Best Personal Loans From Top Lenders in October 2024

Rates starting at 5.99% APR and amounts up to $50,000

Checking rates won't affect your credit score

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How Does LendingTree Get Paid?

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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Written by Lauren Nicholson | Edited by Jessica Sain-Baird | Reviewed October 1, 2024

Best personal loans

Reach Financial: Best for consolidating debt fast

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5.99% - 35.99%

$3,500 - $40,000

24 to 60 months

0.00% - 8.00%

Not specified

Pros
  • Funds available to your creditors within 24 hours of loan approval
  • Access to your free monthly credit score
  • Some of the lowest starting rates on the market
Cons
  • Loans can only be used for consolidating debt
  • May charge an upfront origination fee
  • Can't apply for a loan with another person

What to know

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Reach Financial offers personal loans specifically designed for debt consolidation and credit card refinancing. Its starting rates are competitive, and Reach sends the money to your creditors within 24 hours of loan approval. You’ll also get free monthly access to your credit score.

You can save money on your loan if you qualify for Reach’s low starting rates, but keep an eye out for an origination fee — Reach charges up to 8.00% of the loan amount up front.

How to qualify

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Reach Financial doesn’t specify a minimum credit score, income or debt-to-income (DTI) ratio. Learn more about personal loan requirements and how lenders like Reach Financial evaluate loan applications.

LightStream: Best for big loans and no fees

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6.99% - 25.49% (with autopay)

$5,000 - $100,000

24 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your 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 $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 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.

No origination fee

Not specified

Pros
  • Doesn’t charge any fees
  • Borrow up to $100,000 (most lenders only offer up to $50,000)
  • Loan experience guarantee — will send you $100 if you aren't completely satisfied (stipulations apply)
  • 0.50% autopay discount
Cons
  • Checking rates will require a hard credit pull (and knock a few points off your score)
  • Can’t use funds for education or business purposes
  • Must have good or excellent credit to qualify

What to know

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LightStream is one of the few personal loan lenders that offers more than $50,000 for a single personal loan, making its loans ideal for borrowers who need to cover a large expense. The lender doesn’t charge fees, which translates to savings for borrowers who need a large loan — upfront origination fees tend to be more expensive the more money you take out.

Unlike many personal loan companies, LightStream doesn’t allow consumers to check their rates by prequalifying. If you want to see your rates and terms, LightStream will do a hard credit pull, which will temporarily knock up to five points off your credit score.

While LightStream offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.

How to qualify

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LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and the ability to handle paying their current debt obligations
  • Savings, whether in a bank account, an investment account or a retirement account

Upstart: Best for bad or no credit

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7.80% - 35.99%

$1,000 - $50,000

36 or 60 months

0.00% - 12.00%

300

Pros
  • Low or no credit won't disqualify you
  • Get money in as soon as one business day
  • Consistently rated top 3 in customer satisfaction by LendingTree users
Cons
  • Can’t take out a loan with another person
  • Only two repayment terms to choose from (36 or 60 months)
  • May charge an origination fee

What to know

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Upstart loans are worth considering for applicants with limited or bad credit history. Unlike most other lenders, Upstart offers loans to borrowers who are credit invisible or don’t have long enough credit histories to generate a credit score.

You’ll likely pay a high price to get an Upstart loan if you have bad or no credit. Upstart charges rates as high as 35.99%, and you could get stuck with an upfront origination fee of up to 12.00% — much higher than what other lenders charge.

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
  • Credit-related factors: DTI ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
  • Credit score: 300

Discover: Best for excellent customer service and no upfront fees

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7.99% - 24.99%

$2,500 - $40,000

36 to 84 months

No origination fee

720

Pros
  • U.S.-based loan specialists available seven days a week
  • Get money as soon as one business day after loan acceptance
  • Repayment assistance options if you can’t make payments
  • No upfront fees
Cons
  • Can't apply for a loan with another person
  • Need good or excellent credit to qualify
  • Can only borrow up to $40,000

What to know

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Discover’s team of U.S.-based loan specialists is available seven days a week to answer questions about your loan or your application. While some lenders only offer assistance via email or chat, Discover’s customer service team takes phone calls and offers extended customer service hours as late as 11 p.m. ET on weekdays.

Discover personal loans only go up to $40,000, so if you’re looking for a large personal loan, consider other lenders on this list like LightStream or SoFi.

