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."
Whether you want to consolidate high-interest credit card debt, finance a major home renovation, or take care of another expense, a personal loan could help you pay for it.
But before you apply for a loan, it’s important to compare as many lenders as possible to find the right loan for your needs.
During your search, keep in mind that the best personal loans should provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements.
Here’s where you can find personal loans for some of the most popular loan uses:
- Personal loans for good credit
- Personal loans for debt consolidation
- Personal loans for home improvement
- Personal loans for bad credit
- Other personal loan lenders to consider
- Personal loans and COVID-19
- Frequently asked questions about personal loans
- Personal loan terms you should know
Personal loans for good credit
If you have good to excellent credit (minimum credit score of 700 or higher), you’ll have many options when it comes to personal loans.
These are the most popular vetted Credible partner lenders among borrowers with good to excellent credit who used Credible to take out a personal loan.
| Lender | Fixed rates | Min. credit score |
|---|---|---|
 View details | 6.49% - 29.99% APR | 740 |
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 View details | 5.99% - 29.99% APR | 600 |
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 View details | 6.99% - 24.99% APR | 660 |
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 View details | 10.68% - 35.89% APR | 600 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 3.99% - 19.99% APR | 660 |
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 View details | 6.99% - 19.99% APR1 | 660 (TransUnion FICO®️ Score 9) |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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 View details | 6.95% - 35.99% APR | 640 |
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 View details | 5.99% - 18.83% APR | Does not disclose |
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- Axos: Best for home improvement
- Best Egg: Best for moving expenses
- Discover: Best for longer repayment terms
- LendingClub: Best for credit card consolidation
- LightStream: Best for quick loan funding
- Marcus: Best for flexible repayment options
- Prosper: Best for debt consolidation
- SoFi: Best for borrowers with good to excellent credit
Before you borrow, it’s also a good idea to consider how much a personal loan will cost you over time. 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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Personal loans for debt consolidation
Rates on personal loans can be much lower than interest rates on credit cards. If you need help consolidating credit card debt, you have plenty of choices when it comes to personal loans.
Here are the most popular vetted Credible partner lenders among borrowers who used Credible to take out a personal loan for debt consolidation.
| Lender | Fixed rates | Min. credit score |
|---|---|---|
 View details | 9.95% - 35.99% APR | 550 |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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View details | 6.49% - 29.99% APR | 740 |
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View details | 6.99% - 24.99% APR | 660 |
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 View details | 7.99% - 29.99% APR | Does not disclose |
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View details | 10.68% - 35.89% APR | 600 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | 580 |
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View details | 3.99% - 19.99% APR | 660 |
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View details | 6.99% - 19.99% APR1 | 660 (TransUnion FICO®️ Score 9) |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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 View details | 18.00% - 35.99% APR | None |
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 View details | 5.99% - 24.99% APR | 640 |
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 View details | 5.99% - 17.99% APR | 670 |
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View details | 6.95% - 35.99% APR | 640 |
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View details | 5.99% - 18.83% APR | Does not disclose |
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 View details | 5.94% - 35.97% APR | 580 |
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 View details | 8.27% - 35.99% APR4 | 580 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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- Avant: Best for borrowers with poor to fair credit
- Axos: Best for quick loan funding
- Discover: Best for longer loan terms
- FreedomPlus: Best for consolidating high-interest debt
- LendingClub: Best for borrowers who need a cosigner
- LendingPoint: Best for borrowers with poor to fair credit
- LightStream: Best for borrowers with good credit
- Marcus: Best for flexible repayment options
- OneMain Financial: Best for borrowers with below-average credit
- Payoff: Best for boosting your credit score
- PenFed: Best for small loan amounts
- Prosper: Best for borrowers with good credit
- SoFi: Best for borrowers with excellent credit
- Upgrade: Best for fast loan decisions
- Upstart: Best for borrowers with lower incomes
Personal loans for home improvement
If you’re looking to finance a home improvement project like a kitchen remodel or bathroom renovation, you could tap your home’s equity with a cash-out refinance or home equity loan.
But many lenders offer personal loans for home improvement that don’t require you to put your home up as collateral.
