We rated 12 lenders with the most loans by volume out of 15 data points across interest rate, fee, loan terms, hardship options, application process, and eligibility categories. We’ve chosen the top nine to display based on those earning three or more stars.
Here is the weight assigned to each category:
- Difficulty options: 30%
- Application process: 16%
- Loan conditions : 14%
- Interest rate: 13%
- Eligibility: 14%
- Costs: 13%
Specific characteristics considered in each category included the number of months of abstention available, economic hardship reimbursement options available beyond traditional abstention, perks such as cash back on graduation , discounts, time to default, disclosure of credit rating and income requirements, and other factors.
Lenders who offered interest rates below 10% had the highest scores, as did those who offered more than the standard 12-month forbearance, who made their loans available to non-U.S. Citizens, who offered interest rate discounts beyond the 0.25% standard for automatic payments. , which offered multiple loan terms of up to 15 years and charged minimal fees.
In some cases, lenders were awarded partial points, and a maximum of 3% of the final score was left to editorial discretion depending on the quality of the user-friendly features offered.
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The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here is how PenFed personal loans compare to other popular lenders:
PenFed v Navy Federal
Navy Federal offers two types of personal loans. His basic personal loan has terms of up to 60 months and loan amounts ranging from $ 250 to $ 50,000; his personal renovation loan has terms of up to 180 months. If you plan to use your funds for home improvement projects, Navy Federal may be your best option.
However, Navy Federal charges higher interest rates than PenFed, with a minimum rate of around 7% compared to PenFed’s 6%. The criteria for membership in Navy Federal are also more stringent than those of PenFed. To become a member, you or a member of your family or household must have ties to the armed forces, the Ministry of Defense or the National Guard.
PenFed vs. USAA
The maximum loan amount available through USAA is $ 20,000, far less than what PenFed offers. The length of a USAA loan ranges from 12 to 84 months, but also depends on the amount you want to borrow. Unlike PenFed, you must be a current or former military or family member to be eligible for membership in the USAA.
Related: USAA Personal Loan Review
PenFed vs. SoFi
SoFi offers personal loans ranging from $ 5,000 to $ 100,000, which is well above PenFed’s $ 50,000 limit. SoFi’s starting interest rate is also lower than PenFed, but is only available to highly qualified applicants.
If you need to borrow a large amount, SoFi may be a better option. However, if you need less than $ 5,000, PenFed’s $ 600 minimum limit may work for you.
Related: Review of SoFi Personal Loans
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SAN CARLOS, Calif., July 13. Oct. 2, 2021 (GLOBE NEWSWIRE) — Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hard workers with responsible, affordable and credit-generating alternatives to payday and auto Title Loans, today announced that it is expanding its secured personal loan product to the State of Florida.
Oportun’s secured personal loans were previously only available in the state of California. The expansion of the Florida secured personal loan product is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for those traditionally excluded from the financial mainstream.
“Just as our traditional personal loans served as an alternative to payday loans for the borrowers we serve, this new product provides an affordable, credit-creating alternative to auto title loans,” said Matt Jenkins, Chief Operating Officer. at Opportun. “According to the FTC, auto title loans often carry triple-digit interest rates and are due in full, via a one-time lump sum payment, within two to four weeks.”
Through its secured personal loans, Oportun can serve clients who would otherwise be denied access to affordable credit. It allows customers to receive a higher loan amount with a reduced interest rate compared to an unsecured personal loan. Oportun Secured Personal Loans offer clients fixed and affordable payments; no prepayment penalties or lump sum payments; and the ability to establish a credit score. Oportun secured personal loans range from $2,525 to $20,000.
For more information, please visit https://oportun.com/
About Opportun
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hard-working people. Using AI-powered models that draw on 15 years of proprietary customer insights and billions of unique data points, Oportun has granted over 4 million loans and over $10 billion in credit affordable, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.
Media Contact
Georges González
650-769-0441
[email protected]