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In this article:
- Top Online Personal Loan Lending Services
- How to Choose a Personal Loan Lender
- Pros and Cons of Personal Loans
- Get Matched With a Loan
Is this the right loan for you?
Create a free Experian account now to see loan offers with your best chance of approval.
How we match you
We’ve done the research so you don’t have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
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Disclosure
Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
Is this the right loan for you?
Create a free Experian account now to see loan offers with your best chance of approval.
How we match you
We’ve done the research so you don’t have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
Get started for free
Disclosure
This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 23, 2023, are covered under the TruStageTM Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStageTM Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.
Is this the right loan for you?
Create a free Experian account now to see loan offers with your best chance of approval.
How we match you
We’ve done the research so you don’t have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
Get started for free
Disclosure
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Is this the right loan for you?
Create a free Experian account now to see loan offers with your best chance of approval.
How we match you
We’ve done the research so you don’t have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
Get started for free
Disclosure
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Is this the right loan for you?
Create a free Experian account now to see loan offers with your best chance of approval.
How we match you
We’ve done the research so you don’t have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
Get started for free
Disclosure
This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate, loan amount, and loan terms are subject to change based upon information received in your full inquiry on our site. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the Upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000). The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle. It is important to review your promissory note for these details before accepting your loan.
From financing a large purchase to saving money by consolidating higher-rate debts, you can use a personal loan for almost anything. When you're looking for a personal loan, it helps to know your options—and online lenders are an increasingly popular option among borrowers. Many of the top online personal loan lending services offer unsecured personal loans with fixed interest rates and several repayment term options. It's always wise to compare your loan options before accepting the loan that works best for your needs.
We've chosen some lending services from our partners to highlight great options for a personal loan in 2024. The lending service that works best for you may depend on your creditworthiness, desired loan amount and preferred monthly payment.
Top Online Personal Loan Lending Services
LendingPoint
A potential top option for borrowers with fair credit, LendingPoint offers fast funding, but the loan could come with a higher annual percentage rate (APR) than you might find elsewhere. The loan origination fee can range from 0% to 10% and will depend on factors including your creditworthiness, state of residence and the loan amount; the fee will be deducted from your loan disbursem*nt. While LendingPoint isn't the best option for everyone—particularly those with high credit scores who likely can find lower rates elsewhere—it's worth checking to see if you can get prequalified and reviewing your loan offers.
See if you're eligible
Recommended FICO® Score*
Fair - Good
Est. APR
7.99 - 35.99%
Term
36
Amount
Available loan amounts: $2,000 to $30,000
Est. monthly payment: $62 to $1,357
Grace period: 0 days
Application fee: $0
Loan Details
- Loans from $2,000 to $36,500 and no prepayment penalties
- Rates from 7.99% to 35.99% APR
- Check your rate without impacting your credit score
- Simple online application
- Funds available as soon as the next business day upon approval
- LendingPoint's innovative technology allows them to understand the individual creditworthiness of every applicant
- Terms from 24 - 72 months
- Fixed monthly payment and simple interest
- LendingPoint has thousands of five-star reviews on Trustpilot
- LendingPoint has an A+ rating from the Better Business Bureau
Happy Money
If you want to use a personal loan to consolidate credit card debt, then Happy Money might be a good option. Happy Money focuses specifically on helping people refinance and pay off credit card debt. In fact, your maximum loan amount might be the sum of your current card balances. Happy Money also offers low minimum APRs and has an origination fee, which can range from 0% to 5%. If approved, you'll be able to choose from a two- to five-year repayment term.
See if you're eligible
Recommended FICO® Score*
Fair - Exceptional
Est. APR
11.72 - 17.99%
Term
36
Amount
Available loan amounts: $5,000 to $40,000
Est. monthly payment: $161 to $1,406
Grace period: 10 days
Application fee: $0
Loan Details
- 11.72% - 17.99% APR
- Quickly check your rate without affecting your credit score
- No prepayment, late, or check-processing fees
SoFi
For borrowers with good to excellent credit, SoFi is a top lender to consider due to its low rates and fees. It offers personal loans of up to $100,000 (a higher limit than that of many competitors), doesn't require any application or origination fees, and has loan terms of two to seven years. Borrowers can also receive additional benefits, such as free meetings with a financial planner or career coach. SoFi has a $5,000 minimum loan requirement, so look elsewhere if you need a smaller loan.
See if you're eligible
Recommended FICO® Score*
Good - Exceptional
Est. APR
8.99 - 29.99%
Term
60
Amount
Available loan amounts: $5,000 to $100,000
Est. monthly payment: $101 to $3,174
Grace period: 10 days
Application fee: $0
Loan Details
- Personal Loans with low fixed rates
- Borrow up to $100,000
- No Origination Fees Required, No Prepayment Penalties, and No Late or Overdraft Fees
- Simple online application with live support 7 days a week
- Apply Now
Upgrade
Upgrade's personal loan offering stands out due to its wide range of rates and loan amounts. The origination fee can be 1.85% to 9.99%, which is deducted from the loan proceeds. Repayment terms can range from 24 to 84 months, depending on how aggressively you'd like to repay your debt. Upgrade allows applicants to apply with a cosigner, which could help you get approved or receive better terms if the cosigner has good credit.