Here are the most popular vetted Credible partner lenders among borrowers who used Credible to take out a personal loan for home improvement.
| Lender | Fixed rates | Min. credit score |
|---|---|---|
View details | 6.49% - 29.99% APR | 740 |
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View details | 5.99% - 29.99% APR | 600 |
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View details | 15.49% - 35.99% APR | 580 |
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View details | 3.99% - 19.99% APR | 660 |
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View details | 6.99% - 19.99% APR1 | 660 (TransUnion FICO®️ Score 9) |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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View details | 18.00% - 35.99% APR | None |
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View details | 5.99% - 17.99% APR | 670 |
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View details | 6.95% - 35.99% APR | 640 |
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View details | 5.99% - 18.83% APR | Does not disclose |
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View details | 5.94% - 35.97% APR | 580 |
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- Axos: Best for borrowers with excellent credit
- Best Egg: Best for borrowers with good credit
- LendingPoint: Best for borrowers with poor to fair credit
- LightStream: Best for borrowers with good credit
- Marcus: Best for flexible repayment options
- OneMain Financial: Best for quick loan funding
- PenFed: Best for small loan amounts
- Prosper: Best for borrowers with good credit
- SoFi: Best for large loan amounts
- Upgrade: Best for fast loan decisions
Personal loans for bad credit
If you have fair to poor credit and you’re interested in a personal loan, you still have options. Because the interest rate you’ll be offered depends largely on your credit score, you can expect to pay higher rates than borrowers with good credit.
Here are the most popular vetted Credible partner lenders among borrowers who used Credible to take out personal loans for fair or poor credit.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
View details | 9.95% - 35.99% APR | 550 |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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View details | 7.99% - 29.99% APR | Does not disclose |
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View details | 10.68% - 35.89% APR | 600 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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View details | 15.49% - 35.99% APR | 580 |
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View details | 3.99% - 19.99% APR | 660 |
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View details | 18.00% - 35.99% APR | None |
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View details | 5.99% - 24.99% APR | 640 |
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View details | 5.94% - 35.97% APR | 580 |
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View details | 8.27% - 35.99% APR4 | 580 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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- Avant: Best for borrowers with poor credit
- FreedomPlus: Best for consolidating high-interest debt
- LendingClub: Best for borrowers who need a cosigner
- LendingPoint: Best for borrowers with below-average credit
- LightStream: Best for higher loan amounts
- OneMain Financial: Best for quick loan funding
- Payoff: Best for borrowers with fair credit
- Upgrade: Best for small loan amounts
- Upstart: Best for borrowers with lower incomes
Other personal loan lenders to consider
Here are more personal loan companies we evaluated. Keep in mind that these lenders are not 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.
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 Show details | (depending on relationship with HSBC Bank) |
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 Show details | (depending on loan type) |
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Get Rates Now |
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- Citizens: Best for loan discounts
- Earnest: Best for comparison shopping
- HSBC: Best for existing HSBC customers
- Laurel Road: Best for borrowers who need a cosigner
- PNC: Best for small loan amounts
- Rocket Loans: Best for quick loan funding
Personal loans and COVID-19
Due to the COVID-19 pandemic, millions of people are unemployed and worried about making ends meet.
There has been an increased demand for personal loans to help people through these difficult times, and some credit unions, banks, and online lenders are offering lower interest rates as a result.
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.
Some lenders are also offering coronavirus hardship loans to help people affected by the pandemic. These loans are generally small and come with favorable loan terms — sometimes even 0% interest.
Here are a few lenders providing coronavirus hardship loans:
- Construction Battalion Center (CBC) Federal Credit Union: Offering small, short-term emergency loans up to $3,000 with reduced interest rates.
- Gesa Credit Union: Offering emergency personal loans at low or even 0% interest.
- Oak Ridge National Laboratory Employees (ORNL) Federal Credit Union: Offering unsecured loans with 0% APR for the first three months and 3% APR for the rest of the loan term.
Learn More: COVID-19: How Personal Loan Lenders Are Helping Borrowers
Frequently asked questions about personal loans
- Which is better: A credit card or a personal loan?
- How to get the best personal loan rates
- What interest rate can I expect?
- What is a good APR for a personal loan?
- How many years can I finance a personal loan?
- How your credit score impacts your offer
- How much will I qualify for?
- What to use a personal loan for
- How to apply for a personal loan
- How fast can I get a personal loan?
- Do personal loans hurt your credit?
- Can I pay off my loan early?
- What happens if I can’t pay back my loan?
Which is better: A credit card or a personal loan?
When deciding between a personal loan vs. credit card, the better 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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How to get the best personal loan rates
The rate you’ll be offered on a personal loan depends mostly on your credit score but also the loan repayment term. The shorter the loan term, the lower the interest rate offered by most lenders. But your monthly payment will also be higher since you’re making fewer of them.
