Best Personal Loans in 2024: Up to $50K Starting at 5.99% APR | LendingTree

Best Personal Loans From Top Lenders

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

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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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Written by Amanda Push | Edited by Jessica Sain-Baird | Reviewed May 1, 2024

Best personal loans in May 2024

Reach Financial: Best for consolidating debt

APR range5.99% - 35.99%
Loan amounts$3,500 - $40,000
Loan terms24 to 60 months
Origination fee0.00% - 8.00%
Min. credit scoreNot specified
ProsCons

  Access to your free monthly credit score

  Ability to change your due date

  Fast funding

  May charge an origination fee of up to 8.00%

  Limited loan use

  Doesn't offer joint applications

See Your Personalized Results

LightStream: Best for applicants with excellent credit

APR range6.99% - 25.49%* (with autopay)
Loan amounts$5,000 - $100,000**
Loan terms24 to 84 months*
Origination feeNo origination fee
Min. credit scoreNot specified

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

  Doesn’t charge any fees

  Large maximum loan amounts ($100,000)

  Competitive interest rates (6.99% - 25.49%)

  Doesn’t offer prequalification

  May not use funds for education or business purposes

  Those with low credit scores won’t qualify

See Your Personalized Results

Upstart logo

Upstart: Best for building credit

APR range7.80% - 35.99%
Loan amounts$1,000 - $50,000
Loan terms36 and 60 months
Origination fee0.00% - 12.00%
Min. credit score300
ProsCons

  Competitive interest rates (starting at 7.80%)

  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%)

See Your Personalized Results

PenFed Credit Union: Best for small loan amounts

APR range7.99% - 17.99%
Loan amounts$600 - $50,000
Loan terms12 to 60 months
Origination feeNone
Min. credit score760
ProsCons

  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

See Your Personalized Results

Discover: Best for no origination fees

APR range7.99% - 24.99%
Loan amounts$2,500 - $40,000
Loan terms36 to 84 months
Origination feeNo origination fee
Min. credit score720
ProsCons

  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

See Your Personalized Results

LendingPoint: Best for mid-sized expenses

APR range7.99% - 35.99%
Loan amounts$2,000 - $36,500
Loan terms24 to 72 months
Origination feeUp to 10%
Min. credit score660
ProsCons

  May receive funds within one business day of approval

  Flexible loan terms (24 to 72 months)

  No prepayment penalties

  Charges an origination fee of Up to 10%

  Low maximum loan amount ($36,500)

  Not available in Nevada or West Virginia

See Your Personalized Results

Upgrade: Best for flexible loan term durations

APR range8.49% - 35.99% (with discounts)
Loan amounts$1,000 - $50,000
Loan terms24 to 84 months
Origination fee1.85% - 9.99%
Min. credit score580
ProsCons

  Low credit score requirement

  Loan terms up to 84 months

  May receive funds within one business day of approval

  Origination fee as high as 9.99%

  High maximum APR of up to 35.99%

See Your Personalized Results

LendingClub: Best for applying with a co-borrower

APR range8.98% - 35.99%
Loan amounts$1,000 - $40,000
Loan terms24 to 60 months
Origination fee3.00% - 8.00%
Min. credit score600
ProsCons

  Option to file a joint application

  Small loan amounts available

  Can pay old creditors directly with debt consolidation loans

  High maximum APR of 35.99%

  Charges origination fee of 3.00% - 8.00%

  Funding can take several days

See Your Personalized Results

SoFi: Best for overall experience

APR range8.99% - 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.

Loan amounts$5,000 - $100,000*
Loan terms24 to 84 months
Origination fee0.00% - 7.00% (optional)
Min. credit score680

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

  Doesn’t charge 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)

See Your Personalized Results

Prosper: Best for applicants with low credit scores

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms24 to 60 months
Origination fee1.00% - 7.99%
Min. credit score560
ProsCons

  Allows for co-applicants

  Flexible loan amounts ($2,000 - $50,000)

  No prepayment penalties

  Charges an origination fee (1.00% - 7.99%)

  Funding may take up to three days

  Not available in Iowa or West Virginia

See Your Personalized Results

Best Egg logo

Best Egg: Best for secured and unsecured loan options

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms36 to 60 months
Origination fee0.99% - 8.99%
Min. credit score600
ProsCons