See if you're eligible
Recommended FICO® Score*
Fair - Exceptional
Est. APR
8.49 - 35.99%
Term
36
Amount
Available loan amounts: $1,000 to $50,000
Est. monthly payment: $30 to $2,206
Grace period: 15 days
Application fee: $0
Loan Details
- Affordable loans from $1,000 - $50,000 with low fixed rates that will never change, affordable monthly payments, and no prepayment penalties
- Quick online application -- get pre-approved in just minutes
- Checking your rate won't impact your credit score
- Review multiple loan options so you can pick the amount and term that fits your budget and timeline
- With automatic payments and a customizable due date, managing your account is easy and you'll be able to circle the date on your calendar when you'll be debt free
Upstart
Upstart is a lending platform that focuses on borrowers with less-than-excellent credit. It stands apart from other lending services with its unique underwriting process and low minimum APR. When reviewing your application, Upstart considers traditional factors, such as your credit, income and debts as well as alternative data, like your employment, education and banking history. Applicants with fair to good credit may get approved for larger loans or lower interest rates with Upstart than other lending services. Upstart's origination fee ranges from 0% to 10%.
See if you're eligible
Recommended FICO® Score*
Poor - Exceptional
Est. APR
7.8 - 35.99%
Term
36
Amount
Available loan amounts: $1,000 to $50,000
Est. monthly payment: $31 to $2,262
Grace period: 15 days
Application fee: $0
Loan Details
- Loan amounts from $1,000 - $50,000
- APRs from 7.8% - 35.99% with loan terms of 3 or 5 years
- Won't affect your credit score
- You can have funds in as fast as 1 day
- You are more than your credit score. On Upstart your education and experience help you get the rate you deserve.
How to Choose a Personal Loan Lender
Before you apply for a personal loan, you may want to review lenders' requirements and loan offers. Here are some of the things you'll want to consider:
- How you plan to use the loan: While you can use a personal loan for almost anything, there may be some restrictions. For example, rules may vary on whether you can use the funds for business, educational or investment purposes.
- Your credit score: Lenders may have a minimum credit score requirement. You can get a free credit score from Experian to see where you currently stand.
- Minimum and maximum loan amounts: Your creditworthiness may be used to help determine the loan size you're offered. Make sure the lender's maximum loan amount is high enough for your needs—or, on the flipside, that the minimum loan amount allows you to avoid overborrowing. You may also find the minimum loan amount in your state is higher than a lender's general minimums.
- Prepayment penalty: While you can generally repay part or all of the loan early without a penalty, check to see if the lender charges a prepayment penalty.
- Residency requirements: While you won't need to visit a bank branch to get a personal loan from an online lender, lenders might not be approved to offer loans in every state. You don't have any control over this, but it's worth keeping in mind that your options may vary depending on where you live.
- Origination or administrative fee: Unless you have good to excellent credit, many personal loans will require an upfront origination or administrative fee. The fee is often taken out of the loan amount, which you'll want to consider when you've determined how much to borrow.
- Repayment terms: The repayment term can also impact your monthly payment and interest rate. If you want to get a low rate and pay off the debt quickly, look for a lender that offers short repayment terms. However, if you'd prefer a lower monthly payment, a longer repayment term may be a better fit.
- APR ranges: Many lenders will advertise an APR range, but you won't know which rate you'll receive until you get prequalified or receive a loan offer. The range could still help you determine the interest you'll end up paying over the life of the loan. If you have excellent credit, you might assume you'll qualify for an APR on the lower end of the range.
- Time to funding: If you need money ASAP, some lenders can transfer the funds into your bank account within one or two business days of processing your application. Your lender may ask to see identification and verification documents, such as recent pay stubs or tax forms, so make sure you have them ready to prevent delays.
- A cosigner option: If you can't qualify for a personal loan on your own, some companies allow you to add a cosigner to your application. A creditworthy cosigner could help you get approved and qualify you for a better offer, but the cosigner's credit will also be on the line.
Pros and Cons of Personal Loans
Consider the general pros and cons before applying for an unsecured personal loan from any lender.
Pros
- May offer lower rates than credit cards
- Won't require collateral
- Often doesn't have a prepayment penalty
- Can be easier to budget for a loan with a fixed payment versus a credit card
Cons
- May have higher rates than secured loans
- You might not qualify for favorable terms or a large loan amount
- May charge upfront fees
- Possible higher monthly payments than credit cards' minimum payments
Get Matched With a Loan
After narrowing down your lender options, you can often start with a prequalification application online. Getting prequalified doesn't guarantee you'll be approved, especially if there's a big change in your creditworthiness before you apply, but it can still be helpful.
Prequalification usually requires a soft inquiry—which won't hurt your credit scores—and can help show you possible loan offers. If you're prequalified, you can then decide to submit an application, which may require a hard inquiry that can hurt your credit a little. If you don't get prequalified, you can rule out the lender without submitting an application or potentially hurting your credit.
You can also compare lending services Experian. Once you're signed in, you can even submit a single loan prequalification application to quickly get prequalified offers from multiple Experian personal loan partners.
Learn More About Personal Loans
- What Is a Personal Loan?
Personal loans can be used for a variety of reasons, but it’s important to consider both benefits and drawbacks before you apply for one. - 6 Personal Loan Requirements to Know Before You Apply
Before applying for a personal loan, make sure you meet a lender’s requirements. Here are 6 common requirements most lenders are looking for. - What Credit Score Is Needed for a Personal Loan?
To qualify for a personal loan, you’ll likely need a credit score of at least 600, but a higher score will mean more choice and better rates. - How Does a Personal Loan Affect Your Credit Score?
A personal loan can help you pay off debt, handle unexpected expenses or make a big purchase. But how does a personal loan affect your credit score? - Personal Loan Calculator
Use this personal loan calculator to determine how much your monthly payment will be and how much interest you’ll pay overall.
