Best Signature Loans: What You Need to Know

Get up to $50,000 as soon as the same day with just your signature

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Written by
Lauren Clifford
Updated on: June 12, 2025

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best for:
Payday loan alternative
PenFed
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Best for:
Better approval odds
Prosper
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Best for:
Emergencies
SoFi
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Best for:
Debt consolidation
Upgrade
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Best for:
Bad or no credit
Upstart
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More Options

Signature loan lenders at a glance

PenFed Credit Union: Best payday loan alternative

8.99% - 17.99%

12 to 60 months

$600 - $50,000

Not specified

No origination fee

Pros
  • Quick cash: Get money as soon as the next day
  • Small loans: Borrow as little as $600 (most loans start at $1,000 or more)
  • Keep money in your pocket: Rates capped under 18% and no upfront fees
Cons
  • Membership required: Need to become a PenFed member to get a loan
  • Unclear eligibility: No info about minimum credit score or income necessary to qualify

What to know

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If you need quick access to cash, turning to PenFed instead of a payday lender will almost certainly save you money. Your PenFed loan will likely be significantly cheaper because of PenFed’s low rates and lack of fees, compared to the predatory rates payday lenders charge. You can pay back the money in as few as 12 months — or even sooner, since PenFed doesn’t charge prepayment penalties.

Like other credit unions, PenFed does require that you join before letting you borrow money. The good news? PenFed membership is open to everyone, and you can apply for membership as part of your loan application process. Plus, PenFed membership comes with perks like cheap auto loans and a car-buying service.

How to qualify

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To qualify for a PenFed loan, you must meet the following requirements:

  • Membership: PenFed membership (anyone can join)
  • Administrative: Open a PenFed savings account with a $5 deposit; may need to submit documents to verify your identity and income
See Personalized Results Read Our Expert Review

Prosper: Best for better odds of approval with peer-to-peer lending

8.99% - 35.99%

24 to 60 months

$2,000 - $50,000

600

1.00% - 9.99%

Pros
  • Better odds of getting a loan: Money comes from other people (“peers”) instead of a bank or lender
  • Allows joint loans: Improve your chances of qualifying and getting low rates by applying with a co-borrower
  • Fair credit okay: Many lenders require good credit or better, but Prosper’s minimum score is 600
Cons
  • Charges fees: Prosper will keep 1.00% - 9.99% of your loan money before sending it to you
  • Can take a long time: Loan review process can take five business days

What to know

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If you have fair credit and are worried about qualifying for a loan, try Prosper. As a peer-to-peer lending platform, Prosper connects you with real people who invest in your loan. These loans can be easier to get, and you can further boost your chances by applying with a co-borrower with good or excellent credit.

Like many lenders, Prosper charges a one-time origination fee that’ll add to the cost of your loan. And if you need your money soon, check out lenders that offer quick loans — it can take Prosper five business days to approve your loan.

How to qualify

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To get a loan with Prosper, you must meet the following requirements:

  • Age: Be 18 or older
  • Administrative: Have a U.S. bank account and Social Security number
  • Residency: Not live in Iowa or West Virginia
  • Credit score: 600+
See Personalized Results Read Our Expert Review

SoFi: Best for emergency loans

8.99% - 35.49% (with discounts)

SoFi Pricing Disclosure

Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

24 to 84 months

$5,000 - $100,000

680

0.00% - 7.00% (optional)

Pros
  • Fast funding: Get your money as soon as the same day
  • Boost your approval odds with a cosigner: Cosigners with excellent credit can help you qualify and get lower rates
  • Optional fees: SoFi’s origination fee is optional, but this lender may offer you better rates if you pay it
Cons
  • Need good credit: SoFi’s minimum credit score is 680, so borrowers with fair credit aren’t likely to qualify
  • Not good for small loans: SoFi’s loans start at $5,000, while other lenders typically start at $1,000 to $2,000

What to know

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Since you could get your money as soon as the same day you sign and borrow up to $100,000, SoFi loans are great for financial emergencies. You can even boost your odds of getting lower rates by adding a cosigner, who’ll be responsible for payments if you miss them.

