Forbes Advisor

10 Best SIP Trunk Providers Of 2024

Tyler Webb — Fri, 27 Dec 2024 13:00:24 +0000

SIP trunking connects your PBX phone system to the cloud for internet-based calling. This benefits your business by lowering monthly calling costs and reducing your hardware maintenance needs. With SIP, you can purchase new phone numbers based around the globe and scale more easily—all managed from a cloud-based virtual dashboard.

To determine the top SIP trunk services of 2024, we evaluated and compared 15 popular providers. Our research found Plivo to be the top choice due to its flexible pricing and wide global coverage—though services such as Twilio, OnSIP and others offer distinct benefits and use cases. Check out our rankings to choose the best SIP trunk provider for your business.

Best Personal Loans From Banks Of December 2024

Colin Beresford — Thu, 19 Dec 2024 19:48:45 +0000

Best Personal Loans From Banks of 2024

BEST FOR BANKING WITH A CREDIT UNION

PenFed

Minimum Credit Score

Does not disclose

APR range

8.99% to 17.99%

Loan amounts

$600 to $50,000

Via MoneyLion’s Website

Does not disclose

8.99% to 17.99%

$600 to $50,000

Editor’s Take

PenFed is a credit union with availability across the country and flexible membership requirements.

Why We Like It

PenFed offers a wide range of borrowers the option to borrow from a credit union, operating branches in 13 states.

What We Don’t Like

PenFed doesn’t disclose some of its eligibility requirements, including minimum credit score.

Who It’s Best For

PenFed’s personal loans are best for borrowers who are keen to borrow from a credit union.

Consumer Sentiment Index

3.8

3.8/10

Consumer Score

The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.

Consumer Sentiment Index

546

How do we calculate

We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5

Insights Analyzed

# Interest Rates and APR
For Interest Rates and APR

61% of people had positive sentiments

8% of people had neutral sentiments

31% of people had negative sentiments
61%

8%

31%
For Interest Rates and APR
- 61% of people had positive sentiments
- 8% of people had neutral sentiments
- 31% of people had negative sentiments
# Customer Service
For Customer Service

22% of people had positive sentiments

8% of people had neutral sentiments

70% of people had negative sentiments
22%

8%

70%
For Customer Service
- 22% of people had positive sentiments
- 8% of people had neutral sentiments
- 70% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

45% of people had positive sentiments

34% of people had neutral sentiments

21% of people had negative sentiments
45%

34%

21%
For Loan Terms and Flexibility
- 45% of people had positive sentiments
- 34% of people had neutral sentiments
- 21% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

67% of people had positive sentiments

3% of people had neutral sentiments

30% of people had negative sentiments
67%

3%

30%
For Ease of Approval and Process
- 67% of people had positive sentiments
- 3% of people had neutral sentiments
- 30% of people had negative sentiments

PenFed personal loan borrowers gave the lender mixed reviews. Some appreciated the ease and speed of the application process, while others had issues with customer service, transparency and loan processing. Some borrowers also faced unexpected fees.

Pros & Cons

No origination or prepayment fees
Prequalification with a soft credit check
Allows for co-borrowers

Doesn’t operate branches in all states
Requires membership
Charges late payment fee of $29

Details

Eligibility

Minimum credit score. Does not disclose
Minimum income. Does not disclose
Co-borrowers. Permitted

Customer service

We called PenFed to evaluate its customer service team’s responsiveness and found it to be one of the most helpful and efficient experiences among lenders on our list. While we waited one minute and 15 seconds to connect with a rep, they provided complete transparency for each of our questions.

PenFed’s team disclosed essential loan details like loan amounts, available interest rates, required documentation and loan approval times. They also shared information about potential fees and payment assistance options if repayment becomes challenging. We are impressed with PenFed’s willingness to share this information with prospective borrowers, which can improve the overall loan experience.

BEST FOR LARGE LOANS

Wells Fargo

Minimum Credit Score

Does not disclose

APR range

6.99% to 24.49%

with autopay discount

Loan amounts

$3,000 to $100,000

Via MoneyLion’s Website

Does not disclose

6.99% to 24.49%

with autopay discount

$3,000 to $100,000

Editor’s Take

Wells Fargo operates branches in 36 states and offers loans to borrowers nationwide.

