pa,
making it one of the cheapest and most expensive personal Loans, depending on your credit rating. Loans are available for up to $ 40,000, and you receive funding in just three days with a commission of 1% to 6% of the Loan based on your Loan requirement.