10 Best Low-Interest Loan Providers Compared in 2021

Laurel Road is a good credit lender and their low annual interests on loans of between 8.01% and 16.30% will only apply to borrowers with a minimum credit score of 700. The actual interest rate for the loan is however highly personalized and open for discussion depending on your creditworthiness. Some of the factors that the lender hints to put into consideration when assessing this creditworthiness include your debt-to-income ratio, minimum annual income, and the amounts applied for. Here, you can borrow from $1,000 and up to $45,000 and repay these amounts in between 3 and 5 years. Of interest is the fact that the lender doesn’t impose any loan application and pre-qualification charges or fees and neither do they charge for prepayments. Delayed and missed repayments, however, attract the late fees which are the lesser of 5% the monthly installment or $28.

LightStream may easily pass as one of the most affordable and easily accessible home equity loan providers out there. Here, loan interest starts from the attractive lows of between 3.99% and 16.99% p.a. These low rates are however only available to good credit borrowers with a minimum credit score of 660. According to the lender, other factors influencing the actual interest rates include your credit history, loan amounts and repayment period as well as the chosen repayment method – autopay or invoice. At LightStream, you can apply between $5,000 and $100,000 and repay the cash advance within 2 to 7 years. And by borrowing from this lender, you get to benefit from their zero-fee policy where they don’t charge origination and other loan application fees and neither do they impose penalties on late payments.

Marcus makes it to our list of best low-interest loans because of their fairly competitive rates and terms when it comes to serving the average credit borrower. The online lender has positioned itself to serving the average borrower with a minimum credit score of 660. Here, you can apply for a multi-purpose loan of between $3,500 and $40,000 whose interest rates start from 5.99% to 28.99% p.a. You will also need to be a permanent U.S resident above 18 years with a valid bank account and SSN to qualify for a loan with the lender. These amounts must then be repaid in between 3 and 6 years. Some of the benefits of working with the lender include the fact that they don’t charge loan application fees or penalize late repayments.

Avant is ideal for loan borrowers with troubled credit histories and poor credit scores. It will also work with low-income credit borrowers earning a minimum $20,000 per annum and advance them loans of between $2,000 and $35,000 with repayment periods of between 2 and 5 years. Note, however, that you need a minimum credit score of 580 to qualify for a loan with Avant . The interest rates start from 9.95% to 35.99% depending on such factors as your credit score and income levels, loan amounts, credit history, and debt-to-income ratio. You will, however, have to pay an administrative fee of 4.75% for every application with some state residents being subjected to a late fee of $25 as well as an unsuccessful loan application fee of $15.

Citizens Bank stands out not just because of its low-interest rates on loans but because it is one of the few lenders that maintain a highly active physical and online presence. It maintains some of the lowest interest rates for their loans that range from 6.79% to 9.06% with the extended repayment periods of between 3 and 7 years. You can apply for loans of between $5,000 and $50,000 with the lender’s loan processing and approval wait time averaging 3 days. You will, however, need a minimum credit score of 630 and a minimum annual income of $24,000. Some of the perks of applying for a loan here is that existing Citizens Bank clients are treated to a loyalty discount of 0.25% as well as an additional 0.25% discount if you choose autopay during loan application. Citizens bank is particularly famed for its superior customer service that they have now complemented with a smartphone app that lets you keep tabs on your loan repayments on the go.

With the loan repayment periods of between 2 and 7 years, SoFi has some of the most extended loan repayment periods. But this isn’t the only reason we featured the online lender on our list of best low-interest lenders. We are interested in their relatively affordable interest rates that start from 5.74% to 16.99% per annum. To apply for a loan here, you will need a minimum credit score of 680 and a minimum annual income of $50,000. You can then apply between $5,000 and $100,000 with the entire loan application process through to funding taking an average 7 days. Note that the lender doesn’t charge origination of loan application processing fees and if you choose the autopay option during loan application, you will be treated to a 0.25% discount on interest.

In addition to running several physical TD Bank branches on the entire East Coast, the lender maintains one of the most dominant online presence in the country. On both platforms, the lender offers different types of loans for different purposes. The banker is especially popular for their TD Express Loan service that offers expedited loan processing service – as fast as having the funds deposited into your checking account within 2 business days. Using the TD Express Loans, you can borrow between $2,000 and $25,000 and if you go through the normal application process this upper loan limit is expanded to $50,000. In both cases, interest rates range from 6.99% to 18.99% with repayment periods of between 12 and 60 months. The most interesting factor about the different TD Bank loans is that they don’t attract origination or loan processing fees. And if you choose autopay during loan application, you will be treated to a 0.25% interest rate deduction.

Citi Bank features on this list of low-interest loan service providers not just because of the competitive caps on their rates but also because these rates are fixed. Interest rates for multi-purpose personal loans start from 7.99% and top at an attractive 17.99%. And they are fixed. The application for the loans is either online or over the phone, and you can borrow between $2,000 and $50,000. If approved, you will then have between 1 and 5 years to complete the repayments. If you apply online, the maximum you can apply is $30, 000 but you will need to call the bank or present yourself at one of their over 700 branches strewn all over the country to apply anything above these amounts. You are also free to convert your variable rate credit to a fixed-rate loan with fixed repayments. More importantly, the banker maintains an online budgeting tool that you can use to check out how much you can borrow and set up the most affordable repayment plan.