  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

See Your Personalized Results

Achieve: Best for same day credit approval

APR range8.99% - 35.99%
Loan amounts$5,000 - $50,000
Loan terms24 to 60 months
Origination fee1.99% - 6.99%
Min. credit score620
ProsCons

  Competitive interest rates (8.99% - 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%

See Your Personalized Results

Avant: Best for fast loan funding

APR range9.95% - 35.99%
Loan amounts$2,000 - $35,000
Loan terms12 to 60 months
Origination feeUp to 9.99%
Min. credit score580
ProsCons

  Low minimum credit score requirement

  Funding within 24 hours of loan approval

  No prepayment penalty

  May have to pay an origination fee (Up to 9.99%)

  Loan amounts only up to $35,000

  No option to add a co-borrower or cosigner

See Your Personalized Results

Happy Money: Best for refinancing credit card debt

APR range11.72% - 17.99%
Loan amounts$5,000 - $40,000
Loan terms24 to 60 months
Origination fee1.50% - 5.50%
Min. credit score640
ProsCons

  Doesn’t charge application or late fees

  No prepayment penalties

  Competitive interest rates (11.72% - 17.99%)

  Charges origination fee of 1.50% - 5.50%

  Funds can only be used for credit card refinancing

  Doesn’t offer joint applications

See Your Personalized Results

BHG Money: Best for large loan amounts

APR range13.39% - 24.91%
Loan amounts$20,000 - $200,000*
Loan terms36 to 120 months
Origination fee3.00% - 4.00%
Min. credit score660

*While BHG Money offers loans up to $200,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.
ProsCons

  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

See Your Personalized Results

Personal Loan Calculator

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What is a personal loan?

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.

Reasons to get a personal loan

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.

  • Debt consolidation: If you’re struggling to manage your debt, unable to make on-time, consistent payments or just want to group various accounts, a debt consolidation loan may be right for you.
  • Credit card refinancing: By paying off your credit card with a lower-rate personal loan, you could save hundreds or even thousands of dollars in repayment.
  • Home improvement loan: Homeowners have a wide variety of expenses. A personal loan could give you the funding you need in the short term without harming your finances in the long term.
  • Large purchase loan: Personal loans can be used for a variety of expected and unexpected expenses, from wedding planning, moving costs, car repairs, medical bills and other bigger purchases.

Interest rates by credit score

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 rangeAverage APRAverage loan amount
720+16.01%$18,594
680-71925.78%$15,302
660-67937.57%$11,160
640-65951.61%$8,088
620-63971.55%$6,300
580-619112.28%$4,397
560-579152.35%$3,071
Less than 560175.16%$2,405

Source: LendingTree user data on closed personal loans for the fourth quarter of 2023.

2024 Fed interest rate changes

At its May 2024 meeting, the Federal Reserve did not change the federal funds rate — a number that in turn affects how much consumers and businesses pay to borrow money. The Federal Reserve has indicated they may cut rates later in 2024.

To combat inflation, the Fed increased rates throughout 2022 and 2023. The target interest rate has been 5.25%-5.50% since July 2023.

What this means for you: When the target interest rate goes up, variable interest rates on credit accounts — such as credit cards — may go up as well. When the target interest rate goes down, those rates may go down as well. 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, you may have to accept higher interest rates with a higher target interest rate.

Benefits of personal loans

Personal loans offer myriad 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 lump sum of your loan amount into your bank account. So, instead of borrowing from a line of credit like a credit card, you can access the entire amount up front.
  • Fixed APR: While credit cards and personal lines of credit often come with variable APRs, personal loans have fixed APRs. This means that even if market conditions change over the life of your loan, you won’t see your minimum monthly payment change.
  • No collateral required: Most personal loans are unsecured, so you won’t have to offer the lender any collateral. If you can’t pay back your loan, you won’t risk losing 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 debt will be paid off. Credit cards and other similar options, on the other hand, don’t come with limited terms, meaning you could be stuck paying off your cards for many years if you’re only making the minimum payment.
  • Flexible loan purposes: Whether you’re looking to finance your wedding or cover an emergency expense, borrowers have flexibility when it comes to how they use their loan funds. Most lenders, however, don’t allow borrowers to use personal loans for business purposes or post-secondary education.

Pros and cons of personal loans

As useful as a personal loan may be, it may not be the perfect financial product for every consumer.

