hi guys welcome to business snap youtube channel here i can provide you finance investing and business updates before i start please like and subscribe my youtube channel a personal loan allows you to borrow money to consolidate high interest debt pay for large purchases or cover emergency expenses the loan terms are typically less than five years and the amounts range from one thousand dollars to one hundred thousand dollars during the pandemic the federal reserve held interest rates close to zero this can help reduce the cost of personal loans if one is available well during the coronavirus recession borrowers were subject to stricter lending standards however this may change once the economy is heating up again if you have good credit and a steady income you could still find the right personal loan to meet your needs at a low rate of interest this is what you need to know when applying for a personal loan and how to get approved let me tell you the best personal loans for 2021 number one best for low interest lightstream lightstream is suntrust bank’s national online consumer lending division which merged with bbnt in 2019 to become truest outside of refinancing current light stream loans the main feature of lightstream’s online personal loans is that they can be up to 100 000 in value and utilized for almost any reason personal loans are accessible in all 50 states to applicants with good to excellent credit you can get loan amounts five thousand dollars to one hundred thousand dollars and repayment terms are 24 to 144 months here are the best features one a variety of loan uses are available two loans of up to one hundred thousand 000 are available number two best for low minimum loan amounts pentagon federal credit union penn fed credit union provides financial services for department of defense department of homeland security military personnel veterans retirees and eligible veterans a military organization is not required to apply or become a member of a credit union eligible members and co-borrowers in all 50 states can apply for personal loans through the credit union now you can get loan amounts 500 to 20 000 and repayment terms up to 60 months here are the best features 1. terms of up to 60 months 2. there are no origination fees 3. borrowers can get access to funds as early as the day after approval number 3 best for borrowers with no credit or poor credit upstart upstart is an online marketplace lender which connects borrowers with investors to obtain personal loans the company offers loans up to 50 000 to anyone with good credit except for residents of west virginia and iowa more than 7 billion worth of loans has been originated since the platform was founded in 2012. the platform automates many loan decisions and uses artificial intelligence you can get loan amounts 1 000 to 50 000 and repayment terms 36 to 60 months here are the best features 1. upstart may accept applicants with fair credit or even those with no credit history using artificial intelligence to quantify risk point two upstart loans as low as one thousand dollars are available in most states three the lender’s credit dashboard allows borrowers to see the impact of loan repayments and to modify payment dates [Music] number four best for debt consolidation payoff payoff personal loans are available to consolidate high interest credit cards and other debt it is available in all 50 states and offers loans up to 40 000 payoff is not a bank instead it works with lending partners to originate loans california is the home of the company which it considers a financial wellness business payoff created a sister company happy money in 2017. this company takes a psychological approach when it comes to money matters payoff today is a happy money service here you can get loan amounts 5 000 to 40 000 and repayment terms 24 to 60 months best features are 1. borrowers don’t face prepayment or late fees point number two borrowers can get pre-approved with no hard credit check three some borrowers with fair credit may be eligible [Music] number five best for digital customer care rocket loans rocket loans provides personal loans to eligible borrowers in all 50 states except nevada west virginia and iowa these loans are for those with good to excellent credit and needing to borrow up to forty five thousand dollars to consolidate debt pay off medical bills or for business or other purposes you can get loan amounts two thousand dollars to forty five thousand dollars and repayment terms 36 to 60 months best features are one same day loan funding is available in some cases number two no prepayment penalties apply three an online application process is available number six best for risky borrowers avant avant has been providing personal loans for more than 800 000 borrowers nationwide since 2012 borrowers with good to excellent credit may be eligible and can borrow between two thousand dollars and thirty five thousand dollars [Music] you can get loan amounts two thousand dollars to thirty five thousand dollars and repayment terms are twenty four to sixty months now the best features are one loans as low as two thousand dollars are available number two funding can happen as early as the next business day after approval [Music] number seven best for no origination fee marcus by goldman sachs marcus is the consumer bank and lending arm of investment bank goldman sachs established in 2016 the lender offers personal loans of up to forty thousand dollars here you can get loan amounts three thousand five hundred dollars to forty thousand dollars and repayment terms 36 to 72 months also the best features are number one marcus does not charge any fees on its personal loans 2. borrowers can adjust their payment due date [Music] number eight best for loans of up to one hundred thousand dollars with no fees sophie sophie which stands for social finance provides personal loans of up to one hundred thousand dollars to borrowers with good to good credit the lender operates nationwide but does not provide personal loans in mississippi and is known for providing no fee loans in addition to personal loans sophie offers student loans student loan refinancing home loans and small business financing in sofie you can get loan amounts 5 000 to 100 000 and repayment terms are 24 to 84 months best features are 1. sophie offers no fee loans including no late fees number two loans of up to one hundred thousand dollars are available three co-borrowers are accepted number nine best for bad credit best egg best egg is a national online lender offering personal loans starting at two thousand dollars for a variety of purposes loans can be funded in as little as one business day you can get loan amounts two thousand dollars to fifty thousand dollars repayment terms are thirty six to sixty months best features are one loan funding typically takes one to three business days upon approval two the minimum loan amount is two thousand dollars in most states number three borrowers incur no prepayment penalty [Music] number 10. best for fair credit lending club lending club connects investors and borrowers through its network partners lending club was initially launched on facebook but has since grown to be a large peer-to-peer lender lending club offers loans from one thousand dollars to 40 000 to borrowers in all 50 states and territories of the united states with good to excellent credit you can get loan amounts of 1 000 to 40 000 and repayment terms are 36 to 60 months here are the best features one loans of one thousand dollars or more are available number two joint applications are accepted three borrowers can qualify with fair to excellent credit here is my bonus information for you do you know what is the best interest rate on a personal loan because you can save money by shopping around for the best personal loans rates compare personal loan rates with the national average personal loan trends to determine if you have found a low interest rate also your credit score could affect your ability to pay higher or lower interest rates the average personal loan rate is 9.34 last week’s average rate was 9.93 .