You can use the personal loan calculator to estimate your payments for a loan as well as the overall cost. Several factors influence your estimated payment, including the loan amount, repayment terms, and the APR. For example, the higher the APR, the more you’ll pay in interest.
If you prequalify, you can see your estimated APR before you sign for the loan. The average APR in October of 2023 was 16.66%, according to Credible prequalified data. However, prequalification is not an offer of credit, and your final rate may differ depending on your credit profile.
How to use our personal loan calculator
To use the calculator, just enter the following into the fields above:
- The amount you want to borrow
- What the interest rate will be
- The length of repayment terms
Then you can see what your total payment will be, including interest, as well as your monthly payment.
Learn More: How Do Personal Loans Work?
How to get a personal loan
If you’re ready to take out a personal loan, follow these four steps:
- Research and compare lenders. Be sure to shop around and compare as many personal loan lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
- Pick a loan option. After comparing lenders, choose the personal loan option that best suits your needs.
- Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Check Out: Best Fast Personal Loans
Top personal loan lenders to consider
If you’re ready to compare loan options, consider the following lenders.
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full reviewOverview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Read full reviewOverview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Read full reviewOverview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full reviewOverview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Read full reviewOverview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewBest for all credit types
Loan Amount
$2000 to $35000
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avant's website
No discounts offered
Origination fee
Not available in HI, IA, MA, ME, NY, VT, or WV
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Best for high close rates if pre-approved
Loan Amount
$2000 to $50000
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for large personal loans
Loan Amount
$20000 to $200000
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Cosigners allowed
Not available in MD or IL
No discounts
Minimum income required of $100,000 annually
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Best for no origination fees (and low rates)
Loan Amount
$2500 to $40000
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
No discounts offered
Secured loans not available
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Best for consolidating credit card debt
Loan Amount
$3000 to $40000
Mobile app
Live chat
Low maximum APR
Limited loan terms available
No discounts
Origination fees
Not available in MA or NV
Overview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Loan Amount
$1000 to $40000
Mobile app
Low minimum income requirement
High close rate on loans made through Credible
Available in all states
Origination fee
No discounts
Funding not as fast as some competitors
Overview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Best home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best bad credit personal loans
Loan Amount
$1500 to $20000
Borrowers with poor credit may be eligible
Secured loans available
Allows cosigners
Can fund as soon as one business day after approval
High minimum APR
Process not 100% digital
Not available in AK, AR, CT, DC, MA, RI or VT
High maximum origination fee
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Best for fast funding and fair credit
Loan Amount
$3500 to $40000
May fund within 1 day
Fair-credit borrowers may be eligible
Social Security number not required to prequalify
Origination fee
No discounts
Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Best quick loans for good credit
Loan Amount
$5000 to $35000
Excellent customer reviews on Trustpilot
Funding as soon as the same business day
Large loan amounts available
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Best debt consolidation loans for bad credit
Loan Amount
$1000 to $50000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Best fast personal loans for all credit types
Loan Amount
$1000 to $50000
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
May charge a high origination fee
No discounts offered
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Loan Amount
$1000 to $50000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Best for short-term loans and same day funding
Loan Amount
$1000 to $35000
Funding as soon as the same day
Low minimum income required
100% digital process
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Overview
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Learn More: Where Can I Get a Personal Loan?
FAQ
Here are the answers to several commonly asked questions regarding personal loans.
How do I find the right personal loan for me?
If you need a personal loan for debt consolidation, home improvements, or another purpose, you might not know where to start. To find the right loan for your needs, keep the following points in mind:
- Always compare multiple loan options. Compare loan offers from different financial institutions — like banks, credit unions, and online lenders — to be sure you’re getting the best loan for your situation.
- Factor fees into the total loan balance cost. Most personal loans have an origination fee, but the type of fee you should watch out for is a prepayment penalty — you don’t want to end up paying more if you choose to pay the loan off earlier.
- Take the loan term into consideration. With a long-term personal loan, you’ll have the luxury of a lower monthly loan payment — but you’ll end up paying more in total interest payments over the life of the loan. If you choose a shorter repayment term, you’ll pay more each month, but you’ll also save more in the long run. Be sure to weigh the pros and cons of longer versus shorter terms carefully before deciding.
How do I qualify for a personal loan?
Eligibility criteria for a personal loan can vary by lender. However, there are a few common requirements you’ll likely come across, including:
- Good credit: You’ll typically need good to excellent credit to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer personal loans for bad credit, but these loans tend to have higher interest rates compared to good credit loans.
- Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio refers to the amount you owe in monthly debt payments compared to your income. Lenders generally prefer a DTI ratio no higher than 36% for a personal loan — though some lenders might require a lower ratio than this.
Tip: If you’re struggling to get approved for a personal loan, consider applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.
A cosigner can be anyone with good credit — such as a parent, other relative, or trusted friend — who is willing to share responsibility for the loan. Keep in mind that this means they’ll be on the hook if you can’t make your payments.
