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Best Unsecured Loans of September 2024

ElitePersonalFinance
Last Update: September 25, 2023 • Loan Reviews • Loans •

    Have you wondered why unsecured loans are rarely available at decent rates? It is because people who apply for unsecured loans likely don’t want to utilize real estate or other assets as collateral. Moreover, since these borrowers of unsecured loans do not offer a guarantee for repayment, this further complicates the loaning procedure. Let’s see the best unsecured loans of September 2024.

    It is tough for lenders to put trust in borrowers based on their credit score and promise alone. But some still offer affordable unsecured loans and provide financing as high as $100,000 with APRs ranging from 2.49% to 35.99%, depending on various factors.

    Bad credit scores are a big turnoff for most lenders. However, some offer high loans and flexible terms to browsers even with low credit scores. Taking a loan can be critical, especially if you do not want to place upfront collateral. Our marketplace eases this exhausting process in a matter of a few clicks. You can keep up-to-date on available options before you commit to an unsecured loan.

    Let us now look at the best-unsecured loan options available of September 2024 and all the information you need to make the right choice.

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    Best Unsecured Loans of September 2024: Key Findings

    Requirements

    Unsecured loans have little to no requirements in terms of income and collateral. While lenders do not require collateral, some require proof of income before giving a loan.

    Debt-to-Income Ratio

    Debt-to-income ratio (DTI) is a percentage of a borrower’s income paid towards debt. Some lenders use this to predict a borrower’s promise towards loan repayment.

    Credit Score

    Loan lenders have varying credit score requirements, with some not imposing any. A high credit score often means access to larger loan amounts and vice versa.

    Loan Amount

    As unsecured loans do not require any collateral, the loan amounts are limited and depend on the borrower’s credit score and return a promise. Some lenders offer loan amounts as high as $100,000.

    Interest Rates

    Unsecured loans are often followed by high-interest rates, which differ from the borrower’s credit score. Unsecured loan Lenders have an APR range of 2.49% to 35.99%, which varies depending on the lender and other related factors.

    Best Lenders and Prices

    When finding the best prices, it is best to consider all variables and do thorough research before making your choice. Consider consulting our marketplace to find the best lenders according to your credit score, loan amount, and preferred interest rates.

    Best Unsecured Loans of September 2024

    The following is a compilation of the best unsecured loan providers to help you.

    LenderTypes of LoansAmountAPRMin. Credit ScoreDTIBest For
    AvantDebt Consolidation Loan

    Unsecured Personal Loan

    Term loan

    		$2,000 – $35,0009.95% – 35.99%580<70%Annual income as low as $20,000
    ProsperUnsecured Personal Loan

    Debt Consolidation Loan

    		$2,000 – $40,0007.95% – 35.99%640<50%Obtaining multiple unsecured personal loans
    FigureUnsecured personal loans$5,000 – $50,0005.75% – 22.94%620<50%Higher loan amounts
    UpgradeUnsecured personal loans

    Credit consolidation loans

    		$1,000 – $50,0008.49% to 35.99%560<75%No prepayment fees on an unsecured loan
    UpstartUnsecured Personal Loans

    Debt and Credit Consolidation Loans

    		$1,000 – $50,0004.6% – 35.99%300<50%Low credit score limit for unsecured loans
    TD BankUnsecured personal installment loans$2,000 – $50,0006.99% – 18.99%700<43%No origination, prepayment, application, or insufficient funds fees.
    Wells FargoUnsecured personal loan$3,000 – $100,0005.74% – 19.99%660<43%Wells Fargo customers
    LightStreamDebt Consolidation

    Unsecured Personal Loans

    		$5,000 – $100,0002.49% – 19.99%660<45%Large unsecured personal loans
    Navy Federal Credit UnionDebt Consolidation

    Unsecured Personal Loan

    		$250 – $50,000Earnings rate plus 2%;

    7.49% – 18.00%

    		Unlisted<43%Service members and affiliates.
    SoFiUnsecured Personal Loans

    Unsecured Student Loans

    Credit Consolidation loan

    		$5,000 – $100,0005.74% – 20.28%680<45%No-fee Unsecured loans
    LendingTreeUnsecured Personal Loans

    Credit Consolidation Loans

    		$1,000 – $50,0002.49% – 35.99%600<43%Low APR on unsecured loans
    PersonalLoansUnsecured Personal Loans$1,000 – $35,0005.99% – 35.99%580<43%Short and long-term personal loans
    PenFedUnsecured union personal loans$600 – $50,0007.74% – 17.99%Undisclosed<50%Unsecured Personal Loans form Unions
    PNC BankUnsecured personal loans$1,000 – $35,0005.99% – 35.99%660<55%Online and in-person service
    OneMain FinancialUnsecured personal loans$1,500 – $20,00018% – 35.99%600 – 650<35.99%Low credit limit on unsecured personal loans

