Skip to Main Content

Best Personal Loans for March 2024

We compared personal loans based on APRs, funding time, and more to identify the best options for borrowers.

Author
By Emily Batdorf

Written by

Emily Batdorf

Writer

Emily Batdorf is a personal finance expert, specializing in banking, lending, credit cards, and budgeting. Drawing on her scientific background, she's developed a knack for analyzing financial products in the context of different needs. She finds joy in helping readers understand their best options and shuns a one-size-fits-all approach.

Edited by Meredith Mangan

Written by

Meredith Mangan

Senior Editor

Meredith Mangan is Credible's Senior Editor for Personal Loans. Since 2011, she’s helped steer content creation in the areas of mortgages and loans, insurance, credit cards, and investing for major finance verticals, including Investopedia, Money Crashers, and The Balance.

Updated March 14, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

Read More

Featured

A personal loan can help you consolidate debt or pay for major expenses like medical bills, car repairs, a wedding, or a family vacation. There are few restrictions on what you can use one for. And unlike a home equity loan, most are unsecured, which means you don't need collateral. As a result, personal loan interest rates can range widely, depending on your credit, from around 6% on the low end to around 36% on the high end. 

Know your credit score before applying to better anticipate the rates available to you.

Compare personal loan rates for March 2024

Advertiser Disclosure
4.24.2

Credible rating

Fixed (APR)

7.49% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

View Details

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.64.6

Credible rating

Fixed (APR)

8.49% - 17.99%

Loan Amounts

$600 to $50000

Min. Credit Score

760

Check Rates

on Credible’s website

View Details

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

-

Loan Amounts

$5000 to $35000

Min. Credit Score

710

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

-

Loan Amounts

$20000 to $200000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Best personal loans

The best personal loans of 2024 package competitive rates with high-value features like low or no fees, fast funding, easy prequalification, high customer satisfaction ratings, a wide range of loan amounts and repayment terms available, discounts, and easily accessible customer service. Or, they represent personal loans for fair-credit and poor-credit customers that are only available from specific lenders.

Best overall

SoFi

4.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 29.99%

Loan Amount

$5000 to $100000

Min. Credit Score

Does not disclose

Pros and cons

More details

Best credit union for personal loans

PenFed

4.6

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 17.99%

Loan Amount

$600 to $50000

Min. Credit Score

760

Pros and cons

More details

Best for fair credit

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best for no origination fees (and low rates)

Discover Personal Loans

4.4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$2500 to $40000

Min. Credit Score

660

Pros and cons

More details

Best quick loans for good credit

Splash

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$5000 to $35000

Min. Credit Score

710

Pros and cons

More details

Best debt consolidation loans for bad credit

Universal Credit

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.69 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

560

Pros and cons

More details

Best for home improvement loans and low rates

LightStream

4.2

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.49 - 25.49%

Loan Amount

$5000 to $100000

Min. Credit Score

700

Pros and cons

More details

Best Close Rates if Pre-approved

Best Egg

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 35.99%

Loan Amount

$2000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best for large personal loans

BHG Money

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$20000 to $200000

Min. Credit Score

660

Pros and cons

More details

Best bad credit personal loans

OneMain Financial

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

18.00 - 35.99%

Loan Amount

$1500 to $20000

Min. Credit Score

540

Pros and cons

More details

Best fast personal loans for all credit types

Upstart

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.80 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

More details

Best online experience

LendingClub

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.57 - 35.99%

Loan Amount

$1000 to $40000

Min. Credit Score

660

Pros and cons

More details

Methodology

We collected over 700 points of data on two dozen lenders to determine which are the best overall, and which are the best for specific uses and needs, such as personal loans for debt consolidation and personal loans for bad credit and fair credit. Criteria were sorted into categories, which were weighted as follows to determine the best personal loans overall:

  • Rates and fees - 18%
  • Loan terms - 18%
  • Customer experience - 17%
  • Eligibility - 14%
  • Customer satisfaction - 10%
  • Efficiency - 10%
  • Options for poor and no credit - 9%
  • Discounts - 4%

Examples of specific criteria collected include each lender's minimum and maximum fixed APRs, minimum and maximum loan amounts, minimum credit score and income requirements, time to fund, repayment terms, fees, and discounts. For a complete list as well as how we collected and verified data, please see our full Personal Loans Lender Rating Methodology.

How to compare personal loans

When comparing personal loans, your preferences and priorities matter. But there are certain factors you should always consider when shopping for a loan.

