Who gives personal loans?

by cornelius.fay , in category: Personal Finance , a year ago

Who gives personal loans?

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1 answer


by lucienne , a year ago


There are various types of lenders who provide personal loans. Some common sources include:

  1. Banks: Traditional banks, such as Chase, Wells Fargo, or Bank of America, offer personal loans to their customers.
  2. Credit unions: These are member-owned financial institutions that often offer competitive rates and flexible terms for personal loans.
  3. Online lenders: Several online-only lenders, such as SoFi, Avant, or Upstart, specialize in providing personal loans with a quick application and funding process.
  4. Peer-to-peer lending platforms: Platforms like LendingClub or Prosper connect individuals looking for personal loans with investors willing to lend money.
  5. Non-bank financial institutions: Some non-bank entities specialize in personal loans, such as credit card companies (Discover, Capital One), payday lenders, or installment loan providers.
  6. Friends and family: In certain cases, individuals may borrow from friends or family members.

It is important to shop around and compare loan rates, terms, fees, and eligibility criteria before applying for a personal loan.