Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

If you’re wondering how much you can borrow, use our personal loan calculator below to estimate how much you’ll pay for a loan. This will help you prepare to cover any unexpected expenses, tackle home improvements, or consolidate debt.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.


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How to use our personal loan calculator

To use the calculator, just enter the following into the fields above:

  1. The amount you want to borrow
  2. What the interest rate will be
  3. 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 eligibilty 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: How to Get a Fast Personal Loan for Quick Cash

17 personal loan lenders to consider

If you’re ready to compare loan options, Credible can help: You can see your prequalified rates from our partner lenders in the table below in just two minutes.

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
9.95% - 35.99% APR $2,000 to $35,000**5502, 3, 4, 5*
  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
6.79% - 17.99% APR $5,000 to $35,0007401, 2, 3, 4, 5
  • Fixed APR: 6.79% - 17.99% APR
  • Variable APR: N/A
  • Min. credit score: 740
  • Loan amount: $5,000 to $35,000
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
4.99% - 35.99% APR $5,000 to $35,0006002, 3, 4, 5
  • Fixed APR: 4.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 - 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
5.99% - 24.99% APR $2,500 to $35,0006603, 4, 5, 6, 7
  • Fixed APR: 5.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
7.99% - 29.99% APR $10,000 to $50,000Not disclosed by lender2, 3, 4, 5
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 business days
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
7.04% - 35.89% APR $1,000 to $40,0006003, 5
  • Fixed APR: 7.04% - 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
15.49% - 35.99% APR $2,000 to $36,5005802, 3, 4
  • Fixed APR: 15.49% - 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
2.49% - 19.99% APR $5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR: 2.49% - 19.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
6.99% - 19.99% APR1 $3,500 to $40,0002660
(TransUnion FICO®️ Score 9)
3, 4, 5, 6, 7
  • Fixed APR: 6.99% - 19.99% APR1
  • Min. credit score: 660
    (TransUnion FICO®️ Score 9)
  • Loan amount: $3,500 to $40,0002
  • Loan terms (years): 3, 4, 5, 6
  • Time to fund: Many Marcus customers receive funds in as little as three days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Goldman Sachs
  • Min. Income: $30,000
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
18.0% - 35.99% APR $1,500 to $20,000None2, 3, 4, 5
  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as the same day, but usually requires a visit to a branch office
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
5.99% - 17.99% APR $600 to $50,000
(depending on loan term)
6601, 2, 3, 4, 5
  • Fixed APR: 5.99% - 17.99% APR
  • Min. credit score: 660
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
6.95% - 35.99% APR $2,000 to $40,0006403, 5
  • Fixed APR: 6.95% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
5.99% - 18.83% APR $5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7
  • Fixed APR: 5.99% - 18.83% APR
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
8.93% - 35.93% APR7 $1,000 to $50,0005603 to 5 years 8
  • Fixed APR: 8.93% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service: Phone, email
  • Soft credit check: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
5.94% - 35.97% APR $1,000 to $50,0005602, 3, 5, 6
  • Fixed APR: 5.94% - 35.97% APR
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2, 3, 5, 6
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
4.37% - 35.99% APR4 $1,000 to $50,00055803 to 5 years4
  • Fixed APR: 4.37% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As fast as 1 business day6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Avant

Best for: Borrowers with poor credit

While many personal loan lenders require good to excellent credit, you might qualify with Avant even if you have poor credit. You can borrow $2,000 to $35,000* with repayment terms from two to five years**.

If you’re approved, you could get your funds as soon as the next business day (if approved by 4:30 p.m. CT on a weekday).

4.6
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Avant Personal Loans
Fixed APR
Range of fixed rates available from this lender
9.95% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
550
Loan amount
Total amount you can borrow from this lender
$2,000 to $35,000**
Time to fund
How long it takes to receive your money
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Ready to find a personal loan?
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  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly

Axos Bank

Best for: Borrowers with excellent credit

With Axos Bank, you can borrow $5,000 to $35,000 with terms from one to five years. You could also get your funds as soon as the next business day if you’re approved. Keep in mind that you’ll typically need good to excellent credit to qualify for a loan from Axos Bank.

4.2
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Axos Personal Loans
Fixed APR
Range of fixed rates available from this lender
6.79% - 17.99% APR
Min. credit score
Minimum credit score needed to qualify
740
Loan amount
Total amount you can borrow from this lender
$5,000 to $35,000
Time to fund
How long it takes to receive your money
Next business day

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates
Checking rates won't affect your credit score
  • Fixed APR: 6.79% - 17.99% APR
  • Variable APR: N/A
  • Min. credit score: 740
  • Loan amount: $5,000 to $35,000
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes

Best Egg

Best for: Borrowers with very good credit and income

In addition to your credit score, Best Egg will also consider more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint” to determine your creditworthiness. This means you might have an easier time qualifying with Best Egg compared to other traditional lenders.

With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years. Best Egg’s rates can be particularly competitive for borrowers with very good credit and income.

