Personal

Upstart personal loan review: Loans for limited credit or low scores

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

An Upstart Personal Loan could be the right loan for people who have a strong work and education history, but not the best credit score or a limited credit history.

One of Upstart’s main distinctions is its underwriting process, which is the process of deciding who gets a loan and how much to charge in interest. Like any lender, Upstart considers credit scores as part of the process, but also considers employment history and education history such as where you went to school and your area of study.

While this could be an advantage for people with lots of college experience, it may work against borrowers without that experience.

An

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Considering a personal loan during coronavirus? 5 questions to ask

What you need to know before you seek out a personal loan for financial help. (iStock)

The pandemic has created financial hardship for many. If you’re among them, you’re probably waiting for the government’s decision on a second stimulus package. Until then, there are bills to pay. A personal loan from a bank or credit union could tide you over by providing fast cash, but use caution before signing on the bottom line.

During the coronavirus, some lenders are changing qualification requirements. And your income may not be steady, which could put repayment in jeopardy. A loan may or may not be the right choice for your situation, and it helps to consider these five questions.

1. Will I qualify for a personal loan?

During the pandemic, some lenders raised the credit score requirements on unsecured loans. Depending on your financial history, it could be harder to qualify

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SoFi personal loans review: High credit score for low rates and perks

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • A high minimum credit score requirement makes a SoFi Personal Loan harder to qualify for than the typical personal loan. 
  • However, these loans come with unique features like unemployment protection, which is available if you lose work due to circumstances beyond your control. 
  • SoFi has a low maximum interest rate compared to the competition, but it aren’t the lowest available. People with good credit will want to shop around.
  • Quick funding and an easy-to-use online interface with the option of pre-approval makes it a strong option for anyone with good credit who is looking for a personal loan. 
  • See Business Insider’s picks for the best personal loans of 2020 »
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OneMain Financial personal loan review: No minimum credit score

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

OneMain Financial’s personal loans are a good option for personal loan borrowers who have a low credit score. 

Personal loans are known for being relatively selective, as there’s often no collateral like a car or house that could help the bank recoup their money. Generally, lenders require a good or better credit score to consider applications for personal loans. 

OneMain Financial doesn’t list an official minimum credit score, and could help you get approved for a personal loan. However, getting approved doesn’t mean it will be cheap to borrow — OneMain’s personal loans have high starting interest rates. Anyone with a good or better credit score could likely get a

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Personal Loan Statistics for 2020

Have you found yourself in need of more cash lately? If so, you’re not alone.

Over the last decade, the number of people with a personal loan has nearly doubled from around 11 million in 2010 to around 21 million in 2020, and personal loan debt has nearly tripled from $55 billion to $162 billion.

But who is borrowing all of this money? Where is it coming from? And most importantly, what has COVID-19 done to the personal loan landscape? Let’s find out.

Key findings

  • The average new personal loan amount is $6,825.
  • Personal loan interest rates are near an all-time low, with a 24-month loan averaging 9.5% in May 2020.
  • In early 2020, above-prime borrowers held around 40% of outstanding loan balances; an increase from around 33% in 2013. This trend will continue as stricter underwriting practices are enacted.
  • In June 2020, 20% of Americans with personal loans were
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The pros and cons of personal loans

If you need extra cash to pay for home improvements, finance a wedding or consolidate high-interest debt, you might want to consider a personal loan. Used wisely, an unsecured personal loan can fill a void in your budget without risking your home or other assets.



a man sitting at a table using a laptop computer: Man looking at loan on tablet


© MinDof/Shutterstock
Man looking at loan on tablet

As with other loans, rates for personal loans hinge on your credit score, income and debt-to-income ratio, and they’re not the right choice for everyone. Consider these pros and cons of personal loans before you make a decision.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Get Started

Advantages of personal loans

Personal loans are typically best for people who want to consolidate debt or finance a large purchase without putting up a home or vehicle as

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Student loan refinancing rates drop to dramatic new lows

As student loan refinancing rates drop, now may be a good time to compare borrowing options. (iStock)

In an effort to ease some of the economic strain caused by the coronavirus pandemic, the Federal Reserve opted to slash interest rates to historic lows early in 2020. The decision to cut the Fed Funds Rate could have a direct impact on your bottom line if you owe private student loans.

Student loan refinancing rates have dropped dramatically according to Credible, with rates on 10-year fixed-rate loans down 31% from their April 17 peak. Rates on variable rate loans are down 63% from their February 2018 high. If you have private student loans, refinancing now could help you save money and potentially lower your monthly payments.

Are student loan refinance rates going down?

Fixed interest rates and variable interest rates for private student loans are down across the board, largely

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Kiplinger’s Personal Finance: Best banks for retirees | Column



kiplinger-retirement-2020812

TD Bank is one of the top banks for retirees.




Retirees, shopping for a new bank?

In Kiplinger’s Personal Finance magazine’s annual bank survey, these two ranked at the top for retirees because of their low or no minimum account balances, free checks and paper statements, and access to investment and advisory services.

Best: TD Bank

Why it won: TD has a big footprint of branches for in-person service and a strong checking account for those 60 and older.

With a reasonable balance minimum of $250, you avoid a $10 monthly fee on the 60 Plus Checking account. Standard checks, cashier’s checks, money orders and paper statements are free, and as with other TD personal checking accounts, you get a discount of 0.25 percentage point on a TD home equity or personal loan.

If you’re 62 or older, the Simple Savings account (0.05% yield) and the Growth Money Market

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Match Financial Launches New Personal Loan Solution

WILMINGTON, Del., Aug. 20, 2020 /PRNewswire-PRWeb/ — Match Financial, a locally owned and operated company based in Wilmington DE, is pleased to announce the launch of their new website, which can be found at https://www.matchfinancial.com.

The company is a conduit between customers searching for a specific type of financial product, such as personal loans and more, and aims to provide the customer with informative articles and guides to help them make informed decisions.

The new website has been professionally built from the ground up. It features logical and straightforward navigation, a clean and modern interface, and, perhaps most importantly, developed to be mobile-friendly. A mobile-friendly website dynamically changes depending on the type of device the visitor is using to ensure that the site always displays correctly. This is critical in the modern business world, as search engine companies have recently reported that over 50 percent of website visits

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How do small personal loans work?

Do your homework if you want to take out a personal loan to cover your emergency expenses. (iStock)

According to a report by the Bureau of Labor Statistics (BLS), Americans spend most of their money on rent, groceries, transportation, and health insurance. Rent or mortgage typically makes up about 32% of consumer’s expenses, food makes up almost 13% of yearly costs, and transportation (including car payments and fuel) make up about 15.9% of an individual’s expenses. The BLS report noted that the average American household earns $78,635 before taxes. The average family spends more than $61,000 each year, and those numbers don’t include consumer debt payments.

The coronavirus pandemic has exacerbated tight budgets and made it much more difficult for households to find money in case of an emergency. According to the most recent report from NORC, at least 20% of Americans reported difficulty paying bills, job loss,

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