What is up today I want to talk to you guys about the three best personal loans that I found and seriously I looked everywhere for personal loan I checked banks I check credit unions I checked online I had to look everywhere because I needed one of my personal life and now I'm gonna share with you guys the three best companies that I found so you can make your own decision if you're looking for a personal loan I'm gonna go over why you actually want a personal loan and cover the three loans that I found and I'll go over the pros and cons of each of them so that you can make your own decision if you're looking for a personal loan now if you just came across this . I do talk a lot about financial subjects so if you're interested in this type of content then feel free the first question you'll be asking is why exactly would you want to get a personal loan so for me personally I had to look for personal loan because I had yard project that I had to complete and I didn't want to do a home equity loan or anything like that because the rates and terms were a lot more simplified to just do a personal loan so basically if you've got big home improvements we're gonna do something expensive like adoption or you've got really expensive medical bills then I would suggest going with a personal and I'd also recommend one if you're trying to consolidate your credit card debt because if you've got credit card debt and you take a personal loan then the rate on the personal loan is probably going to be a lot better than your credit cards right and in the financial terminology they would call this a debt consolidation loan you're just taking your credit card debt and you're moving into a personal loan that hopefully has a better rate the only warning that I have the with consolidating credit card debt is that you've got to get on top of your credit cards otherwise you're going to end up with two bills if you don't change your spending habits you're going to end up with a personal loan and you're going to have credit card debt so everything's just going to get worse so if you do end up consolidating your credit card debt through a personal loan or anything like that then just make sure your spending habits change so you don't end up having credit card debt again so the three companies that I'm gonna talk about they don't actually charge origination fees and they don't.
Have prepayment penalties like some of the other guys do so when most of us think of personal loans we're gonna think of companies like lending club and prosper because those are the ones that pop up all over the place online but most of these guys actually charge origination fees and one percent on like ten thousand dollars is only a hundred Bucks but it's still a hundred Bucks that you're giving up when some of the other guys don't actually charge that and most of the big banks and credit unions that I looked into had rates that were so high that I didn't even bother looking any further so with all the research that I had to do to figure out which personal loan I actually wanted to go with the conclusion I came to was these three specific companies and that's because they didn't charge any dirty fees they didn't have prepayment penalties and their rates in their terms were really good so one more thing I want to mention about these lenders and getting personal loans is that you have to have a really high credit score in order to even qualify for these loans through these lenders so if you've got a really bad score the note probably look into some other companies because these ones are just based on really good credit scores and seriously if your credit score sucks and I would highly suggest trying to improve it because you're never going to get good rates on any type of money that you're trying to borrow so the first lender for personal loans that I want to talk about is American Express so honestly I had no idea that American Express did personal loans I just thought that they focus mainly on credit cards but apparently they do personal loans and they even have savings accounts that have better rates than most banks and once I started looking into American Express personal loans they actually had a really good rates and really good terms their rates are currently about seven to twenty percent you can borrow thirty five hundred to forty thousand dollars for American Express and they offer twelve twenty four and thirty six month loans so when you compare these numbers to other lenders American Express is extremely competitive but just keep in mind that you do have to be an American Express card holder in order to actually get one of these personal loans from that I take a look at this out that I got from American Express yesterday when I was doing the script for this video now it's kind of creepy that they actually sent me one of these ads because it's like they knew that I was looking up all.
This personal loan stuff but it looks as though I'm pre qualified for a seven percent rate for twenty five thousand dollars if that's how much I wanted from their personal loan so looks like I'm already pre approved for those rates and I didn't have to do anything I just logged into my American Express account and I had a pop up with that so with the research I did on American Express personal loans I found out that the money that you're borrowing from them and how long you're planning on paying it back doesn't really determine your rate as much as your credit score does so with them it doesn't really matter how much money you're borrowing or how long you're planning on paying the money back they just care about what your credit score is in determining the final interest rate that you're going to get for that long the only thing I didn't like was that their terms only went up to thirty six months so if you need a lot of money and you want to sixty months you can't do it without but out of the three lenders that I'm talking about American Express was the best when it came to borrowing a little bit of money for a little bit of time because they're the only ones that'll do a thirty five hundred dollar minimum and they even offer the twelve month loan pay back so in my opinion American Express is the best option if you're just borrowing a little bit of money for a little bit of time also if you are interested in any of these personal loans that I'm talking about I will link to their websites in my description so that you can find out more about and if you're curious I did check discover card for one of their personal loans because I know that they do them too but their rate came in about six points higher than any of the other guys so I didn't even look any further into them I mean seriously it was a really fat rate from them but if you want to check them out go ahead I did they just didn't come out with the rate that was good enough for me our next on my list of personal loans is called so fi which stands for social finance now these guys have only been around since two thousand eleven but don't let that fool you because they've changed the industry with the way their business model works they've taken everything that we don't like about traditional loans and they've seriously fixed it with their business model they advertise from the very beginning that they don't have any hidden fees that they have low rates and that they have a really good terms so they're big thing is that they don't hide anything from their customers everything is what it is with.