How to qualify

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You’ll need to meet these eligibility criteria to get a Discover loan:

  • Age: Be at least 18
  • Citizenship: Have a Social Security number
  • Administrative: Have a physical address, email address and internet access
  • Income: Minimum income of $40,000 (individually or as a household)
  • Credit score: 720

LendingPoint: Best for fair credit

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7.99% - 35.99%

$1,000 - $36,500

24 to 72 months

Up to 10.00%

660

Pros
  • Offers loans to borrowers with scores as low as 660
  • Get money as soon as one business day after approval
  • No fees for paying off loan early
Cons
  • May charge an origination fee
  • Can't apply for a loan with another person
  • Not available in Nevada or West Virginia

What to know

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If you have fair credit and need a small or midsize loan, LendingPoint is a much better alternative to payday lenders that charge predatory rates. Borrowers with fair credit will likely qualify for rates on the higher end of LendingPoint’s range, but 35.99% is still below the 36% limit that experts agree is affordable.

While there are no application or prepayment fees, LendingPoint does charge an upfront origination fee of up to 10.00% depending on your home state. In addition, LendingPoint doesn’t offer joint or cosigner loans.

How to qualify

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To get a loan from LendingPoint, you must meet its minimum criteria:

  • Age: Be 18 years old or older
  • Administrative: Provide identification issued by the U.S. government, have a Social Security number and have a bank account
  • Income: Have a minimum income of $35,000
  • Residency: Not live in Nevada or West Virginia
  • Credit score: 660

Best Egg: Best for getting lower rates as a homeowner

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7.99% - 35.99%

$2,000 - $50,000

36 to 60 months

0.99% - 9.99%

600

Pros
  • Save up to 20% with a secured loan and homeowner discount
  • Get money in as soon as 24 hours
  • Consistently rated top 3 in customer satisfaction by LendingTree users
Cons
  • Not available in Iowa, Vermont, West Virginia or the District of Columbia
  • Charges an upfront origination fee
  • Can't apply for a loan with another person

What to know

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If you have fair to good credit, own your home and want to get lower rates, Best Egg’s secured loan option is worth considering. You’ll back your Best Egg secured loan with fixtures from your house like cabinets and lighting in exchange for lower rates that can lead to big savings.

Note that you’ll pay an upfront origination fee on your Best Egg loan, and you can’t apply with another person (like the co-owner of your house, for instance).

How to qualify

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You must meet the requirements below to qualify for a Best Egg loan:

  • Citizenship: Be a U.S. citizen or permanent resident living in the U.S.
  • Administrative: Have a personal checking account, email address and physical address
  • Residency: Not live in the District of Columbia, Iowa, Vermont, West Virginia or U.S. territories
  • Credit score: 600

LendingClub: Best for fast approval

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8.98% - 35.99%

$1,000 - $40,000

24 to 60 months

3.00% - 8.00%

600

Pros
  • Fast approval process
  • #1 in customer satisfaction in the first half of 2024 according to LendingTree users
  • Can apply for a loan with another person
  • Pays old creditors directly with debt consolidation loans
Cons
  • Charges an upfront origination fee
  • Can only borrow up to $40,000
  • Funding can take up to three days

What to know

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LendingClub takes two hours on average to approve loans, making their process ideal for people who want the peace of mind that comes with a quick loan decision. They’re also a top-rated lender for customer satisfaction according to LendingTree users.

While LendingClub’s approval process is quick, it will take up to three days to send you money. You’ll also pay an upfront origination fee on your LendingClub loan, but it charges less than many other lenders on this list.

How to qualify

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To be eligible for a LendingClub personal loan, you must meet the following requirements:

  • Age: Be at least 18 years old
  • Citizenship: Be a U.S. citizen or permanent resident
  • Administrative: Have a verifiable bank account
  • Credit score: 600

PenFed: Best for small loans and no fees

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8.99% - 17.99%

$600 - $50,000

12 to 60 months

None

Not specified

Pros
  • Can borrow as little as $600
  • Doesn’t charge upfront origination fees
  • Rates capped at 17.99%
Cons
  • Must become credit union member to get a loan
  • Unclear eligibility criteria

What to know

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PenFed Credit Union offers the smallest loan amounts out of our top personal loan picks. PenFed loans stand out for their lack of fees and competitive APRs (8.99% – 17.99%) that are much lower than what some competitors offer.

You’ll need to become a member in order to get a loan, but PenFed makes it easy to join. Note that while PenFed’s eligibility requirements are unclear, you can check your rates without affecting your credit score.

