Best Personal Loans in Vermont

Part of Truist, LightStream is an online consumer lender which debuted in 2013. The company provides loans of up to $100,000 for almost any purpose for borrowers who meet the minimum credit score requirement of 660. Loan terms are between two and seven years, so you can choose a duration that suits your needs.

You can apply online and use the LightStream app to manage your loan on the go. Once approved, you can receive your funds as early as the same day.

Setting up autopay earns you a small discount of 0.50%, and there are no origination fees or prepayment penalties to worry about. If you do not qualify for the loan, you may be able to take advantage of applying for a joint loan.

This lender might not be for you if you want the loan to fund post-secondary education, purchase stocks or refinance an existing LightStream loan.

Pros

• Allows you to borrow up to $100,000
• Does not charge an origination fee
• Competitive rate match
• No prepayment penalties
• Same-day funding

• APR Range: 4.49%–20.49%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 660
• Repayment terms: 24–84 months
• Time to receive funds: Same day

If you have a poor credit score, you may still qualify for a personal loan from some lenders in Vermont. The best provider in the state is Upstart, which requires a minimum score of only 300. Upstart is an artificial intelligence lending platform founded in 2012.

The company conducts a soft credit inquiry, and once your online loan application is approved, you will receive the funds the next day.

While Upstart is the best if you have poor credit, it may not be the best choice for those in need of loans over $50,000 or for customers whose debt-to-income ratio is more than 45%. Furthermore, Upstart does not accept people with new or no credit, and applicants with bankruptcies or delinquencies on their credit reports will be denied.

Pros

• No prepayment penalty
• Low credit score and income requirement
• Offers joint loans
• Does soft inquiry first
• Funds sent within the next day
• No restrictions on usage of funds

• APR range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next Day

Established in 2011, Social Finance, Inc. started by offering student loans and has since diversified its products and services. According to our research, SoFi is the best lender for those with good credit. Borrowers with a minimum credit score of 680, a minimum gross income of $50,000 and a debt-to-income ratio of 43% can borrow up to $100,000 and repay within one to five years.

SoFi conducts soft credit inquiries to ensure that your credit score isn’t affected during the loan application process. The lender offers employment protection which allows you to suspend your monthly payment in three-month increments for up to one year if you lose your job unexpectedly.

That said, SoFi is not the best for borrowers with poor to fair credit scores and does not accept people with new or no credit. It also does not allow co-signers. However, joint loans are available.

There are no restrictions imposed by SoFi on how you use the money.

Pros

• Customers can borrow up to $100,000
• A+ rating from the BBB
• No origination fee
• 0.3% discount for automatic repayment
• Offers joint loans

• APR range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: Two days

Founded in 2016, Upgrade operates online and provides personal loans up to $50,000. MoneyGeek rates Upgrade as the best personal loans provider in Vermont for debt consolidation. Eligible applicants must have a credit rating of at least 560 and will receive funds within four days of their application being accepted.

Upgrade conducts a soft credit inquiry to ensure customer credit scores are not affected during the loan application process. While the lender does not allow co-signers and does not accept applications from people with new or no credit, it does offer joint loans. Customers have a grace period of 15 days for late payment before a late fee of $10 is applied.

There are restrictions on how customers can use their loan. If you’re borrowing money to pay for college or other post-secondary education or to make investments, you should opt for a different lender.

Pros

• Moderate credit score requirement
• Online or in-person applications
• Conducts soft credit inquiries
• No prepayment penalty
• Joint loans available

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

Established in 2007, Lending Club is a digital marketplace bank and the first public U.S. neobank. Its technology-driven platform is designed to help you pay less when borrowing.

Lending Club provides unsecured home improvement loans ranging from $1,000 to $40,000, at an interest rate ranging from 7.04% to 35.89%. Eligibility is based on the borrower’s employment and credit history, with a minimum credit score requirement of 600. While there are no prepayment penalties, the origination fee is 3% to 6%.

This lender may not be for you if you want to use the loan to pay for post-secondary expenses or investment purposes, including the purchase of any type of cryptocurrency.

Pros

• No prepayment penalties
• Conducts a soft credit inquiry
• Makes direct payment in case of debt consolidation
• Offers joint loans
• Competitive rate match

• APR range: 7.04%-35.89%
• Minimum/maximum loan amount: $1,000 - $40,000
• Minimum credit requirements: 600
• Repayment terms: 36-60 months
• Time to receive funds: Next day