Social finance and that's awesome because you know exactly what you're going to be getting so fi offer student loans mortgages and personal loans so if you're in the market for any of these types of loans so fi is one that you really want to check out so far advertises that they don't even charge an origination fee on mortgages which is typically about one percent that you're just giving up whenever you get one of those loans and traditionally if you don't have twenty percent down on the house then you have to pay mortgage insurance but so far it doesn't even charge you mortgage insurance with one of their loans if you have less than twenty percent social finance is kind of the new way to get loans and they've proven it because they've actually landed out over thirty billion dollars so far they'll even give you half a quarter percent discount if you have more than one loan with them too and they even offer what they call unemployment protection which means if you lose your job they'll actually freeze your payments temporarily until you find a new job so that's kind of nice to so currently so offers personal loans from about five and a half percent to fourteen percent and the let you borrow between five thousand and a hundred thousand dollars and then you can choose to pay them back between three and seven years one thing I did notice though is that their loans fluctuate based on how long you keep them and how much your financing so keep that in mind if you're going to consider so far so I found that their best rates are actually the thirty six month terms with lower amounts borrowed so just keep that in mind so for instance their lowest advertised rate at five and a half percent that one's only gonna work for you if you do a thirty six month loan with them but if you do go with a longer term they still have really good rates you're just only going to get the best rate if you go with the thirty six month term and I also noticed that there not as picky about what you're using the money for and that's a good thing because a lot of the other lenders are really picky when it comes to what you're using the money for so just keep that in mind too so in my opinion I think that everybody should at least consider so if I if they're looking for a personal loan really the only problem I have with them is that their minimum amount you can borrow is five thousand dollars which American Express had a thirty five hundred Bucks so it's a lot easier to get a little bit of money from American Express then it is also fine so the minimum amount was the only thing that bothered me about them everything.
All seem to be extremely competitive and really good in my opinion now I do have their link in the description and I think they give you some sort of a bonus by using my affiliate link so go ahead and use that link if you are actually looking for a personal loan from them the last on my list of personal loans is called light stream by SunTrust bank these guys are actually big bank owned because of SunTrust but they offer some of the best rates and the best terms that I found from all of these different companies and they do advertise that they'll beat any competitor's rate by a tenth of a point as long as it's the same type of loan live streams personal loan rates are about three to fourteen percent which is incredible I know also loan between five thousand and a hundred thousand dollars their term length ranges from twenty four to a hundred and forty four months which is actually twelve years if you really wanted to Max it out that long I would advise though that you don't go with a hundred and forty four months if you're going with a personal loan but that's just my opinion no don't let any of these numbers deceive you with light stream loans because everything fluctuates depending on what you're doing with the loan how much money you're borrowing and how long you're planning on paying it back for so it's not like you can borrow the minimum five thousand dollars and finance it over a hundred and forty four months everything that livestream offers is dependent upon their predetermined categories but don't let that deceive you because the rates are incredible I found a slight stream that if you borrow between about ten thousand dollars and twenty five thousand dollars and you borrow it for twenty four to thirty six months then you're gonna get the best rates that they offer and I found that the lower amounts of money that you borrow from them actually have higher rates than borrowing more money so if you do want to borrow less than ten thousand dollars then I'd suggest going with the other guys instead and I did notice with light stream that their lowest advertised rates are for auto loans only so don't expect to get a three percent rate if you're consolidating your credit cards I found that most of the categories range from about six to eight percent interest so just keep that in mind if you're looking at these guys nine out of these three different companies that I looked into I actually ended up going with lifestream loans I probably would have preferred to go social finance but I ended up going with lifestream loans because they actually came in about a point and a half lower than the other guy.
Posted but that was for me personally so you want to check all of these different lenders to see which rates are going to end up qualifying for because I didn't have an origination fee or anything like that I just went with him ever gave me the best rate and for me at the time I happen to be live streamed loans now these are the three best picks that I found but feel free to comment below if you know of any personal loans that I didn't mention that actually have better rates so maybe you do know of some better personal loans out there but these are the three best that I found and that's from all the research that I did once again .bye
Most secure credit cards give you nothing but iffy and again I don't know I just said that but they gave no cash back or anything discover gives you cash back they're gonna give you two percent cash back with supermarkets and gas stations up to a thousand dollars per quarter now it's four quarters in a year so every three months up to a thousand dollars combined gases supermarkets two percent cash back the also given one percent cash back on all other purchases so not only are you not paying annual fees which are also getting cash back I wish I knew that this card existed before five years ago but I'm giving it to you this to me right now is the the hottest option out I want to give you guys the best option to rebuild your credit history start your credit history I get out of my family were credit was really talked about much it was briefly talked but it was never like an deaf so I can understand I feel that and also from a family where credit has actually run people's lives so I understand that too but credit can be a really good tool if you use it to your advantage the biggest tool if you don't have it in your pocket and you are willing to spend it in your pocket do not spin on your credit card also know as panel for do things that you were going to do anyway build your credit history get points get cash back extra that's the whole game when it comes to credit it's not to you know spend ten thousand dollars at Gucci or Louis and just pay it off in monthly increments because you can't afford it if you have any pocket depend on a credit card if you don't and you just have that you just want just don't do it it's not smart it's not good that's our interest comes so guys that's my video secure credit cards what are they again they are secured so the collateral you have to give them money in exchange for a credit line.Anyone can get this from age eighteen and up the chances you get approved for this card, Unless your credit history is just drastically bad.
Nine times out of ten you're gonna get approved I don't take this the biggest say the credit card matches and you will get approved but yes not a lot of time to get approved and about a good year to making very small payments again we're not trying to get points too much right now we're just trying to re establish or build our credit okay so we just wanna do very small increments gas food payroll for five to twenty dollars a month make sure you stay again under ten percent of your credit utilization so for.
