Checking rates won't affect your credit score
Written by Amanda Push | Edited by Katie Lowery | Reviewed June 1, 2023
Lender | APR range | Loan terms | Loan amounts | Min. credit score | Best for... | |
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7.99% - 35.99% | 24 to 60 months | $5,000 - $50,000 | 620 | Same day credit approval | View personalized offers | |
9.95% - 35.99% | 12 to 60 months | $2,000 - $35,000 | 580 | Fast loan funding | View personalized offers | |
8.99% - 35.99% | 36 to 60 months | $2,000 - $50,000 | 580 | Secured and unsecured loan options | View personalized offers | |
12.99% - 22.49% | 36 to 120 months | $20,000 - $200,000 | 660 | Large loan amounts | View personalized offers | |
6.99% - 24.99% | 36 to 84 months | $2,500 - $40,000 | 660 | Consolidating debt | View personalized offers | |
11.25% - 24.50% | 24 to 60 months | $5,000 - $40,000 | 640 | Refinancing credit card debt | View personalized offers | |
9.57% - 36.00% | 36 to 60 months | $1,000 - $40,000 | 600 | Applying with a co-borrower | View personalized offers | |
7.99% - 35.99% | 24 to 72 months | $2,000 - $36,500 | 620 | Mid-sized expenses | View personalized offers | |
7.99% - 24.99% *with autopay | 24 to 144 months | $5,000 - $100,000 | Not specified | Applicants with excellent credit | View personalized offers | |
7.74% - 17.99% | 12 to 60 months | $600 - $50,000 | 700 | Small loan amounts | View personalized offers | |
6.99% - 35.99% | 24 to 60 months | $2,000 - $50,000 | 580 | Applicants with low credit scores | View personalized offers | |
8.99% - 25.81% *with autopay | 24 to 84 months | $5,000 - $100,000 | 680 | Overall experience | View personalized offers | |
8.49% - 35.99% *with autopay | 24 to 84 months | $1,000 - $50,000 | 580 | Flexible loan term durations | View personalized offers | |
4.60% - 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 | Building credit | View personalized offers |
Shereen Cantu
Super quick and easy. I signed up and applied for a loan Friday and money was in my account Tuesday morning. Probably would’ve been sooner if not for the weekend. This will help me so much in consolidating a few bills while being a lower payment per month. 😊
Gary Morris
I was very apprehensive at first going online to search for a loan. But with LendingTree everything went smoothly and all the paperwork was very simple to fill out. Thank you very much for helping us out!
Jean Conroy
This was the most enjoyable loan application and finalization I have ever been exposed to. Great company. I was in a bind and they came thru with flying colors and extremely quickly. Website was easy to follow as were the instructions and emails.
Vince Hawkins
I was able to close the deal at home on my cellphone. I felt comfortable and my shopping was guided for me. So easy. Thanks
Lavone Dickson
It was quick and easy. The loan person was clear and very informative. Everything went exactly the way she said it would. THANK YOU!
APR range | 7.99% - 35.99% |
Loan amounts | $5,000 - $50,000 |
Term (months) | 24 to 60 |
Origination fee | 1.99% - 6.99% |
Min. credit score | 620 |
Pros | Cons |
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Competitive interest rates (7.99% - 35.99%) Same-day credit approval Offers multiple interest rate discount options | High minimum borrowing amount of $5,000 May take up to 72 hours to receive funds after approval Charges origination fee of 1.99% - 6.99% |
Achieve is known for its same-day credit approval decisions and multiple interest rate discounts. This lender offers a discount if you have a co-borrower, retirement assets or allow Achieve to pay your creditors directly if you get a debt consolidation loan. However, this lender’s high minimum borrowing amount of $5,000 may not make it the ideal option for borrowers looking for small personal loans. You’ll also need to pay an origination fee, which can range from 1.99% to 6.99% of your loan balance. Read our full Achieve review.
Other than Achieve‘s minimum credit score requirement, you’ll also have to offer this lender:
APR range | 9.95% - 35.99% |
Loan amounts | $2,000 - $35,000 |
Term (months) | 12 to 60 |
Origination fee | Up to 4.75% |
Min. credit score | 580 |
Pros | Cons |
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Low minimum credit score requirement Funding within 24 hours of loan approval No prepayment penalty | May have to pay an origination fee (Up to 4.75%) Loan amounts only up to $35,000 No option to add a co-borrower or cosigner |
With a low minimum credit score requirement of just 580, consumers with low credit scores may qualify for an Avant personal loan. This lender offers quick funding and you can repay your loan early without worrying about being penalized. However, Avant charges origination fees — Up to 4.75% — and consumers don’t have the option to add a co-applicant if they have poor credit. Read our full Avant review.