Why We Like It

Wells Fargo offers borrowers large loans up to $100,000, which is more than many other personal loan lenders. Its personal loans also come with rates as low as 6.99% and charge no origination fees or prepayment penalties.

What We Don’t Like

Although Wells Fargo’s loans are available nationwide, it doesn’t operate branches in every state.

Who It’s Best For

Wells Fargo’s personal loans are best for borrowers who are looking for a large loan and want to bank in person.

Consumer Sentiment Index

4.4

4.4/10

Consumer Score

Consumer Sentiment Index

132,945

How do we calculate

Wells Fargo’s borrowers often complained about high interest rates, unexpected fees, and poor customer service experiences. Some users found the mobile app user-friendly and efficient, while others found challenges with it.

Insights Analyzed

# Interest Rates and Fees
For Interest Rates and Fees

22% of people had positive sentiments

11% of people had neutral sentiments

67% of people had negative sentiments
22%

11%

67%
For Interest Rates and Fees
- 22% of people had positive sentiments
- 11% of people had neutral sentiments
- 67% of people had negative sentiments
# Customer Service
For Customer Service

35% of people had positive sentiments

3% of people had neutral sentiments

62% of people had negative sentiments
35%

3%

62%
For Customer Service
- 35% of people had positive sentiments
- 3% of people had neutral sentiments
- 62% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

39% of people had positive sentiments

20% of people had neutral sentiments

41% of people had negative sentiments
39%

20%

41%
For Loan Terms and Flexibility
- 39% of people had positive sentiments
- 20% of people had neutral sentiments
- 41% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

72% of people had positive sentiments

5% of people had neutral sentiments

23% of people had negative sentiments
72%

5%

23%
For Ease of Approval and Process
- 72% of people had positive sentiments
- 5% of people had neutral sentiments
- 23% of people had negative sentiments

Pros & Cons

Can receive funds as soon as the next business day
0.25% autopay discount
No origination fees or prepayment penalty

Must have a Wells Fargo checking account to receive autopay discount
New Wells Fargo customers must visit a branch to apply
No option to prequalify

Details

Overview: Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online.

New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.

Eligibility:

Minimum credit score required. Does not disclose
Minimum annual income. Does not disclose
Co-borrowers. Not permitted
Co-signers. Not permitted

Loan uses:

Debt consolidation
Home improvement
Medical bills

BEST FOR FUNDING OPTIONS

PNC Bank

Minimum Credit Score

Does not disclose

APR range

Rates may vary by ZIP code

Loan amounts

$1,000 to $35,000

Via MoneyLion’s Website

Does not disclose

Rates may vary by ZIP code

$1,000 to $35,000

Editor’s Take

PNC Bank is a full-service lender that offers personal loans along with checking and savings accounts, home equity loans and other products.

Why We Like It

PNC Bank offers both term loans and personal lines of credit, allowing you to get the type of funding that’s best for your financial situation.

What We Don’t Like

PNC Bank only operates branches in 28 states and doesn’t lend in all 50.

Who It’s Best For

PNC Bank’s personal loans are best for borrowers who may need a line of credit and live in a state where PNC operates.

Consumer Sentiment Index

4.2

4.2/10

Consumer Score

Consumer Sentiment Index

124

How do we calculate

Insights Analyzed

# Interest Rates and Fees
For Interest Rates and Fees

20% of people had positive sentiments

0% of people had neutral sentiments

80% of people had negative sentiments
20%

80%
For Interest Rates and Fees
- 20% of people had positive sentiments
- 0% of people had neutral sentiments
- 80% of people had negative sentiments
# Customer Service
For Customer Service

10% of people had positive sentiments

0% of people had neutral sentiments

90% of people had negative sentiments
10%

90%
For Customer Service
- 10% of people had positive sentiments
- 0% of people had neutral sentiments
- 90% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

100% of people had positive sentiments

0% of people had neutral sentiments

0% of people had negative sentiments
100%
For Loan Terms and Flexibility
- 100% of people had positive sentiments
- 0% of people had neutral sentiments
- 0% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

68% of people had positive sentiments

0% of people had neutral sentiments

32% of people had negative sentiments
68%

32%
For Ease of Approval and Process
- 68% of people had positive sentiments
- 0% of people had neutral sentiments
- 32% of people had negative sentiments

