The best personal loans can help you consolidate credit card debt, pay for home improvement projects, and much more. There are many lenders that offer personal loans, each with different features so it pays to compare rates, fees, loan terms, how to qualify and how long it takes to get funded.
We’ve broken down our picks into four categories:
- Best for good credit: BestEgg, LendingClub, LightStream, Marcus, Prosper
- Best for debt consolidation: FreedomPlus, Payoff, Upgrade
- Best for home improvement: LendingClub, LightStream, Marcus
- Best for bad credit: Avant, LendingPoint, Upstart
We evaluated loan and lender data points in nine categories to identify the “best companies” for personal loans. We looked at each lender’s interest rates, eligibility requirements, fees, time to receive funds, the level of customer service provided, and the availability of repayment terms and discounts.
Through Credible, you can compare rates from the best personal loan companies below without affecting your credit score.
Personal loans for good credit
If you have good or excellent credit (minimum credit score of 670 or higher) you’ll have many options when it comes to personal loans. Here are the best companies for good credit.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
 | Fixed: 5.99% - 29.99% APR | $2,000 up to $35,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 6.95% - 35.89% APR | $1,000 up to $40,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 4.99% - 16.79% APR | $5,000 up to $100,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 6.99% - 28.99% APR1 (For NY residents: 6.99% - 24.99% APR) | $3,500 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits 1APR discounts may be available for direct payment of outstanding credit card debt and autopay. 2 After 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. |
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 | Fixed: 6.95% - 35.99% APR | $2,000 up to $40,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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Learn More: Personal Loans for Good Credit
Personal loans for debt consolidation
If you need help paying off high-interest debt — for example, if you have multiple credit card balances — you have plenty of choices when it comes to personal loans. Here are the best lenders for debt consolidation.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
 | Fixed: 5.99% - 29.99% APR | $10,000 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 5.99% - 24.99% APR | $5,000 up to $35,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 6.98% - 35.89% APR | $1,000 up to $50,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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Personal loans for home improvement
If you’re looking for a personal loan to help pay for a home improvement project (like a kitchen remodel or bathroom renovations), there are many lenders that offer loans specifically for this purpose. Here are the best lenders for home improvement.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
| Fixed: 6.95% - 35.89% APR | $1,000 up to $40,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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| Fixed: 4.99% - 16.79% APR | $5,000 up to $100,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits |
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| Fixed: 6.99% - 28.99% APR1 (For NY residents: 6.99% - 24.99% APR) | $3,500 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds Key benefits 1APR discounts may be available for direct payment of outstanding credit card debt and autopay. 2 After 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. |
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Personal loans for bad credit
If you have poor to bad credit and you’re interested in a personal loan, you still have options even though some will have high interest rates. Here are the best lenders for bad credit.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
 | Fixed: 9.95% - 35.99% APR | $2,000 up to $35,000* | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits *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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 | Fixed: 15.49% - 34.99% APR | $2,000 up to $25,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 8.09% - 35.99% APR | $1,000 up to $50,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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Loan amounts of the best personal loans
Here’s a look at Credible’s partner lenders and their maximum loan amounts.
| Credible's Lenders | Max. Loan Amount |
|---|---|
| Avant | $35,000 |
| Best Egg | $35,000 |
| FreedomPlus | $40,000 |
| LendingClub | $40,000 |
| LendingPoint | $25,000 |
| LightStream | $100,000 |
| Marcus | $40,000 |
| Payoff | $35,000 |
| Prosper | $40,000 |
| Upgrade | $50,000 |
| Upstart | $50,000 |
Personal loans vs. credit cards
Average interest rates on credit cards are typically higher than average interest rates on personals loans for borrowers with good credit. This table can help weigh the differences between personal loans and credit cards.
| Personal loans | Credit cards | |
|---|---|---|
| Type of interest | Fixed rates (will remain the same over the life of the loan) | Variable rates (can fluctuate over time) |
| Type of debt | Installment account (predetermined amount and fixed monthly payment over a set time) | Revolving credit (not a predetermined amount, but you have a credit limit that you only use as you need) |
| Time to get funds | 1 - 6 business days | Immediate (if you don't have to apply for a new card) |
What interest rate can I expect?
The interest rate you can qualify for depends on your credit score. Here are some estimates so you can know what to expect with your specific score.
| 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 | ||
How to get the best personal loan rates
To get the best interest rates on your personal loan, you will need to have good to excellent credit and compare multiple lenders before deciding on a loan. The interest rate you can qualify for on a personal loan will also depend on the lender, loan term, and loan purpose you choose.
