Typically, personal loans have a fixed annual interest rate, ranging from six to 36 percent, depending on factors such as your income and credit score. Ideally, the best personal loan will be affordable, require a soft credit check, attract no fees, and involve direct payments to the creditors. After reviewing several available loans, we have presented a list of the top seven best personal loans for you. So let us get started.

SoFi
Ranked at the top of our list is SoFi. It provides you with incredible personal loan options for large amounts as high as $100,000, which is not very common among other lenders in the market. Moreover, their minimum available loan amount is pretty high at $5,000. What’s more? Their interest rate is decent and usually goes between 5.74 to 21.28 percent. There is no origination fee, and the loan term may be anywhere between two to seven years, but prevalent terms are three years, four years, six years, and seven years. However, to avail of a personal loan from SoFi, your minimum credit score should be 680. Post application, the total funding and approval process should happen within 11 days. Another big plus associated with SoFi is that they have no prepayment penalties.

LightStream
Following a merger between BB&T and SunTrust Bank, LightStream was formed. It is an incredible platform that provides unsecured personal loans ranging between $5,000-$100,000, depending on the loan purpose. To apply for a loan with LightStream, you must have a credit score of 660. Typically, the interest rate charged lies between 2.49 – 19.99 percent, with repayment terms available from 24 to 84 months. Hence, it is a perfect pick for someone who wishes to spread a large expense payment over time. Further, there is no prepayment, origination, or late payment fee. In addition, if you enroll in the autopay scheme, you can avail of a 0.5 percent discount.

Avant
A personal loan from Avant can be ideal for someone with a bad credit score or someone unable to establish a credit history. Typically, Avant customers’ credit score ranges between 600 – 700. However, their minimum credit score requirement is 550 (Vantage) and 580 (FICO). Its interest rates are comparable with other financial institutions providing personal loans to people with poor credit scores, ranging between 9.95 to

35.99 percent. Hence, if you cannot get a loan elsewhere, Avant comes to your rescue. Moreover, Avant guarantees that the loan funds are deposited on approval itself. You can get a loan between $2,000 – $35,000 at a term length of between two to five years. Avant has penalties on dishonored and late payments. There is also a 4.75 percent administration fee.

Discover
Discover has quite a reputation for offering personal loans at competitive rates, no membership requirements, no restrictions on loan usage, no origination fee, and quick funding. They also have an excellent customer satisfaction rating, and for most applicants, the loan decision is made on the same day. However, your annual income must be $25,000 or more to get a loan from them. You can get a loan from $2,500 to $35,000, and the interest rates usually start from 5.99% to 24.99%. The repayment terms are three to seven years.

Credible
With Credible, you can compare different loan quotations from some recognized loan providers in the market without harming your credit score. You can get a loan between $6,000 to $100,000 with interest rates starting from 2.49 – 35.99 percent, and the repayment terms are one to seven years. There is also a minimum credit score requirement, but it is variable and depends on the lender.

PenFed Credit Union
With PenFed Credit Union, the Department of Homeland Security, and the Department of Defense employees, members from all U.S. military branches, eligible retirees, veterans, and families can get personal loans. But, everyone else is also suitable for membership. There are no origination fees or credit score requirements. Repayment terms extend to five years, and the loan amount can be between $600 and $50,000.

OneMain Financial
It is the ideal pick for an application that has an ITIN. They provide secured and unsecured personal loans for people with poor credit ratings, and their loan repayment terms are between two to five years. At an interest cost between 18 – 35.99 percent, you can get a loan from $1,500 to $20,000.