APR range | 8.99% - 35.99% |
Loan amounts | $2,000 - $50,000 |
Term (months) | 36 to 60 |
Origination fee | 0.99% - 8.99% |
Min. credit score | 580 |
Pros | Cons |
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Competitive interest rates (8.99% - 35.99%) Flexible loan amounts of $2,000 - $50,000 Funding within 24 hours after loan approval | Not available in Iowa, Vermont, West Virginia or the District of Columbia Charges an origination fee of 0.99% - 8.99% 700 credit score and income of over $100,000 required for lowest APR |
Best Egg customers can receive their personal loan funds within 24 hours after they’re approved. On top of that, this lender’s low credit score requirement may make it easier for borrowers with little or poor credit to access a personal loan. Best Egg also offers consumers the option to pick between a secured or unsecured loan. This lender does not offer loans in Iowa, Vermont, West Virginia, the District of Columbia or the U.S. territories — you should keep geographic availability in mind before you get too far along with any lender. Read our full Best Egg review.
To qualify for a loan with Best Egg, you must meet the following requirements:
APR range | 12.99% - 22.49% |
Loan amounts | $20,000 - $200,000* |
Term (months) | 36 to 120 |
Origination fee | 2.00% - 4.00% |
Min. credit score | 660 |
Pros | Cons |
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High maximum loan amount of $200,000 Flexible loan terms (36 to 120 months) Zero prepayment penalties or application fees | High minimum loan amount of $20,000 Doesn’t offer loans in Illinois or Maryland May take up to five business days to receive funds |
Because of its high minimum loan amount of $20,000, BHG Money may be best for consumers looking for larger loans. In addition to its large loan amounts, BHG Money also allows borrowers the option to choose longer loan term lengths, 36 to 120 months. However, your loan can take up to five days to be funded, and this lender doesn’t offer personal loans in Illinois or Maryland. Read our full BHG Money review.
While BHG isn’t entirely clear about its eligibility requirements for a personal loan, here’s what you’ll need when you apply:
APR range | 6.99% - 24.99% |
Loan amounts | $2,500 - $40,000 |
Term (months) | 36 to 84 |
Origination fee | No origination fee |
Min. credit score | 660 |
Pros | Cons |
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Funding within one business day after loan acceptance Competitive interest rates No origination fees | Low maximum borrowing amount Borrowers with low credit may not qualify Doesn’t offer joint applications |
If you are looking to consolidate debt, you may find that Discover offers lower rates than your credit cards or other personal loan lenders. Discover can also pay your original creditors directly if you take out a debt consolidation loan. You can get your loan within one business day of closing and avoid paying an origination fee. However, Discover personal loans only go up to $40,000 — so if you’re looking for a large personal loan, you may want to look at lenders that offer higher amounts. Read our full Discover review.
To receive a personal loan from Discover, you’ll need to follow these requirements:
APR range | 11.25% - 24.50% |
Loan amounts | $5,000 - $40,000 |
Term (months) | 24 to 60 |
Origination fee | 0.00% - 5.00% |
Min. credit score | 640 |
Pros | Cons |
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Doesn’t charge application or late fees No prepayment penalties Competitive interest rates (11.25% - 24.50%) | Charges origination fee of 0.00% - 5.00% Funds can only be used for credit card refinancing Doesn’t offer joint applications |
With a simple prequalification process and the promise to work with borrowers who might run into trouble during repayment, Happy Money is worth a look if you’re batting high-interest credit card debt. Happy Money helps consumers with credit card debt who prefer consolidating via a lower-interest personal loan — but this lender’s APRs can be beat elsewhere if you have good credit. Read our full Happy Money review.
One of the positives about Happy Money is how clear it is around its eligibility requirements.
