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If you’re among them, Wells Fargo offers competitive rates, the comfort of a big name, and the convenience of a huge branch network — there are more than 6,000 locations nationwide.
Wells Fargo also offers a couple of other options that aren’t as common with online lenders: a more flexible personal line of credit as well as a loan that you can secure with a savings account or CD in order to get a lower rate.
You’ll also probably be able to borrow a greater chunk of change than you could cover with a credit card, possibly at a lower rate.
The personal loan space is growing with a number of online lenders challenging credit-card companies and traditional banks.
Just like credit cards, these personal loans don’t require collateral — they are unsecured.
But unlike most credit cards, most personal loans offer fixed interest rates and payments, making them much easier to work into a budget.
Wells Fargo also doesn’t fare as well as many competitors in customer service ratings, and they aren’t as transparent about lending criteria as many online competitors.
Why it’s a solid bet: When it comes to a loan, some people prefer doing business face to face.
However, if your credit is top-notch — or not so hot — make sure you keep reading for some lenders that target excellent- and average-credit borrowers.
One of the biggest peer-to-peer lenders, Lending Club makes loans up to ,000.
Though very similar to other peer-to-peer lenders in many ways, it is a bit more lenient with credit scores, requiring a minimum of 600, but a bit stricter with other criteria such as debt-to-income data. Best APR is available to borrowers with excellent credit.
Before you get an unsecured personal loan, there may be other options to explore first depending on your situation and goals.
Personal loans are great if you do not want to pledge anything as collateral, or you don’t have any collateral to pledge.
In 2018, the trend toward a streamlined lending process, better interest rates and more transparent lending criteria will continue.