Payoff personal loans feature the lowest maximum APR rate and the lowest minimum terms, at 24 months. Their loans are designed specifically for credit card debt consolidation and are aimed at getting borrowers out of debt and improving their financial health. However, its 640 credit score requirement may put this lender out of reach for some borrowers.
Peerform is a peer-to-peer lending platform, meaning that after selecting your loan terms, your personal loan will be listed in a marketplace to be funded by investors. Getting your loan funded can take up to two weeks and is not guaranteed.
But if you have time to wait, using Peerform may be a viable option. That’s because borrowers with credit scores as low as 600 might qualify for a personal loan through Peerform. This is the lowest credit score requirement among the three options we included.
As with Upstart, you only get to choose between repayment terms of 36 or 60 months. However like Payoff, the minimum loan amount is high. Further, Peerform is not available in Connecticut, North Dakota, Vermont, West Virginia, Wyoming or Washington D.C. You must also have a debt-to-income ratio below 40% to be eligible.
Upstart has the highest minimum and maximum APR rates of the three options listed here, as well as the highest maximum origination fee. However, it also offers the largest range of loan amounts to eligible borrowers, from $5,000 to $30,000.
An upside to using this lender, especially if you struggle with poor credit: Upstart takes into account your education, area of study and job history when assessing your application.