Pros & Cons

Offers competitive rates
Has no origination fees
Offers autopay rate discounts

Doesn’t clearly share eligibility requirements
Loan amounts are low compared to other lenders

Details

Eligibility

Minimum credit score. Does not disclose
Minimum income. Does not disclose
Co-borrowers. Permitted

BEST FOR EAST-COAST BORROWERS

TD Bank

Minimum Credit Score

TD Bank does not disclose this information

APR range

8.99% to 23.99%

Loan amounts

$2,000 to $50,000

Via Fiona.com’s Website

TD Bank does not disclose this information

8.99% to 23.99%

$2,000 to $50,000

Editor’s Take

TD Bank is a bank that operates primarily on the east coast. The lender has branches in 13 states and Washington D.C.

Why We Like It

In addition to offering loans between $2,000 and $50,000, TD Bank’s customer service is available 24/7.

What We Don’t Like

TD Bank only offers loans in 15 states, which are primarily on the east coast.

Who It’s Best For

TD Bank’s personal loans are best for borrowers who live on the east coast and in a state where the bank operates branches.

Consumer Sentiment Index

4.8

4.8/10

Consumer Score

Consumer Sentiment Index

41,469

How do we calculate

TD Bank customers had varying experiences with the lender but were often negative about their interactions. Borrowers weren’t satisfied with account management, customer service and the mobile app.

Insights Analyzed

# Interest Rates and Fees
For Interest Rates and Fees

12% of people had positive sentiments

12% of people had neutral sentiments

76% of people had negative sentiments
12%

12%

76%
For Interest Rates and Fees
- 12% of people had positive sentiments
- 12% of people had neutral sentiments
- 76% of people had negative sentiments
# Customer Service
For Customer Service

43% of people had positive sentiments

3% of people had neutral sentiments

54% of people had negative sentiments
43%

3%

54%
For Customer Service
- 43% of people had positive sentiments
- 3% of people had neutral sentiments
- 54% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

43% of people had positive sentiments

31% of people had neutral sentiments

26% of people had negative sentiments
43%

31%

26%
For Loan Terms and Flexibility
- 43% of people had positive sentiments
- 31% of people had neutral sentiments
- 26% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

79% of people had positive sentiments

3% of people had neutral sentiments

18% of people had negative sentiments
79%

3%

18%
For Ease of Approval and Process
- 79% of people had positive sentiments
- 3% of people had neutral sentiments
- 18% of people had negative sentiments

TD Bank customers had varying experiences with the lender but were often negative about their interactions. Borrowers weren’t satisfied with account management, customer service and the mobile app.

Pros & Cons

Fast funding in as little as one business day
No origination, application or prepayment fees
Option to check personalized rates with no impact on your credit

Only available in 15 states and Washington, D.C.
Rate discount only available for TD Bank banking customers
Late fees of 5% of minimum payment due or $10, whichever is less

Details

Eligibility: TD Bank does not disclose a minimum credit score to take out a loan. As with other lenders, you’ll need a strong credit score to get the lowest rates. We recommend a score of at least 670.

Loan uses: You can use TD Bank personal loans for just about any legal personal expense.

Turnaround time: If you’re approved, you’ll get your funds in as little as one business day.

BEST FOR CO-SIGNED LOANS

U.S. Bank

Minimum Credit Score

Does not disclose

APR range

8.74% to 24.99%

with autopay

Loan amounts

$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers

Depends on the area you live in

Via MoneyLion’s Website

Does not disclose

8.74% to 24.99%

with autopay

$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers

Depends on the area you live in

Editor’s Take

U.S. Bank is a lender that offers a full range of services and operates branches in 27 states.

Why We Like It

U.S. Bank doesn’t disclose its minimum credit requirements, but the lender allows for co-signers if you don’t meet the eligibility requirements.

What We Don’t Like

U.S. Bank doesn’t allow noncustomers to access its highest loan amount of $50,000 and its longest terms of 84 months.

Who It’s Best For

U.S. Bank personal loans are best for borrowers who are current customers of the bank and may need a co-signer to qualify for the lowest rates.

