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Easiest personal loans to get
Borrowing money can be challenging amid today’s elevated interest rates, which have made it more expensive to finance a home, car and everyday purchases. Persistent inflation has kept interest rates high over the past couple of years, with prices rising nearly 17% from 2021 to 2023.
Fortunately, inflation is beginning to cool, and interest rates are starting to drop on various loans, including personal loans. These loans provide a large lump-sum payment you can use to consolidate debt, improve your home or for nearly any other purpose. Personal loans typically come with lower interest rates than other credit options, like credit cards, and also carry fixed interest rates and monthly payments that make it easy to budget.
Like other loans, qualifying for a personal loan may depend on your credit, income and a host of other factors. If you’re looking for a personal loan you qualify for, it’s important to know where to start and what objectives you aim to achieve. Here are our picks for the best personal loans for different scenarios.
Start comparing your top personal loan options online now.
Easiest personal loans to get
To help you get started, we’ve listed some easiest personal loans to get, broken down into six categories.
Best overall: SoFi
SoFi is our choice for the best overall personal loan lender because of its solid mix of valuable features. It provides loans big and small up to $100,000 with fixed repayment terms ranging from two to seven years. Loans come with low interest rates between 8.99% and 29.99% (including rate discounts).
SoFi also checks the no fees box, with no origination or late fees and no penalty for paying off your loan early. SoFi personal loans could also be a good option if you need fast funding. The lender claims 82% of typical SoFi personal loan applications signed before 7 p.m. EST on a business day were funded the same day. You could also have SoFi pay your credit card lenders for you and receive a 0.25% discount.
Learn more about SoFi personal loans here.
Best for good credit borrowers: LightStream
LightStream transparently states on its website it only approves “good-to-excellent credit profiles.” According to FICO credit score ranges, the “good” credit score range begins at 670, so your credit score should generally be at least that or higher to qualify. Of course, higher credit scores improve your approval odds and chances of receiving the best interest rates.
LightStream’s APR on personal loans starts at 8.49%, which includes a 0.50% discount if you enroll in automatic payments before the funding of your loan. Personal loan amounts range from $5,000 to $100,000.
Learn more about LightStream personal loans here.
Best for bad or low credit borrowers: Upstart
If you’re looking for a personal loan but your credit score is less than ideal, you might consider a personal loan from Upstart. The online lender claims its model differs from the traditional one by considering education, employment and other factors in addition to credit to determine your eligibility.
You may qualify for a loan between $1,000 and $50,000 with a fixed rate ranging from 7.8% to 35.99 APR. Your payment will remain the same during your three- or five-year repayment term, and you can pay off your loan early without incurring a prepayment penalty.
Best for low rates: Discover
Discover Bank offers personal loans with competitive rates ranging from 7.99% to 24.99% on loans between $2,500 and $40,000. Use the funds to consolidate debt, renovate your home or for virtually any other purpose and pay back the funds in terms from three to seven years.
Be careful when comparing lender rates on personal loans, as many offset low APRs with high fees. However, Discover personal loans don’t charge upfront fees as long as you submit your payments on time. If approved, Discover may fund your loan as soon as the next business day.
Best for low or no fees: PenFed
While low rates are a prime consideration for any loan, so too are low or no fees. Consider that many personal loans include an origination fee ranging from 1% to 5% of the loan amount. That means a $20,000 personal loan with a 5% origination fee would cost you $1,000 in addition to your interest charges.
PenFed personal loans have no such origination fees, helping you save money upfront. You also won’t incur a prepayment penalty if you pay off your loan before its term ends. Loan rates start at 8.99% on loans up to $50,000 with next-day funding available. It’s worth noting, PenFed has a 4.2 TrustPilot rating with nearly 1,500 reviews.
Best for fast funding: U.S. Bank
U.S. Bank offers unsecured personal loans with a strong balance of competitive rates — which start at 8.74% — and valuable features. This includes fast funding, often within one business day of approval, but it could take up to four days depending on your circumstances.
If you want a personal loan from U.S. Bank, opening one of the bank’s checking or savings account first could be wise, as existing customers may qualify for larger loan amounts and longer repayment terms. Loan amounts range from $1,000 to $50,000 (or $25,000 if you’re not an existing account holder). Similarly, you can choose a loan term from one to seven years (maximum five-year term for non-customers). U.S. Bank doesn’t charge an origination fee or prepayment penalty on its personal loans.
The bottom line
Personal loans can be valuable tools to access cash for a wide variety of purposes, but other affordable lending options may be worth considering. If you want to consolidate debt, a 0% introductory APR balance transfer credit card can help you pay down debt interest-free for a period of up to 21 months. Bear in mind that this option includes a balance transfer fee — usually 3% or 5% of the transfer amount. Home equity loans and HELOCs can also help you tap into your home’s equity for cash at lower interest rates. Be aware, however, that these mortgage options require you to secure the loan with your home, meaning you could be putting it at risk if you default.
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Social Security Fairness Act passes U.S. Senate
Legislation to expand Social Security benefits to millions of Americans passed the U.S. Senate early Saturday and is now headed to the desk of President Joe Biden, who is expected to sign the measure into law.
Senators voted 76-20 for the Social Security Fairness Act, which would eliminate two federal policies that prevent nearly 3 million people, including police officers, firefighters, postal workers, teachers and others with a public pension, from collecting their full Social Security benefits. The legislation has been decades in the making, as the Senate held its first hearings into the policies in 2003.
