Signature loan, also known as character loan, is a type of unsecured personal loan that does not require collateral to back up. Signature loans can be used for any purpose including education, debt obligations, medical emergency, vacation and home repairs. You need to provide proof of a good income and excellent credit history in order to get approved. The following are the top 3 companies that offer signature loans.
1. Wells Fargo
Wells Fargo offers signature personal loans with the interest rate APR ranging from 6.25% – 19.75%. The loan amount ranges from $3,000 – $100,000 with a loan repayment period in between 12 – 60 months. Both origination and prepayment fees are not charged by Wells Fargo. You have to go to local Wells Fargo bank to apply for the loan if you are not an existing customer. Wells Fargo has more than 6,000 branches across the USA.
LightStream offers low APR interest rate from 5.99% – 11.99% for their personal loans. The minimum loan amount is $5,000 and you can borrow up to $100,000. The loan term is in between 24 months to 84 months. Once you application gets approved, you can receive the loan fund in 1 day. They have a high requirements for the borrowers to meet. They will only approve you if you can provide proof that you have a stable job with sufficient income and have a good track record of savings. You need to have an excellent credit to get approved for the personal loan with LightStream.
Earnest is a new bank that was recently established that offers personal loans to 36 states in the USA including Washington D.C. They offer personal loans with interest rate starting from 4.25% – 9.25%. You can obtain a loan of in between $2,000 to $50,000 from Earnest. It offers a loan term of in between 1 – 3 years. It takes up to 1 week for them to deposit the funds into your account. Earnest don’t charge any type of fee including origination, prepayment, late fees and personal check processing fees. You can make changes to the monthly repayment amount as well as the payment schedule after your loan application is approved.
Sofi offers personal loan with variable interest rate in between 5.95% – 12.99% for 47 states in the USA. The variable interest rate for the personal loan is capped at 10.99%. You can apply for a loan amount in between $5,000 – $100,000 with Sofi. Sofi lets you choose from three loan repayment periods including 3 years, 5 years and 7 years. What makes Sofi unique from other banks is that it offers an unemployment protection program that gives you the ability to temporarily suspend the loan at anytime.