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."
A personal loan can help you cover almost any personal expense — but before you get one, it’s important to compare as many lenders as you can to find the right loan for you.
As you consider lenders, keep in mind that the best personal loans should provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements.
- Best personal loans for every situation
- Other personal loans to consider
- How to take out a personal loan
- How to qualify for a personal loan
- How to get the best personal loan rates
- Ways to use a personal loan
- Coronavirus and personal loans
- Frequently asked questions about personal loans
- Credible’s partner lenders
Best personal loans for every situation
Each borrower has their own unique needs and financial circumstances. Thankfully, there are a wide variety of personal loan lenders that offer personal loans to fit nearly every situation.
Here are Credible’s partner lenders that offer personal loans:
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) | Best for |
|---|---|---|---|---|---|
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** | 550 | 2, 3, 4, 5* | Borrowers with poor credit |
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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 $35,000 | 740 | 1, 2, 3, 4, 5 | Borrowers with excellent credit |
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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% - 29.99% APR | $2,000 to $50,000 | 600 | 2, 3, 4, 5 | Borrowers with good credit |
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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% - 24.99% APR | $2,500 to $35,000 | 660 | 3, 4, 5, 6, 7 | Long repayment terms |
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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 | $7,500 to $50,000 | Not disclosed by lender | 2, 3, 4, 5 | Consolidating high-interest debt |
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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.
| 10.68% - 35.89% APR | $1,000 to $40,000 | 600 | 3, 5 | Borrowers who need a cosigner |
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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 $36,500 | 580 | 2, 3, 4 | Borrowers with near-prime credit |
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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 $100,000 | 660 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) | Large loan amounts |
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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 $40,0002 | 660 (TransUnion FICO®️ Score 9) | 3, 4, 5, 6 | Budget-friendly repayment options |
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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.
| 18.00% - 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 | Borrowers with below-average credit |
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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 | $5,000 to $40,000 | 640 | 2, 3, 4, 5 | Consolidating credit card debt |
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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 $20,000 (depending on loan term) | 670 | 1, 2, 3, 4, 5 | Small loan amounts |
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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 $40,000 | 640 | 3, 5 | Home improvement loans |
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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 $100,000 | Does not disclose | 2, 3, 4, 5, 6, 7 | Borrower perks |
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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 $50,000 | 580 | 3 to 5 years 8 | Borrowers who want to build their credit |
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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 $50,000 | 580 | 2, 3, 5, 6 | Fast loan funding |
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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.
| 6.46% - 35.99% APR4 | $1,000 to $50,0005 | 580 | 3 to 5 years4 | Borrowers with little to no credit history |
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Avant
Best for: Borrowers with poor credit
With Avant, 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.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor and fair credit scores
- Fast loan funding
- Variety of loan uses
Cons
- Not available in Colorado, Iowa, Hawaii, Vermont, Nevada, New York, or West Virginia
- Origination fees up to 4.75%
- Charges late and dishonored payment fees
Axos Bank
Best for: Borrowers with excellent credit
Axos Bank offers personal loans from $5,000 to $35,000 with repayment terms from one to five years. If you’re approved, you could get your funds as soon as the next business day.
Keep in mind that you’ll need good to excellent credit to qualify for a loan from Axos Bank.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Variety of loan uses
- No prepayment penalty
Cons
- Could be difficult to qualify if you don’t have good credit
- Origination fees from 0% to 2%
- Charges late and insufficient funds fees
Best Egg
Best for: Borrowers with good credit
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years. In addition to your credit score, Best Egg also considers more than 1,500 proprietary credit attributes from sources that include external data providers and your “digital footprint” — which means you might have an easier time qualifying with Best Egg compared to traditional lenders.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Competitive rates
- Fast loan funding
- Accepts borrowers with poor and fair credit
Cons
- Origination fees from 0.99% to 5.99%
- Charges late fees
- Not available in Iowa; Vermont; Washington, D.C.; or West Virginia
Discover
Best for: Long repayment terms
If you’re looking for a longer repayment term, Discover might be a good option for you — you can borrow $2,500 to $35,000 with terms from three to seven years. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Repayment terms up to seven years
- No origination fees
- If you decide you don’t want the loan, you can return the funds within 30 days interest-free
Cons
- Charges late fees
- Might be difficult to qualify if you have poor credit
- No discounts
FreedomPlus
Best for: Consolidating high-interest debt
FreedomPlus personal loans range from $7,500 to $50,000 with terms from two to five years. If you use at least 85% of your loan proceeds to pay off existing debt, you could get a better rate. You might also qualify for a lower rate by adding a cosigner or showing proof of retirement savings.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Could get a better rate by using at least 85% of the loan to consolidate debt, adding a cosigner, or showing proof of retirement savings
- Quick approval decisions
- Fast loan funding
Cons
- Must borrow at least $7,500
- Origination fees from 1.99% to 4.99%
- Not available in Nevada
LendingClub
Best for: Borrowers who need a cosigner
If you need a cosigner, LendingClub could be a good choice — it’s one of the few lenders that allow cosigners on personal loans. You can borrow $1,000 to $40,000 with a three- or five-year repayment term.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts borrowers with poor or fair credit
- Allows cosigners
- Being turned down doesn’t hurt your credit score
Cons
- Origination fees from 3% to 6%
- Charges late fees
- Funding time can be longer compared to other lenders
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.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts near-prime credit
- Streamlined approval and application process
- Fast loan funding
Cons
- Origination fees from 3% to 6%
- Not available in Nevada or West Virginia
- Rates can be higher than other lenders
LightStream
Best for: Large loan amounts
LightStream could be a good option if you need to borrow a large amount — you can borrow $5,000 to $100,000 and could have your funds as soon as the same business day if you’re approved.