4.1
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Best Egg Personal Loans
Fixed APR
Range of fixed rates available from this lender
4.99% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$2,000 to $50,000
Time to fund
How long it takes to receive your money
As soon as 1 - 3 business days after successful verification

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates
Checking rates won't affect your credit score
  • Fixed APR: 4.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 - 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Discover

Best for: Longer repayment terms

If you’re looking for a logner repayment term, Discover could be a good choice — you can borrow $2,500 to $35,000 and could have three to seven years to repay it. Just keep in mind that by choosing a longer term, you’ll pay more in interest over time.

4.4
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Discover Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% - 24.99% APR
Min. credit score
Minimum credit score needed to qualify
660
Loan amount
Total amount you can borrow from this lender
$2,500 to $35,000
Time to fund
How long it takes to receive your money
As soon as the next business day after acceptance

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates
Checking rates won't affect your credit score
  • Fixed APR: 5.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

FreedomPlus

Best for: Consolidating high-interest debt

With FreedomPlus, you can borrow $7,500 to $50,000 with terms from two to five years. Additionally, if you use at least 85% of your loan proceeds to pay off existing debt, you could qualify for a lower interest rate. Adding a cosigner or showing proof of retirement savings might also get you a better rate.

4.1
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
FreedomPlus Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.99% - 29.99% APR
Min. credit score
Minimum credit score needed to qualify
Does not disclose
Loan amount
Total amount you can borrow from this lender
$10,000 to $50,000
Time to fund
How long it takes to receive your money
As soon as 2 business days

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates
Checking rates won't affect your credit score
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 business days
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

LendingClub

Best for: Borrowers who need a cosigner

If you need a cosigner for your personal loan, LendingClub could be a good option — it’s one of the few lenders that allow cosigners on personal loans. With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year term.

4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LendingClub Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.04% - 35.89% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$1,000 to $40,000
Time to fund
How long it takes to receive your money
Usually takes about 2 days

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates
Checking rates won't affect your credit score
  • Fixed APR: 7.04% - 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

LendingPoint

Best for: Borrowers with near-prime credit

LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to five years.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LendingPoint Personal Loans
Fixed APR
Range of fixed rates available from this lender
15.49% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
580
Loan amount
Total amount you can borrow from this lender
$2,000 to $36,500
Time to fund
How long it takes to receive your money
As soon as the next business day

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  • Fixed APR: 15.49% - 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LightStream

Best for: Large loan amounts

If you need to borrow a large amount, LightStream could be a good choice — you can borrow $5,000 to $100,000 and could get your funds as soon as the same business day if you’re approved.

Most LightStream loans come with repayment terms from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.

4.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LightStream Personal Loans
Fixed APR
Range of fixed rates available from this lender
2.49% - 19.99% APR
Min. credit score
Minimum credit score needed to qualify
660
Loan amount
Total amount you can borrow from this lender
$5,000 to $100,000
Time to fund
How long it takes to receive your money
As soon as the same business day

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  • Fixed APR: 2.49% - 19.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus

Best for: Budget-friendly payment options

With Marcus, you can borrow $3,500 to $40,0002 with terms from three to six years. Marcus personal loans offer tailored monthly payments that can help you fit your payments more comfortably into your budget.

Additionally, after you’ve made at least 12 consecutive, on-time payments, Marcus will let you defer one of your monthly payments interest-free.

4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Marcus Personal Loans
Fixed APR
Range of fixed rates available from this lender
6.99% - 19.99% APR1
Min. credit score
Minimum credit score needed to qualify
660
(TransUnion FICO®️ Score 9)
Loan amount
Total amount you can borrow from this lender
$3,500 to $40,0002
Time to fund
How long it takes to receive your money
Many Marcus customers receive funds in as little as three days

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  • Fixed APR: 6.99% - 19.99% APR1
  • Min. credit score: 660
    (TransUnion FICO®️ Score 9)
  • Loan amount: $3,500 to $40,0002
  • Loan terms (years): 3, 4, 5, 6
  • Time to fund: Many Marcus customers receive funds in as little as three days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Goldman Sachs
  • Min. Income: $30,000
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

OneMain Financial

Best for: Borrowers with below-average credit

Unlike most lenders, OneMain Financial has no minimum credit score requirement — which means you might qualify even if you have below-average credit. OneMain Financial will also consider your financial history, income, expenses, and loan purpose to determine your creditworthiness.

With OneMain Financial, you can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that larger loan amounts might require collateral.

4.1
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
OneMain Financial Personal Loans
Fixed APR
Range of fixed rates available from this lender
18.0% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
None
Loan amount
Total amount you can borrow from this lender
$1,500 to $20,000
Time to fund
How long it takes to receive your money
As soon as the same day, but usually requires a visit to a branch office

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  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as the same day, but usually requires a visit to a branch office
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose

Payoff

Best for: Consolidating credit card debt

If you’re planning to consolidate your credit card debt, Payoff could be a good option — its loans can only be used for this purpose. With Payoff, you can borrow $5,000 to $40,000 with terms from two to five years.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Payoff Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% - 24.99% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$5,000 to $40,000
Time to fund
How long it takes to receive your money
As soon as 2 - 5 business days after verification

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  • Fixed APR: 5.99% - 24.99% APR
  • Min. credit score: 600
  • Loan amount: $5,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 - 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA, NV, and OH
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation and credit card consolidation only

PenFed

Best for: Small loan amounts

PenFed could be a good choice if you need to borrow only a small amount — you can borrow as little as $600 up to $50,000, depending on your loan term. Repayment terms range from one to five years.

