We rounded up our picks for top five personal loan lenders, insurance and mortgage offering some of the best APRs and zero origination fees.
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Top Personal Loan
Personal loans are the fastest-growing debt category in the last decade. That’s due in part to the rise of fintech and peer-to-peer lending companies, which make accessing these loans cheaper and easier than ever before.
A form of installment credit, personal loans must be paid back in regular increments over a set period of time. Many see them as an affordable alternative to credit cards, because personal loans often have lower interest rates than credit cards, and consumers can use them to finance nearly every kind of expense, from home renovations to relocation costs and sometimes even paying off student loan debt. But that doesn’t mean they’re free money. Personal loan APRs average 11.23%, according to the Fed’s most recent data. Meanwhile, the average credit card interest rate is around 19.07%.
When compiling our list of the best personal loans, CNBC Select evaluated dozens of lenders. We looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)
LightStream Personal Loans (Best Overall)
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Annual Percentage Rate (APR)
5.99%—23.99%* when you sign up for autopay
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Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, wedding and others
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Loan amounts
$5,000 to $100,000
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Terms
24 to 144 months*
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Credit needed
Good
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Origination fee
None
-
Early payoff penalty
None
-
Late fee
None
Pros
- Same-day funding available through ACH or wire transfer
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Who’s this for? LightStream, the online lending arm of SunTrust Bank, offers low-interest loans with flexible terms for people with good credit or higher. LightStream is known for providing loans for nearly every purpose except for higher education and small business. You could get a LightStream personal loan to buy a new car, remodel the bathroom, consolidate debt, cover medical expenses or pay for a wedding, according to the company’s website.
You can receive your funds on the same day, if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET.
LightStream offers the lowest APRs of any lender on this list, including a discount when you sign up for autopay. Interest rates vary by loan purpose, and you can view all ranges on LightStream’s website before you apply. This is subject to change as the Fed rates fluctuate.
If you select the invoicing option for repayment, your APR will be 0.50% higher than if you sign up for autopay. The APR is fixed, which means your monthly payment will stay the same for the lifetime of the loan. Terms range from 24 to 144 months — the longest-term option among the loans on our best-of list.
LightStream does not charge any origination fees, administration fees or early payoff fees.
Happy Money (Best for debt consolidation)
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Annual Percentage Rate (APR)
10.50% – 29.99%
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Loan purpose
Debt consolidation/refinancing
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Loan amounts
$5,000 to $40,000
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Terms
24 to 60 months
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Credit needed
Fair/average, good
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Origination fee
0% to 5% (based on credit score and application)
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Early payoff penalty
None
- Late fee: 5% of monthly payment amount or $15, whichever is greater (with 15-day grace period)
Pros
- Peer-to-peer lending platform makes it easy to check multiple offers
- Loan approval comes with Happy Money membership and customer support
- No early payoff fees
- No late fees
- Fast and easy application
- U.S.-based customer service
Cons
- Higher loan minimums ($5,000)
- Must submit soft inquiry to see origination fees and other details
How Payoff is designed to help you stay motivated:
- Offers borrowers a dedicated “Empowerment Science” team that is available to take questions and provide encouragement
- Free personality tests, stress assessments and cash flow trackers to help borrowers understand their money management style and nail down better habits
- Free FICO tools help members track their progress*
*Based on a study of Happy Money Members between February 2020 to August 2020, members who use a Happy Money Loan to eliminate at least $5,000 of credit card balances reportedly see an average FICO Score boost of 40 points. (Results may vary and are not guaranteed.)
Who’s this for? A Happy Money personal loan is a good choice if you’re looking to consolidate your credit card debt and pay it down over time at a lower interest rate.
Happy Money’s mission is to help consumers get out of credit card debt once and for all, which is why its loans are geared specifically toward debt consolidation. You can’t use a Happy Money loan for home renovations, major purchases, education, etc.
Borrowers can take out loan amounts between $5,000 and $40,000, and the loan terms range from 24 to 60 months. There’s a soft inquiry tool on its website, which allows you to look at possible loan options based on your credit report without impacting your credit score.
Happy Money doesn’t charge late payment fees, or early payoff penalties if you decide to pay off your debt faster than you initially intended, but there is an origination fee of up to 5% based on your credit score and application. The higher your score, the lower your origination fee and interest rates are likely to be.
Unlike some lenders, Happy Money allows you to deposit the money you borrow into your linked bank account or send it directly to your creditors. Another perk you get from taking out a Happy Money loan is access to various financial literacy tools, such as free FICO score updates, a team that performs quarterly check-ins with you during your first year of working with Happy Money and tools to help members improve their relationship with money through personality, stress and cash flow assessments.