“The Senate finally corrects a 50-year mistake,” proclaimed Senate Majority Leader Chuck Schumer, a Democrat from New York, after senators approved the legislation at 12:15 a.m. Saturday.
The bill’s passage is “a monumental victory for millions of public service workers who have been denied the full benefits they’ve rightfully earned,” said Shannon Benton, executive director for the Senior Citizens League, which advocates for retirees and which has long pushed for the expansion of Social Security benefits. “This legislation finally restores fairness to the system and ensures the hard work of teachers, first responders and countless public employees is truly recognized.”
The vote came down to the wire, as the Senate looked to wrap up its current session. Senators rejected four amendments and a budgetary point of order late Friday night that would have derailed the measure, given the small window of time left to pass it.
Vice President-elect JD Vance of Ohio was among the 24 Republican senators to join 49 Democrats to advance the measure in an initial procedural vote that took place Wednesday.
“Social Security is a bedrock of our middle class. You pay into it for 40 quarters, you earned it, it should be there when you retire,” Ohio Senator Sherrod Brown, a Democrat who lost his seat in the November election, told the chamber ahead of Wednesday’s vote. “All these workers are asking for is for what they earned.”
What is the Social Security Fairness Act?
The Social Security Fairness Act would repeal two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) — that reduce Social Security payments to nearly 3 million retirees.
That includes those who also collect pensions from state and federal jobs that aren’t covered by Social Security, including teachers, police officers and U.S. postal workers. The bill would also end a second provision that reduces Social Security benefits for those workers’ surviving spouses and family members. The WEP impacts about 2 million Social Security beneficiaries and the GPO nearly 800,000 retirees.
The measure, which passed the House in November, had 62 cosponsors when it was introduced in the Senate last year. Yet the bill’s bipartisan support eroded in recent days, with some Republican lawmakers voicing doubts due to its cost. According to the Congressional Budget Office, the proposed legislation would add a projected $195 billion to federal deficits over a decade.
Without Senate approval, the bill’s fate would have ended with the current session of Congress and would have needed to be re-introduced in the next Congress.
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12/20: CBS Evening News – CBS News
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Saturday is the winter solstice and 2024’s shortest day. Here’s what to know about the official start of winter.
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, in the Northern Hemisphere. The celestial event signifies the first day of winter, astronomically.
What is the winter solstice?
The winter solstice is the day each year that has the shortest period of daylight between sunrise and sunset, and therefore the longest night. It happens when the sun is directly above the Tropic of Capricorn, a line of latitude that circles the globe south of the equator, the National Weather Service explains.
The farther north you are, the shorter the day will be, and in the Arctic Circle, the sun won’t rise at all.
How is the day of the winter solstice determined?
The winter solstice occurs because of the Earth’s tilt as it rotates around the sun.
When the Northern Hemisphere tilts away from the sun, the nights last longer. The longest night happens on the solstice because the hemisphere is in its furthest position from the sun. That occurs each year on Dec. 21 or 22.
This year, it falls on Dec. 21 at 4:21 a.m ET, to be precise.
On the summer solstice, when the northern tilt is closest to the sun, we have the longest day, usually June 20 or 21.
The solstices are not always exactly on the 21st every year because the earth’s rotation around the sun is 365.25 days, instead of 365 even.
Will days start getting longer after the winter solstice?
Yes. Each day after the solstice, we get one minute more of sunlight. It doesn’t sound like much, but after just two months, or around 60 days, we’ll be seeing about an hour more of sunlight.
When will winter officially be over in 2025?
The meteorological winter ends on March 20, 2025. Then, spring will last until June 20, when the summer solstice arrives.
How is the winter solstice celebrated around the world?
Nations and cultures around the world have celebrated the solstice since ancient times with varying rituals and traditions. The influence of those solstice traditions can still be seen in our celebrations of holidays like Christmas and Hanukkah, Britannica notes.
The ancient Roman Saturnalia festival celebrated the end of the planting season and has close ties with modern-day Christmas. It honored Saturn, the god of harvest and farming. The multiple-day affair had lots of food, games and celebrations. Presents were given to children and the poor, and slaves were allowed to stop working.
Gatherings are held every year at Stonehenge, a monumental circle of massive stones in England that dates back about 5,000 years. The origins of Stonehenge are shrouded in mystery, but it was built to align with the sun on solstice days.
The Hopi, a Native American tribe in the northern Arizona area, celebrate the winter solstice with dancing, purification and sometimes gift-giving. A sacred ritual known as the Soyal Ceremony marks the annual milestone.
In Peru, people honor the return of the sun god on the winter solstice. The ancient tradition would be to hold sacrificial ceremonies, but today, people hold mock sacrifices to celebrate. Because Peru is in the Southern Hemisphere, their winter solstice happens in June, when the Northern Hemisphere is marking its summer solstice.
Scandinavia celebrates St. Lucia’s Day, a festival of lights.
The “arrival of winter,” or Dong Zhi, is a Chinese festival where family gathers to celebrate the year so far. Traditional foods include tang yuan, sweet rice balls with a black sesame filling. It’s believed to have its origins in post-harvest celebrations.
Researchers stationed in in Antarctica even have their own traditions, which may include an icy plunge into the polar waters. They celebrate “midwinter” with festive meals, movies and sometimes homemade gifts.