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 up PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income

SoFi: Best for big loans and no required fees

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8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros
  • No required fees
  • Receive funds as soon as the day you’re approved
  • 0.25% autopay discount
Cons
  • Borrowers with bad credit won’t qualify
  • Lowest rates require paying upfront origination fee
  • Must borrow at least $5,000

What to know

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SoFi offers larger loans than most other lenders, and it doesn’t charge any mandatory fees. You can choose to pay an upfront origination fee in order to get lower rates and save money over the course of your loan, and you can save even more with a 0.25% autopay discount.

You won’t qualify for a loan with SoFi if you have bad credit, since the lender requires a credit score of at least 680. If you need to cover a small expense, look at other lenders on this list — you’ll have to borrow at least $5,000 with SoFi.

While SoFi offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.

How to qualify

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You must meet the requirements below in order 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 non-permanent 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

Prosper: Best for bad credit

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8.99% - 35.99%

$2,000 - $50,000

24 to 60 months

1.00% - 9.99%

560

Pros
  • Qualify with a score as low as 560
  • Can apply for a loan with another person
  • Get money as soon as one business day
  • Rate discount for joining Teachers Federal Credit Union
Cons
  • Charges an upfront origination fee
  • Funding may take up to three days
  • Not available in Iowa or West Virginia

What to know

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Prosper’s low credit requirement makes its loans accessible to borrowers with bad credit who might otherwise only qualify for predatory loans. Prosper doesn’t have a minimum credit history or income requirement, and it offers a hardship relief program that can reduce your monthly payments if you’re having trouble keeping up. Plus, Prosper will give you a discounted interest rate if you sign up for the Teachers Federal Credit Union when you apply for a loan.

Prosper will send your money as soon as one business day, but it can take up to three depending on your bank. You’ll also need to factor in an upfront 1.00% - 9.99% origination fee when taking out a loan with Prosper.

How to qualify

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

  • Age: Be 18 or older
  • Citizenship: Be a U.S. citizen
  • Administrative: Have a U.S. bank account and Social Security number
  • Residency: Not live in Iowa or West Virginia
  • Credit score: 560

Achieve: Best for multiple rate discount opportunities

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(5,351)
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8.99% - 35.99%

$5,000 - $50,000

24 to 60 months

1.99% - 6.99%

620

Pros
  • Offers three interest rate discounts
  • Assigned a dedicated Achieve Loan Consultant during the process
  • Same-day decisions
Cons
  • Must borrow at least $5,000
  • Charges an upfront origination fee
  • Can’t qualify with bad credit

What to know

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Achieve’s three interest rate discounts can help you save money over the course of your loan. You can qualify for a discount if you have a co-borrower, show proof of retirement assets or allow Achieve to pay your creditors directly.

While you can save with Achieve’s discounts, you’ll need to weigh those savings against Achieve’s origination fee of 1.99% - 6.99%. Use a loan calculator to decide whether Achieve’s discounted rates are worth the additional fee.

How to qualify

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Other than a credit score of at least 620, Achieve will typically ask you to provide the following documents and information:

  • Proof of income
  • Social Security number
  • Government-issued ID
  • Employment status

Upgrade: Best for combining a loan with banking

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9.99% - 35.99% (with discounts)

$1,000 - $50,000

24 to 84 months

1.85% - 9.99%

580

Pros
  • Can open a checking account during the loan application process
  • Low credit score requirement
  • May receive funds within one business day of approval
Cons
  • Charges an upfront origination fee
  • Can likely find better rates elsewhere if you have excellent credit

What to know

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Upgrade makes it easy to apply for a loan and a checking account in a single application — and you’ll get a $200 bonus if you do so and deposit $1,000 within 45 days of opening your account. You don’t need perfect credit to qualify, either. In fact, its minimum credit score of 580 is on the low end for personal loan lenders.

Keep in mind that if you take out an Upgrade personal loan, you’ll pay an upfront origination fee of up to 9.99% of your loan amount — much higher than the fee many lenders charge.

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, permanent resident or live in the U.S. with a valid visa
  • Administrative: Have a valid bank account and email address
  • Credit score: 580

Personal loan calculator

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What is a personal loan?

People use personal loans to borrow money in a single lump sum that they repay in monthly installments for a predetermined repayment term.

Personal loan lenders typically offer 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, a valuable asset that guarantees repayment. Most personal loans are unsecured loans, meaning they don’t require collateral.

Personal loan interest rates

Lenders determine your interest rate based on your credit score, how you plan to use the loan and the length of the loan.

