Choosing a reputed online lender is vital when you are to borrow money, whether for funding a small unforeseen expense or for financing a planned expense. Interest rates vary by lenders, and other associated fees can add up to the cost of your debt.

You should do extensive research to compare interest rates, so you do not find it an expensive deal. If you are looking for personal loans for bad credit, you must be very careful when choosing a direct lender. A bad credit rating can add up the cost of the loan because of high-interest rates and associated fees.

With the help of beforehand research, you can choose a lender that lends money at the most competitive interest rates. Various online lenders are out there, but it is your responsibility to choose the one that has a reputation.

A few direct lenders are known to take advantage of a borrower’s situation, which may throw you into an endless debt spiral. This blog reveals the top American loan companies to safeguard your financial interest.

Top American finance companies you can contact to borrow money

Here are the top American loan companies believed to offer loan products at the most competitive interest rates:


FastenLoans offers various types of short-term loans, from installment loans with no credit check to Christmas loans. In addition, it offers personal loans. FastenLoans is a broker that helps choose the best lender based on your current financial condition and funding needs.

The broker will dive into your finances to see how much you can afford and then pick the best lender willing to lend you money at affordable interest rates. Since the broker will run a soft credit check, you can know how much you can borrow.

This facility is not available if you apply directly to a lender. They will turn you down if you borrow more than your affordability. FastenLoans broker can pick multiple lenders that suit your application so that you can choose the best one based on interest rates and associated fees charged by them. The rate of interest varies between 1.5% and 18.5% per annum, depending on the type of loan you are applying to.

The broker will run a soft credit check to analyze your repayment capacity.You will have to pay broker fees in addition to the processing fees of the lender.
Only that lender will be picked whose terms and conditions suit your needs and financial situation.Lenders will run a hard credit check separately to check your affordability.
There is the slightest of the chance of rejection.The estimates cannot be guaranteed.


This direct lender offers personal loans to all borrowers regardless of their credit score. The loan amount you can borrow from this company is up to $100,000 at fixed interest rates up to 4.99%, which is relatively lower than the interest rates charged by other lenders. However, your credit score should be at least 680.

This lender charges neither processing fees nor late fees. This is a reputed online lender as it offers flexible repayment terms with lower interest rates. Flexibility, reliability, and maximum loan amounts are vital factors that make this loan company reputed.

It was established in 2011, and so far, it has lent over $50 billion. It has years of experience under the belt to make a better approval decision based on your needs. You can get a loan even if you have a bad credit rating, but then interest rates will be more than 4.99%. The APR can be up to 18.15%.

Approval is easy with soft credit check.You cannot borrow less than $5,000.
No early repayment fees are charged.Secured loans are not available.
You can add a co-borrower if you have a poor credit history.The company may not approve in case of a bad credit rating.


LightStream is also a personal loan lender known for providing high loan amounts at a competitive interest rate. It has used extensive experience in offering personal loans to a large number of people. It deals in almost 50 states of the USA, including Washington and DC.

Depending on the loan purpose, the loan amount varies between $5,000 and $100,000, and the APR ranges between 2.5% and 20%. However, you can get a .50% reduction in rate if you opt for the auto pay option. This lender offers a repayment period of two to seven years.

You are entirely free to choose the repayment period. If you choose a shorter one, you will save money in total interest; if you choose a longer one, you will enjoy lower monthly payments. You can make a choice based on your budget.

Unlike many lenders, LightStream does not charge hidden fees and early repayment fees. It is considered the best online lender as it can let you borrow a large amount of money. Still, the lack of a pre-approval process and high minimum credit score make loans offered by this company favorable to those who have a good credit rating.

0.5% rate discount is available by opting for auto-pay option.This lender does not allow for flexible repayments.
You can choose between a shorter or longer repayment term.Bad credit borrowers cannot apply for LightStream loans.
You can borrow up to $100,000.No direct payments are made to creditors in case of consolidation loans.

Best Egg

This lender is best known for charging the most competitive APR up to 5.99%. Soon it is going to launch credit cards. You can explore the features of credit cards to be issued by visiting the online website.

You can sign up for the update, so you get immediately notified when the credit card is available to you. It has emerged as a brand because of high loan amounts and competitive interest rates. You can borrow between $2,000 and $35,000 depending on your needs to be paid off over a period between three and five years.

Best Egg is known for offering a loan to bad credit borrowers as well, but the APR tops out at 35.99%. You can borrow the loan for any type of purpose, including consolidation and home improvement. The approval process is very easy. Unlike LightStream, the lender runs a soft credit check.  

It offers lower APRs compared to other online lenders.You may have to pay origination and processing fees.
You can borrow money even if you do not have a stellar credit score.It also charges late payment fees up to $15. No bugger period is offered.
Existing borrowers can take out another loan for a combined amount of up to $50.000. 


It is an online lender that uses artificial intelligence to shortlist your application to lend money. Using machine learning, its approval rate is 27% higher than the traditional approach as it focuses on factors other than your credit score and income, for instance, your job history, applicant’s education, and current address.

The minimum credit score required for the approval is 600. However, you are still free to apply for the loan if you have no credit history. Most of the lenders mentioned above do not lend less than $5,000, but Upstart can approve the minimum amount of $1,000, and the maximum is $50,000. If you need online loans for the unemployed with no credit check, Upstart will be the best lender. The APR varies between 5.31% and 35.99%. The repayment term is between three and five years.

It accepts borrowers with poor credit scores and no credit history.Guarantors and co-applicants are not required, which means you do not have scope for availing of lower interest.
You can borrow money to fund small emergency loans.It is not as flexible as other online lenders regarding repayments.
You can choose your own payment date.Origination fees could be higher.

Factors to consider for choosing the best loan company

Since each individual has different financial circumstances, what seems best for your needs may not be best for your friends. Therefore, it is recommended to do the best research. Look at the following factors to make a decision:

  • Consider loan cost; it includes interest rates, APR, origination fees, monthly fees, early repayment fees, and default fees.
  • Find out a flexible repayment term. You should be able to choose between the repayment periods that suit your budget.
  • Look for speedy approval. Speed consists of two factors: how quickly you get the nod and how sooner the money shows up in your bank account.

The bottom line

Various online lenders are out there, and they all have different terms and conditions. For you, the best loan company will be one whose offerings suit your budget. Do proper research so you do not regret it later.

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