Snowball Wealth’s 2022 Personal Loan Recommendations

At Snowball we understand that sometimes debt can be unmanageable and a personal loan is your best option. Personal loans come at a fixed annual percentage rate generally between 6% and 36%. The loan with the lowest rate will be your least expensive option and best choice. Other features to look out for are no fees, soft credit checks (if your credit score is low at the moment), and direct payment to creditors–a great option if you are paying off debt. With so many options available, we want to make sure you make the best choice for your personal needs. Check out our recommendations below.

SoFi is an online lender that started out with student debt, but now offers solutions for other parts of your financial life including personal loans, investing, banking, and more.
Check rate here
What we like about them:

• Flexibility: use the loan for credit card consolidation, home improvement, family planning, or a wedding
• Unemployment protection: if you lose your job, apply to modify payments
• Reward perks: earn 1% back up to $1,000 for other parts of your financial life

Soft Rate Check: Yes
Origination fees: No
Amount: $5,000-$100,000
Term: 2-7 years
Fixed Rate: 4.74%-20.28% APR

Tally is a credit card payoff app that helps you get debt-free for good. You can use Tally with or without our credit line.
Check rate here
What we like about them:

• Very easy to get started.
• Don’t charge late fees or over limit fees.

Soft Rate Check: Yes
Origination fees: No
Amount: Offer lines of credit ranging from $2,000-$25,000
Term: Lines of credit are revolving and open-ended
Fixed Rate: No fixed rate as Tally only offers you a line of credit if Tally can provide you a rate beneath your lowest card. Their range is 7.90% - 29.99% per year.

Upstart is an online lender that uses alternative data and artificial intelligence when considering applications.
Check rate here
What we like about them:

• Flexibility: use the loan for credit card consolidation or other major purchases.
• Low amount: if you need to just borrow a small amount to meet your goals
• Alternative data: although we don’t like their fees, they may be good for those who have bad to fair credit.

Soft Rate Check: Yes
Origination fees: Yes
Amount: $1,000-$50,000
Term: 3-5 years
Fixed Rate: 3.22%-35.99% APR

Payoff is an online lender focused specifically on helping you pay off credit card debt. They also have an easy to use platform designed to help you increase your credit score and boost your financial wellness.
Check rate here
What we like about them:

• Free credit score tracking: every month, so you can see your progress and track changes (members see an average boost of 40 points).
• Focus: is on credit credit cards only, to ensure that they can help you eliminate the debt and make payments.
• No common fees: such as early prepayment, late fees, or returned checks

Soft Rate Check: Yes
Origination fees: Yes
Amount: $5,000-$40,000
Term: 2-5 years
Fixed Rate: 5.99%-24.99% APR

First Republic is a financial institution which offers a personal line of credit product specifically for high wage earners and those with exceptional credit scores.
Check rate here
What we like about them:

• Low rates with banking relationship: exceptionally low rates if you qualify for their program
• Flexibility: in use of funds, including paying off student loans, home improvements, car purchase, family future, taxes, or medical procedures
• No fees: no loan fees including origination, prepayment, or maintenance

Soft Rate Check: Yes
Origination fees: No
Amount: $65,000-$350,000
Term: revolving credit during 2 year drawdown period, followed by loan period (7, 10, 15 years)
Fixed Rate: 2.25-3.50% APR (based on banking relationship)

Updated as of 2/12/2022.
(1) When you check your rate, the lender checks your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, they do another (hard) credit inquiry that will impact your credit score.
(2) Your loan amount, rate, term, etc. will be determined based on your credit, income, and certain other information provided in your loan application. Not everyone will qualify for the stated information.