Check Out: How to Get a Personal Loan With a 600 Credit Score
What is the average interest rate on a personal loan?
The average personal loan interest rates received by borrowers with credit scores of at least 720 who used Credible to take out a loan in Sept. 2023, were:
- 15.79% for a 3-year loan
- 21.25% for a 5-year loan
Keep in mind that personal loan interest rates can vary based on your credit score and other factors. In general, the better your credit, the lower the rate you’ll get. Here’s a breakdown of the interest rates you can generally expect based on your credit score:
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Disclosure: This data is for a $10,000 loan amount.[1] |
1. The average minimum rate was calculated based on Credible.com users who requested personal loan prequalified rates between September 1, 2023, and September 30, 2023, and who received rates through the Credible.com platform. The average minimum rates were calculated across all of the the users within the same credit tier. The credit scores for the users were based on Transunion soft credit pulls, not user self-reported data. If the user received more than one prequalified rate from more than one lender for multiple loan terms (e.g., loan terms between 2-7 years), the minimum prequalified rate received for the user within each data set (e.g., the $10,000 and $20,000 data set) was averaged across all users in the data set, not factoring in the term of the loan. Typically, however, shorter loan terms have lower rates. |
Tip: If you have poor credit and can wait to take out a loan, it could be a good idea to spend some time building your credit first. This way, you can qualify for better rates in the future.
There are several strategies that could help you improve your credit score, such as making on-time payments on all of your bills and paying down credit card balances.
Learn More: Best Personal Loans for Fair Credit
How much can I borrow?
Personal loans generally range from $600 to $100,000 or more, depending on the lender. However, the amount you’ll actually be approved for will depend on your credit as well as your income and existing debt. Keep in mind that lenders might have more stringent requirements for large loan amounts.
With Credible, you can compare your prequalified rates as well as loan amounts from multiple lenders in just two minutes.
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Check Out: Low-Income Personal Loans: How and Where To Get One
How long do you have to pay off a personal loan?
You’ll generally have one to seven years to pay off a personal loan, depending on the lender. If you need a lower monthly payment, choosing a longer term to spread out your payments could be a good choice. But remember that this also means you’ll pay more in interest over time.
In general, it’s best to choose the shortest term you can afford to keep your interest charges as low as possible. Additionally, many lenders offer lower interest rates with shorter terms, which could help reduce your overall loan cost.
Learn More: Boat Loans: Calculate How Much Boat Financing Could Cost You
What are my loan repayment options?
A personal loan is a type of installment loan, which means you’ll make monthly payments in equal installments over time. Depending on the lender, you might have a variety of payment options, such as:
- Automated Clearing House (ACH) via your bank account
- Paper check, cashiers check, or money order
- Debit or credit card
If you want to avoid missing any future payments, it’s usually a good idea to sign up for autopay. Opting for automatic payments could score you a rate discount, too — typically 0.25%, depending on the lender.
Tip: Many lenders also allow you to pay off your loan early with no prepayment penalties — including each of Credible’s partner lenders. If you plan to repay your loan ahead of schedule, double-check with your lender that there won’t be any fees assessed for doing so.
What are the benefits of personal loans?
Personal loans offer several potential benefits, including:
- Variety of uses: You can use a personal loan for almost any personal expenses, such as home improvements, major purchases, and more. You could also opt to consolidate credit card debt or other kinds of debt with a personal loan, which could get you a lower interest rate and help you pay off your debt faster.
- Fixed rates: Personal loans generally have fixed interest rates — meaning your monthly payments won’t ever change.
- Long repayment terms: You could have up to seven years to pay off a personal loan, depending on the lender.
Check Out: How To Pay Off Credit Card Debt
How can I spot a personal loan scam?
Unfortunately, there are plenty of scam artists willing to take advantage of borrowers desperate for a personal loan. Here are a few warning signs of personal loan scams to watch out for:
- Demanding money upfront: You should never have to pay money before getting your loan funds. A scammer might demand that you pay strange fees or require unusual payment methods that can’t be tracked, such as a prepaid credit card.
- Using high-pressure sales tactics: Scammers will often pressure borrowers to make an instant decision — for example, they might use language like “limited-time offer” or “act now.”
- Not requiring a credit check: Personal loan lenders usually perform a credit check to determine your creditworthiness. While there are some no-credit-check personal loans (like payday loans, pawn shop loans, and car title loans), other companies promising not to check your credit are likely a scam.
- Approaching you about the loan: Some lenders advertise through the mail with preapproved loan offers. But if a loan company approaches you out of the blue with an offer, it could be a scam.
- Not having a physical address: A legitimate loan company should have a physical address that you can verify. If you can’t find location information for the lender, it could be a front for a scam.
- Not feeling comfortable with the company: Trust your instincts — if something feels off, it probably is.
Learn More: Auto Loans for All Credit Types
What is the difference between a personal loan and a payday loan?