To get the best rates on a personal loan:
- Check your credit report and see if there’s anything you can do to improve your credit score
- Request rates from multiple lenders
- Choose the loan with the best interest rate and shortest repayment term you can afford
What interest rate can I expect?
Credible’s partner lenders offer personal loan rates starting at 4.99% (APR).
The interest rates you’ll be offered depend primarily on two factors:
- Your credit score
- The repayment term of the loan you choose
- The lender you pick
What is a good APR for a personal loan?
The national average APR for personal loans was 9.41% as of the second quarter of 2019, so generally, an APR lower than this is good. For example, Credible’s partner lenders offer rates as low as 4.99%+ APR. Keep in mind that you’ll need to have excellent credit to qualify for the lowest rates.
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.
How your credit score impacts your offer
Your credit score determines whether lenders will be willing to offer you a loan as well as the interest rate and terms.
Some lenders who compete for business through Credible will provide loans to borrowers with a credit score as low as 580. But the lower your credit score, the higher the interest rates you’ll be offered by lenders.
To give you an idea of what to expect, here are average minimum rates offered to borrowers who used Credible to request rates on personal loans.
| 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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How much will I qualify for?
How much you’ll qualify for when applying for a personal loan depends on two factors: the lender’s loan limit and how much of your available monthly income will be required to make your loan payments.
While some lenders will approve $100,000 personal loans, you’ll also have to meet their debt-to-income requirements.
What to use a personal loan for
A personal loan can be used for most personal expenses or purchases. However, some lenders have restrictions, such as not letting you use a personal loan for college tuition or refinancing student loans.
- Debt consolidation: If you have high-interest debt, using a personal loan to consolidate it might get you a lower interest rate. This could help you save money and pay off your balances faster.
- Home improvements: A personal loan could be a good option to pay for home renovations, repairs, and more. Some lenders — such as LightStream and SoFi — offer personal loans up to $100,000, which could be a less risky option to fund large projects compared to a home equity loan or home equity line of credit (HELOC).
- Unexpected expenses: If you have an emergency expense, such as car repair or vet bills, a personal loan could be a quick way to get the cash you need to cover it. Plus, if you have good credit, you might qualify for a lower interest rate than you’d get with a credit card.
How to apply for a personal loan
- Check your credit report and fix errors that could be hurting your credit score
- Determine how much you need to borrow and how much you can afford to pay each month
- Request actual rates from multiple lenders
- Pick the offer that best fits for your needs
- Submit application and any required documents to lender
There are so many lenders offering personal loans that it pays to check around and see what rates, fees, loan terms, and monthly payments you’ll be offered. Credible makes it easy to check rates with our partner lenders without affecting your credit score.
How fast can I get a personal loan?
The time to fund for personal loans varies depending on the lender. However, if you’re approved, you’ll typically get your money within a week. With some lenders, you might even get the funds as soon as the next business day.
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.
Can I pay off my loan 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 balance before the loan’s end date), but some do.
Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.
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.
Personal loan terms you should know
If you’re shopping for a personal loan, it’s important to understand the various terms you might come across so you can choose the right loan for you. Here are several common terms to keep in mind:
- Rate: This refers to the annual percentage rate (APR) on the loan. Your APR affects how much interest you’ll be charged over the life of the loan. The higher the APR, the more you’ll pay in interest.
- Term: This is how long you’ll have to repay the loan. Keep in mind that while a longer loan term will give you a smaller monthly payment, you’ll pay more in interest charges over time.
- Credit score: Your credit score is a three-digit number between 300 and 850. Lenders look at your credit score and credit history to decide whether to approve you for a loan. Generally, the higher your credit score, the more creditworthy you are to lenders. You’re also more likely to qualify for a lower interest rate if you have good credit.
- Variable and fixed interest rates: Your interest rate can be variable or fixed. Variable rates can change over time, while fixed interest rates stay the same for the duration of your loan. If you have a variable-rate loan and the APR increases, your monthly payments will go up, and you’ll likely pay more in interest charges over the life of your loan. Here’s how a change in interest rate on a variable-rate loan might compare to a fixed-rate loan:
| Variable-Rate loan* | Fixed-Rate loan* | |
|---|---|---|
| Loan amount | $20,000 | $20,000 |
| Loan term | 2 years | 2 years |
| APR | 5% to 7% | 5% |
| Monthly payment | $877 to $887 | $877 |
| Total repaid | $21,171 | $21,058 |
| *Variable-rate example assumes that the interest rate increases by 2% after the initial 12 months, and remains at 7% for the remainder of the loan term. | ||
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
- Upgrade: Home improvement
- Upstart: Good credit, debt consolidation
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.