Most LightStream loans have terms ranging from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow up to $100,000
- Fast loan funding
- 0.50% autopay discount
Cons
- Might be difficult to qualify if you have poor credit
- Not available in Rhode Island or Vermont
- Doesn’t disclose minimum income requirements
Marcus
Best for: Budget-friendly repayment options
With Marcus, you can borrow $3,500 to $40,0002 with terms ranging from three to six years. Marcus personal loans offer tailored monthly payment options designed to fit your budget — plus the option to defer one monthly payment interest-free after making 12 consecutive, on-time payments.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
(TransUnion FICO®️ Score 9)
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No fees
- 0.25% autopay discount
- Can defer one monthly payment interest-free after making 12 consecutive, on-time payments
Cons
- Might be difficult to qualify if you have poor credit
- Doesn’t disclose minimum income requirements
- Can have longer funding time compared to other lenders
OneMain Financial
Best for: Borrowers with below-average credit
Unlike many other lenders, OneMain Financial doesn’t have a minimum required credit score — which means you might be able to qualify with poor or even no credit. In addition to your credit, OneMain Financial will also consider your financial history, credit history, income, expenses, and loan purpose to determine creditworthiness.
You can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that collateral might be required in some cases.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No minimum credit score
- Fast loan funding
- Previous customers might qualify for larger loans
Cons
- Rates can be higher than other lenders
- Might require collateral
- Will have to visit a branch location to discuss your options if you’re approved
Payoff
Best for: Consolidating credit card debt
If you’re looking to consolidate credit card debt, Payoff could get a good option — its personal loans can only be used for this purpose. You can borrow $5,000 to $40,000 with repayment terms from two to five years.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Free FICO score updates
- If you lose your job, FreedomPlus will work with you on payments
- Offers scientific personality, stress, and cash flow assessments to help you get a better understanding of your personal finances
Cons
- Origination fees from 0% to 5%
- Loans can only be used for credit card consolidation
- Not available in Massachusetts, Nevada, or Ohio
PenFed
Best for: Small loan amounts
If you only need a small loan, PenFed could be a good option — you can borrow as little as $600 up to $35,000 with terms from one to five years.