ProsCons
APRs
  • You can save money by comparison shopping for the lender that offers the lowest possible APR.
  • Generally, the interest rates are fixed, making it easier to budget.
  • Qualifying for lower APRs requires a strong credit profile, though you could always improve your credit score and reapply at a later date.
Repayment
  • Personal loans have a definite payment schedule, which means borrowers know exactly how long it’ll take to pay off what they owe.
  • Personal loans are generally unsecured, which means you don’t have to supply collateral.
  • Missing one personal loan payment could result in a defaulted debt, causing harm to your credit file and future creditworthiness.
  • While your personal property isn’t at risk with unsecured loans, you can still be sued by a debt collector if you fall behind on payments.
Amounts, fees
  • Many lenders allow you to borrow a wide variety of amounts for a wide variety of purposes.
  • There are plenty of no-fee lenders to choose from.
  • Some lenders charge an origination fee that can be as high as 12% of the loan amount.
  • Less scrupulous lenders hide fees or offer scant repayment protections.

Where to get a personal loan

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.

  Banks

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.

  Credit unions

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

Personal loans online 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.

How to compare personal loans

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.

  • APR: The annual percentage rate (APR) of a personal loan is the total cost of a loan, including the interest rate and any fees. Be sure to compare APRs from multiple lenders before committing to one, as this can play a huge role in how much you end up paying over the life of the loan.
  • Fees: The most common fees encountered with personal loans are origination fees, late fees and returned payment fees. Some lenders charge an origination fee, which is a one-time administrative fee that’s taken out of the total balance of your loan when you receive your lump sum. Another fee to watch out for is a prepayment penalty, which is charged for a loan that’s paid back early. Most personal loan lenders do not charge prepayment penalties, but it never hurts to check with your lender to be sure.
  • Terms: Your loan repayment terms can also determine how much you spend overall on your personal loan. With a long loan term, you’ll make smaller monthly payments but you’ll pay more in interest by the time you’re done paying off the loan. However, if you have a short-term loan, you’ll pay less in interest overall but your monthly payments will be higher. The best rule of thumb is to apply for the shortest loan term you can reasonably afford.
  • Funding timeline: How long does it take to get a personal loan? The amount of time it takes varies from lender to lender. Once you’re approved and sign your loan contract, some lenders may disburse your loan funds that same day. Generally, it takes one to seven business days after official approval before you receive your funds.
  • Unique perks: Some lenders offer special perks 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 in-full, on-time payments. Such features can save you money over the life of your loan. When comparing lenders, ask about any special rate discounts or benefits.

How to get a personal loan

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.

1. Check your credit score

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 personal loan calculator to estimate your minimum monthly payments and determine how much interest you’ll pay over the life of the loan.

2. Shop around for lenders

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.

 Note: Not every lender offers prequalification and requires a hard credit pull to determine your loan eligibility. When evaluating lenders, you may consider looking for lenders that allow prequalification. (Remember, though, that prequalified offers are not a guarantee that you’ll be approved or receive the exact rates presented.)

3. Verify your information

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.

4. Close on your loan

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.

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.

How do I manage a personal loan?

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.

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 15 lenders. To make our list, lenders must offer competitive annual percentage rates (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

With a personal loan, most lenders will allow you to use your 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 may help you meet your financial goals.

Personal loan requirements vary by lender, but most lending institutions will typically analyze your credit score, your income and any other debts you have out in your name. You should also come prepared with the following information, as it could impact eligibility: the purpose of your loan, how much money you want to borrow and your preferred repayment schedule.

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

If you have less-than-ideal credit, you may still qualify for a bad-credit personal loan, though your lender is likely to charge a high APR. Alternatively, you may be able to get a personal loan with a cosigner who has good credit to access more attractive rates.

When applying for a personal loan, you’ll need to provide proof of income and employment, bank account information and proof of other debt. You’ll also need to verify your identity by providing a government-issued identification to your lender.

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 these different financing opportunities may be a better fit for your situation. For instance, if you aren’t sure how much money you need, a credit card with access to a line of credit may be a better fit.

Yes — you can refinance a personal loan if you want to change the terms. Refinancing allows you to assess an old debt and potentially qualify for conditions that better suit your current financial position, such as lower interest rates or monthly payments.