Personal loans can be taken out for just about any need — like credit card debt consolidation, home improvement, and more. Because so many lenders offer personal loans, it pays to compare rates from multiple personal loan lenders.
- Best personal loans for good credit: BestEgg, LendingClub, LightStream, Marcus and Prosper.
- Best personal loans for debt consolidation: FreedomPlus, LendingClub and Payoff.
- Best personal loans for home improvement: Lightstream, Marcus and Prosper.
- Best personal loans for poor credit: Avant, Upgrade and Upstart.
- Frequently asked questions
The personal loan companies in the tables below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.
Best personal loans for good credit
If you have good or excellent credit (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 uses Residency Time to get funds |
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 | Fixed: 6.95% - 35.89% APR | $1,000 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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 | Fixed: 5.34% - 16.99% APR | $5,000 up to $100,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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 | Fixed: 5.99% - 28.99% APR | $3,500 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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 | Fixed: 6.95% - 35.99% APR | $2,000 up to $35,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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Learn More: Personal Loans for Good Credit
Best 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 $35,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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| Fixed: 6.95% - 35.89% APR | $1,000 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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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 |
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Best 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: 5.34% - 16.99% APR | $5,000 up to $100,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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| Fixed: 5.99% - 28.99% APR | $3,500 up to $40,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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| Fixed: 6.95% - 35.99% APR | $2,000 up to $35,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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Best personal loans for poor credit
If you have average or poor credit (credit score between 300 and 669) and you’re interested in a personal loan, you still have options. Here are the best lenders for poor credit.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
 | Fixed: 9.95% - 35.99% APR | $2,000 up to $35,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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 | Fixed: 7.99% - 35.89% APR | $1,000 up to $50,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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 | Fixed: 8.89% - 35.99% APR | $1,000 up to $50,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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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, and credit history will all 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 loan with a lower interest rate. And, for some lenders, the loan purpose you identify (e.g., debt consolidation, car financing, home improvements, etc.) will impact the amount you qualify for as well as the rates.
Use Our: Personal Loan Calculator
[ Jump back to FAQs ]What is the average interest rate on a personal loan?
In 2018, the average APR range 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 interest rates.
[ Jump back to FAQs ]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 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.
- 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
[ Jump back to FAQs ]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 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 Loan Options
[ Jump back to FAQs ]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 Credit Score
[ Jump back to FAQs ]Full list of personal loan lenders
The lenders below aren’t available through the Credible platform, but have some good alternatives for those looking for other personal loan options.
Discover
Discover loans can be best for debt consolidation. They offer loans up to $35,000 and flexible repayment plans — from 3 to 7 years.
Earnest
Earnest loans can be best for home improvement purposes. You can borrow up to $50,000, but the maximum loan term is only 3 years.
Peerform
Peerform loans can be best if you have poor credit. You can borrow a maximum of $25,000 and choose loan terms from 3 to 5 years.
Rocket Loans
Rocket Loans can be best for debt consolidation or home improvement. You can take out up to $35,000 and choose terms from 3 to 5 years.
SoFi
SoFi loans can be best if you have good credit. You can borrow anywhere from $5,000 to $100,000 and choose repayment terms from 5 to 7 years.
Wells Fargo
Wells Fargo loans can be best for debt consolidation or home improvement. You can borrow all the way up to $100,000 (with terms from 1 to 5 years), but to apply for an online loan you must be an existing Wells Fargo customer.
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.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.34% - 35.99% APR with terms from 24-84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. The borrower’s actual rate depends on each lender’s eligibility criteria which includes factors such as credit score, loan amount, loan term, credit usage and history and vary based on loan purpose. Rates presented do not differentiate between loan purpose, so you will need to tell us more details about your specific financial needs to narrow the band of rates for which you might qualify. 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 you 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. If you choose 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%, you 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 your full performance of all terms and conditions of the loan contract and any discount programs you enroll in included in the APR/interest rate throughout the life of the loan, you will pay a total of $11,279.43. As of February 8, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
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