Frequently Asked Questions
- How much will I qualify for on a personal loan?
- What is the average interest rate on a personal loan?
- How do I find the best personal loan for me?
- How can I get a low-interest personal loan?
- How can I improve my credit score?
How much will I qualify for on a personal loan?
The personal loan amount you qualify for will be based on the loan amount you apply for, as well as factors that affect your ability to repay the amount.
Your debt-to-income ratio, credit score, credit history, and sometimes your annual income, will be considered before the lender approves you for a personal loan. If you consistently pay off your credit cards and loans and have a good credit utilization ratio (how much you owe across all credit lines divided by your total credit limit), you could qualify for higher loan amounts at lower rates.
If you’re applying for a personal loan, and you have bad credit, your chances of being approved are lower. But if you have excellent credit, you’ll likely be approved for a lower interest rate loan. And, for some lenders, the loan purpose you identify (e.g., consolidation loans, car financing, home improvements, etc.) will impact the amount you qualify for as well as the rates.
Use Our: Personal loan calculator
What is the average interest rate on a personal loan?
In 2018, the average APR range (annual percentage rate) for a 24-month personal loan was 10.12% to 10.31%, according to the Federal Reserve. However, the interest rate you receive on a personal loan is dependent on a number of factors:
- Your credit score
- Length of the loan
- Loan purpose
- Amount of the loan
- Your debt-to-income ratio
- The lender you’re getting the loan from
Unlike federal student loans, which come with pre-established set interest rates, there’s no set interest rate on personal loans. This is why it’s important to shop around, as different lenders will offer you different fixed rates and variable rates.
See more: Average personal loan interest rates
How do I find the best personal loan for me?
Before you begin searching for the best lender for personal loans, consider these tips:
- Always shop around: Compare options from multiple online lenders before you make a final decision to ensure that you choose the best rates and options for your financial situation.
- Keep fees in mind: Some lenders charge origination fees, prepayment fees, or late fees for late payments. The kind of fees you want to avoid are prepayment penalties for paying off your loan early.
- Consider the loan term: The longer your loan term, the lower your monthly loan payments will be since you’ll have more time to pay off your debt. If you take out a short-term loan, your monthly payments will be higher, but you’ll typically pay less money in interest and pay your loans off faster.
- Watch out for scams: Always verify that you’re dealing with an official lender. Never pay any money or divulge sensitive information to anyone online unless you’re sure they’re legitimate.
Make sure you also consider your reasons for taking out a personal loan, and whether you actually need one. In many cases, people use personal loans to consolidate high-interest credit card debt or to pay for personal expenses.
Check Out: Best ways to consolidate credit card debt
How can I get a low-interest personal loan?
Typically, the higher your credit score and the better your credit history, the lower rates will be on the unsecured loans you qualify for.
But it’s always a good idea to compare loan rates and terms from multiple lenders before coming to a decision. Credible is the perfect resource for comparing rates from a variety of lenders to ensure you find competitive rates that you qualify for.
Learn More: Best low-interest personal loans
How can I improve my credit score?
If your personal loan rates are higher than you expected, there are some things you can do to help improve your credit score quickly:
- Monitor your credit report and correct errors: Different credit bureaus rely on different credit scoring models and produce different credit reports. You can keep track of these issues by obtaining a free copy of your credit report from each credit bureau every 12 months.
- Avoid late payments: It’s important that you always try to make payments on time. If you do happen to miss a payment, speak directly with your lender and explain the situation.
- Keep your credit utilization low: Another factor that can affect your fico score is your credit utilization — how much of your available credit you are using. It’s recommended that you keep your credit utilization below 30%, according to Experian.
- Monitor your credit card use: If you have a number of different credit cards, take a look at your limits and make sure you’re not maxing out any of your cards to keep building your creditworthiness.
Learn More: How to build credit and raise your score
Methodology: Credible evaluated loan and lender data points in nine categories to identify the "best companies" for personal loans. We looked at each lender's interest rates, fees, and the availability of repayment terms and discounts. We also considered each company's eligibility requirements, time to receive funds, and the level of customer service provided. Lenders received additional points for their willingness to participate in a marketplace, and the ability for consumers to request rates with a soft credit check. Because every lender has its own system for evaluating borrowers, the best loan or lender will depend on an individual's unique circumstance, the loan features that are most important to them, and the interest rate and terms they qualify for.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.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99% - 35.99% APR with terms from 24 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.