Keep in mind that while you don’t have 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.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow as little as $600
- Allows cosigners
- No fees
Cons
- Must join the credit union to accept a loan if you’re approved
- Doesn’t disclose minimum income requirements
- Funds are disbursed by mail, which can take longer
Prosper
Best for: Home improvement loans
Prosper offers personal loans from $2,000 to $40,000 with three- or five-year terms. Keep in mind that because Prosper is a peer-to-peer lender, loan funding can take longer compared to other lenders — however, you might also get your funds in as little as one business day.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No minimum income requirement
- No prepayment penalty
- Can borrow up to $40,000
Cons
- Origination fees from 2.4% to 5%
- Charges late fees
- Not available in Iowa or West Virginia
SoFi
Best for: Borrower perks
With SoFi, you can borrow $5,000 to $100,000 with repayment terms from two to seven years. SoFi borrowers also have access to several perks, such as unemployment protection, career coaching, and investing advice.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow up to $100,000
- No fees
- Borrower perks like unemployment protection and investing advice
Cons
- Doesn’t disclose minimum income or credit requirements
- Not available in Mississippi
- Funding can take longer compared to other lenders
Universal Credit
Best for: Borrowers who want to build their credit
Universal Credit offers a variety of tools and resources to help borrowers build their credit, such as free credit score monitoring and personalized recommendations. You can borrow $1,000 to $50,000 with Universal Credit.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Free credit score monitoring, educational tools, and personalized recommendations to help you build your credit
- If you’re using your loan to consolidate credit card debt, you might get a lower rate by allowing Universal Credit to pay off the cards directly
Cons
- Rates can be higher than other lenders
- Origination fees from 4.25% to 8%
- Not available in Arkansas; Kansas; Maine; South Carolina; Vermont; Washington, D.C.; Wisconsin; or West Virginia
Upgrade
Best for: Fast loan funding
Upgrade offers personal loans from$1,000 to $50,000 with three- or five-year terms. If you’re approved, you could get your funds within a day of clearing necessary verifications.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor and fair credit
- Fast loan funding
- Free credit monitoring and educational resources
Cons
- Origination fees from 2.9% to 8%
- Not available in West Virginia
- Doesn’t disclose minimum income requirements
Upstart
Best for: Borrowers with little to no credit history
In addition to your credit, Upstart will consider your education and job history to determine creditworthiness — which means you might qualify even if you have little to no credit history.
You can borrow $1,000 to $50,0005 with Upstart.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Might be able to qualify with little to no credit history
- Accepts poor and fair credit
- No prepayment penalty
Cons
- Origination fees from 0% to 8%
- Charges late and returned check fees
- Not available in Iowa or West Virginia
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Maximum loan amount
- Loan funding time
- Fees
- Discounts
- Customer service availability
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.
Other personal loans to consider
Here are more personal loan companies we evaluated. Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can with our partner lenders listed above.
 Show details | Citizens: Best for loan discounts | ||
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 Show details | Earnest: Best for comparison shopping | ||
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 Show details | (depending on relationship with HSBC Bank) | HSBC: Best for existing HSBC customers | |
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 Show details | (depending on loan type) | Laurel Road: Best for borrowers who need a cosigner | |
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 Show details | PNC: Best for small loan amounts | ||
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 Show details | Rocket Loans: Best for quick loan funding | ||
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Get Rates Now |
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How to take out a personal loan
If you’re ready to take out a personal loan, follow these four steps:
- Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for your situation. Consider not only personal loan interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
- Pick your loan option. After comparing lenders, choose the loan option that works best for you.
- 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.
Before you take out a personal loan, it’s important to consider how much that loan will cost you. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
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 qualify for a personal loan
While eligibility criteria can vary by lender, there are a few common requirements you’ll likely come across, including:
- Good credit: You’ll typically need good to excellent credit to get approved 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 poor and fair credit – for example, you might be able to get a personal loan with a 600 credit score or lower. However, keep in mind that these loans generally come with 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 have to show proof of income, such as from a traditional job, self-employment, or other source.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in debt payments each month compared to your income. Lenders typically like to see a DTI ratio of 40% or less — though some lenders might make exceptions to this.
Learn More: 6 Credit Unions Offering Personal Loans
If you don’t qualify
If you don’t qualify for a personal loan, here are a few other options to consider:
- Apply with a cosigner. If you have less-than-perfect credit, applying with a creditworthy cosigner could improve your chances of getting approved for a personal loan.
- Take on a side hustle. Another way to possibly earn some extra cash is by taking on a side hustle. For example, you could sign up to drive for Uber, perform tasks through TaskRabbit, or deliver food with DoorDash.
- Sell stuff you’re not using. See if there are items you’re no longer using in your home, such as electronics, gently used clothing and toys, or even a second vehicle. You might be able to sell them to get the cash you need.
Also be careful of personal loan scams that try to take advantage of people desperate for money. Some warning signs to look out for include lenders demanding upfront payment or pressuring to make an instant decision.
Check Out: Emergency Loans: How to Get a Personal Loan Fast
How to get the best personal loan rates
For borrowers who took out a personal loan through Credible during the week of June 28, 2021, three-year personal loan interest rates averaged 11.99% while rates on five-year personal loans averaged 14%.
However, it’s possible to qualify for better interest rates than this. To get the best personal loan rates, you’ll typically need good to excellent credit — in general, the better your credit, the lower your rate. Choosing a shorter loan term could also get you a better rate.
If you want to get approved for better interest rates, here are a few options to consider:
- Compare your rates from multiple lenders. To find the best rate you can get, it’s critical to shop around and compare your options from as many lenders as you can. You might get a better rate from one lender over another.