SoFi Personal Loans (Best for financing high-interest debt)
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Annual Percentage Rate (APR)
7.99% to 23.43% when you sign up for autopay
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Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
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Loan amounts
$5,000 to $100,000
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Terms
24 to 84 months
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Credit needed
Good to excellent
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Origination fee
No fees required
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Early payoff penalty
None
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Late fee
None
Pros
- No origination fees, no early payoff fees, no late fees
- Unemployment protection if you lose your job
- DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
- Can have more than one SoFi loan at a time (state-permitting)
- May accept offer of employment (to start within the next 90 days) as proof of income
- Co-applicants may apply
Cons
- Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
- No co-signers allowed (co-applicants only)
Who’s this for? SoFi got its start refinancing student loans, but the company has since expanded to offer personal loans up to $100,000 depending on creditworthiness, making it an ideal lender for when you need to refinance high-interest credit card debt.
If you have high-interest debt on one or more card, and you want to save money by refinancing to a lower APR, SoFi offers a simple sign-up and application process, plus a user-friendly app to manage your payments.
Another unique aspect of SoFi lending is that you can choose between a variable or fixed APR, whereas most other personal loans come with a fixed interest rate.Variable rates can go up and down over the lifetime of your loan, which means you could potentially save if the APR goes down (but it’s important to remember that the APR can also go up). However, fixed rates guarantee you’ll have the same monthly payment for the duration of the loan’s term, which makes it easier to budget for repayment.
By setting up automaticelectronic payments, you can earn a 0.25% discount on your APR. You can also set up online bill pay to SoFi through your bank, or you can send in a paper check.
Once you apply for and get approved for a SoFi personal loan, your funds should generally be available within a few days of signing your agreement. You can both apply for and manage your loan on SoFi’s mobile app.
While taking on a sizable loan can be nerve-wracking, SoFi offers some help if you lose your job: You can temporarily pause your monthly bill (with the option to make interest-only payments) while you look for new employment. You may still incur interest, but your payment history will remain unharmed. You can read more about SoFi’s Unemployment Protection program in its FAQs.
PenFed Personal Loans (Best For Smaller Loan)
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Annual Percentage Rate (APR)
7.74% to 17.99% APR
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Loan purpose
Debt consolidation, home improvement, medical expenses, auto financing and more
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Loan amounts
$600 to $50,000
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Terms
1 to 5 years
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Credit needed
Good/Excellent
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Origination fee
None
-
Early payoff penalty
None
-
Late fee
$29
Pros
- Credit union membership available to anyone
- Loans as low as $600
- Can pick up a physical at a branch
- May apply with a co-borrower
Cons
- Funds come as a physical check
- Must be a member to get funds (no membership needed to apply)
- Must pay for expedited shipping to get your funds next day
- Maximum loan amount of $50,000
- Late fee of $29
Who’s this for? PenFed is a federal credit union that offers membership to the general public and provides a number of personal loan options for debt consolidation, home improvement, medical expenses, auto financing and more.
While most lenders have a $1,000 minimum for loans, you can get a $600 loan from PenFed with terms ranging from one to five years. You don’t need to be a member to apply, but you will need to sign up for a PenFed membership and keep $5 in a qualifying savings account to receive your funds.
While PenFed loans are a good option for smaller amounts, one drawback is that funds come in the form of a paper check. If there is a PenFed location near you, you can pick up your check directly from the bank. However, if you don’t live close to a branch, you have to pay for expedited shipping to get your check the next day.
Unlike some lenders, PenFed doesn’t offer a discount for autopay.
Discover Personal Loans (Best for next day funding)
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Annual Percentage Rate (APR)
6.99% to 24.99%
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Loan purpose
Debt consolidation, home improvement, wedding or vacation
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Loan amounts
$2,500 to $35,000
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Terms
36, 48, 60, 72 and 84 months
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Credit needed
Good
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Origination fee
None
-
Early payoff penalty
None
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Late fee
$39
Pros
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- 7 different payment options from mailing a check to pay by phone or app
Cons
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
Who’s this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. You can receive your money as early as the next business day provided that your application was submitted without any errors (and the loan was funded on a weekday). Otherwise, your funds will take no later than a week.
While there are no origination fees,Discover does charge a late fee of $39 if you fail to repay your loan on time each month. There’s no penalty for paying your loan off early or making extra payments in the same month to cut down on the interest.
If you’re getting a debt consolidation loan, Discover can pay your creditors directly. Once you’re approved for and accept your personal loan, you can link the credit card accounts so Discover will send the money directly. You just need to provide information such as account numbers, the amount you’d like paid and payment address information.
Any money remaining after paying your creditors can be deposited directly into your preferred bank account.
Best Insurance Company in USA
There are a number of ways to rank the size of insurance companies. Companies can be measured by their market capitalization (the value of the company on a stock exchange) or by using sales figures, such as net premiums written in a year or how many policies were sold. Here, we examine the top 10 largest insurance companies by market cap, market share, and revenues.