Consumer Sentiment Index

2.6

2.6/10

Consumer Score

Consumer Sentiment Index

2,112

How do we calculate

Insights Analyzed

# Interest Rates and Fees
For Interest Rates and Fees

20% of people had positive sentiments

4% of people had neutral sentiments

76% of people had negative sentiments
20%

4%

76%
For Interest Rates and Fees
- 20% of people had positive sentiments
- 4% of people had neutral sentiments
- 76% of people had negative sentiments
# Customer Service
For Customer Service

5% of people had positive sentiments

2% of people had neutral sentiments

93% of people had negative sentiments
5%

2%

93%
For Customer Service
- 5% of people had positive sentiments
- 2% of people had neutral sentiments
- 93% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

36% of people had positive sentiments

21% of people had neutral sentiments

43% of people had negative sentiments
36%

21%

43%
For Loan Terms and Flexibility
- 36% of people had positive sentiments
- 21% of people had neutral sentiments
- 43% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

31% of people had positive sentiments

3% of people had neutral sentiments

66% of people had negative sentiments
31%

3%

66%
For Ease of Approval and Process
- 31% of people had positive sentiments
- 3% of people had neutral sentiments
- 66% of people had negative sentiments

The majority of feedback for U.S. Bank was negative, with many borrowers expressing dissatisfaction with the customer service and issues with the loan process. Borrowers reported unexpected fees, delays and problems with loan payoff and documentation.

Pros & Cons

Operates physical branches
0.50% autopay discount
Quick funding

Need a credit score of at least 800 to qualify for the lowest advertised rates
Smaller loan amounts available to non-U.S. Bank checking customers
Branch locations in only 26 states

Details

Eligibility

Minimum credit score. Does not disclose
Minimum income. Does not disclose
Co-signers. Permitted
Co-borrowers. Permitted

Customer service

We called U.S. Bank’s customer service team to test its quality. Compared to other lenders on our list, we waited the second longest for our call to be answered—two minutes and one second. Although the representative was friendly and transparent, they provided most of the information through a sales pitch, which may be unsettling to some prospective borrowers.

U.S. Bank was one of few lenders that provided a specific interest rate based on loan details we provided. While the rep didn’t ask for a credit score to provide the interest rate, its website discloses you need a score of at least 800 to qualify for the lowest rates.

BEST FOR NO FEES

Citi® Personal Loan

Minimum Credit Score

720

APR range

11.49% to 20.49%**

Loan amounts

$2,000 to $30,000

On Citi’s Website

720

11.49% to 20.49%**

$2,000 to $30,000

Editor’s Take

Citibank is a national personal loan lender that operates branches in 13 states.

Why We Like It

Citibank charges no personal loan fees, including zero late payment fees, prepayment penalties and origination fees.

What We Don’t Like

Although Citibank will lend to residents of any state, the bank only has branches in 13 states.

Who It’s Best For

Citibank personal loans are best for borrowers looking for a loan with no fees and who live in a state where Citibank operates branches.

Consumer Sentiment Index

5.8

5.8/10

Consumer Score

Consumer Sentiment Index

153

How do we calculate

Citibank received mixed reviews. Borrowers appreciated the lack of fees and the potential for lower interest rates, but others weren’t satisfied with the payment process, communication issues and persistent calls.

Insights Analyzed

# Interest Rates and Fees
For Interest Rates and Fees

37% of people had positive sentiments

38% of people had neutral sentiments

25% of people had negative sentiments
37%

38%

25%
For Interest Rates and Fees
- 37% of people had positive sentiments
- 38% of people had neutral sentiments
- 25% of people had negative sentiments
# Customer Service
For Customer Service

12% of people had positive sentiments

75% of people had neutral sentiments

13% of people had negative sentiments
12%

75%

13%
For Customer Service
- 12% of people had positive sentiments
- 75% of people had neutral sentiments
- 13% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility

60% of people had positive sentiments

30% of people had neutral sentiments

10% of people had negative sentiments
60%

30%

10%
For Loan Terms and Flexibility
- 60% of people had positive sentiments
- 30% of people had neutral sentiments
- 10% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process

39% of people had positive sentiments

45% of people had neutral sentiments

16% of people had negative sentiments
39%

45%

16%
For Ease of Approval and Process
- 39% of people had positive sentiments
- 45% of people had neutral sentiments
- 16% of people had negative sentiments

Pros & Cons

No origination, application or prepayment penalties
Flexible repayment terms
Funds may be sent within one business day

Competitors have lower interest rates
Loan amount limit is lower than other lenders

Details

Credit Eligibility: You must have excellent credit to be eligible for a Citi® Personal Loan.

