Signature Loans: 5 No-Collateral Low-Interest Lenders

When you need fast cash with no collateral, signature loans can be your answer.

A signature loan is an unsecured personal loan that typically comes with flexible repayment terms, low monthly payments, and no collateral required.

Signature loans are based on your credit history, income, and your signature, which is why it’s referred to as a signature loan.

While signature loans can be used for just about any reason, most people get signature loans to consolidate debt, unexpected emergencies, car or home repairs, go on vacation or school expenses.

While many people turn to their local bank or credit union for signature loans, there are several lenders that can offer instant online approval. In many instances, you can get funding the same day you are approved.

5 online lenders that offer signature loans

Initially, you will have to provide basic information like name, date of birth and Social Security number to determine eligibility. Lenders may later ask for proof of income and identity before approving your loan.

1. SoFi Loans – credit score needed 700

signature-loansPre-qualify for a personal loan at Laurel Road with no impact to your credit score. The entire application process can be completed online, and a customer service representative is available to help via phone, email, in-app messaging, or live chat. Borrow up to $45,000 with flexible terms to fit your needs.

About SoFi Loans: Social Finance, Inc. (commonly known as SoFi) is an online personal finance company that started in 2011. SoFi provides student loan refinancing, mortgages, personal loans, cash management and investment accounts. SoFi's products provide customers tools to take control of their financial futures.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.

Pros

  • Low fixed and variable rates.
  • Flexible payment options.
  • Offers member perks.

Available terms: 2 to 7 years
Origination fee: None
Late fee: None.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.
  • Does not offer refinance options.

2. Laurel Road Loans – credit score needed 660

laurel-road-personal-loansPre-qualify for a personal loan at Laurel Road with no impact to your credit score. The entire application process can be completed online, and a customer service representative is available to help via phone, email, in-app messaging, or live chat. Borrow up to $45,000 with flexible terms to fit your needs.

About Laurel Road: Laurel Road started it's lending and banking company in 2013, catering its services to student loan refinancing, mortgages, and personal loans. In April 2019, Laurel Road became part of KeyBank, one of the nation’s largest bank-based financial services companies and Member FDIC.

How to qualify:

  • Minimum credit score: 660.
  • Minimum income: None specified.
  • Debt-to-income ratio: Not disclosed.

Rates and terms:

  • 3 year: 8.01%—20.06%
  • 4 year: 9.16%—21.46%
  • 5 year: 10.11%—22.56%

Pros

  • Low maximum APR: 16.55%
  • No origination fees
  • No prepayment fees
  • Loans as high as $45,000
  • Co-signers allowed

Cons

  • Takes about 5 days for funding
  • $28/5% late fee

3. Upgrade Loans – credit score needed 600

Qualifications

  • Minimum credit score: 600.
  • Minimum annual income: None, but most applicants earn more than $30,000.
  • Minimum monthly free cash flow: $800.
  • Maximum debt-to-income ratio: 60%.
  • Unavailable to borrowers in: Iowa, Vermont or West Virginia.

Pros

  • Credit health tools.
  • Hardship plans.
  • Directly pays creditors for debt consolidation loans used to pay off credit cards.

Cons

  • Origination and late fees.

4. Prosper Borrowers – credit score needed 640

Qualifications

  • Minimum credit score: 640, but average is 717.
  • Minimum credit history: Two years, but average is 11.
  • Minimum annual income: None, but average is $89,000.
  • Maximum debt-to-income ratio: 50% (excluding mortgage).
  • No bankruptcies filed within the last year.
  • Fewer than five credit bureau inquiries in the last six months.

Pros

  • No prepayment fee.
  • Option to change your payment date.
  • Offers joint loan option.

Cons

  • Charges origination fee.
  • Charges late fee of $15 or 5% of the unpaid loan amount

5. OppLoans – no minimum credit score required

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Pros

  • Low maximum APR: 16.55%
  • No origination fees
  • No prepayment fees
  • Loans as high as $45,000
  • Co-signers allowed

Cons

  • Takes about 5 days for funding
  • $28/5% late fee

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