If you need to borrow money quickly, you might come across a few loan options — including personal loans and payday loans. Here’s how the two differ:
- Personal loans are offered by online lenders, banks, and credit unions. With a personal loan, you might be able to borrow $600 up to $100,000 or more, depending on the lender. Because these loans are unsecured and are riskier for lenders, you’ll typically need good to excellent credit as well as verifiable income to qualify.
- Payday loans are small, short-term loans provided by payday lenders that usually range from $50 to $1,000. These loans generally don’t require a credit check, which might make them appealing if you’re struggling to get approved by other lenders. But payday loans often come with high rates and fees — as much as 300% to 500% APR. Because of this, they can be extremely expensive and should only be used as a last resort.
Watch out for predatory lenders! Many payday loans can be considered predatory — meaning they come with terms that are unfair or abusive toward borrowers, such as extremely high rates and fees. Predatory lending often targets borrowers with bad credit who are desperate for a loan, but anyone could end up being a victim if they’re not careful.
If you have poor or fair credit, remember that you have options. There are several lenders that offer personal loans for bad credit — while these loans tend to have higher interest rates compared to good credit loans, they’ll likely be much less expensive than a predatory payday loan. You could also consider applying with a creditworthy cosigner to improve your approval chances.
Secured vs. unsecured loans: What is the difference?
There are two kinds of personal loans available, including
- Secured personal loans: While most personal loans are unsecured, some lenders offer secured loans that require collateral — for example, a vehicle or jewelry. Because these loans are less risky for lenders, they tend to come with lower interest rates compared to unsecured loans. You might also have an easier time qualifying for a secured loan if you have poor or fair credit. Just keep in mind that if you can’t keep up with your payments, you risk losing your property.
- Unsecured personal loans: Unlike secured loans, unsecured loans don’t require collateral. These loans are riskier for lenders, so you’ll typically need good to excellent credit to qualify. However, while missing payments will damage your credit, it won’t lead to the loss of your property.
Which is better: a personal loan, credit card, line of credit, or home equity loan?
While taking out a personal loan could be a good option in some circumstances, it isn’t the right move for everyone. Here’s how a few other options compare to personal loans so you can decide which is best for your situation:
- Credit card: This is a type of revolving credit that lets you repeatedly draw on and pay off your credit line. This could be helpful if you’re not sure how much you need to borrow, or if you need to cover recurring expenses. Additionally, some cards come with a 0% APR introductory period, meaning you could avoid paying interest if you can repay your balance before this period ends. However, if you can’t pay off your card in time, you could get stuck with some hefty interest charges — and credit cards usually have higher interest rates than personal loans.
- Personal lines of credit: This is another kind of revolving credit. If you’re considering a personal line of credit vs. a personal loan, keep in mind that personal lines of credit tend to have lower rates than credit cards but higher rates than personal loans. Additionally, a line of credit might come with additional fees depending on the lender, such as annual fees, late fees, or overdraft fees.
- Home equity loan: If you’re a homeowner, you might be able to tap into the equity of your home with a home equity loan. Because this type of loans is secured by your house, you’ll likely get a lower interest rate on a home equity loan vs. a personal loan. But keep in mind that you risk losing your home if you can’t make your payments.
- HELOC: Another option to access your home’s equity is with a home equity line of credit (HELOC). Unlike a home equity loan that provides a lump-sum payment, a HELOC gives you access to a revolving credit line similar to a credit card. A HELOC often comes with a lower rate than a personal loan because it’s secured by your house — but this also means you could lose your home if you can’t keep up with your payments.
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| | 1 to 7 years
(depending on lender) | Online lenders: Less than 5 business days Banks: 1-7 business days Credit unions: 1-7 business days | Fixed rates Long repayment terms Many lenders offer quick online application with fast approval decisions | Fewer options for poor or fair credit Might come with origination or other fees No rewards or other perks |
| | | | Provides repeated access to credit line Could come with 0% APR introductory offer Might offer rewards or other perks | Higher rates than personal loans and home equity loans Might come with fees, such as annual or cash-advance fees Could be tempting to rack up a balance |
| | | | Offers repeated access to credit line Can sometimes provide overdraft protection No collateral required | Higher rates than personal loans and home equity loans Often come with variable rates, which can fluctuate over time Might charge fees, such as annual or late fees |
| | 5 to 30 years
(depending on lender) | Could take a few weeks
(depending on complexity of the loan) | Lower rates than personal loans Fixed repayment terms No restrictions on how you can use the money | Uses your home as collateral Similar closing costs and fees to traditional mortgage Fewer options for poor and fair credit |
| | | Could take a few weeks
(depending on complexity of the loan) | Lower rates than personal loans Interest might be tax-deductible if you use the funds for home improvements No restrictions on how you can use the money | Uses your home as collateral Come with variable rates that can fluctuate over time Similar closing costs and fees to traditional mortgage |
If you decide to get a personal loan, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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Meet the expert:
Taylor Medine
Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.