Still, SoFi loans aren’t for everyone. Look at the other lenders on this list if you need a small loan, since SoFi loans start at $5,000. And if you have fair or poor credit, consider lenders like Prosper, Upgrade or Upstart.

How to qualify

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You must meet the requirements below to get a loan from SoFi:

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, an eligible permanent resident or a nonpermanent resident (a DACA recipient or asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
  • Credit score: 680+
See Personalized Results Read Our Expert Review

Upgrade: Best for debt consolidation

7.99% - 35.99% (with discounts)

24 to 84 months

$1,000 - $50,000

580

1.85% - 9.99%

Pros
  • Offers discounts: Get discounts for using the loan to pay off debt and for signing up for autopay
  • Boost approval odds with co-borrower: Applying with another person can help you qualify and get better rates
  • Fair credit okay: Some lenders require good or excellent credit, but Upgrade’s minimum score is 580
Cons
  • Charges fees: Upgrade will keep 1.85% - 9.99% of your loan money before sending it to you
  • Collateral discount: If you want a signature loan, you’ll miss out on Upgrade’s discount for offering collateral

What to know

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Upgrade stands out as the best signature loan lender for debt consolidation, as it offers a discount for using your loan to pay off debt. You can get another discount for applying for a joint loan, but remember that your co-borrower would be equally responsible for making payments.

Upgrade does charge a one-time origination fee on every loan — it’ll keep 1.85% - 9.99% of your loan money before sending it to you. The better your credit, the lower this number will likely be.

How to qualify

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To qualify for a loan through Upgrade, you must meet the requirements below:

  • Age: Be at least 18 years old (19 in some states)
  • Citizenship: Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa
  • Administrative: Have a valid bank account and email address
  • Credit score: 580+
See Personalized Results Read Our Expert Review

Upstart: Best for bad or no credit

6.60% - 35.99%

36 or 60 months

$1,000 - $50,000

300

0.00% - 12.00%

Pros
  • Bad credit okay: Minimum credit score of 300 is one of the lowest on the market
  • Fast funding: Get your money as soon as the next day
  • Skip the paperwork: Most people don’t have to upload documents as part of the approval process
Cons
  • May charge fees: Upstart may keep 0.00% - 12.00% of your loan money before sending it to you
  • Only two repayment terms: Upstart only offers loans with 36 or 60-month terms

What to know

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Bad credit makes it hard to qualify for a loan, but lending platform Upstart partners with lenders that offer loans for bad credit at relatively affordable rates. Upstart also offers fast funding — you could see money in your account as soon as the next day — and a convenient application process for most borrowers.

However, if you have bad credit, you may need to submit additional paperwork to verify your identity, income, employment or education. You may also need to budget for a high one-time origination fee of 0.00% - 12.00%.

How to qualify

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Upstart has transparent eligibility requirements, including:

  • Age: Be 18 or older
  • Administrative: Have a U.S. address, personal banking account, email address and Social Security number
  • Employment: Have a job or job offer that starts within six months, or have regular income
  • Income: Have a valid source of income, including a job, job offer or another regular income source
  • Credit-related factors: No bankruptcies within the last three years, fewer than six inquiries on your credit report in the last six months and no current delinquencies
  • Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)
See Personalized Results Read Our Expert Review

Estimate your payments

What is a signature loan?

Signature loans come in a lump sum of money that you pay back each month for a set term. Instead of collateral, signature loan lenders rely on the promise of your word — or your signature — that you’ll pay back the loan. Here’s what you need to know:

  • Approval: Lenders use your credit score, credit history and income to decide your rates — and whether to offer you a loan at all. You can get a signature loan for bad credit, but you’ll have limited options and your loan will be more expensive.
  • Risks: Since your property isn’t up for grabs, your credit score suffers when you stop making payments or default on a loan. If your debt goes to collections, debt collectors can sue you.
  • Cost: Signature loans typically have lower rates than credit cards, which can help you save money on interest when you’re consolidating debt or making a large purchase. As of June 2025, signature loan interest rates range from 6.60% – 35.99% for the best lenders.
  • Time: It’s possible to get same- or next-day funding when you apply for signature loans online. Still, in general, it can take anywhere from the same day up to five business days to get your personal loan money.
On this page

  How do signature loans work?

