The Best Personal Loan Companies for Every Loan Type

Sarah BadaniBySarah BadaniAug. 04, 2019
Getting the right type of personal loan give your more financial security
While most loan providers offer more than one loan type, each usually has one area in which it specializes. Some loan providers are strong in P2P lending, secured loans, or loans for those with poor or excellent credit. Here is a review of the best personal loan lenders to turn to for each type of loan.

Best Companies Compared:


Best For
Loan Amount
APR

P2P

up to $40,000

6.95% - 35.89%

Short-term

up to $100,000

3.99% - 35.99%

Long-term

up to $100,000

5.73% - 16.59%

Secured

up to $50,000

3.99% - 35.99%

Unsecured

up to $40,000

4.99% - 35.99%

Good credit

up to $100,000

3.84% - 35.99%

Bad credit

up to $35,000

5.99% - 35.99%


Best for P2P Lending: LendingClub   

Loan amount: up to $40,000

APR:  6.95% - 35.89%

Loan term: 3-5 years 

Minimum credit score: 600

Peer-to-peer lending has become popular over the last few decades because investors are starting to understand the value of helping borrowers out. At the head of the pack, LendingClub offers borrowers a fast, easy, and convenient way to get a loan. Through a marketplace-style environment, borrowers can browse relevant lenders, and enjoy the benefit of competition to drive down the price of their loans. Additionally, since there are more lenders competing for your loan, you are more likely to get approved. 

LendingClub lenders will give out loans to people with as low as 600 scores. There are a very small number of lenders willing to do that, making LendingClub an obvious choice for those with this low of a credit score. But, that’s not all. If you have a credit score lower than 600, LendingClub will still work with you. All you need is a co-signer for your loan, and your options open up.

LendingClub has another benefit. All loans through this portal are fixed-rate loans. This means you’ll pay the same amount each month throughout your repayment contract. Finally, LendingClub has a Hardship Plan that lets you put a pause on your loan for up to three months in the event that you experience financial difficulty. That's generous. With so many lenders available through a single application form, easy online application, and flexible repayment terms, it's no wonder LendingClub sits comfortably at the top!

Biggest perk: Fixed-rate loans mean you pay the same amount each month

LendingClub LendingClub Visit Site

Best for Short Term Loans: Monevo  

Loan amount: up to $100,000

APR: 3.99% - 35.99%

Loan term: 3 months - 6 years 

Minimum credit score: 580

With APRs that can be as low as 3.349% and loan amounts up to $100,000, Monevo leads the market in short-term loan providers. Monevo is a loan provider marketplace; when you apply, your application will be shared directly with 50 of the millions of lenders who are part of Monevo’s database. This gives you access to more potential loan options to choose from without having to complete multiple application forms. Response time is fast, with replies coming in after just a couple of minutes, and your funding could be through within 1 day.

Since Monevo is a loan aggregator, it doesn’t guarantee your loan terms, which vary depending on the provider. However, loan repayment periods range from just three months, ideal if you just need a bridge loan to cover cash flow issues and reach up to 72 months.

Biggest perk: Repayment plans of up to 8 years

Monevo Monevo Visit Site

Best for Long Term Loans: SoFi

Loan amount: up to $100,000

APR: 5.73% - 16.59%

Loan term: 3 - 7 years 

Minimum credit score: 680

SoFi is an online lender with some of the longest repayment terms for unsecured long-term loans. Loan repayment periods stretch up to 84 months (7 years) with highly competitive APRs that start at 6.245% and go up to only 15.115% maximum. When you borrow through SoFi, you can access a range of different long-term loan options that include student loan refinancing and parent loans that are designed to help parents pay for their kids’ college education.

SoFi really stands out thanks to its flexible payment system. Once your repayments have begun, you can change your monthly payment date. If you are usually on time with your payments but miss one, SoFi will waive the late fee, and everyone has a 15-day grace period in which to catch up on a missed payment before the late payment fee is applied. Late payment fees are low at $5 or 4% of the loan, whichever is lower. If you lose your job and have trouble making payments, you can request forbearance whereby you suspend payments. You can ask for forbearance for three months at a time for up to 12 months, although the interest will continue to accrue during this time. SoFi also doesn’t charge any origination fees, loan arrangement fees, or to process a personal check.