To get better interest rates, borrowers should have a good credit score, a long history of on-time payments, a steady income and a low debt-to-income ratio.

If you have bad or fair credit, expect to pay more money in interest over the life of your loan. In fact, a recent LendingTree study found that raising your credit score from “fair” to “very good” could save you more than $22,000.

Here’s a look at the average rates LendingTree users received from our network of lenders, broken down by credit score.

Credit score rangeAverage APRAverage loan amount
720+18.68%$17,691
680-71931.21%$14,335
660-67944.70%$10,279
640-65956.94%$7,998
620-63977.41%$6,094
580-619118.66%$4,338
560-579165.39%$3,012
Less than 560184.89%$2,463

Source: LendingTree user data on closed personal loans for the second quarter of 2024.

2024 Fed interest rate changes

At its September 2024 meeting, the Federal Reserve cut interest rates by a half point, the first time it has slashed rates since early 2020. This cut brings the federal funds rate down to 4.75%-5.00%.

What this means for you: When the Fed cuts interest rates, lenders tend to follow suit. Lenders may start to decrease their rates in late 2024 as a result of the recent cuts, meaning later this year could be a good time to get lower rates, though it’s not guaranteed.

Don’t expect to see any changes to loans you already have. Since personal loans have fixed interest rates, your current loan payments will stay the same.

Reasons to get a personal loan

You can use a personal loan for almost any purpose. These are some of the most common reasons to get a personal loan:

  • Debt consolidation and credit card refinancing: If you’re struggling to make payments on your existing loans or credit cards or just want lower interest rates, consider refinancing your debt. More than half of LendingTree users apply for loans to consolidate or refinance debt, making these the two most common reasons for getting a personal loan.
  • Home improvement loan: You can use a personal loan for a wide variety of home expenses without having to put your home up as collateral for the loan.
  • Large purchase loan: Personal loans can be used for a variety of expected and unexpected expenses, including wedding planning, moving costs, car repairs, medical bills and other bigger purchases.

Benefits of personal loans

Personal loans offer benefits that set them apart from credit cards and other types of loans, including:

  • Lump sums: If you take out a personal loan, the lender will deposit the entire loan amount into your bank account. So, instead of borrowing from a line of credit like a credit card, you can access a large sum of money up front.
  • Fixed APR: While credit cards and personal lines of credit often come with variable rates, personal loans have fixed APRs. This means that even if market conditions change over the life of your loan, your monthly payment will stay the same.
  • No collateral required: Most personal loans are unsecured, so you won’t have to offer the lender any collateral to get a loan. If you can’t pay back an unsecured loan, you won’t lose your property, but your credit score will take a hit.
  • Set repayment terms: Personal loans come with a set repayment duration, so you’ll know exactly when your loan will be paid off. Credit cards, on the other hand, don’t come with limited terms. You could be stuck paying off your cards for many years if you’re only making the minimum payment.
  • Use for (almost) any purpose: You can use your loan for almost anything, from financing your wedding to covering an emergency expense. That said, most lenders don’t allow borrowers to use personal loans for business purposes or post-secondary education (e.g., college, graduate school or trade school).

Pros and cons of personal loans
As useful as a personal loan may be, it’s not the perfect financial product for every person. Here’s what you need to know about the benefits and drawbacks of loans:

ProsCons
APRs
  • Save money by comparison shopping for the lender that offers the lowest possible APR.
  • Generally, interest rates are fixed, making it easier to budget.
Repayment
  • The predetermined repayment term will tell you exactly how long it will take to pay off what you owe.
  • Personal loans are generally unsecured, which means you don’t have to put up collateral.
  • Missing even one personal loan payment will hurt your credit score.
  • While your personal property isn’t at risk if you don’t pay back an unsecured loan, you can still be sued by a debt collector.
Cost
  • Loans typically have lower rates than credit cards.
  • There are plenty of no-fee lenders to choose from.
  • Lenders often charge an upfront origination fee that runs as high as 12% of the loan amount.
  • Unscrupulous lenders hide fees and don’t offer repayment protections or hardship programs.

Where to get a personal loan

The best place to get a personal loan depends on what you’re looking for. There are three types of financial institutions that offer personal loans:

  Banks

It’s worth checking your rates with your current bank in your loan search. The personal loan application process with a bank may take longer compared to online lenders, but banks charge fewer fees and often have competitive interest rates.

Banks sometimes require you to visit a local branch in person in order to close on your loan, and some banks, like Wells Fargo, only offer loans to current customers.