Signature loans come with fixed monthly payments and a set end date. You’ll know your monthly payment, how long you have to pay off your loan and the total loan cost upfront when you sign.

How to find a signature loan with LendingTree

Shopping around for a personal loan on LendingTree can save you an average of $1,659 over the life of your loan. Here’s how it works.

Tell us what you need

Take two minutes to tell us who you are and how much money you need. We’ll take care of the rest. It’s free, simple and secure.

Shop your offers

We’ll send you offers from up to five trusted lenders. Compare your offers side by side to see which one will save you the most money.

Get your money

Pick a lender and finalize your loan quickly. You could see money in your account in as soon as 24 hours, depending on the lender you choose.

Get Your Rates

Signature loan document checklist

Find these documents before you apply to save yourself time.

 Proof of identity: Social Security number and government-issued IDs, like a driver’s license or passport
 Proof of income/employment: W-2s, tax returns, pay stubs
 Proof of address/residence: Lease, utility bill

Boost your chances of getting a signature loan

Apply with a cosigner

Cosigners with good or excellent credit can improve your odds of getting a loan — and getting lower rates. Learn more about the best personal loans with a cosigner.

Boost your credit

Improving your credit score will help you qualify for loans and save money. Raising a “fair” credit score to “very good” helped people save an average of $1,804 on personal loans.

Check your credit reports

Check your credit reports at AnnualCreditReport.com and take the time to dispute any errors that might bring down your score.

Signature loan risks: Expert insights

“Watch out for high rates and fees as you could get stuck paying your lender hundreds or thousands of dollars in interest, costing you more in the long run.”

— Amanda Push, deputy editor and certified financial counselor

Personal loans do come with risks, especially if you don’t understand the terms. Here are a few risks to watch out for:

  • Unexpected fees: If you don’t understand how origination fees work, you could be surprised to see that the amount of money you borrowed isn’t how much you ultimately get. Lenders typically take the origination fee off the top before sending you the loan money. In addition, some lenders charge late fees or fees for paying off your loan early.
  • Expensive interest payments: Choosing a longer loan term can make your loan payments cheaper, but it’ll also make your loan more expensive overall. Choose the shortest loan term you can comfortably afford to make your loan as inexpensive as possible.
  • Damage to your credit: If you miss a payment, your credit score can take a hit, and if you default — meaning you’re late or missing payments for 120 to 180 days — your credit score can drop by more than 100 points.
  • Legal consequences: Once your debt is sent to a debt collection agency, they can sue you for payment and even take you to court to garnish your wages.

The best ways to avoid the risks of taking out a personal loan are to make sure that you fully understand the fees, payments and terms of your loan, and that you can afford it.

 Calculate your monthly payments with a personal loan calculator to make sure they fit into your budget.

How we chose the best signature loans

We reviewed more than 30 lenders that offer signature loans to determine the overall best five lenders. To make our list, lenders must offer competitive APRs and unsecured loans. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

According to our systematic rating and review process, the best signature loans come from PenFed, Prosper, SoFi, Upgrade and Upstart.

Frequently asked questions

Signature loans can be a good idea, especially if you’re using them to consolidate debt or as an alternative to high-interest credit cards.
 
However, it’s a bad financial move to use a signature loan to pay for nonessential expenses, like a vacation or another luxury expense — especially if you can’t afford the monthly payments. This is a form of bad debt, the type of debt that doesn’t help you reach your financial goals.

Every lender has its own minimum credit score for a personal loan, though few lenders offer loans to people with credit scores below 580. Still, there are exceptions like Upstart, which requires a credit score of 300.

It can be hard to get approved for a signature loan if you have bad credit, but there are lenders that specialize in offering poor credit signature loans. Keep in mind, though, that one of the consequences of bad credit is paying higher rates on loans, meaning you’ll pay more to borrow money.