5 of the Best No Issue Personal Loans in 2019

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  • Personal loans offer a predictable way to borrow money because they come with a fixed interest rate, a fixed monthly payment, and a set repayment schedule.
  • While debt consolidation is one of the most popular uses for personal loans, consumers also use it for home repairs, medical bills, and emergency expenses.
  • When applying for a personal loan, you should be aware of commissioning fees and hidden fees. The lenders on this list offer affordable personal loans with no fees, but you need good or good credit to qualify.
  • Read more about personal finance.

While nobody ever want to borrow money it can sometimes be useful to do so. Perhaps you have high interest credit card debt that you urgently need to consolidate into a lower interest rate. Or maybe you have medical bills that your emergency fund can’t cover – or a leaky roof that needs to be fixed before it does more damage than it already has.

Many consumers turn to credit cards in such cases, partly for convenience, but also because some offer 0% APR for a limited time on credit transfers, purchases, or both. But another option that has gained popularity is personal loans.

With a personal loan, you can secure a fixed interest rate of up to 4%. Personal loans also have a fixed repayment schedule and monthly payment that will never change. This is attractive because it makes them predictable and easy to plan.

The only catch? You may have to pay a commitment fee, an amount charged by a lender to cover the cost of processing the loan. The good news is that there are great personal loan options for those with good or great credit – keep scrolling for five of the best deals available in 2019.

The best personal loans with no lease fees in 2019

If your goal is to apply for a personal loan, you should strive to get the lowest interest rate that you can have. Also, watch out for fees, including:

  • Registration fees
  • Prepayment penalties
  • Issue fees (can be up to 8% of your loan amount)

To name five of the best, which are listed below in no particular order, we looked for loans that had no lending fees, but also no hidden fees or penalties for prepayment or early repayment of your loan. We also looked for low APR with a fixed rate with the ability to apply online, taking into account all the differentiators from other lenders – like the unemployment protection offered by SoFi.

Here are the best options to consider this year:

LightStream

LightStream offers personal loans that can be used for almost any reason, from home remodeling projects to debt consolidations or medical bills.

You can borrow up to $ 100,000 and repay your loan over up to 144 months. Better still, you can apply online and receive your money the same business day.

  • Fixed APRs of just 3.99% with Autopay
  • No commitment fee or hidden fees
  • No penalty for repaying your loan early
  • Good or good credit required, which usually translates to a FICO score of 740 or higher

Marcus from Goldman Sachs

Marcus from Goldman Sachs is another lender that offers personal loans. Borrow up to $ 40,000 for major purchases, home improvements, or debt consolidation and pay back with a schedule and monthly payment you can afford.

Like the other lenders on this list, Marcus at Goldman Sachs makes it easy to apply for a loan online. You can also receive your money via bank transfer within a few working days.

  • Fixed effective annual interest rate of only 6.99%
  • No issuing fees or hidden fees
  • No penalty for repaying your loan early
  • Good or good credit required, which usually translates to a FICO score of 740 or higher

serious

Editor’s note: As of March 12, 2020, Earnest no longer offers personal loans. When Looking for a Personal Loan Consult Business Insider’s List of Best Personal Loans »

Earnest offers the refinancing of student loans and personal loans that can be used in a variety of ways. Personal loans are available for up to $ 75,000 and you can customize your monthly payment to suit your needs. You can apply online and receive a decision within a few minutes.

  • Fixed effective annual interest rate of only 6.99%
  • No issuing fees or hidden fees
  • No penalty for repaying your loan early
  • Earnest takes into account factors other than your creditworthiness for approval, including your savings habits, earning potential, and education

Discover

You can borrow up to $ 35,000 with a Discover loan and repay your balance within 36 to 84 months. The interest rates are fixed so you will never be surprised by your payment or your debt free date.

  • Fixed effective annual interest rate of only 6.99%
  • No deployment fees
  • No hidden fees, including prepayment penalties
  • Good or good credit required, which usually translates to a FICO score of 740 or higher

SoFi

While SoFi is primarily known for refinancing student loans, it also offers high quality personal loans. You can borrow up to $ 100,000 and repay over two to seven years.

You can also apply and get approved entirely online, and SoFi offers unemployment protection that can temporarily suspend your monthly payments if you lose your job.

  • Fixed effective annual interest of only 5.99% to 19.63% (with AutoPay)
  • No issuing fees or hidden fees
  • No early repayment penalty
  • Get pre-qualified online without a hard query about your credit report
  • Good or good credit required, which usually translates to a FICO score of 740 or higher

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