- Build your credit. If you can wait to take out a personal loan, it could be worth spending some time improving your credit before applying to qualify for a better rate in the future. A few possible ways to do this include paying all of your bills on time, paying down credit card balances, or becoming an authorized user on the credit card account of someone you trust.
- Find a cosigner. Even if you don’t need a cosigner to get approved for a loan, having one could qualify you for a lower interest rate than you’d get on your own. Just keep in mind that a cosigner shares responsibility for the loan, so they’ll be on the hook if you can’t make your payments.
Learn More: Direct Deposit Loans: 10 Alternative Loans With Fast Funding Times
Ways to use a personal loan
A personal loan can be used to cover almost any personal expense — though some lenders might restrict their loans for certain purposes. For example, Payoff personal loans can only be used to consolidate credit card debt.
Some potential expenses you could cover with a personal loan include:
- Medical bills
- Car repairs
- Vacations
- Debt consolidation
- Home improvements
- Major purchases
- Moving costs
Check Out: Is Using a Personal Loan for Taxes a Good Idea?
Coronavirus and personal loans
Due to the financial impact of the COVID-19 pandemic, many lenders began offering various types of coronavirus assistance options to their borrowers, such as deferment and forbearance.
If you have an outstanding personal loan and can’t afford your current payments because of coronavirus, contact your lender to discuss your options. Some lenders are providing special payment relief programs that might help.
Additionally, consider contacting your local benefits office to see if you’re eligible to receive help with food, insurance, or housing costs. Small business owners might also still qualify for expanded loans or other programs, such as the U.S. Small Business Association’s debt relief options or the Shuttered Venue Operators Grant.
Learn More: Coronavirus Hardship Loans: 7 Options to Consider
Frequently asked questions about personal loans
Here are the answers to several commonly asked questions regarding personal loans:
- What is a personal loan?
- Which is better: a credit card or a personal loan?
- What interest rate can I expect?
- What is the difference between APR and interest rate on a personal loan?
- Do personal loans have fees?
- Can I get a personal loan with bad credit?
- Do personal loans hurt your credit?
- How many years can I finance a personal loan?
- How much will I qualify for?
- How can I get a quick loan online?
- Is it better to get a personal loan from your bank?
- Can I pay my loan off early?
- What happens if I can’t pay back my loan?
What is a personal loan?
A personal loan is a type of installment loan — meaning you borrow a specific amount of money and make payments over a set period of time. Personal loans typically range from $600 up to $100,000 or more with repayment terms from one to seven years, depending on the lender.
Most personal loans are unsecured, so you don’t have to worry about collateral. Also keep in mind that unlike revolving credit (such as credit cards), you can’t access your loan amount more than once. If you want to borrow more, you’ll have to take out another loan.
Check Out: How to Check If a Personal Loan Company Is Legitimate
Which is better: a credit card or a personal loan?
When deciding between a personal loan vs. credit card, the right option for you will ultimately depend on your needs and spending habits. Here are a few pros and cons to keep in mind as you compare the two:
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| Personal loans |
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What interest rate can I expect?
Credible’s partner lenders offer personal loan rates starting at 2.49+%. Keep in mind that the interest rates you’ll be offered depend primarily on three factors:
- Your credit score
- The repayment term you choose
- The lender you pick
| How's your credit? | Credit score range | Average minimum rate |
|---|---|---|
| Excellent | 750 - 850 | 13.93% |
| Good | 700 - 749 | 18.33% |
| Fair | 640 - 699 | 22.12% |
| Poor | 300 - 639 | 26.62% |
Disclosure: This data is for a $10,000 loan amount.1 |
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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. |
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What is the difference between APR and interest rate on a personal loan?
The annual percentage rate (APR) and interest rate on a personal loan both refer to borrower costs — though they’re slightly different.
- The interest rate is how much you pay each year to borrow money, expressed as a percentage. Personal loan interest rates are usually fixed, which means your rate and payments won’t ever change. However, some lenders also offer variable-rate loans – meaning your rate and payment could fluctuate over the life of the loan.
- The APR includes not only the interest rate but also other loan fees, such as origination fees. This gives you a more complete picture of your loan costs compared to just the interest rate.
Learn More: Refinancing a Personal Loan: Can It Be Done?
Do personal loans have fees?
