Overall, a personal loan from Marcus by Goldman Sachs is a solid choice for people with excellent credit. It has a relatively generous maximum loan amount, and the lender offers many useful amenities to its customers.
Not only will you skip paying origination and prepayment fees, but the initial soft credit check will not hurt your current credit score, either. Borrowers can also change their repayment dates up to three times over the loan’s lifetime, and they benefit from extensive customer support options.
Borrowers can take out between $2,000 and $35,000 for a loan term of between three and five years. The APR range starts at 5.99% for candidates with excellent creditworthiness and tops out online payday loans for Ohio at % for higher-risk individuals. Best Egg also allows existing loan holders to take another loan for a maximum combined amount of $50,000.
Loan proceeds can go to any purpose, including consolidating debt, home improvement, credit card refinancing, medical bills, or making a large personal purchase.
Best Egg offers a pre-approval process that performs a soft credit check. It’s an excellent way to get an estimate of your APR and monthly payments without having to worry about lowering your credit score.
According to Best Egg, applicants must have an excellent credit score, 700 or above, and an income of $100,000 to qualify for the best APR rate. The company also charges an origination fee of up to 5.99% of the total loan amount and a $15 late fee.
Overall, Best Egg offers flexible loan options with generous loan amounts for individuals with good credit. The loan terms allow borrowers to decide whether they want higher monthly payments with a lower total loan amount or spread their repayments over a longer period to reduce the monthly payments.
Best Egg also has a comprehensive knowledge base and excellent customer support. With good debt consolidation loan rates, flexible loan amounts, and no prepayment penalty, Best Egg is a great option for individuals with good credit and income.
#10. Payoff: Best Loan Company for Credit Card Consolidation
Payoff is an online lender specializing in consolidating debt. It doesn’t offer general-purpose personal loans, but it’s the best for debt consolidation, especially for individuals with fair to good credit.
Established in 2014, Best Egg has made a name for itself by offering extremely competitive interest rates, multiple loans, and a streamlined approval process
Loan amounts range from $5,000 to $40,000, and borrowers can choose from lending terms spanning two to five years. While its bottom APR is competitive, it’s the top end that can make Payoff so appealing. The highest possible APR on a Payoff debt consolidation loan is %, which is significantly lower than that of other loans for bad credit.
While the company does charge an origination fee, it has a transparent pricing structure with no hidden costs. You won’t have to worry about late fees, administration costs, or prepayment fees.
Payoff recommends a minimum credit score of 640 to qualify for loan approval. The lender also looks at minimum annual income, debt-to-income ratios, and existing lines of credit. These factors can influence the interest payments and monthly repayment terms.
Prospective borrowers can use the pre-approval process to check their estimated APR range and monthly payment options. Because the pre-approval process uses a soft credit check, you can play around with loan amounts and loan terms before committing to a formal loan agreement.
If you’re looking to borrow money for credit card consolidation, Payoff is an appealing option. While the loan purpose isn’t as flexible as with some other lenders, Payoff has many benefits for people looking for credit card consolidation as a way to lower credit scores and get out of credit card debt.