Best Personal Loans in 2021

How to choose Best Personal Loans

Compare Top 10 Best Personal Loans 

The best reason to get a personal loan is to consolidate your existing debts, pay to cover added expenses or cover the existing loans. For example, if you face any trouble paying the monthly instalments to cover your other loans like insurance loans, home loans, etc., you can cover it by taking a personal loan. 

Some of the top reasons people get a personal loan are as follows: 

For finding the best personal loan, it is necessary to understand the reason for borrowing money. Whether it is the consolidation of debts, taking care of an unexpected expense, or home finance, you need to figure out an estimate of your requirements. This helps in narrowing down your search to specific lenders that can finance your needs. Thus, you can get a personal loan that is best suited for your requirements. 

What can you expect from this guide.

Top 10 Best Personal Loan

The five best cheap personal loan options available are as follows:



LightStream offers low-interest personal loans along with flexible higher terms for people with a good credit history. The loan can finance any purpose except one of the best business loans or to fund your higher education. 

The process of application and approval is fast. One might receive funds on the same day of approval. A maximum amount of $100,000 can be borrowed through LightStream. They also provide an APR discount when an applicant signs up for autopay. 


  • LightStream does not charge any origination fees, late fees, or other types of fees. 
  • LightStream Personal Loan plants a tree for every loan you take from them. 
  • Qualified borrowers or lenders can receive their funds quickly. 
  • LightStream offers a lower rate of interest, which is very competitive when compared with other lenders. 


  • The minimum loan amount one needs to borrow is around $5000, which is a little high. 
  • LightStream may require several years of credit history. 
  • Their website does not have an option for pre-approval of a personal loan. 
  • LightStream is not available for business loans or student loans.


SoFi stands for Social Finance Inc, which is an American online personal finance company. It was established in August 2011, and its headquarters is located in San Francisco, California. 

SoFi offers a simple sign-up application process along with a user-friendly application to manage your payments easily. A unique aspect of SoFi is that you can choose between a variable or fixed APR. By setting up auto paymentsyou can earn a 0.25% discount on your APR. 

SoFi can offer personal loans up to $100,000 depending on the creditworthiness of the applicant. 


  • SoFi charges no origination fees or late fees. 
  • It is a great option to fund a variety of purchases.
  • One can have more than one SoFi loan at a time. 
  • SoFi offers a very low APR Range of 5.99% to 18.64%.


  • SoFi requires a minimum credit score of 680 for personal loan approval. 
  • SoFi may not be a good choice for advanced investors.
  • There is no secured loan option, and no co-signers are allowed. However, co-applicants may apply. 


Marcus by Goldman Sachs Personal Loan is a good choice if you are looking for a no-fee personal loan for making large purchases on investment. Marcus also gives personal loans for home renovation, wedding expenses, holidays, or moving from one place to another. Borrowers may qualify to take up a fixed interest loan to $40,000 based on credit history. 


  • Marcus does not charge any early payoff fees or late fees. 
  • It is a reliable option as it is authorized by the Financial Conduct Authority (FCA).
  • Customers can easily open a Savings Account without any deposits.
  • Marcus has competitive rates among online lenders and a wide variety of repayment term options.


  • A Marcus Personal Loan does not have any Bank branches. However, they have a mobile banking application available on the App Store and the Google Play Store. 
  • There are no ATM networks available for Marcus Accounts.
  • Funding can take up to five days.
  • There are no co-sign joint or secured loan options.
  • Marcus has slightly strict loan approval requirements.

First Tech Credit Union

First Tech Credit Union has its headquarters in San Jose, California. It offers loans to applicants with a fair credit score with sounder rates and minimum fees.

A First Tech Personal Loan is a good option for paying credit card debts and best payday loans. Membership requirements at First Tech Credit union are not strict, and by opening a saving account with five US dollars, one can painlessly become a member. It is easier to get approval for a personal loan through a credit union, and the credit union proposes one of the most competing charges for unsecured personal loans, commencing at 6.70%.


  • One can easily apply online in a couple of minutes. It is a quick and easy loan application.
  • There will be no monthly account maintenance fees. Moreover, there are no origination fees and application fees.
  • First Tech Credit Union approves applications by co-borrowers.
  • First Tech Credit Union offers the maximum loan amounts.


  • One should be a member of First Tech Federal Credit Union to qualify.
  • No prequalification option is handy during the checking of initial rates.
  • They charge late fees and returned payment fees.

Rocket Loans

Rocket Loans give online personal loans to lenders or borrowers with fair credit and a minimum of two years of credit history. Rocket Loans offers fast funding and competitive Annual Percentage Rate (APRs). The term range is between 3 to 5 years. However, to fit for the most economical rate, you must have superior credit, satisfy several requirements, and select autopay.


  • Rocket Loans offers quick and easy online applications. 
  • Offer APR discount when applicant selects autopay. 
  • Rocket Loans offers very competitive Interest rates. 
  • Rocket Loans are fast-approved. You may get your funds on the same day.
  • They offer loans as small as $2,000


  • Rocket Loans charge an origination fee.
  • They do not offer direct payment to creditors with debt consolidation loans.
  • They do not have the co-sign, joint or secured loan options.

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