This depends on the lender — while some lenders charge fees with personal loans, others don’t. Some potential fees that could come with personal loans include:
- Origination fees, which are deducted before your loan is disbursed
- Late fees, which are charged if you miss your payment due date
- Returned payment fees, which are assessed if you don’t have the funds in your bank account to cover your loan payment
Check Out: Home Equity Loan vs. Personal Loan: Which Is Right for You?
Can I get a personal loan with bad credit?
While you typically need good to excellent credit to qualify for a personal loan, there are some lenders that offer personal loans for bad credit. Keep in mind, though, that borrowers with poor credit generally receive higher interest rates compared to borrowers with good credit.
You could also consider applying with a cosigner to improve your chances of getting approved. Having a cosigner might also help you get a better interest rate, which can save you money on your loan.
Learn More: Comparing Credit Score Ranges
Do personal loans hurt your credit?
When you apply for a new loan, the lender will use a hard credit check to review your creditworthiness. This could cause a temporary drop in your credit score — typically five points or less.
However, this impact is usually only temporary, and your score will likely go back up in a few months. Plus, if you make on-time payments on your new personal loan, you might see further improvements to your credit.
See: How Personal Loans Impact Your Credit Score
How many years can I finance a personal loan?
Generally, personal loan terms range from three to seven years. Available terms vary by lender, so be sure to consider multiple lenders to find a term that fits your needs.
Also keep in mind that the longer the term, the more interest you’ll pay — so it’s usually a good idea to choose the shortest term you can afford.
Learn More: Personal Loans for College Students
How much will I qualify for?
Personal loans can range from $600 to $100,000 or more. But the actual amount you’ll qualify for when applying for a personal loan will depend on two factors: the lender’s loan limit and how much of your available monthly income will be required to make your loan payments.
For example, while some lenders will approve $100,000 personal loans, you’ll also have to meet their debt-to-income requirements.
Check Out: How to Find a $35,000 Personal Loan Without Stressing
How can I get a quick loan online?
There are several online lenders that offer simple online application processes to get a personal loan. Additionally, many of these lenders offer approval decisions within just a few minutes.
The time to fund for an online personal loan is usually about five business days — but with some lenders, you could have your loan funded as soon as the same or next business day if you’re approved.
Learn More: Swimming Pool Loans: Finance with a Personal Loan
Is it better to get a personal loan from your bank?
This depends on your bank. With some banks, borrowers who already have accounts could qualify for loyalty discounts if they take out a personal loan with them. If your bank offers these discounts or other perks, you might be able to reduce your overall loan costs.
However, it’s still important to compare as many lenders as you can in addition to your bank. This way, you can be sure you’re getting the right loan for your needs.
Check Out: Personal Loans From Banks: Where to Get Loans
Can I pay my loan off early?
If you can afford it, paying off your loan early can be a great way to save money on interest charges. Many personal loan lenders don’t charge prepayment penalties (fees assessed if you pay off your loan ahead of schedule), but some do.
What happens if I can’t pay back my loan?
Most personal loans are unsecured and don’t require collateral, so your assets aren’t at risk if you default on your loan. However, that doesn’t mean there aren’t consequences.
If you fall behind on your loan payments, the lender will report it to the credit bureaus, which could severely damage your credit score. A loan default can remain on your credit report for up to seven years, which could affect your eligibility for other types of credit later on.
Credible’s partner lenders
- Avant: Fair or poor credit
- Axos Bank: Debt consolidation, home improvement, good or excellent credit
- Best Egg: Home improvement, good or excellent credit
- Discover: Debt consolidation, good or excellent credit
- FreedomPlus: Debt consolidation, fair or poor credit
- LendingClub: Debt consolidation, credit card refinancing, good or excellent credit
- LendingPoint: Fair or poor credit
- LightStream: Debt consolidation, home improvement, good or excellent credit
- Marcus: Good credit, debt consolidation, home improvement
- OneMain Financial: Fair or poor credit, home improvement, debt consolidation
- Payoff: Debt consolidation
- PenFed: Home improvement, debt consolidation
- Prosper: Home improvement, debt consolidation
- SoFi: Debt consolidation
- Universal Credit: Debt consolidation, home improvement, poor or fair credit
- Upgrade: Home improvement
- Upstart: Good credit, debt consolidation
Kat Tretina contributed to the reporting for this article.
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.
Methodology: Credible evaluated loan and lender data points in 8 categories to identify the “best companies” for personal loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, and customer service availability offered by 21 lenders. We also considered each company’s max loan amount, how long it takes to receive funds, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check. Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender. Read the full Credible rating lender methodology. Learn about Credible’s mission and promise to our readers.