Best Personal Loans For Students – Finding the right personal loan can be important for students looking to finance their education or cover unexpected expenses.
With many options available, it’s important to understand which personal loans offer the best terms and benefits for students in 2024.
In this article, we’ll explore the top personal loan options you as a student can choose from in 2024, then get your emergency bills or personal stuff sorted out in no time.
8 Best Personal Loans For Students In 2024
Navigating finances as a student can be challenging, especially when you need extra funds for tuition, textbooks, or living expenses.
Thankfully, many lenders offer personal loans specifically designed for students. In 2024, the options have become more varied and accessible.
Here are eight of the best personal loans for students this year, each tailored to different needs and financial situations.
SoFi
SoFi remains a top choice for students seeking personal loans. It offers loans ranging from $5,000 to $100,000, with flexible repayment terms of two to seven years.
SoFi is known for its competitive interest rates and no fees for origination or late payments. While a credit score of at least 650 is required, borrowers can apply jointly.
However, funds are deposited into your account for you to manage repayments to creditors directly.
LightStream
LightStream is another excellent option for students who need larger amounts, offering loans from $5,000 to $100,000.
This lender stands out for its low interest rates and unique rate-beat program, which promises to beat competitor rates.
On lightstream, there are no fees for late payments or prepayments, and you can receive a discount by setting up autopay.
In addition, lightStream generally requires a credit score of 660 or higher for approval.
Kora
Kora specifically caters to college students, offering smaller loans between $25 and $3,000 for a maximum of 12 months.
This makes it ideal for covering small, immediate expenses. Kora’s flexible repayment options allow you to choose between bimonthly or monthly payments, and it’s available in 20 states across the U.S.
Upgrade
Upgrade is a good choice for students with lower credit scores, requiring a minimum score of just 560.
It provides loans with repayment terms between two and seven years. While it may not cover educational expenses directly, Upgrade offers helpful credit monitoring and educational tools to help improve your financial literacy.
Plus, there are no prepayment penalties, allowing borrowers to pay off their loans early without extra costs.
Upstart
Upstart offers a unique approach to lending by considering factors like your college major and school when evaluating applications, making it an option for those with little to no credit history.
They accept applicants with credit scores starting at 300 and can provide funding as quickly as the next business day.
Upstart also focuses on financial education, offering resources to help improve your financial skills.
LendingPoint
For those who may not qualify for traditional loans, LendingPoint offers personal loans between $1,000 and $36,500 in most states.
The repayment terms range from 24 to 72 months, providing flexibility. However, be aware of the potential high APRs and origination fees that can reach up to 10%, depending on your state.
Universal Credit
Universal Credit is available for borrowers seeking loans from $1,000 to $50,000. While it accepts applicants with poor credit, the downside is the higher APRs and origination fees, ranging from 5.25% to 9.99%.
Therefore, it’s important to factor in these fees when determining how much money you need to borrow.
Discover
Discover is a well-known name in banking and provides personal loans from $2,500 to $40,000. Their loans come with flexible repayment terms of three to seven years, and they have a streamlined online application process.
Although Discover charges late payment fees, it doesn’t impose origination or prepayment fees, making it competitive in the market.
When considering personal loans, it’s essential to compare various options to find the one that fits your needs.
Each of these lenders offers unique features and benefits, so take the time to research and understand the terms.
With the right loan, you can navigate your financial challenges and focus more on your studies.
Frequently Asked Questions
How Do I Qualify For A Personal Loan As A Student?
To qualify for a personal loan, you need to meet certain criteria, which may include a minimum credit score, proof of income, and residency in a qualifying state.
However, some lenders may allow co-signers or joint applications to enhance your chances of approval.
What Is The Average Interest Rate For Personal Loans For Students?
Interest rates for personal loans can vary widely depending on the lender, your credit score, and other factors.
In 2024, rates can range from around 5% to over 30%. It’s essential to shop around to find the best rates available.
Can I Use A Personal Loan For College Expenses?
Yes, personal loans can be used for various college-related expenses, such as tuition, books, housing, and other necessary costs.
However, it’s important to check the lender’s policies, as some may restrict the use of funds.
How Long Does It Take To Get Approved For A Personal Loan?
The approval process can vary by lender. Some lenders, like Upstart, can provide funding as soon as the next business day.
Generally, the entire process can take anywhere from a few hours to a few days, depending on the lender’s requirements and your application completeness.