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Unlike LightStream, Marcus has a soft inquiry tool on its website, which allows you to look at possible loan options based on your credit report without impacting your credit score. It also offers a high-yield savings account with competitive APY, helping you both earn and save money where it counts. Marcus offers competitive APRs of 6.99% to 19.99% on its personal loans when you sign up for autopay.
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Borrowers can qualify to take out a fixed-rate loan up to $40,000. Marcus also offers personal loans for home improvement, weddings, vacations or a cross-country move. It may take as long as a billing cycle for the payments to be reflected on your account, but you don't want to miss a payment by mistake and get hit with additional interest charges or late fees. You should continue making all required payments on your balance until you see your debt is paid off, even if you've already sent your loan money to a creditor. To choose this option, you will need to provide your creditors' account numbers and addresses, as well as the amount(s) you'd like paid. Marcus deposits anything that's left over into your connected bank account.
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When you're approved for a Marcus debt consolidation loan, the company will ask you if you'd like to use direct payments to send money to up to 10 creditors, which helps ensure that funds are used to directly wipe out your debt. Who's this for? A Marcus by Goldman Sachs Personal Loan is a good choice if you're looking for a no-fee personal loan to finance debt consolidation. LightStream does not charge any origination fees, administration fees or early payoff fees. Terms range from 24 to 144 months - the longest term option among the loans on our best-of list. The APR is fixed, which means your monthly payment will stay the same for the lifetime of the loan. If you select the invoicing option for repayment, your APR will be one half of a percentage point higher than if you sign up for autopay. This is subject to change as the Fed rates fluctuate. Auto loans start at 2.49% and debt consolidation loans currently begin at 5.95% APR. Interest rates vary by loan purpose, and you can view all ranges on LightStream's website before you apply. LightStream offers the lowest APRs of any lender on this list, ranging from 2.49% to 19.99% APR when you sign up for autopay. You can receive your funds on the same day, if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. LightStream is known for providing loans for nearly every purpose except for higher education and small business. You could get a LightStream personal loan to buy a new car, remodel the bathroom, consolidate debt, cover medical expenses or pay for a wedding, according to the company's website. Who's this for? LightStream, the online lending arm of SunTrust Bank, offers low-interest loans with flexible terms for people with good credit or higher.