Largest Insurance Companies by Market Capitalization
Market capitalization, or market cap, is the total value of a company’s stock, and it is calculated by multiplying the number of outstanding shares by the current share price. It is a quick way of determining the value of a company in the eyes of investors.
Publicly Traded Non-health Insurance Companies
| Company Name | Market Capitalization |
|---|---|
| Berkshire Hathaway (U.S.) | $714 billion |
| Ping An Insurance (China) | $141 billion |
| AIA Group (Hong Kong) | $123 billion |
| China Life Insurance (China) | $106 billion |
| Allianz (Germany) | $89 billion |
| Cigna (US) | $76 billion |
| Zurich Insurance (Switzerland) | $67 billion |
| AXA (France) | $65 billion |
| Humana (U.S.) | $55 billion |
| Munich (Germany) | $39 billion |
Publicly Traded Health Insurance and Managed Health Care Companies
| Company Name | Market Capitalization |
|---|---|
| United Healthcare (UNH) | $448 billion |
| CVS (CVS) | $136 billion |
| Anthem (ANTM) | $109 billion |
| Cigna (CI) | $76 billion |
| Humana (HUM) | $55 billion |
| Centene Corporation (CNC) | $48 billion |
| Molina Healthcare (MOH) | $18 billion |
| Bright Health Group (BHG) | $2 billion |
| MultiPlan Corporation (MPLN) | $2 billion |
| Alignment Healthcare (ALHC) | $1.6 billion |
Largest Insurance Companies by Sales and Product Line
It is useful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies. Using sales data is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.
Property & Casualty
| Company | Net Premiums Written |
|---|---|
| State Farm Group | $66.2 billion |
| Berkshire Hathaway (BRK.A) | $46.4 billion |
| Progressive Insurance Group (PGR) | $41.7 billion |
| Allstate Insurance Group (ALL) | $39.2 billion |
| Liberty Mutual | $36.2 billion |
| Travelers Group (TRV) | $28.8 billion |
| USAA Group | $24.6 billion |
| Chubb (CB) | $24.2 billion |
| Farmers Insurance Group | $20.1 billion |
| Nationwide | $18.5 billion |
Life Insurance Companies
| Company | Total Direct Premium | Market Share |
|---|---|---|
| New York Life Grp | $11.7 billion | 6.75% |
| Northwestern Mutual | $11.3 billion | 6.52% |
| Metropolitan Group (MET) | $10.5 billion | 6.05% |
| Prudential of America (PRU) | $10.1 billion | 5.80% |
| Lincoln National | $8.4 billion | 4.83% |
| MassMutual | $7.9 billion | 4.57% |
| State Farm | $5.0 billion | 2.87% |
| Aegon (AEG) | $4.9 billion | 2.80% |
| John Hancock | $4.7 billion | 2.73% |
| Minnesota Mutual Grp | $4.7 billion | 2.70% |
Health Insurance Companies
| Company | Total Direct Premium | Market Share |
|---|---|---|
| UnitedHealth Group (UNH) | $177 billion | 14.1% |
| Kaiser | $104 billion | 8.3% |
| Anthem | $77 billion | 6.2% |
| Centene Corp. | $75 billion | 6.0% |
| Humana | $74 billion | 5.9% |
| CVS Healthcare (CVS) | $69 billion | 5.5% |
| CIGNA Health | $32 billion | 2.5% |
| Molina Healthcare | $21 billion | 1.7% |
| Independence Health | $21 billion | 1.6% |
Best Mortgage Lender in Merch 2023
There’s no one-size-fits-all when it comes to mortgage financing. The best mortgage lenders may vary depending on the type of loan you need — whether you prefer a completely digital loan experience or need a special home loan program. LendingTree considered a number of factors to determine the best mortgage lenders of February 2023.
Best overall mortgage loan variety: Fairway Independent Mortgage
Fairway at a glance
- Minimum credit score: 580 to 620
- Available loan programs: Purchase and refinance programs offered for Conventional, FHA, VA, Jumbo and USDA loans. Fixer-upper loans, which include the FHA 203(k) program, Fannie Mae HomeStyle® Renovation loans and VA and USDA renovation loans.
- Additional loan products: Reverse mortgage and physician home loan
- LendingTree rating:
Why we chose Fairway
Fairway Independent Mortgage Corporation has more than 25 years of experience originating loans. In addition to offering the standard array of purchase and refinance mortgages — including conventional and government-backed refinance home loans, they offer refinance products for homeowners with mortgages currently backed by the U.S. Department of Agriculture (USDA).
Fairway took the lead in the “loan variety” category with an unmatched selection of renovation loans among the lenders we reviewed, including a USDA renovation refinance product. They also offer reverse mortgages and a physician home loan program.
