Compare personal loan options for self-employed individuals, including lenders like SoFi, LightStream, and LendingPoint. Consider factors like APR, fees, loan amounts, and repayment terms to find the best loan for your needs.
Best Personal Loans for Self-Employed Borrowers
When it comes to personal loans for self-employed borrowers, finding the right lender can be a challenge. Self-employed individuals often face stricter requirements and higher interest rates compared to traditional employees. However, there are lenders out there that specialize in providing personal loans to self-employed borrowers. In this article, we will compare some of the best personal loan options available for self-employed individuals.
( Credit to: Forbes )
SoFi®: Unsecured Fixed-Rate Personal Loans
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. They have been in operation since 2011 and have provided over $50 billion in loans. SoFi stands out for allowing high loan amounts and offering extended loan terms. They offer loans ranging from $5,000 to $100,000, with repayment terms ranging from two to seven years. SoFi also offers the option for joint applications, although co-signers are not allowed. One of the standout features of SoFi is that they do not charge origination fees, late fees, or prepayment penalties.
( Credit to: Forbes )
LightStream: Flexible Repayment Terms and Rate Discount
LightStream is a consumer lending division of Truist and offers unsecured personal loans from $5,000 to $100,000. They have repayment terms available from two to seven years, making it a flexible option for those who need to spread out their payments. LightStream does not charge origination, late payment, or prepayment fees. They also offer a 0.50% rate discount for borrowers who enroll in autopay. LightStream is available in all 50 states and Washington, D.C.
LendingPoint: Quick Funding and Low Credit Score Requirements
LendingPoint is an online lender based in Atlanta that offers personal loans to self-employed borrowers in 48 states and Washington, D.C. They offer loans ranging from $2,000 to $36,500, with repayment terms ranging from 24 to 72 months. LendingPoint provides quick funding and has low credit score requirements. However, they do charge origination fees and have high maximum APRs.
Upgrade: Loans for Self-Employed Borrowers with Poor Credit History
Upgrade is an online lending platform that provides personal loans to self-employed borrowers, even those with poor credit history. They offer loans ranging from $1,000 to $50,000, with repayment terms available from two to seven years. Upgrade charges an origination fee and late payment fees, but they do not have a prepayment penalty. They also offer a mobile app for easy loan management.
Universal Credit: Flexible Qualification Requirements and Next-Day Funding
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000. They provide flexible qualification requirements and next-day funding. However, they do charge high APRs and an origination fee on all personal loans.
Discover: Loans Available in All 50 States
Discover is an online bank that offers personal loans in all 50 states. They provide loans ranging from $2,500 to $40,000, with repayment terms of three to seven years. Discover does not charge origination fees or prepayment penalties, but they do charge late fees.
Upstart: AI-Powered Lender with Fair Credit Access
Upstart is a personal loan provider that uses artificial intelligence and machine learning to assess borrower qualifications. They offer loans ranging from $1,000 to $50,000, with repayment terms of three, five, or seven years. Upstart is accessible to borrowers with fair credit and offers prequalification with a soft credit check.
Avant: Loans for Middle-Income Borrowers
Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank. They specialize in middle-income borrowers with fair to good credit and offer loans in most states. Avant has lower credit score requirements but charges an upfront administrative fee and higher APRs.
Conclusion
When comparing personal loan options for self-employed borrowers, it’s important to consider factors such as APR, fees, loan amounts, repayment terms, and eligibility requirements. Each lender has its own criteria and offerings, so it’s essential to choose the one that best suits your financial needs. By carefully evaluating your options, you can find a personal loan that provides the necessary funds while also being affordable and flexible for your self-employed situation.