  Credit unions

You can save money on a loan from a federal credit union, since their rates are capped at 18%. Credit unions also tend to offer smaller loans than banks and online lenders. Navy Federal Credit Union, for instance, offers loans as small as $250.

To get a loan from a credit union, you’ll typically need to become a member first. This may require a small fee or deposit. Some credit unions only offer loans to certain groups, such as people with military ties, so check membership requirements before you apply.

  Online lenders

Personal loans online are easy to apply for because you won’t have to become a member of a credit union or bank in order to qualify. Because everything is done online, online lenders often take less time to approve and fund your personal loan.

How to compare personal loans

Shopping around for a personal loan can save you thousands of dollars in interest and fees, so compare terms and pricing from several lenders to make sure you get the best loan for you. Here’s what to consider:

  • APR: The annual percentage rate (APR) of a personal loan is the total cost of a loan, including the interest rate and any fees. Compare APRs from multiple lenders before committing to one, as this rate will determine how much you pay to borrow the money.
  • Fees: Keep an eye out for the most common personal loan fees: origination fees, prepayment penalties, late fees and returned payment fees. Some lenders charge an origination fee, which is a one-time administrative fee that the lender takes before sending you the money. Prepayment penalties are less common, but some lenders do charge a fee for paying off a loan early.
  • Term length: Long-term loans come with smaller monthly payments, but you’ll pay more in interest by the time you’re done paying off the loan. Short-term loans come with higher monthly payments, but you’ll save money on interest. Experts recommend choosing the shortest loan term you can comfortably afford.
  • Funding timeline: How long it takes to get a personal loan varies from lender to lender. It typically takes one to 10 business days after official approval to get your money.
  • Unique perks: Some lenders offer special features to their borrowers, including zero-fee loans, autopay discounts or even the option to skip a payment after you’ve made a certain number of full, on-time payments. These features can save you money over the life of your loan.

How to find a personal loan

Shopping for a loan with LendingTree is simple, free and won’t affect your credit score. Here’s how it works:

1. Answer a few questions.

We’ll ask you basic questions about your identity and the type of loan you want. Filling out the form should take a couple of minutes from start to finish.

2. Compare your loans.

We’ll send you offers from up to five of our trusted lender partners. We have the nation’s largest network, so you know you’re getting the best deal. You could save up to $3,138 by shopping around for a personal loan, according to a recent LendingTree study.

3. Get your money.

Once you’ve chosen a lender, you’ll submit a formal application with it, and it will send you your money.

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How LendingTree works

Compare rates on the nation’s largest network

We’re a one-stop shop with the nation’s largest network of lenders, so you can be sure you’re getting your best rate.

Get funded in as little as 24 hours

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.

Pay off your loan with fixed monthly payments

Personal loans offer fixed monthly payments with interest rates lower than most credit cards, so you can save big.

Why do millions of Americans trust LendingTree?

25+ years in business. 110+ million Americans served. $260+ billion in funded loans.

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SECURITY

Instead of sharing information with multiple lenders, fill out one simple, secure form in five minutes or less.

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SAVINGS

We’ll match you with up to five lenders from our network of 300+ lenders who will call to compete for your business.

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SUPPORT

We provide ongoing support with free credit monitoring, budgeting insights and personalized recommendations to help you save.

How we chose our picks for the best personal loan lenders

We reviewed more than 25 lenders that offer personal loans to determine the overall best 12 lenders. To make our list, lenders must offer competitive APRs. 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.

LendingTree reviews and fact-checks our top lender picks on a monthly basis.

Frequently asked questions

Yes, you can refinance a personal loan in order to save money or get lower monthly payments. Refinancing allows you to trade an old loan for a new one with better terms for your current financial situation.

You can qualify for a bad-credit personal loan with a score below 580, but you’ll likely get high interest rates. If you want lower rates, try applying for a personal loan with a cosigner who has good or excellent credit.

Personal loan amounts typically range from $1,000 to $50,000. However, some lenders, such as BHG Financial, offer loans as large as $200,000. The LendingTree personal loan marketplace offers up to $50,000.

Most lenders will allow you to use your personal loan money to pay for almost anything. Whether you need to consolidate your debt, pay off unexpected medical expenses or make repairs at home, a personal loan can help you achieve your financial goals.

Common alternatives to personal loans include credit cards, lines of credit, home equity loans and 401(k) loans. While these options also come with interest and fees, one of them could be a better fit for your situation. For instance, you should use a credit card instead of a personal loan for small, recurring expenses.