    Avant

    Loan Amount:$2,000 – $35,000
    APR:9.95% – 35.99%
    Min. Credit Score:580
    Approval:1 – 7 Days
    Terms:24 to 60 months
    Fees:
    • Administration fee at an average of 2.38% – up to 4.75%
    • Late payment fee of up to $25, after a 10-day grace period
    • Insufficient funds fee of $15
    Qualification Criteria:
    • Be at least 18 years of age
    • Have a credit score of at least 580
    • Have a DTI ratio that doesn’t exceed 70%
    • Have an annual income of $20,000
    • Have a monthly after-tax income of at least $1,200
    • Have a monthly cash surplus of $500
    • Fill out your information through Avant’s online portal
    Average Borrower Profile:
    • Has a credit score of 644
    • Has a DTI ratio of 30%
    • Has a monthly after-tax income of $4,000
    • Has a monthly cash surplus of $2,800
    Best For:Annual income as low as $20,000
    Check rates

     

    Avant offers an unsecured personal loan of amounts upto $35,000 and APR upto 35.99%, requiring a minimum credit score of only 580. Its flexible terms of upto 5 years and transparent fees make it a trustable option for an unsecured loan with low credit scores.

    Though Avant doesn’t have any membership requirements, it requires the borrower to be above 18 years of age to obtain an unsecured personal loan. Some fees are associated with Avant’s unsecured loans, such as the administrative fees of up to 4.75% of the total loan amount.

    Avant has the loan delivered to the borrower within one business day, making it an ideal unsecured loan option for urgent matters. Despite somewhat high fee rates, Avant offers flexible terms, credit score, monthly surplus, and DTI ratio criteria, making it a great option for your unsecured loan.

    Pros:

    Pros of Avant are that it:

    • Offers unsecured personal loans of up to $35,000.
    • Has flexible repayment terms of up to 5 years.
    • Gives loans to borrowers with a credit score as low as 580.
    • Does not impact your credit score to apply for a loan.
    • Has lenient underwriting.
    • Has no fees associated with early payoff.
    • Requires no hard credit checks for pre-qualification
    • Has fast loan lending, ideally within a day

    Cons:

    Cons of Avant are that it:

    • Has a high APR range of up to 35.95%.
    • Has high fees; loan origination fee is up to 4.75%, late payment fee of up to $25 after a 10-day grace period, and insufficient funds fee of $15.
    • Requires income documentation.
    • Has a low amount of loan, up to $35,000.

    The impact of COVID-19

    Avant’s unsecured loans support borrowers through the aftermath of Covid-19. It offers support programs to borrowers, such as schedule delays and extensions. Avant also has an online dashboard and app for borrowers to schedule payments, contact lenders, and keep up to date with their transactions, balances, and available credit.

    Prosper

    Loan Amount:$2,000 – $40,000
    APR:7.95% – 35.99%
    Min. Credit Score:640
    Approval:1 Day
    Terms:3 – 5 Years
    Fees:
    • A loan origination fee of 2.41% – 5%
    • Late payment fee of 5% of the amount due, or $15, whichever is greater
    • There are no prepayment fees
    Qualification Criteria:
    • Be at least 18 years of age
    • Have a FICO Score of at least 640
    • Have less than five inquiries into your credit profile over the last six months
    • Have a positive annual income
    • Have a DTI ratio that doesn’t exceed 50%
    • Have at least three open accounts listed on your credit report
    • Have not filed for bankruptcy over the preceding 12 months
    • Fill out your information through Prosper’s online portal
    Average Borrower Profile:
    • Has a credit score of 714
    • Has a loan-to-income ratio of 5.34%.
    • Borrows $13,446
    • Incurs an APR of 13.49%
    • Has a DTI ratio of 16.90%
    Best For:Obtaining multiple unsecured personal loans
    Check rates

    Prosper, with its unsecured loans ranging from $2,000 to $40,000, also provides the ability to take multiple loans simultaneously. An APR range of 7.95% to 35.99% and an extensive return term make it a viable option. Additional loans have regulations such as good standing and a strict balance limit of $40,000.