Biggest perk: Unemployment protection

SoFi SoFi Visit Site

Best for Secured Loans: LendingTree  

Loan amount: up to $50,000

APR: 3.99% - 35.99%

Loan term: 3 months - 15 years 

Minimum credit score: none

LendingTree is a loan marketplace that offers borrowers pre-approval on loans from hundreds of different providers. Unlike many secured loan providers, LendingTree includes RV loans, powersport loans, and boat loans as well as the more traditional home equity and auto loans. As a loan aggregator, LendingTree reminds borrowers that APR rates and terms vary depending on the lender. Interest rates begin at 3.19% for auto loans, 3.35% for RV, boat, and powersport loans and from 3.7% for home equity loans.

As you’d expect, the amounts and loan period for home equity loans – at up to $150,000 for up to 30 years – are longer than those for auto loans. An average auto loan is $25,000 for a five year repayment period, while there is no upper limit on loans for RVs and boats. LendingTree also provides great customer support and application processing times are swift.

Biggest perk: No fees, no minimum credit score

LendingTree LendingTree Visit Site

Best for Unsecured Loans: AmOne    

Loan amount: up to $40,000

APR: 4.99% - 35.99%

Loan term: 2 -7 years 

Minimum credit score: none

AmOne connects borrowers with a number of lenders through just one simple application. AmOne prides itself on helping borrowers find the best loan option for them, even with less than perfect credit. After your initial application is approved, which takes only a few minutes, you’ll receive a number of pre-approved loan offers from different loan providers. AmOne provides a comparison tool to help you compare offers and pick the best option quickly and clearly. You can get an unsecured personal loan for any purpose at all in amounts that range from $1,000 to $40,000. Repayment terms extend from 24 to 84 months.

Biggest perk: No fees, no minimum credit score

AmOne AmOne Visit Site

Best for Good Credit: Fiona

Loan amount: up to $100,000

APR: 3.84% - 35.99%

Loan term: 2 -7 years 

Minimum credit score: 580

Fiona is an online loan marketplace that shares your application with the many lenders on its database so that you can get multiple pre-approved loan offers with the one application. Fiona works with borrowers with credit scores of 580 or below, but its best APRs and highest loan amounts are available only for customers with excellent or good credit ratings. You can borrow up to $100,000 if your credit score is high, while APR rates begin at 4.99%. Fiona doesn’t guarantee loan terms and conditions since they vary depending on the lender you go with, but loan repayment periods are between two and seven years.

Biggest perk: Applications approved within seconds

Fiona Fiona Visit Site

Best for Bad Credit: LoansUnder36   

Loan amount: $500 - $35,000 

APR: 5.99% - 35.99%

Loan term: 2 to 72 months  

Minimum credit score: none

Not everybody has great credit all the time, and at such times you can try lending houses like LoansUnder36. The website can put you in touch with a network of more than 100 lenders and all types of personal loan options, even if you have bad credit. You may pay a higher APR, but a bad credit score doesn’t mean you’re boxed out with LoansUnder36.

Getting a loan through LoansUnder36 is simple and painless, and the company estimates that it shouldn’t take you longer than 2 minutes to complete your application, with the funds deposited in your account as soon as the next business day. You also won't face any origination fee with the company though the lender that provides your loan may attach some costs.

Biggest perk: No minimum credit score or origination fee

LoansUnder36 LoansUnder36 Visit Site

Bottom Line

While some loan providers stand out no matter what loan you need, if you know you’re looking for a particular type of loan, it’s best to go straight to the experts. No matter which type of loan you need, you now know who to go to for the best rates, repayment terms, and loan amounts.

Sarah BadaniBySarah BadaniOct. 07, 2019
Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way.