Making the switch to clean, renewable energy may be made accessible and affordable with the best solar panel loans. The increasing popularity of solar power has led to an expansion of financing alternatives, allowing homeowners to invest without upfront expenses. Solar panel loans provide a practical way to finance solar systems, reducing energy costs and carbon footprints, in addition to tax credits and government incentives.
This article evaluates the top solar panel loans, focusing on interest rates, repayment terms, and adaptability to meet diverse budgetary needs. Understanding your options can help you make informed decisions that align with your budget and sustainability goals, whether you’re seeking zero-down options, fixed rates, or fast approval processes.
Best Solar Panel Loans
Solar panel loans, offered by banks, credit unions, and online lenders, are unsecured personal loans with annual percentage rates ranging from 6% to 36%. Installment loans, like solar loans, are given in one lump sum and get repayment over two to seven years in equal monthly installments. Additionally, collateral is not necessary, although there can be late fines. To assist you in financing your new solar panel system, we have examined and selected the best personal loan providers.
Lightstream
LightStream is perfect for big expenses like weddings or house renovations because it offers loans up to $100,000. Loan categories like home repair, RV, and boat loans offer up to 20-year repayment terms, and funds are available on the same day of application. LightStream requires good credit to be eligible, but they offer reasonable rates and no origination costs. Repayment lengths span from two to twenty years, and the loan amount varies from $5,000 to $100,000. It does not reveal the minimum income and is accessible in every state but Rhode Island and Vermont. A soft credit check and email are two ways to contact customer assistance.
SoFi
For borrowers with strong or excellent credit, SoFi offers online personal loans. Requirements include being at least eighteen years old, a citizen of the United States, employed, and having multiple sources of income. There are origination and late fees, and term durations vary from two to seven years. Furthermore, several rate reductions, quick funding, big loan amounts, collaborative loan choices, and a loan administration mobile app are among the advantages. However, there is a large minimum loan amount and no flexibility for an initial payment date.
Best Egg
Best Egg is a trustworthy lender offering personal loans for fair credit, affordable rates, and fair loan terms. Additionally, borrowers must have a FICO score of at least 600 in order to be eligible, although lesser scores could lead to higher APRs. The possibility of loan acceptance rises with a successful prequalification with Best Egg. Also, it offers secured loans with low minimum income requirements, and high closing rates are available in one to three business days. However, they aren’t available in DC, IA, VT, or WV and come with origination costs and no savings. Phone, email, and soft credit check customer support are accessible, and loan amounts range from $2,000 to $50,000.
Upgrade
Upgrade personal loans offer a low credit score requirement, multiple rate reductions, and direct payment to creditors. With origination fees ranging from 1.85% to 9.99%, late fines of $10, and failed payment fees of $10, the available term lengths span from two to seven years. Home improvement loans offer long payback terms, rate reductions, a mobile app for loan management, and secured and joint options.
Upstart
With a 4.9/5 Trustpilot rating, Upstart is an affordable lender that has no minimum credit score requirements and a low annual percentage rate. Both well-qualified candidates and those with poor or no credit history can use it. Borrowers with good credit might not be charged an origination fee at all, although Upstart may impose one of up to 12%. The lender offers loans ranging from $1,000 to $50,000, available within one to three business days, with a minimum income of $12,000. However, it might not provide savings and have a hefty origination fee. It offers a gentle credit check, as well as phone and email support.
LendingClub
LendingClub offers personal loans for customers with good credit who wish to consolidate debt and establish credit. They want a maximum DTI of 40%, a minimum credit history of 36 months and two accounts, a minimum credit score of 600, and no income. Furthermore, a 3% to 8% origination cost, a 5% late fee or $15 after 15 days, and a $15 insufficient funds fee are all included in the loans, which have a period of two to six years.
Avant
Avant personal loans offer small to moderate loans up to $35,000 to bad credit applicants, with cash available the following business day after approval. Compared to other lenders, Avant has a higher chance of approving applications from borrowers who are prequalified. However, the lender offers high interest rates and levies an origination fee of up to 9.99%.
With the exception of HI, IA, MA, ME, NY, VT, and WV, Avant offers loans with 2-year durations in every state. The required minimum monthly income is $1,200. Avant provides a light credit check as well as phone and email customer support. Loans can be used for a variety of things, such as home upgrades, emergency costs, life events, and debt consolidation.