    A late payment fee is applied 15 days after the due date, which is 5% or $15 depending on which is larger. Prosper offers terms ranging from three to five years and has a DTI ratio of no larger than 50%. Though Prosper has a loan origination fee of 2.41% to 5%, no prepayment is required on your unsecured loan.

    Pros

    Pros of Prosper are that it:

    • Has a flexible loan range of $2,000 to $40,000.
    • Allows borrowers to take multiple loans at a time.
    • Has an APR range of 7.95% to 35.99%.
    • Accepts a low credit score of 640.
    • Has extensive terms of 3 – 5 years.
    • Requires no prepayment and also offers pre-approval.
    • Offers a 15-day grace period.
    • Does not affect your credit score to take a loan.

    Cons

    Cons of Prosper are that it:

    • Has late payment fees and loan origination fees.
    • Does not consider alternative credit data.
    • Requires a positive annual income and supports strict bankruptcy and credit profile inquiry regulations.

    The impact of COVID-19

    Prosper offers leverage to borrowers during the pandemic and its aftermath. Prosper assists borrowers suffering from financial hardships with its extensive terms and 15-day grace period. Further support is available on the company’s online portal and help center.

    Figure

    Loan Amount:Unsecured Loan:

    • $5,000 to $50,000

    Home Equity Line:

    • $15,000 – $400,000 (depending on the location and the property).

    Crypto Mortgage Plus (New):

    • $75,000 – $3 million (depending on the crypto collateral).
    APR:Unsecured Loan:

    • 5.75% – 22.94%

    Home Equity Line:

    • 3.99% – 11.5%

    (must be a member and should activate autopay to get a discount of 0.75%)

    Crypto Mortgage Plus:

    • 6.99% fixed rate.
    Min. Credit Score:At least 620 – 660.

    A credit score of 800 is necessary to get the best rates for Home Equity Line.

    Approval:Within the same day.

    Funding takes 5 days.

    Terms:Up to 30 years.
    Fees:
    • There is a loan origination fee of 4.99% on the initial draw (based on the state).
    • Recording fees are applicable.
    • Subordination fees are applicable when you ask to change the lien position.
    • No closing costs.
    • No prepayment penalties.
    Qualification Criteria:Home Equity Line:

    • Must be a resident of one of the 42 states mentioned in Figure.
    • A credit score of at least 620.

    Mortgage Crypto Plus:

    • Must have enough cryptocurrency to keep as collateral.
    • Only available in Alabama, Arizona, California, Colorado, Florida, Georgia, Nevada, and New Jersey.
    Average Borrower Profile:
    • The figure doesn’t disclose average personal loan statistics.
    Best For:The higher loan amount for unsecured personal loans
    Check rates

     

    Figure provides an unsecured loan ranging from $5,000 to $50,000. The APR for a secured loan is around 3.99% to 11.5%, which is lower than the unsecured loan APR of 5.75% to 22.94%. A loan origination fee, recording fee, and subordinating fee may be applicable depending on the conditions of your unsecured loan.

    Pros

    Pros of Figure are that it:

    • Has a low unsecured loan APR of 5.75%.
    • Has a fast loan approval and distribution process; ideally, approval is within a day.
    • Offers flexible loan terms.

    Cons

    Cons of Figure are that it:

    • Has origination fees, autopay, subordination fees, and recording fees associated with the loan.
    • Has an extensive funding process taking 5 days or longer.
    • Offers unsecured loans to borrowers from a limited number of states
    • Associates a low credit score with higher APR and lower loan amounts.

    The Impact of COVID -19

    While Figure has a blog to raise awareness about financial well-being during the pandemic, no official support or leverage is listed for the borrowers. You can contact the support center for further details regarding their policies.

    Upgrade

    Loan Amount:$1,000 – $50,000
    APR:8.49% – 35.99%
    Min. Credit Score:560
    Approval:1 Day
    Terms:2 – 7 Years
    Fees:
    • Loan origination fee of 1.85% – 9.99%
    • Late payment fee of $10, after a 15-day grace period
    • Insufficient funds fee of $10
    • There are no prepayment fees
    Qualification Criteria:
    • Be at least 18 years of age
    • Have a credit score of at least 560
    • Have a DTI ratio that doesn’t exceed 75%
    • Have recurring employment income or government benefits
    • Fill out your information through Upgrade’s online portal
    Average Borrower Profile:
    • Has a credit score of 678
    • Has an annual income of $78,000
    Best For:High DTI ratios
    Check rates

    Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early.

    Upgrade offers unsecured loans as high as $50,000 with flexible terms of two to seven years. It has a minimum credit score limit of only 56