Residents looking for personal loans in Salisbury, MD should consider the below lenders that offer a cash bonus for new borrowers.
Salisbury, MD is home to world-class healthcare, educational institutions, and globally recognized corporations making it a prime destination for residents looking for the best personal loans.
Best personal loans in Salisbury, MD
1. SoFi Personal Loans - $300 Cash Bonus
SoFi has low starting rates and you can get prequalified with no impact on your credit score. SoFi offers unsecured personal loans up to $100,000, with annual percentage rates (APRs) that range from 8.99% to 25.81%.
How to Qualify for Cash Bonus:
You must keep your loan active and in good standing for at least 90 days to receive the $300 bonus.
About SoFi
SoFi started its fintech company in 2011 by four Stanford graduate students to offer affordable student loans. SoFi has grown to become a bank and has expanded its offerings to include a wide range of financial products and services, including student loan refinancing, mortgages, personal loans, credit cards, investing, and banking.
SoFi Loan Features:
- Loan amounts up to $100,000
- Minimum credit score of 680
- Competitive APR of 8.99% to 25.81%
- Flexible terms, with options from 2 to 7 years
- No origination fees required, no prepayment penalty fees and no late fees
- Unemployment protection if you lose your job, SoFi can help modify your personal loan payments
- No prepayment fees
- Funds could be available as quickly as the same day your loan is approved
What we don't like:
- The minimum loan amount starts at $5,000 which is kind of high if you only need a few thousand dollars.
- Option to pay a one-time origination fee up to 6% for a lower interest rate
2. Upgrade Loans - $200 Cash Bonus
Upgrade has low starting rates and you can get prequalified with no impact on your credit score. Upgrade offers unsecured personal loans up to $50,000, with annual percentage rates (APRs) that range from 8.49% to 35.99%.
How to Qualify for Cash Bonus:
Open a Rewards Checking Plus account and direct deposit at least $1,000* along with applying for the personal loan.
About Upgrade:
Upgrade started its lending company in 2017, catering its services to borrowers with good credit as well as borrowers with less than perfect credit. Upgrade only requires a minimum credit score of 580 for approval along with other factors. But keep in mind, the better your credit score, the lower your interest rate.
Upgrade Loan Features:
- Loans as high as $50,000
- US citizen or permanent resident with a valid visa
- Valid bank account
- Valid email address
- Minimum credit score of 580
- Monthly free cash flow of $1,000
- Maximum debt-to-income ratio of 40% — excluding mortgages
- Competitive APR of 8.49% to 35.99%
- Funds may be available within a day of clearing verifications
- No prepayment fees
What we don't like:
- High origination fee that ranges from 1.85% to 9.99%
- Loan term options: 2 to 7 years
Factors Lenders Consider For Approval
Lenders consider a variety of a factors when approving or denying borrower applications, including:
Your credit score. Your credit score is one of the most important factors that lenders will consider when evaluating your loan application. A higher credit score will typically qualify you for a lower interest rate and better loan terms.
The purpose of the loan. Personal loans can be used for a variety of purposes, such as debt consolidation, home improvement, and medical expenses. Some lenders offer specialized loan products for specific purposes, such as debt consolidation loans and medical expense loans.
Your financial situation. Consider your overall financial situation when choosing a personal loan. Make sure that you can afford the monthly payments and that the loan will not put you in a financial hardship.
How to choose the best personal loan
To choose the best personal loan, you should compare offers from multiple lenders and consider the following factors:
Interest rate. The interest rate is the amount you will pay to borrow the money. It is typically expressed as a percentage of the loan amount, and it is one of the most important factors to consider when choosing a personal loan. Typically, the better your credit score, the lower interest rate you may be offered.
Soft credit check. Before you apply for a personal loan, most online lenders will let you check your estimated interest rate with a soft credit check. This won't affect your credit score, so it's smart to pre-qualify with multiple lenders to compare rates and loan features.
Loan term. The loan term is the length of time you have to repay the loan. Personal loan terms typically range from one to seven years. A longer loan term will result in lower monthly payments, but you will pay more interest over the life of the loan. With a shorter term, you'll pay less interest. The best choice for you will depend on your budget and financial goals.
Fees. Some lenders charge fees for personal loans, such as origination fees, prepayment penalties, and late payment fees. Be sure to compare the fees charged by different lenders before you choose a loan.
Upgrade Disclaimers
