Whether you decide to conduct a significant home renovation, consolidate a high-interest credit card debt, or aspire to take care of a huge wedding expense, getting a personal loan can be a good choice. However, before you take a personal loan, you need to shop around and compare different lenders and financial institutions. While you engage in the research, bear in mind that the personal loan you pick must offer competitive interest rates, inclusive eligibility requirements, and an array of loan terms. So now, let us get started and address some of the best companies for personal loans.

LightStream
As part of SunTrust Bank’s national online consumer lending division, LightStream is one of the best places to reach out to when you need an online personal loan. One of the significant aspects of LightStream’s loans is that you can get a loan for as much as $100,000. This amount can be used for any of the thirty different purposes mentioned by the lender. They provide personal loans to all borrowers who have a good credit score and their services are accessible to residents in all 50 states. They even accept co-signers.

Another significant feature about LightStream is that they do not have any prepayment fee, origination fee, or late payment fee. However, there are three minor drawbacks of getting a personal loan from them. Firstly you cannot avail of business loans. Second, they do not offer loans at variable rates. So, if you acquire a personal loan with them, the interest rate will be fixed throughout the loan term. Lastly, there is no facility for online pre-approval. Nonetheless, if you qualify for a loan with them, there is no reason why you should not go with the company.

Rocket Loans
With Rocket Loans, you can get access to funding for your loans. So, if you are experiencing any unforeseen expense, such as your pet needing a leg surgery or a broken dishwasher, and you do not have time to wait for loan approval and disbursal, then Rocket Loans can be your go-to provider. They can provide you with loans ranging from $2000 to $45,000 on the same day as your application.

However, unlike LightStream, they have origination fees, which can be anywhere between one-six percent of the loan amount. The lender will subtract this amount before the loan proceeds are transferred to you. Let us understand this with an example.

You reach out to Rocket Loans for a loan of $20,000 to undertake a big home improvement project. So, now, let’s say they have an origination fee of 6 percent. So, Rocket Loans will deduct this amount before transferring the balance to you. Hence, you will receive only $18,800 in your account. The amount of interest you pay on a loan may also be high and depends majorly on your credit score and income. However, generally speaking, if you sign up for autopay, the rate charged may be as low as 5.97 percent. On the other hand, if you do not fare well on their criteria, you may have to bear an interest rate as high as 29.99 percent. So, beyond all the pros, two small things may be bothersome about Rocket Loans. Firstly, as you can see, the interest rate is on the higher side of the spectrum, and second, they have only three or five-year repayment terms.

Avant
If you have an average-to-good credit score, your go-to provider for personal loans is likely to be Avant. Most Avant customers have a credit score between 600-700. One of the best advantages of getting a personal loan with Avant is that you can get your money in only a single business day after the approval. The minimum loan amount that you can get with them is $2000. The loan term can go as high as five years. But, again, you may have to bear an origination fee of about 4.75 percent, high-interest rates ranging between 9.95 to 35.99 percent APR, and a late fee of $25.