CircleBack Lending, once a pioneer in peer-to-peer lending, stopped issuing personal loans in 2016. A website with the same name has emerged, but it might be best to stay away from it.
We’ll explain why, as well as share information about a handful of other top personal loan companies where you can get cash when you need it.
Why you should avoid Circlebacklending.net
As I researched CircleBack Lending, I came across a circlebacklending.net website. The site claims to be a marketplace lender, but there are several red flags.
For starters, the marketing language on the website is confusing. For example, it says:
“Get up for you to $1000 as soon as These days. Acceptance Usually takes Merely Just a few seconds. Rapid Money Tonight.”
When I called the number listed on the site and tried each of the automated menu options, the system told me no loan agents were available and that I should visit another website to get a personal loan. I sent an email to the contact email address listed on the website and got an automated response stating that the email address didn’t exist.
These are all red flags, which could be a sign that the website might be a scam. So make sure to take the time to examine the website to spot a potential personal loan scam.
If you’re looking for a personal loan, you could find one from many legitimate personal loan companies.
5 personal loan companies to consider
If you need a personal loan and prefer applying for one online, you’ll find a wide selection of lenders. To help you narrow it down, we’ve put together a list of five of the top personal loan companies, along with their interest rates and features.
|Lender||Interest rates (fixed)||Best for|
|Citizens Bank||5.99% – 18.99%||Interest rate discounts|
|Earnest||6.99% – 18.24%||Looking beyond your credit score|
|SoFi||7.08% – 15.37%||Loans of up to $100,000|
|Upgrade||6.87% – 35.97%||Loans as low as $1,000|
|FreedomPlus||4.99% – 29.99%||Excellent credit|
1. Citizens Bank: Best for interest rate discounts
Citizens Bank offers up to 0.50% in interest rate discounts to personal loan borrowers: 0.25% if you have an eligible Citizens Bank account and another 0.25% when you set up autopay. Other loan highlights include:
- Loans of $5,000 to $50,000
- Repayment terms ranging from three to seven years
- APR of 5.99% to 18.99%
- No fees
- Funds available within two business days
2. Earnest: Best for looking beyond your credit score
Your credit score often is one of the biggest factors that lenders consider when deciding whether to approve your application. But Earnest considers other factors to focus more on your full financial picture. Specifically, it looks at your:
- Savings patterns
- 401(k) balance and investments
- Employment history
- Growth potential
Here are some other details to know:
- Loans of $5,000 to $75,000
- Repayment terms of three to five years
- APR of 6.99% to 18.24%
- No origination, prepayment, or extra payment fees
- Funds available within one to two business days after signing
3. SoFi: Best for loans of up to $100,000
If you need to borrow a lot of money to start a business, finance a huge home renovation, or for some other reason, SoFi offers personal loans between $5,000 and $100,000. Here’s what else you’ll get with a SoFi personal loan:
- Repayment terms of three, five, six, or seven years
- APR of 7.08% to 15.37%
- No fees
- Funds available within a few days
- Special SoFi community benefits, including unemployment protection, rate discounts on future loans, career coaching, and more.
4. Upgrade: Best for loans as low as $1,000
Many personal loan companies have a minimum loan amount of $5,000, which can force you to borrow more than you need. If you need far less than that, Upgrade offers a minimum loan of $1,000, but it can go as high as $50,000. Other terms and features include:
- Repayment terms of three or five years
- APR of 6.87% to 35.97%
- Origination fee of 1% to 6% of the loan amount
- Funds available within four business days
5. FreedomPlus: Best for excellent credit
It’s not always easy to know whether you qualify for a personal loan company’s best interest rates. But FreedomPlus is transparent about what it takes to get one of the lowest rates on the market.
For starters, you’ll need to have excellent credit for a loan of $15,000 with a 24-month repayment period. Plus, you’ll need to qualify for two out of these three requirements:
- Adding a cosigner who has sufficient income
- Using at least 50% of the loan proceeds to pay off existing debt
- Showing proof that you have at least $40,000 in retirement savings
Other FreedomPlus highlights include:
- Loans of $10,000 to $35,000
- Repayment terms of two to five years
- APR of 4.99% to 29.99%
- Origination fee of 0% to 5%
- Funds available within 48 hours
Choosing the right personal loan
Regardless of your reason for applying for a personal loan, it’s important to know how to get the best offer for your needs. Rather than picking one lender based on what we’ve shared here, get a rate quote from some or all of the companies to compare what they can offer you.
Then consider the other factors, such as fees, funding time, repayment options, and other special features. Also, use our personal loan calculator to make sure the monthly payments are affordable. If you’re having a hard time getting an offer because of a low credit score, consider other personal loan options for bad credit.
As you do your due diligence, you’ll be more likely to find a loan that works for your budget and your financial goals.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|5.81% – 15.37%1||$5,000 - $100,000||Visit SoFi|
|6.87% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|