APR range | 9.57% - 36.00% |
Loan amounts | $1,000 - $40,000 |
Term (months) | 36 to 60 |
Origination fee | 2.00% - 6.00% |
Min. credit score | 600 |
Pros | Cons |
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Option to file a joint application Small loan amounts available Can pay old creditors directly with debt consolidation loans | High maximum APR of 36.00% Charges origination fee of 2.00% - 6.00% Funding can take several days |
This lender’s easy prequalification process makes it worth considering — but don’t be surprised to find a lower rate or origination fee elsewhere. If you have a low credit score, however, LendingClub offers the option to apply with a co-applicant, which may make it easier to qualify for a personal loan. Keep in mind that if you’re unable to repay your loan, however, your co-applicant may also be held legally responsible for the remaining balance. Read our full LendingClub review.
To qualify for a LendingClub personal loan, you’ll need to be a U.S. citizen, permanent resident or someone living in the U.S. with a valid, long-term visa. You’ll also need to verify the following information:
APR range | 7.99% - 35.99% |
Loan amounts | $2,000 - $36,500 |
Term (months) | 24 to 72 |
Origination fee | 0.00% - 8.00% |
Min. credit score | 620 |
Pros | Cons |
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May receive funds within one business day of approval Flexible loan terms (24 to 72 months) No prepayment penalties | Charges an origination fee of 0.00% - 8.00% Low maximum loan amount ($36,500) Not available in Nevada or West Virginia |
With more accessible eligibility requirements, LendingPoint may be best for borrowers with less-than-stellar credit who need small loans to be repaid on a faster timetable. Because of its low maximum loan amount, this lender may also be best for those looking to make small to mid-sized purchases. While there are no application or prepayment fees, you could be charged a hefty origination fee — up to 8.00% — depending on your home state. In addition, LendingPoint doesn’t offer joint or cosigner loans. Read our full LendingPoint review.
If you want to qualify for a loan with LendingPoint, you’ll need to meet the following criteria:
APR range | 7.99% - 24.99%* with autopay |
Loan amounts | $5,000 - $100,000** |
Term (months) | 24 to 144* |
Origination fee | No origination fee |
Min. credit score | Not specified |
Pros | Cons |
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Doesn’t charge any fees Large maximum loan amounts ($100,000) Competitive interest rates (7.99% - 24.99%) | Doesn’t offer prequalification May not use funds for education or business purposes Those with low credit scores won’t qualify |
LightStream doesn’t specify its exact personal loan requirements, but it’s clear that you’ll need to have a robust credit score and history to qualify. This lender is a no-fee personal loan company that offers same-day funding. LightStream also offers a rate discount if you sign up for autopay, and backs its personal loans with a Loan Experience Guarantee. Unlike many personal loan companies, however, LightStream does not allow consumers to check if they prequalify. Instead, if you want to see your potential rates and terms, you’ll have to submit to a hard credit pull, which can cause your credit score to go down. Read our full LightStream review.
LightStream doesn’t offer specifics on its personal loan requirements; however, you will need a high credit score to be eligible.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
APR range | 7.74% - 17.99% |
Loan amounts | $600 - $50,000 |
Term (months) | 12 to 60 |
Origination fee | None |
Min. credit score | 700 |
Pros | Cons |
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Doesn’t charge origination fees Low borrowing amounts ($600) Option to apply with a co-applicant | Will need to become credit union member Charges a late payment fee Isn’t clear about some of its eligibility criteria |
PenFed Credit Union offers the smallest loan amounts out of our top personal loan picks. It stands out for its wide range of borrowing options as well as competitive APRs (7.74% – 17.99%) that are much lower than what some competitors offer. Further, PenFed also doesn’t nickel and dime its borrowers with application or origination fees. And while its eligibility requirements may be unclear, customers are allowed to prequalify without affecting their credit score. Read our full PenFed Credit Union review.
APR range | 6.99% - 35.99% |
Loan amounts | $2,000 - $50,000 |
Term (months) | 24 to 60 |
Origination fee | 1.00% - 5.00% |
Min. credit score | 580 |
Pros | Cons |
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Allows for co-applicants Flexible loan amounts ($2,000 - $50,000) No prepayment penalties | Charges an origination fee (1.00% - 5.00%) Funding may take up to three days Not available in Iowa or West Virginia |
With a straightforward “check your rate” option, Prosper is worth consideration among borrowers who don’t have excellent credit and want to use a co-borrower. While this lender can provide funding within one business day, it can take up to three, depending on your bank. You may also have to pay a 1.00% - 5.00% origination fee when taking out a Prosper personal loan. Read our full Prosper review.