Loan uses: You can use your funds for almost any legal personal purpose. However, you can’t use them for education or business.

Turnaround time: Same business day when using direct deposit with a Citi® account, or up to 2 business days when using direct deposit with a non-Citi® account.

Details:

Loans up to $30,000 with fixed rates from 11.49% to 20.49%**
Zero fees – no origination fees, no late fees, no prepayment penalty, and no hidden fees
Quick and easy online application process
Fast funding when using direct deposit – same day with an existing Citi account, or within 2 business days with a non-Citi account
Discount for enrolling in automatic payments when you submit your loan application

Disclosure

Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.

If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.

**Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.

There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.

To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.

Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.

If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.

Personal loans are made available by Citibank, N.A., Equal Housing lender

Summary: Best Personal Loans From Banks of December 2024

PenFed

5.0

Compare Rates

Via MoneyLion’s Website

Current Apr Range

8.99% to 17.99%

Loan Amounts

$600 to $50,000

Wells Fargo

4.4

Compare Rates

Via Fiona.com’s Website

Current Apr Range

6.99% to 24.49%

Loan Amounts

$3,000 to $100,000

PNC Bank

4.4

Compare Rates

Via MoneyLion’s Website

Current Apr Range

Rates may vary by ZIP code

Loan Amounts

$1,000 to $35,000

TD Bank

4.3

Compare Rates

Via MoneyLion’s Website

Current Apr Range

8.99% to 23.99%

Loan Amounts

$2,000 to $50,000

U.S. Bank

4.3

Compare Rates

Via MoneyLion’s Website

Current Apr Range

8.74% to 24.99%

Loan Amounts

$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers

Citi® Personal Loan

4.3

Check Rates

On Citi’s Website

Current Apr Range

11.49% to 20.49%**

Loan Amounts

$2,000 to $30,000

COMPANY	FORBES ADVISOR RATING	CURRENT APR RANGE	LOAN AMOUNTS	LEARN MORE
PenFed	5.0	8.99% to 17.99%	$600 to $50,000	Compare Rates Via MoneyLion’s Website
Wells Fargo	4.4	6.99% to 24.49%	$3,000 to $100,000	Compare Rates Via Fiona.com’s Website
PNC Bank	4.4	Rates may vary by ZIP code	$1,000 to $35,000	Compare Rates Via MoneyLion’s Website
TD Bank	4.3	8.99% to 23.99%	$2,000 to $50,000	Compare Rates Via MoneyLion’s Website
U.S. Bank	4.3	8.74% to 24.99%	$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers	Compare Rates Via MoneyLion’s Website
Citi® Personal Loan	4.3	11.49% to 20.49%**	$2,000 to $30,000	Check Rates On Citi’s Website

How To Compare Loans from Banks

To find the loan that fits your financial needs, it’s best to compare financing options from different lenders. Although lenders often disclose the information you need to compare options, prequalifying with various lenders can give you a better view of the best loan. Prequalification doesn’t impact your credit score and lets you see the rates and terms a lender may offer you.

Once you’re ready to compare your options, consider these loan features:

Annual percentage rate (APR). APR, which includes both interest and fees, represents the total cost of borrowing money. In most cases, lower APRs are reserved for borrowers with high credit scores. Keep in mind that other loan features can be just as essential when determining which lender is best for you.
Terms. A loan’s terms refer to how long you have to repay the loan. Longer loan terms mean lower monthly payments but higher interest costs; shorter loan terms mean lower interest costs but higher monthly payments. A personal loan calculator can help you determine the monthly payments you can afford and, as a result, the terms you need.
Loan amounts. Loan amounts vary by lender, so compare lenders based on the amount you intend to borrow. Personal loans typically range from $1,000 to $100,000; however, several lenders may offer smaller or larger loan amounts.
Fees and penalties. Late payment fees, prepayment penalties and origination fees are just some of the additional costs lenders add to loans. If you may miss a payment or intend to repay your loan early, find lenders that don’t impose penalties.
Perks. Some lenders offer features such as rate discounts for automatic payments or payment deferral if you need forbearance. Depending on your financial situation, these features may set some lenders apart from others.
Availability. Banks that offer personal loans often don’t have branches in every state. If you’re looking for a lender with brick-and-mortar locations, be sure a location is easily accessible.