  • APR: A loan’s APR determines how much you’ll pay in interest and fees, expressed as a percentage. The lower the APR, the less you’re paying for the loan. The interest rate you qualify for depends on your credit score and income, but rates also vary by lender.
  • Loan amounts: Whether you need $2,000 for a car repair or $50,000 for a medical bill, loan amount matters. You can expect loan amounts to range between $600 and $100,000, depending on the lender. 
  • Repayment terms: A loan’s repayment term is how long you have to repay what you borrowed. Typical terms range from 1 to 7 years. Make sure you choose a repayment term that works for you and your budget — the shorter the term, the higher your monthly payments.
  • Fees: Most personal loans come with fees, and some lenders charge more than others. Look out for origination fees, application fees, annual fees, prepayment fees, and more. 
  • Cosigner option: If you don’t have good credit and think you’ll have a hard time qualifying for a loan on your own, look for a loan that accepts cosigners. Locking in a cosigner increases your chances of qualifying, as they accept the responsibility of paying back the loan if you’re unable to pay. 
  • Time to fund: Different lenders offer different funding times. If you need money fast, look for a lender offering fast funding. Some lenders can fund as soon as the same or next business day, but it can typically take up to one week.
  • Lender reputation: With any financial product, it’s important to vet who’s selling it. Check out a lender’s reputation using customer reviews and sites like Trustpilot to make sure you’re borrowing from a lender with a sound reputation.

Compare Rates Now

What are personal loans used for?

You can use personal loans for a variety of purposes. Potential personal loan uses are extensive and include the following — but there are a few situations where you can’t use them (more on this below). 

Debt consolidation loans

A common reason to borrow a personal loan is to consolidate credit card debt. If you have lots of high-interest debt, it might be advantageous to use a personal loan for debt consolidation. As long as you have decent credit and can qualify for a low-APR loan, you may end up saving money by consolidating. Just be aware of how fees can cut into potential savings.

Home improvement loans

If your house is in need of some TLC, you can fund your repair or project with a personal loan. While you could potentially get a home equity loan instead, those who don’t want to use their home as collateral or use up their home equity may feel more comfortable using an unsecured personal loan for home repairs

Emergency loans

Though a personal loan shouldn’t take the place of an emergency fund, hard times may require borrowing. Emergency loans can cover all kinds of emergency expenses — from emergency car maintenance to unplanned medical bills. In these urgent situations, loans with fast funding can get money in your pocket as soon as possible.

Keep in mind: It’s generally best to avoid payday loans, which require you to pay back a loan as small as $500 in two to four weeks. However, the exorbitant APRs (some as high as 400%) can make a $500 loan skyrocket in cost.

Miscellaneous expenses

Personal loan uses don’t have to fit into the above categories. Some additional uses for a personal loan include paying for medical bills, vacations, moving costs, weddings, fertility treatments, and other big purchases.

However, personal loans have a few prohibited uses. Many lenders don’t allow you to use personal loans for things like college tuition, down payments on a house, investments, and business financing. In most cases, you wouldn’t want to, anyway. When it comes to things like paying for college or buying a house, there are cheaper ways to borrow.

Pros and cons of personal loans

Be sure to consider the pros and cons of taking out a personal loan before signing a loan agreement.

Pros

  • Versatility: You can use personal loans for a wide array of expenses, including home repairs, medical bills, vacations, emergencies, debt consolidation, weddings, and more. 
  • No collateral: Personal loans are typically unsecured, meaning you don’t need to put up collateral to qualify for a loan. This can be reassuring if you’re worried about losing a valuable asset if you default on the loan. Secured loans, which do require collateral, are also available, though. 
  • Flexible terms: Personal loans often offer various terms to choose from. You can use a personal loan calculator to help you pick a term that works for your budget. 
  • Fast funding: Some lenders offer same-day funding, which can be invaluable if you’re crunched for time.
  • Potentially lower interest rates: Personal loans often have lower interest rates than credit cards and other high-cost alternatives. 

Cons

  • Strict eligibility requirements: Because personal loans are usually unsecured, lenders are more cautious when approving applications. That means personal loans often have higher interest rates and are harder to qualify for compared to other types of installment loans.
  • Fees and interest: Most personal loans come with fees — application fees, origination fees, late fees, prepayment fees, and more. And depending on your credit score and financial picture, interest rates can be higher than certain alternative financing options. 
  • Increased debt burden: Taking out a personal loan adds to your debt burden. This can make it harder to qualify for a mortgage, manage your budget, or save money in the future.
  • Potential damage to credit score: Payment history is the biggest factor affecting your credit score. A single late or missed payment on your personal loan can impact your credit in a negative way. 