Keep in mind that while you don’t need to be a PenFed member to apply for a loan, you’ll have to join the credit union if you are approved and want to accept the loan.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
PenFed Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% - 17.99% APR
Min. credit score
Minimum credit score needed to qualify
660
Loan amount
Total amount you can borrow from this lender
$600 to $50,000*
Time to fund
How long it takes to receive your money
2 to 4 business days after verification

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  • Fixed APR: 5.99% - 17.99% APR
  • Min. credit score: 660
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events

Prosper

Best for: Borrowers who don’t have traditional income

Unlike many other lenders, Prosper doesn’t have a minimum income requirement — you’ll just need to show proof of some form of annual income. This means borrowers who don’t have traditional income might have an easier time getting approved — for example, if you are self-employed or receive pension checks.

With Prosper, you can borrow $2,000 to $40,000 with a three- or five-year term.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Prosper Personal Loans
Fixed APR
Range of fixed rates available from this lender
6.95% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
640
Loan amount
Total amount you can borrow from this lender
$2,000 to $40,000
Time to fund
How long it takes to receive your money
As soon as one business day

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  • Fixed APR: 6.95% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

SoFi

Best for: Borrower perks

SoFi is another lender that offers large loan amounts — you can borrow $5,000 to $100,000 with terms from two to seven years. With SoFi, you’ll also have access to various borrower perks, such as employment protection, career coaching, and investing advice.

4.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
SoFi Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% - 18.83% APR
Min. credit score
Minimum credit score needed to qualify
Does not disclose
Loan amount
Total amount you can borrow from this lender
$5,000 to $100,000
Time to fund
How long it takes to receive your money
3 business days

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  • Fixed APR: 5.99% - 18.83% APR
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses

Universal Credit

Best for: Borrowers who want to build their credit

With Universal Credit, you’ll have access to free credit score monitoring, educational tools, and personalized recommendations that could help you build your credit. You can borrow $1,000 to $50,000 with Universal Credit.

4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Universal Credit Personal Loans
Fixed APR
Range of fixed rates available from this lender
8.93% - 35.93% APR7
Min. credit score
Minimum credit score needed to qualify
560
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,000
Time to fund
How long it takes to receive your money
Within one day, once approved9

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  • Fixed APR: 8.93% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service: Phone, email
  • Soft credit check: Yes

Upgrade

Best for: Fast loan funding

If you need your money quickly, Upgrade could be a good choice — you could get within a day of clearing necessary verifications if you’re approved. With Upgrade, you can borrow $1,000 to $50,000 with a three- or five-year term.

4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Upgrade Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.94% - 35.97% APR
Min. credit score
Minimum credit score needed to qualify
560
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,000*
Time to fund
How long it takes to receive your money
Within a day of clearing necessary verifications

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  • Fixed APR: 5.94% - 35.97% APR
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2, 3, 5, 6
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upstart

Best for: Borrowers with little to no credit

In addition to your credit score, Upstart will consider your education and job history to determine your creditworthiness. This means you might still qualify even if you have little to no credit. You can borrow $1,000 to $50,0005 with Upstart.

4.6
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Upstart Personal Loans
Fixed APR
Range of fixed rates available from this lender
4.37% - 35.99% APR4
Min. credit score
Minimum credit score needed to qualify
580
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,0005
Time to fund
How long it takes to receive your money
As fast as 1 business day6

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  • Fixed APR: 4.37% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As fast as 1 business day6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Learn More: Where to Get a Personal Loan

Frequently asked questions about personal loans

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:

  1. 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.
  2. 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.
  3. 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 40% 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 creditworthy 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 during the week of Aug. 30, 2021, were:

  • 11.72% for a 3-year loan
  • 16.51% 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:

How's your credit?Credit score rangeAverage minimum rate
Excellent750 - 85013.93%
Good700 - 74918.33%
Fair640 - 69922.12%
Poor300 - 63926.62%

Disclosure: This data is for a $10,000 loan amount.1

1The average minimum rate was calculated based on Credible.com users who requested personal loan prequalified rates between July 1, 2019, and July 31, 2019, for loans in the amount of $10,000 and $20,000, respectively, and who received rates through the Credible.com platform. The average minimum rates were then calculated across all of the the users within the same credit tier (Excellent 750+, Good 700-749, Fair 640-699, Poor <640). 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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Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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Check Out: Low-Income Loans: Personal Loans for a Tight Budget

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 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 Get Out of 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

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.
 Average interest rateRepayment termsTime to fundProsCons
Personal loan10.49%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
Credit card16.22%N/A (revolving credit)Immediate
  • 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
Personal line of creditDepends on lenderN/A (revolving credit)Immediate
  • 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
Home equity loan5.33%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
HELOC4.1% N/A (revolving 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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Keep Reading: How Debt Consolidation Loans Can Help Your Credit Score


About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Taylor Medine
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.

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