Best overall online mortgage experience: Zillow Home Loans
Zillow at a glance
- Minimum credit score: 620
- Available refinance programs: Conventional, FHA, VA and jumbo
- LendingTree rating:
Why we chose Zillow Home Loans
Zillow Home Loans was launched in 2018, to give aspiring homebuyers a place to shop for mortgages with a familiar and trusted brand. Like many online mortgage lenders, Zillow Home Loans provides a wealth of information about purchase and refinance mortgages to help consumers learn about and better understand which loan type is best for their needs.
However, Zillow really outperforms the competition when it comes to rate transparency, publishing daily rate updates for 16 different refinance and purchase programs. Consumers can check Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) fixed-rate loan rates or peruse adjustable-rate mortgage (ARM) programs with initial fixed rates of three, five, seven or even 10 years.
Best for refinance loans: Guaranteed Rate
Guaranteed Rate at a glance
- Minimum credit score: Not published
- Available refinance programs: Conventional cash-out refinance, FHA refinance, VA cash-out refinance, VA IRRRL, FHA 203(k) renovation refinance, Fannie Mae HomeStyle and Freddie Mac Renovation refinances and VA renovation refinance
- Additional loan products: Jumbo loans, interest-only mortgages and home equity loans
- LendingTree rating:
Why we chose Guaranteed Rate
Founded in 2000, Guaranteed Rate specializes in providing a digital mortgage experience for consumers. Consumers will find a library of online resources and information about refinancing a mortgage to help decide which refinance option fits their financial goals. Guaranteed Rate’s refinance rates are displayed online and updated daily. Borrowers can choose from seven different refinance programs, including a wide variety of fixer-upper refinance programs.
Best for VA loans: Rocket Mortgage
Rocket Mortgage at a glance
- Minimum credit score (VA loans): 580
- Available VA loan programs: Purchase, streamline refinance (IRRRL), cash-out refinance
- Additional loan products: Conventional, FHA, jumbo, home equity loans
- LendingTree rating:
Why we chose Rocket Mortgage
Rocket Mortgage is one of the largest mortgage lenders in the country. When it comes to VA loans, it offers military homebuyers all of the essential VA loan programs, including purchase options, the VA cash-out refinance and the VA streamline program more commonly known as IRRRL (interest rate reduction refinance loan). VA borrowers can apply online, check out VA rates online that are updated daily and educate themselves about VA loans with articles and information on the website.
Best for FHA loans: AmeriSave Mortgage
AmeriSave Mortgage at a glance
- Minimum credit score (FHA loans): 600
- Minimum down payment (FHA loans): 3.5%
- Available FHA loan programs: Purchase, streamline refinance, cash-out refinance
- Additional loan products: Conventional, VA, USDA, jumbo
- LendingTree rating:
Why we chose AmeriSave Mortgage
AmeriSave Mortgage has more than 20 years of experience making home loans and offers three popular FHA loan programs including purchase loans, the FHA streamline and the FHA cash-out refinance. FHA borrowers can review rates online before filling out an online application and read a variety of different articles to get up to speed on how FHA loans work. AmeriSave’s online rates are updated daily and can be customized to fit your financial situation.
Best for Jumbo loans: Ally Bank
Ally Bank at a glance
- Minimum credit score (jumbo loans): Not disclosed
- Minimum down payment (jumbo loans): 10%
- Maximum jumbo loan amount: $4 million
- Additional loan products: Conventional
- LendingTree rating:
Why we chose Ally Bank
The online-only platform offered by Ally Bank includes an excellent selection of jumbo mortgage rates and product information for borrowers that need a loan above the conforming loan limits in their area. According to the company, they can produce an online preapproval in less than five minutes and offer a digital mortgage process.
Jumbo rates are easy to find on Ally Bank’s website with more detail than most jumbo lender websites typically offer. Rate quotes can be customized to fit customers’ location, credit score, property type and more. Ally Bank gives jumbo homebuyers extra borrowing power with loan amounts available up to $4,000,000.
Best for home equity loans: BMO Harris
BMO Harris at a glance
- Minimum credit score: 580 to 620
- Available home equity loan terms: 5-, 10-, 15- and 20-year
- Available HELOC loan terms: 20 years
- Additional loan products: Conventional, FHA, jumbo
- LendingTree rating:
Why we chose BMO Harris
BMO Harris, the eight-largest bank in North America, offers home equity loans and home equity lines of credit (HELOCs) with transparent online information that includes current rates, product information and educational articles. You can choose a personalized home equity loan to receive an upfront sum of money and repay it in fixed installments. A BMO Harris HELOC works more like a credit card, allowing you to use and pay off the line as needed and only make payments on the amount used.
Once you’re ready to apply for a home equity loan or HELOC, BMO Harris offers an online application with a guide to help you navigate the information needed to apply.
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