Today’s topic we’re going to talk about is the best personal loans in 2019. I haven’t done this topic because I’m not a huge proponent of personal loans. However, I do know that people love personal loans. I do understand there are times and needs when people need personal loans, so why would I not cover it? I have researched the absolute best. From the worst credit to the best credit personal loans that you can use.
Video Transcript: First, before I get into that, I want to share with you things that you may use a personal loan for.
Now, remember I told you I’m not a huge fan. I actually have one.
I’m going to share with you why and I’m also going to share with you things that I recommend you using them for, not just to get a personal loan, to say I have a personal loan.
The first thing we want to look at is debt consolidation.
One of the best things that a personal loan can be used for is if you’ve got a bunch of different credit cards.
You’re paying high-interest rate on them.
You can get a debt consolidation loan to take the credit card debt, to put it on the loan, get a better interest rate on the loan, and you can actually pay less per month.
On top of that, you can only pay the one place for your personal loan instead of paying 10 different credit cards.
It has its benefits there.
Another thing you may use a personal loan could be something as simple as your kid’s first car.
Maybe it’s a wedding.
Maybe it is home improvements.
There are things that you will want to use a personal loan for if you if you have not saved up the money.
This is not an excuse not to save money.
That’s why I’m not a huge fan of it.
If you’re going to save money for those types of events, I would rather you do that then get into debt using a personal loan.
The reason is that personal loans are very expensive, which is why I took the time to discover the three best personal loans that you can use.
I’m going to give you three tips first.
Then we’re going to talk about the best three loans for you.
However, again, the most important thing to know is if you can use it out of savings… this is only used for if you’re in a pinch.
Do not just go out and get personal loans because the interest rate is very high.
Now it is typically better than a credit card.
Most personal loans actually have a better rate than credit cards do.
However, if you have the cash, wedding, if your kid’s first car, medical bills, home improvements, I would recommend using cash-cash rather than going in debt for it, just because, again, the interest rates are not the best.
That being said, the three things that you want to look at first before even applying for any personal loan, the number one tip you want to look for is no origination fees.
What that means is there’s a lot of big companies. I’m sure you guys heard of them.
Prosper, Best Egg, what’s the other one? Prosper, Best Egg, anyway, you know the companies I’m talking about.
These companies actually charge an origination fee on the front end.
By the time it’s all said and done on a $20,000 loan, you’re losing $1,000 bucks.
You’re only getting a loan to probably $19,000 because there’s like five points on the front end.
Be very careful.
Again, this is why I’m doing this video to make sure that when you apply for something, there are no origination fees at all upfront.
Tip number two, do not ever apply for a personal loan without fixing your credit first.
Remember what I told you about how important the interest rate is?
You don’t want to get hit with a 27% interest rate because you didn’t fix your credit first.
You just said, “Oh, I need a personal loan,” and you got hit with 27% interest rate.
Step two and tip two here is this.
Let’s look at your credit first and see what you can use before applying.
Maybe it’s adding a tradeline.
Maybe it’s helping you remove a few inquiries.
Maybe it’s helping you challenge the inaccurate, erroneous, obsolete information on your credit report.
Whatever it is, let’s look at the credit report.
Let’s see what’s going on.
Then apply so you don’t get hosed on the backend.
Guys, you know I’m going to come to you as real as possible.
A personal loan will get you in trouble if you are not careful. It is not used just to do vacations.
It’s not used for fun things.
It is used for emergency situations, or if debt consolidation makes sense because you’ve got high-interest rate credit cards and you can move it to one payment.
Yes, that makes sense.
That’s tip number two is you have to look at your credit first, see where you’re at and see where we can help you if you choose to go with us, where we can help you improve right before you apply for the loan.
Again, maybe just a tradeline, maybe just bumping you up a little bit on your score based on their criteria.
The third and most important thing is to make sure you do not apply for a loan unless it is something that you really are in a pinch about.
This is why I’m not a huge fan of it just because of that simple fact right there.
I do not want people going into debt just for the sake of saying going into debt.
No origination fees.
Check your credit.
Let us know if we can help you boost it up a little bit right before you apply.
Number three, making sure you don’t just apply just to apply, making sure if your daughter is going to a wedding and you can use that extra money, maybe it’s a few thousand dollars that you need.
Then it would be helpful to do it.
Now, just like I promised I told you that I have picked the best three in my opinion from the research I’ve done to let you know the best three from the worst credit to the best credit personal loans in 2019 for you.
Let’s start with the first one and that is going to be Marcus.
Marcus is no origination fees on the front end.
You can get anywhere between $3,500 and $40,000 loan.
However, because Marcus is and will accept fair to bad credit, their percentages rate from 7% to 26% interest.
Now they do give you 36 to 72 months to pay it back.
Just remember that this is for people that have mediocre or lower credit scores.
That would be my first selection based on people that are not in the best category of credit scores.
Number two I’m going to go with is TD bank.
I’m financed with TD bank with a vehicle. Phenomenal company.
They are actually out of Toronto.
Their customer service is phenomenal even though they’re in a different country.
They will loan from $2,000 all the way to $50,000.
The cool thing about them is 7% to 19% interest rate, and they will take fair credit to good credit.
Maybe just a step-down, a little bit better of credit.
That’s why you’re getting better interest rates.
That’s why it doesn’t go up to 26% like Marcus.
You need a little bit better credit to obtain this loan.
Now the cool thing about it is they will give you between one year and five years to actually pay this loan off.
They’ve got a huge span on how long you can actually pay this loan off.
TD is a great company for a loan, no origination fees on the front end.
The interest rates are slightly better than Marcus due to the fact you have to have slightly better credit.
My third choice and this is for people that have good to excellent credit and really on the better side is LightStream.
LightStream is actually the bank behind it is SunTrust.
This is the largest I have ever seen.
If you’re looking for a loan between $5,000 all the way to $100,000, they will lend you.
You have to have great credit for this.
You can go from $5,000 all the way up to $100,000.
I’ve never seen any personal loan higher than that.
$100,000 personal loan with LightStream.
They will give you between 6% and 17% on their interest.
Again, phenomenal interest rates, very low down to 6% up to 17%.
Again, I don’t know when you’re in the stages of watching this video, so rates can change.
It’s probably not going to change too much just based on inflation.
A couple of years from now, if you watch this video this may change.
You might want to check first, but they probably should be right around the same.
LightStream is phenomenal for people who have great credit, great for consolidation loans, home improvement loans, things like this.
The cool thing about them is they will actually extend your payments all the way up to 12 years out.
I don’t recommend doing a $5,000 loan with them and then pushing it out 12 years.
They’re not going to allow you to do that.
It’s based on the amount of the loan.
However, they are very, very good.
No origination fees.
Also because it’s backed by a bank, a huge bank called SunTrust, they’re able to lend a higher amount.
Those are my top three picks for your loans based on your credit.
Again, always check your credit first.
See if there’s anything that needs to be added.
Maybe you don’t have a lot of accounts yet.
Maybe you’ve got way too many inquiries to say I can even apply right now.
It is based on creditworthiness.
Marcus being the lowest credit needed.
The second would be the TD bank.
Then the third is the LightStream, that is used for people with great credit.
I hope this finds you well.
Again, give me a thumbs up. Subscribe if you haven’t subscribed just yet.
I want to share, these are the best cards in 2019 for you to get a personal loan.
As I come to you every day, make sure it is a necessity, not something you’re just getting because you like the word loan.
Thank you guys for watching Tradeline TV and until tomorrow, take care.