How To Qualify for Loans From Banks

Qualifying for a personal loan from a bank can be more challenging than from other lenders. You must meet the requirements for each of these categories:

Credit score. The minimum credit score requirement varies between banks, which many don’t disclose. Your approval odds are higher if you have a score above 670.
Income. Minimum income requirements vary widely between lenders and many don’t disclose them. In most cases, you’ll have to show that you have a steady, reliable income and can afford to repay your loan.
Debt-to-income (DTI) ratio. Lenders will often use your DTI ratio to determine if you can afford to make additional debt payments. Lenders generally look for a DTI ratio of less than 36%.
Location. Some lenders aren’t qualified to lend in all states. Before submitting an application, confirm whether you’re in a state where the lender does business.

Alternatives to Loans from Banks

Although banks can be a safe option to borrow money, there are alternative ways to get the funding you need, including:

Credit unions. Personal loans from credit unions often have less strict qualifications and lower borrowing costs compared to banks. While credit unions often have brick-and-mortar locations with in-person customer service, they typically require borrowers to become members.
Online lenders. Online lenders offer personal loans to a range of borrowers, including those with limited or no income and poor credit history. The loan application and funding process happens exclusively online, with no in-person branches.
Home equity. If you’ve built equity in your home, you can tap into it with a home equity loan or line of credit. Although these funding options may have lower interest rates than personal loans, the lender can repossess your home if you fail to repay your debt.
Credit cards. Credit cards can cover short-term financial emergencies but can lead to overspending if you aren’t careful. Be sure to have a plan to repay any money you borrow as credit cards have high APRs, and late payments come with penalties.
Cash advance apps. Cash advance apps typically offer loans up to $500 with short repayment terms. If repaid by the due date, these loans can come with no interest or fees. However, if payment due dates are missed, fees can make borrowing costly.
Friends and family. Before borrowing from a lender, consider whether you have friends or family who may be willing to lend you money. If you borrow from a friend or family member, it’s a good rule of thumb to write a promissory note so both parties can agree on the terms.
Savings. If you’re considering a personal loan for a nonemergency, consider postponing your purchase and saving for it instead. This will increase your spending power because you won’t have to pay interest or fees, and you won’t have ongoing debt payments.

Methodology

We reviewed nine popular banks that offer personal loans based on 20 data points in the categories of customer sentiment index, loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best banks based on the weighting assigned to each category:

Customer sentiment index. 40%
Eligibility and accessibility. 17%
Loan costs. 16%
Loan details. 15%
Application process. 7%
Customer experience. 5%

We also considered several characteristics within each major category, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each bank accepts co-signers or joint applications and the geographic availability of the bank. Finally, we evaluated each bank’s customer support tools, borrower perks and features that simplify the borrowing process—such as prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.

Next Up In Personal Loans

10 Best Website Builders Of 2024

Emily McNutt — Thu, 19 Dec 2024 19:10:34 +0000

Modern businesses require websites for their customer base to reach them. It’s easier than ever to create a website for your enterprise that helps to generate business, drive revenue and expand your reach.

Website builders include the ability to create a one-stop shop for your business, including blogs, online stores and the ability to incorporate SEO elements so your website shows on Google. The best website builders–like our top pick Hostinger–offer hosting, drag-and-drop site editor functionality and come at a price point that won’t break the bank. We reviewed 10 website builders to help you find the pick that makes the most sense for your business.

7 Best Payroll Services For Small Business Of 2024

Dennis O'Reilly, J.D. — Thu, 19 Dec 2024 18:52:12 +0000

The best payroll software reduces the time and effort required for a business to run its payroll at a price that won’t break its budget. Companies can choose to purchase payroll software that they operate and manage themselves, or spend a little extra for a comprehensive payroll service that takes some or all responsibility for ensuring your workers are paid accurately and on time, and verifying that your business meets all its compliance requirements.

Our top picks for SMBs cost as little as $10 per employee per month, though most businesses are likely to spend between $20 and $30 per employee per month for a payroll solution that checks all their boxes. It’s money well spent to ensure your workers are paid accurately, on time and in compliance with all requirements.

