Lowest Personal Loan Rates From Top Lenders

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:

• Be a U.S. citizen or permanent resident living in the U.S.
• Be at least 18 years old
• Have a consistent income such as a full-time job or one that starts in six months

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:

• Be a U.S. citizen
• Have a personal bank account
• Have a Social Security number
• Can’t live in Iowa or West Virginia

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:

• Minimum individual or household annual income of $25,000
• Be a U.S. citizen or permanent resident
• Verify household income and employment history
• Have a verifiable bank account
• Provide creditor information for debt consolidation loans

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.

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:

• Proof of income
• Social Security number
• Proof of identity
• Employment status

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 10.00% — 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:

• Must be at least 18 years old
• Must provide government-issued form of photo ID
• Must have a Social Security number
• Must have income of at least $40,000
• Must have a verifiable personal bank account
• Must not live in Nevada or West Virginia

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 (8.49% – 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.

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:

• Must be at least 18 years old
• Must be a U.S. citizen, permanent resident or living in the U.S. with valid visa
• Must verify your bank account
• Must have a valid email

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.

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:

• Must be a U.S. citizen or permanent resident living in the U.S.
• Must be of legal age to accept a loan
• Must have a verifiable personal checking account and email
• Must have a physical address (no post office boxes)
• Must not live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories

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:

• Your identity
• Your bank account
• Your income

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.

Reach Financial offers personal loans specifically for debt consolidation and credit card refinancing to borrowers with good credit scores. This lender offers competitive rates and terms, free monthly access to your credit score and may fund your loan in as few as 24 hours.

Reach Financial charges origination fees that may be as high as 8% of your loan amount, and its maximum APR is higher than some competitors at 35.99%. If your credit score needs some work, Reach Financial may not be a good fit for you as this lender requires a score of at least 680 to qualify. Read our full Reach Financial review.

To qualify for a Reach Financial personal loan, you’ll need to meet the following criteria:

• Minimum credit score of 680
• Minimum annual income of $20,000
• Must not live in the following states: Colorado, Connecticut, Maine, Mississippi, New Jersey, Nevada, Oregon, Rhode Island, Tennessee, Utah, Vermont, West Virginia or Wyoming