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."
If you’re wondering where to get a personal loan, there are a few places you can look. Approval is based on your credit score, so the higher your credit score, the better your chances of getting approved for a personal loan. Your creditworthiness is your main factor in being eligible for getting a loan. Try to shoot for good credit or excellent credit (a score of 670 or above is considered good) to qualify and compare your loan options.
You can get a loan from a few different places: banks, credit unions, and online lenders. But every lender has different requirements and loan terms. Don’t sign up for the first one you see. Here are your options when it comes to getting a personal loan.
In this post:
Banks
Credit Unions
Online Lenders
What you need to qualify
Finding the right loan
Banks
Not all banks offer personal loans, but if you already have a bank account with a traditional bank, it’s a good idea to ask if they do. Existing customers might even qualify just for having accounts at the bank.
While great credit can ensure you’re eligible for a bank loan, you might find a better interest rate or loan term at other financial institutions. Sometimes, the loan application process at banks is longer and requires more paperwork than other lenders. Try to compare getting a loan from a bank to other places.
Credit unions
Credit unions are another place to look to get a loan. Credit unions are not for profit and sometimes offer lower rates than banks. Personal loans from credit unions tend to have lower fees and interest rates. Along with that, approval ratings are higher for those with bad credit compared to banks.
The downside is that for the most part, you have to become a credit union member before qualifying for a loan. Requirements to join vary by credit union, but you usually need to be a member for a certain period of time — like a month, for example — before receiving a loan. Just like banks and other lenders, make sure you check out your local credit union loan offers before signing up.
Online lenders
There are also a variety of online lenders you can get a personal loan from. The best personal loan lenders offer low interest rates and have good repayment terms. Some have other features like no origination fee, no fees for late payments, or low monthly payments that you can spread out over a few years. This might help you if your monthly bills are tight on your budget as it is. Plus, getting a loan from an online lender is typically much faster.
If you’re unsure if you qualify for a personal loan from an online lender, you might qualify for one at another lender. Because requirements vary by lender, there’s a chance one lender has something for you. Online lenders usually have faster approval and distribution times over bank loans.
Find Out: How to Check If a Personal Loan Company Is Legitimate
What you need to qualify for a loan
Before you look for how to get a loan, make sure you have all your necessary paperwork in place. The more prepared you are, the less time it can take to get approved. Here’s what you should do as you prepare to apply for a loan:
- Review your credit. Get your free credit report from AnnualCreditReport.com to see if you have any bad marks. Derogatory marks can bring down your credit score, so you want to clear your report to make sure it’s in the best shape possible to take out a loan.
- Decide how much need. It might seem like a good idea to apply for a loan that’s more than you need right now, but it’s not worth it. Only request what you need and remember when you pay it back, it’s with interest. Also how much you need might determine where you get a loan as many lenders require a minimum loan amount.
- Check your budget. If your personal loan is going to add another monthly payment, make sure there’s room in your budget for it.
Once you’re ready to get a loan, you can use Credible to compare rates from multiple personal loan lenders by filling out one simple form. If you think you won’t qualify for the rates you want based on your credit, you can also consider getting a cosigner.
Find the right loan for you
Regardless of where you’re trying to get a loan, many different factors can impact your approval. Browse through bank loans, credit unions, and online lenders to see which one is the right fit. You don’t need to settle on the first one you find. It’s important to research each company’s offerings before signing up.
Remember before you even start to look for personal loans, do a credit check first. Some lenders offer personal loans to those with credit history that’s not-so-great, but you could end up paying higher interest rates because of it.
Try to get your credit in the best shape possible before applying. Then you can look for lenders that have quick payment times, low interest rates and fees, and good repayment terms.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*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. |
||
 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
|
||
 View details | 5.99% - 29.99% APR | $5,000 to $50,000 |
|
||
 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
|
||
 View details | 7.99% - 29.99% APR | $7,500 to $50,000 |
|
||
 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
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. |
||
 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
|
||
 View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
|
||
 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
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. |
||
 View details | 18.00% - 35.99% APR | $1,500 to $20,000 |
|
||
 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
|
||
 View details | 5.99% - 17.99% APR | $600 to $20,000 (depending on loan term) |
|
||
 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
|
||
 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
|
||
 View details | 10.97% - 35.93% APR7 | $1,000 to $20,000 |
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners 8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. 9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor. |
||
 View details | 5.94% - 35.97% APR | $1,000 to $50,000 |
|
||
 View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 |
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. |
||
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.