How to apply for a personal loan

Applying for a personal loan is a straightforward process that varies by lender, but typically includes the following steps:

  • Compare lenders: Before applying for a loan, check out the best personal loans listed above. Compare lenders based on APR, loan amounts, fees, funding times, reputation, and your other priorities.
  • Prequalify: If a lender allows it, prequalifying for a loan can give you an estimate of your interest rate and loan terms without affecting your credit. Just keep in mind the actual loan offer may not be identical to the estimate.
  • Pick a loan option: Compare the various loan options with the information you have available, and choose the one that works best for you.
  • Complete the application: Fill out the loan application and provide the necessary documentation, like income and employment verification. Most lenders allow you to apply online. You will undergo a hard credit check at this point, which can temporarily lower your score by a few points. 
  • Get your funds: If you’re approved, you’ll sign the loan agreement and wait for your funds to be delivered to your bank account. Certain lenders can get you funds within a day, but some may take up to a week.

Compare Rates Now

What credit score is needed for a personal loan?

Different lenders have varying credit score requirements for personal loans. Your credit score represents your borrowing and repayment history, and it contributes to your ability to qualify for a personal loan. The FICO credit scoring model, which is used by most lenders, bases your score primarily on the following five factors:

  • Payment history (35%)
  • Amounts owed (30%)
  • Length of credit history (15%)
  • Credit mix (10%)
  • New credit (10%)

FICO scores fall between 300 and 850 — the higher the number, the better your score. Scores are divided into the following ranges, which lenders assess when reviewing your loan application:

  • Less than 580: Poor
  • 580 to 669: Fair
  • 670 to 739: Good
  • 740 to 799: Very good
  • 800 and above: Exceptional

In general, the higher your credit score, the easier it is to qualify for a personal loan. Many lenders have minimum credit score requirements in the “fair” range, but applying with at least a “good” score gives you a better chance at qualifying. Plus, the better your score, the more likely you’ll secure the best interest rates.

Personal loans for bad credit

If you have bad credit, you’re not out of options — check out the best personal loans for bad credit. But if you can’t find anything with affordable APRs, or you’re having trouble qualifying for a bad-credit loan, there are a few other options:

  • Apply for a loan with a cosigner: A cosigner signs your loan with you, making it easier for you to qualify for a loan with bad credit. If you don’t pay back the loan, however, the cosigner will be held responsible.
  • Apply for a secured loan: Secured loans require you to put up collateral — like your car or equity in your house — when you borrow. They’re often easier to qualify for than unsecured loans because they’re less risky for the lenders offering them.
  • Apply with a co-borrower: Applying with a co-borrower means you both agree to pay back the loan, and have equal access to the funds. In some cases, adding someone else’s income to your application may make it easier to qualify.
  • Improve your credit: If you don’t need a loan right away, it may be beneficial to work on building your credit before submitting an application. Better credit can make it easier to qualify and get the lowest rates.

FAQ

What is a personal loan?

A personal loan is a type of installment loan you can use to finance a variety of personal expenses. Many personal loans are unsecured, meaning you don’t need to put up collateral in order to get one. You can get a personal loan from a bank, credit union, or online lender

How do personal loans work?

After applying for a loan, qualifying, and signing a loan agreement, you’ll receive your personal loan in a single lump sum. Often, the lender deposits the money directly into your bank account. Interest will start accruing right away, and you’ll start repaying the loan in monthly installments based on the interest rate and term you agreed to.

Where to get personal loans?

You can get personal loans from banks, credit unions, and online lenders. Different lenders each have their pros and cons; for instance, online lenders often provide fast funding, but borrowers have to be comfortable with a 100% digital application. Keep this in mind — and compare APRs and terms — when shopping for a loan.

What are unsecured personal loans?

Unsecured personal loans are personal loans that don’t require collateral, often making them more difficult to qualify for. Secured loans, on the other hand, do require collateral. Collateral is an asset — often your home or vehicle — you use to back your loan. Many personal loans are unsecured.

How many personal loans can you have at once?

There isn’t necessarily a limit on the number of personal loans you can have at once. But lenders consider your debt-to-income ratio (DTI) when reviewing your application. Your DTI represents the amount of debt you have compared to your income, and many lenders require a DTI of under 35%. Depending on how much money you owe on existing personal loans, your DTI may make it difficult to qualify for another.

Can I get a personal loan with bad credit?

It’s possible to get a personal loan with bad credit, but it’s not as easy or as affordable as it is with good credit. Some lenders offer loans specifically for bad credit, but they often have higher interest rates and fees. Alternatively, you can apply for a loan with a cosigner or co-borrower, build your credit before applying for a loan, or apply for a secured loan. 

How long does it take to get a personal loan?

It depends on the lender. Some lenders — especially online lenders — offer funding within a day of approval. Other lenders may need up to a week to get you the funds. If there are mistakes on your application, or if you’re missing application materials, funding can take longer.

Related Articles:

Meet the expert:
Emily Batdorf

Emily Batdorf is a personal finance expert, specializing in banking, lending, credit cards, and budgeting. Drawing on her scientific background, she's developed a knack for analyzing financial products in the context of different needs. She finds joy in helping readers understand their best options and shuns a one-size-fits-all approach.