To receive a personal loan from Prosper, you and your co-applicant (if you have one) will need to meet the following eligibility requirements:
APR range | 8.99% - 25.81%* with autopay |
Loan amounts | $5,000 - $100,000* |
Term (months) | 24 to 84 |
Origination fee | No origination fee required |
Min. credit score | 680 |
Pros | Cons |
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Doesn’t charge borrowers any required fees May receive funds same day as approval Loan amounts as high as $100,000 | Those with low credit may not qualify No physical branches High minimum loan amount ($5,000) |
Overall, SoFi offers the most beneficial options for borrowers — these include a wide range of borrowing amounts and repayment terms, highly competitive APRs, no required fees, clear borrowing requirements and unique perks. In particular, SoFi provides an unemployment protection program that helps you stay current on your debt, and can temporarily alter your payments while you search for a job. This lender also offers same-day funding. Read our full SoFi review.
APR range | 8.49% - 35.99%* with autopay |
Loan amounts | $1,000 - $50,000 |
Term (months) | 24 to 84 |
Origination fee | 1.85% - 9.99% |
Min. credit score | 580 |
Pros | Cons |
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Low credit score requirement Loan terms up to 84 months May receive funds within one business day of approval | Origination fee as high as 8.99% High maximum APR of up to 35.99% |
With fast funding and loan terms up to 84 months, Upgrade may be an attractive option for those looking for a quick loan with long repayment terms. This lender also has a low credit score requirement, which may make it easier for those with poor credit to qualify. Keep in mind that if you take out an Upgrade personal loan, you may have to pay an origination fee up to 9.99% of your loan amount — much higher than what some lenders may charge. Read our full Upgrade review.
Aside from its 580 credit score requirement, Upgrade also specifies that consumers will need to meet the following criteria:
APR range | 4.60% - 35.99% |
Loan amounts | $1,000 - $50,000 |
Term (months) | 36 and 60 |
Origination fee | 0.00% - 12.00% |
Min. credit score | 300 |
Pros | Cons |
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Competitive interest rates (starting at 4.60%) May receive funds in one business day May work with low-credit borrowers | High maximum interest rate (35.99%) Limited repayment terms (36 and 60 months) Charges origination fees (0.00% - 12.00%) |
Upstart is a worthwhile option for applicants with thin or not-great credit files. It sometimes stamps approval for borrowers who are credit invisible or don’t have long enough credit histories to have a credit score. If you want to add to your credit report, you can use a personal loan to build credit — as long as you consistently make your payments on time. However, you may get stuck with an origination fee of up to 12.00% — much higher than what other lenders charge. Plus, Upstart only offers two repayment duration terms: 36 and 60 months. Certain states have higher minimum borrowing amounts; for example, borrowers in Massachusetts must borrow a minimum of $7,000.
To receive a personal loan from Upstart, you’ll need to fit the following criteria:
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A personal loan is a form of financing, which comes in the form of a lump sum of money that is repaid in monthly installments. Personal loans come with fixed annual percentage rates (APRs) and predetermined repayment terms. Personal loans typically range anywhere from $600 to $200,000, though the LendingTree marketplace only offers loans up to $50,000. Finance experts generally consider personal loans with APRs below 36% to be affordable.
There are two types of personal loans: secured and unsecured loans. Secured loans require collateral — your loan is backed by a valuable asset that guarantees repayment. If you’re unable to repay your loan, your lender can seize your collateral. Unsecured loans don’t require collateral, so lenders look more closely at your credit history to make a lending decision. Most personal loans are unsecured.
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Personal loans are a flexible form of credit that can be used to pay for almost any purpose. Keep in mind, your rates and terms may depend on how you plan to use the money.
Lenders determine your interest rate based on your creditworthiness, how you plan to use the loan funds and the length of the loan. To get the best offers on a personal loan, borrowers should have a good credit score, a long history of on-time payments, steady income and a low debt-to-income ratio.
Keep in mind that a lender’s lowest advertised rate often goes to borrowers with excellent credit scores. If your score could use some work, you can expect to pay more money in interest over the life of your loan. In fact, a 2022 LendingTree study found that raising your credit score from “fair” to “very good” could save you almost $50,000.
Here’s a look at the average rates LendingTree users received from our network of lenders, broken down by credit score.
