Many lenders are offering a loan of more than $40,000 with low requirements and fees. The funds for these personal loans are usually released quickly within the same day or a period of a week following the approval. The following are the top 3 lenders offering personal loans with loan amount that exceed $40,000.
LightStream is offering personal loans with a loan amount in the range of $5,000 – $100,000. You can choose from a loan term in between 24 months – 84 months. The APR rate is in between 3.24%-16.34%. You need a minimum credit score of 680 to get approved for LightStream personal loan. It does not have any requirement on credit history and the debt to income ratio requirement is quite low. You can apply the loan as an individual or joint loan. When you submit the application, it will immediately let you know whether your application is approved. You can choose the date within 30 days of approved when the funds will be wired to your account. LightStream does not charge fees like origination, prepayment, and late fees.
SoFi gives borrowers the ability to borrow a loan amount in between $5,000 – $100,000. the minimum loan term is 3 years and you can take up to 7 years to repay the loan. The APR rate for the loan is in between 5 – 15% but most people get approved for an APR rate of 8.5%. The APR rate can be either fixed or variable rates. The minimum credit score requirement is 660. it does not have any minimum requirement on gross income, credit history and debt to income ratio. After you get approved, you will have to wait up to 10 days to receive the funds. It does not charge origination, prepayment and personal check processing fees. It does charge a late fee of 4% of the amount due but the fee will be no more than $5.
Earnest personal loans features a loan amount in between $2,000 – $50,000 and a loan duration in between 1 – 3 years. The APR rate for Earnest loans is in between 5.25% – 12%. It does not have any requirement on the credit score but most borrowers that get approved have a credit score higher than 720. It has no requirement on the credit history and debt to income ratio. After your loan gets approved, you have to wait for at least 2 – 3 days to receive the funds. Sometimes, earnest will take up to 1 week to wire the funds to you. Earnest does not charge any fee but it can charge you up to $8 if the payment is not successful. You have the option to choose the payment due date and loan term.