After reviewing nearly two dozen payroll software products and payroll outsourcing services, and testing for 34 separate criteria, Gusto topped our ratings for its easy contractor payroll processing. We tested first-hand the usability of the products and the responsiveness of the vendors. In total, we identified seven payroll services that offer small businesses an affordable way to run their payroll while making the information easy for employees to access and minimizing payroll administration. Check out the rest of our list for more service providers that may meet the needs of your business.

Best Business Software Of 2024

Brett Day — Thu, 19 Dec 2024 18:50:42 +0000

If you’re ready to up your SMB software game to streamline operations, enhance productivity, generate more leads and manage projects like a champ, you’re in the right place. We’ll share the best project management software, VPN, payroll and HR platforms, our top picks for CRM and accounting and more with you.

We use complex data analyzed with our proprietary rubric and extensive hands-on testing to determine the best software. We also have extensive software testing methodologies to ensure we hit the points that matter the most to SMBs such as yours. Without further ado, let’s look at the software that can help take your business to the next level.

How to Start a Business (2024 Guide)

Dennis O'Reilly, J.D. — Thu, 19 Dec 2024 18:46:53 +0000

Starting a business is easy. Over a recent five-year span, there were an average of 4.7 million businesses started each year in the U.S.

On the other hand, starting and growing a successful business is anything but easy. The Bureau of Labor Statistics (BLS) estimates that one in five businesses fail in their first year, nearly half within five years and close to two-thirds before they reach 10 years.

Succeeding as a business owner takes more than smarts, hard work and a great idea. A successful business focuses from day one on establishing and maintaining profitability. There are many ways to define a “successful business,” but making significantly more money than you’re spending on a consistent basis tops most people’s list. No matter how you get there, or how long it takes, your business’s financial success is the result of keeping a steady focus on the bottom line.

Unless you’re one of those rare unicorns whose ultimate goal is to sell their bright idea to a megacorp, your new business will need to generate more revenue than it spends relatively quickly and consistently. Achieving your ultimate business objective has six stages: planning, securing funding, registering, launching, establishing and creating value.

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8 Best Online Bookkeeping Services Of 2024

Emily McNutt — Thu, 19 Dec 2024 18:43:40 +0000

When it comes to running your business, it’s all about finding the right services that help things run smoothly. This includes online bookkeeping. The best online bookkeeping services offer reliable, feature-packed, integrated solutions at a price point that won’t break your budget.

Online bookkeeping services can save you money—and time—in the long run, and they can be a great investment. We reviewed more than a dozen online bookkeeping services to determine our eight best. Here’s what you need to know when considering an online bookkeeping service for your small business.

Best MailChimp Alternatives Of 2024

Tyler Webb — Thu, 19 Dec 2024 18:42:14 +0000

Mailchimp is one of today’s most popular email marketing platforms, with user-friendly setup tools for emails, webpages and triggered outbound workflows. However, Mailchimp has a few shortcomings: it lacks a free plan, costs more than some alternatives and limits users to more basic workflow automations and email design tools than some other platforms.

We tested over a dozen email marketing platforms, comparing their features, user experience, pros, cons and overall value. Our rankings and insights below reflect our top picks for the best Mailchimp alternatives of 2024.

5 Best Restaurant POS Systems Of 2024

Bryce Colburn — Thu, 19 Dec 2024 18:39:12 +0000

Restaurant point-of-sale (POS) systems are a critical part of any restaurant business. They allow restaurant owners to track sales, manage inventory, manage tables and run reports. A good restaurant POS system can make a big difference in a restaurant’s bottom line.

There are many different restaurant POS systems, so we’ve done the homework for you. We ranked companies based on factors, such as price, ease of use, features, customer satisfaction and third-party integrations. After assigning scores to each system, Forbes Advisor picked the top nine systems to highlight below.

Best Stripe Alternatives Of 2024

Bryce Colburn — Thu, 19 Dec 2024 18:37:23 +0000

Stripe is a powerhouse in the payment processing world, but it’s not always the best fit for every business. Maybe you need a solution that’s easier to use, offers more robust customer support or provides better value for high transaction volumes. Whatever your reason, there are plenty of alternatives to consider.

In this guide, I’ll walk you through some of the best Stripe alternatives for small businesses, highlighting what makes each one stand out. Whether you’re looking for an all-in-one solution or a budget-friendly option, I’ve got you covered.