Credit score range | Average APR |
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720+ | 14.37% |
680-719 | 20.86% |
660-679 | 32.14% |
640-659 | 44.09% |
620-639 | 61.13% |
580-619 | 87.74% |
560-579 | 122.22% |
Less than 560 | 160.81% |
Source: LendingTree data from 2023 Q1
In light of the inflation that Americans are facing, the Federal Reserve increased interest rates again in May 2023, bringing the target interest rate to 5.00%-5.25%. This marks the tenth such increase since March 2022. The most recent rate hike is the highest Americans have seen since October 2007, and many expect the Fed to raise rates further in 2023.
What this means for you: Variable interest rates on credit accounts — such as credit cards — may go up. Personal loans, however, have fixed interest rates, so you shouldn’t see any changes to your payments. If you’re looking to apply for a new personal loan, however, you may have to accept higher interest rates.
As the Fed continues to battle inflation, Americans may see interest rates continue to rise.
Personal loans offer myriad benefits that set them apart from credit cards and other types of loans, including:
As useful as a personal loan may be, it may not be the perfect financial product for every consumer.
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The best place to get a personal loan will depend on your borrowing needs. Typically, there are three types of financial institutions that offer personal loans.
Before launching into your search for a loan, consider checking with your current bank first. Some banks, like Wells Fargo Bank, require you to be a current customer in order to access personal loan products.
The personal loan application process may take a bit longer to complete compared to online lenders, but you may access perks like no-fee loans. Banks may also require that you visit a local branch in person in order to close on your loan.
To get a loan from a credit union, you’ll typically need to become a member of the credit union first. This may require a small fee or deposit. Check membership requirements before applying for a credit union personal loan, as some credit unions only cater to certain groups, such as people with military ties.
Credit unions also typically tend to offer smaller loan amounts than banks and online lenders. Navy Federal Credit Union, for instance, offers loans as small as $250. Another benefit to credit unions is that the APR is capped at 18%, which is particularly good news if you’re having trouble finding lower rates elsewhere.
Online lenders offer flexibility to consumers who don’t want to become a credit union member or bank customer. Because everything is done online and you don’t have to worry about creating a membership or banking account, online lenders may take less time to approve and fund your personal loan.
With so many options to choose from in the personal loan marketplace, it’s important to compare terms and pricing from a variety of lenders to make sure you get a loan that fits your situation and helps you meet your goals.
Each lender will have a different application process for getting a personal loan as well as varied eligibility requirements. However, many lenders follow a similar approach when it comes to applying for a personal loan.
Before you start shopping around for personal loan lenders, it’s important to check your credit score to understand how creditworthy you are in the eyes of lenders.
Your credit score can give you an idea of the terms and interest rates you may qualify for. If you have a low score, you may want to work on improving your credit score before applying for a loan.
To help assess how much debt you can afford, you can use a loan calculator to estimate your minimum monthly payments and determine how much interest you’ll pay over the life of the loan.
Comparing lenders’ interest rates, fees, terms and loan amounts can save you money in the long run.
Many lenders allow consumers to prequalify for a loan — meaning you can check to see whether you’re eligible for a loan and what your potential rates and terms could be without any impact to your credit score.
Once you select a lender, you’ll need to verify the information you provided in your loan application. Typically, lenders want to verify your identity, employment and income, so you may need to provide a government-issued form of identification, plus W-2s or pay stubs.
During this part of the process, you’ll likely need to submit to a hard credit pull before the lender offers you final approval. This can cause your credit score to temporarily drop by a handful of points.
Once your lender officially approves you for a loan, you’ll need to sign a personal loan agreement. The lender will either deposit the funds into your bank account or send you a check. The amount of time it takes to receive funds will depend on both your lender and bank.
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When you need money fast, we’ve got you covered. Find repayment terms that work for you and get the money you need right away.
Personal loans offer fixed monthly payments with interest rates lower than most credit cards, so you can save big.
Before you take out a personal loan, it’s important to review your monthly budget to ensure that you can afford the minimum monthly payments.
A missed loan payment can have a sizable negative impact on your credit score and bring your score down by as many as 180 points. Not repaying your personal loan can also come with legal consequences, as your lender can file a lawsuit against you to recoup its losses.
If you find yourself struggling to keep up with payments, contact your lender to find out whether it offers any financial hardship programs. Some lenders may dismiss fees or temporarily lower your monthly minimum payments.
We reviewed more than 25 lenders that offer personal loans to determine the overall best 14 lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors: