Personal loans can be taken out for just about any need — like credit card debt consolidation, home improvement, covering a temporary business expense, and more. The advantage of personal loans over credit cards is that personal loans typically have lower interest rates. You might also qualify for a personal loan for an amount that exceeds your credit card limits.
Because so many lenders offer personal loans, it pays to compare rates from multiple lenders (including online lenders). To help you get started, we’ve researched the rates, terms, and features of loans offered by more than a dozen personal loan companies, along with the eligibility requirements and level of service provided by each lender.
The personal loan companies in the table 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.
Credible’s personal loan lender partners
| Lender | Rates from (APR) | Loan Amounts | |
|---|---|---|---|
 | Fixed: 9.95%+ | $2,000 up to $35,000 | Get Rates |
Loan Terms • 2 - 5 years Loan uses • Debt consolidation, emergency expense, life event, home improvement, and other purposes Eligibility • Must be a resident in the U.S. with a valid Social Security number • Must have physical address (P.O. boxes are only accepted for military residences) |
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 | Fixed: 5.99%+ | $2,000 up to $35,000 | Get Rates |
Loan Terms • 3 - 5 years Loan uses • Credit card refinancing, debt consolidation, home improvement, and other purposes Eligibility • Must be a U.S. Citizen or a Permanent Resident Alien • Can't be a resident of IA, VT, or WV |
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 | Fixed: 4.99%+ | $10,000 up to $35,000 | Get Rates |
Loan Terms • 2 - 5 years Loan uses • Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes Eligibility • Must be a resident in the U.S. with a valid Social Security number • Required documentation includes verified income and bank account, a valid ID, and your signature |
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 | Fixed: 6.95%+ | $1,000 up to $40,000 | Get Rates |
Loan Terms • 3 - 5 years Loan uses • Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes Eligibility • Must be a U.S. Citizen or Resident Alien with a valid Social Security number and physical address, currently residing in the U.S. • Must have valid government issued photo ID |
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 | Fixed: 3.99%+ | $5,000 up to $100,000 | Get Rates |
Loan Terms • 2 - 7 years Loan uses • Credit card refinancing, debt consolidation, home improvement, and other purposes Eligibility • Borrower must reside in the U.S. |
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 | Fixed: 6.99%+ | $3,500 up to $40,000 | Get Rates |
Loan Terms • 3 - 6 years Loan uses • Credit card refinancing, debt consolidation, home improvement, and other purposes Eligibility • Must be a U.S. Citizen or Resident Alien with a valid Social Security number and physical address, currently residing in the U.S. • Borrower cannot reside in MD |
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 | Fixed: 5.99%+ | $5,000 up to $35,000 | Get Rates |
Loan Terms • 2 - 5 years Loan uses • Debt consolidation and credit card consolidation only Eligibility • Borrower can't reside in DC, DE, IA, LA, MA, MD, MI, MN, MS, NC, NE, NV, OH, OK, VA, VT, WA, WI, or WV |
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 | Fixed: 6.95%+ | $2,000 up to $35,000 | Get Rates |
Loan amounts • 3 - 5 years Loan uses • Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes Eligibility • Must be a U.S. resident with a bank account and Social Security number • No collateral required (loans through Prosper are unsecured), you qualify for a loan based on your credit history |
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 | Fixed: 7.99%+ | $1,000 up to $50,000 | Get Rates |
Loan Terms • 3 - 5 years Loan uses • Debt consolidation, credit card refinancing, home improvement, and other purposes Eligibility • Borrower can't be a resident of CT, CO, IA, MA, MD, VT, or WV |
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 | Fixed: 8.89%+ | $1,000 up to $50,000 | Get Rates |
Loan amounts • 3 - 5 years Loan uses • Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes Eligibility • Must be a U.S. Citizen or Permanent Resident with a verifiable Social Security number • Must have a bank account at a U.S. financial institution with a routing transit number • Must have a full time job, full time job offer starting in six months, or another source of regular income |
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All APRs reflect autopay and loyalty discounts where available | LightStream payment example |
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[ Jump to top ]Full list of personal loan lenders
The lenders below aren’t available through the Credible platform, but might be good alternatives for those who want to consider other personal loan options.
Discover
Discover offers loans up to $35,000 and flexible repayment plans — from 3 to 7 years.
Earnest
With Earnest, you can borrow up to $50,000, but the maximum loan term is only 3 years.
Peerform
You can borrow a maximum of $25,000 with Peerform and choose loan terms from 3 to 5 years.
Rocket Loans
With a Rocket Loans personal loan, you can take out up to $35,000 and choose terms from 3 to 5 years.
SoFi
With SoFi you can borrow anywhere from $5,000 to $100,000 and choose repayment terms from 5 to 7 years.
Wells Fargo
With Wells Fargo you can borrow all the way up to $100,000 (with terms from 1 to 5 years), but to apply online you must be an existing Wells Fargo customer.
[ Jump to top ]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.
[ 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
- 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. Credible can help you quickly compare the interest rates across multiple, vetted lenders without affecting your credit score. Check your rates now.
[ 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 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. Using a personal loan calculator can help you be prepared for fees.
- Consider the loan term: The longer your loan term, the lower your monthly payments will be since you’ll have more time to pay off your debt. But remember that stretching out your loan term also means that you’ll pay more over the life of the loan since your interest will keep accruing.
- 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.
While personal loans can be helpful, you should always remember that even the best personal loans are still a form of 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.
[ 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:
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- Monitor your credit report and correct errors: Different credit bureaus rely on different credit scoring models and produce different credit reports. Because of this, there can sometimes be errors in one or more of your 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 — the official site to request the reports is AnnualCreditReport.com. Make sure to quickly report any errors to the credit bureau.
- 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. In some cases — for instance, if this is your first transgression — you might be able to get them to remove a late payment or two if you agree to make those loan payments on the spot. Make sure you document this agreement in writing with the lender.
- 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. If you have a credit card with a $3,000 limit, for example, and you’re carrying a balance of $1,500, you’re utilizing 50% of that card’s limit. 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. If you don’t have a credit card, remember that getting a secured credit card or a student card can help you build your creditworthiness.