Low-Interest Loans & Where To Find Them

Low-Interest Loans & Where To Find Them
Dustin Clendenen
on December 15, 2017
Read in 3 min

Sometimes we fall behind on our credit card payments, and those high APRs can start to take a real toll on our debt to credit ratio.

Other times, we need to make a major purchase in cash, but don’t have money on hand and refuse to utilize a credit card.

In both of these situations, a low interest loan can be a true financial hero.

With so many loan companies out there all vying for your attention, it can be hard to tell which ones actually offer the best rates.

LendGenius works with a network of lenders, which allows customers to connect with a lender quickly so they can get the process started.

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These are some of the low-interest lenders we work with:

LendingClub

LendingClub might be best utilized by consumers with good credit looking to make a major purchase without a credit card.

Their APR range is 5.99% to 35.89%, so borrowers with bad credit might fare better on APR with a credit card.

LendingClub has no income requirements, but you need a credit score of 600 or higher to qualify for their loans.

They can fund loans of up to $40,000.

SoFi

SoFi offers some of the lowest interest rates in this list, with an APR range from 5.29% to 14.24%.

They’re also pretty forgiving to borrowers, with no origination fees or early repayment penalties.

And the max loan amount is even $100,000.

However, all these generous terms require an annual income of at least $50,000 in order to be approved for one of their loans.

Upstart

Upstart is an ideal lender for borrowers who need fast access to cash but have poor credit (620 is the minimum FICO score they will approve).

However, if your credit is in good shape, you can benefit from APRs as low as 7.39%.

Loans can be approved of up to $50,000, but keep in mind there is a one to eight percent origination fee.

Citizens Bank

Citizens Bank is a traditional brick n’ mortar institution, but somehow they’ve found a way to compete with the low interest rates of online lenders, with APRs ranging from 5.99% to 16.24%.

There’s not even any origination fees or early payment penalties.

However, Citizens Bank does require borrowers to have a FICO of at least 680.

Earnest

Earnest offers low interest loans with incredibly short terms, making them the perfect lender for quick cash you plan to pay back like a credit card.

The longest term loan Earnest offers is three years, but you can borrow up to $50,000.

There are no minimum income requirements to qualify for one of their loans, but you do need a FICO of at least 660.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

Qualifying for Low Interest Loans

One of the most important factors to look for in a personal loan is the interest rate.

Here are the aspects of your credit to take care of in order to qualify for loans and get a good deal:

Your credit score

Also known as your FICO, in the world of lending, your credit score is king.

With a range of 300 to 850, this number helps lenders determine the level of risk they face when they loan money to you.

A low credit score indicates high risk, so lenders will be more aggressive in recouping their investment.

That translates to higher interest rates on your loan, so they’re paid as much as possible in case you suddenly default on the loan.

Your credit score is affected by a number of factors, like:

  • length of your credit history
  • the amount of debt compared to your amount of available credit
  • & your payment history.

Your debt-to-income ratio

Most lenders will ask borrowers about their income.

As they review your credit history, they are aware of how much debt you have and what your monthly payments are.

They can look at your income to assess how easy it will be for you to pay back your loan.

Obviously, having a high amount of debt with payments taking up a large amount of your income would indicate you are a high risk borrower—

And that will result in higher interest rates, if you get approved at all.

The term of the loan

The best deals on interest rates are extended to borrowers who opt for short term loans.

From the lender’s perspective, the faster a loan is paid off, the more money they will have to lend to other borrowers.

Short term loans always have higher monthly payments however, so be aware of how much you can handle in your budget.

Do you know what kind of rates are available for you?

Regardless of your personal credit score and your income, each of these lenders will offer you different rates and terms.

So how you do know how to get a loan with low interest, unless you know what each lender can offer you?

You don’t!

LendGenius allows you to connect with a lender quickly and efficiently, so you can make a more informed decision.

Ready to get started?

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

Dustin Clendenen Finance Journalist

Dustin Clendenen is an LA-based screenwriter, editor, and all-around storyteller.

He spends most of his time thinking about the “Big Picture” and obsessing over its details.

Follow his musings on Twitter.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.