Best Personal Loans with the Lowest Rates in November 2026
Estimate your rate and compare personal loans of up to $100,000
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| Lender | User rating | Best for | APR | See Results |
|---|---|---|---|---|
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Overall personal loans | 6.99% to 35.49% (with discounts) | ||
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Runner-up, overall personal loans | 6.39% to 17.99% (with autopay) | ||
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Runner-up, overall personal loans | 7.74% to 35.99% (with discounts) | ||
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Lowest rates with collateral | 5.99% to 29.99% | ||
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Large personal loans | 6.49% to 28.89% | ||
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No fees | 6.99% to 24.99% | ||
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Low starting rates | 5.96% to 35.99% | ||
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Better approval odds with peer-to-peer loans
Peer-to-peer loans come from individual investors (people) and are typically easier to get.
Peer-to-peer loans come from individual investors (people) and are typically easier to get.
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8.99% to 35.99% | ||
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Same-day funding | 7.99% to 29.99% (with autopay) | ||
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Bad or no credit | 6.10% to 35.99% |
Your rate is personal.
The lowest advertised APR isn’t the rate everyone gets. The best personal loan rates go to those with strong credit, low debt-to-income (DTI) ratios and stable income.
In Q3 2026, LendingTree users received an average APR of:
15.55%
Excellent credit
27.29%
Fair credit
See average rates for your credit score ↓
Best personal loan company overall
As of November 2026, SoFi is the best personal loan company according to our methodology (how we evaluate and score lenders). SoFi offers quick funding, optional fees and competitive rates.
Best lenders by situation
| Lender recommendations | |
|---|---|
| Best personal loan lenders | SoFi, Upgrade, PenFed Credit Union |
| No required fees | Discover, PenFed Credit Union, SoFi |
| Same-day funding | SoFi, Rocket Loans |
| Loans for bad credit | Upstart, Prosper |
| Loans for fair credit | Best Egg, Happen Bank |
Best for: Overall personal loans – SoFi
- APR (with discounts)
- 6.99% to 35.49%
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2025 was around $32K. Based on loans funded from 1/1/2025-12/31/2025. Information current as of 10/02/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions. Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% member rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 10/02/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to make monthly payments using SoFi’s automatic monthly deduction from a savings or checking account. The discount will discontinue and be lost when you do not have autopay enabled. You’re not required to set up autopay to obtain this loan. Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
- Amount
- $5k – $100k
- Term
- 24 to 84 months
- Origination fee
- 0.00% – 7.00% (optional)
- Min. credit score
- 600
- No required fees
- Money as soon as the day you’re approved
- Fair credit OK
- Can boost your odds of qualifying by adding a co-borrower
- Not for bad credit
- Must borrow at least $5,000
I shopped for personal loans with SoFi using my real information. Here’s what I found:
- Application experience: SoFi’s application is quick and simple, and it’s easy to add a co-borrower. Plus, SoFi anticipates and answers questions about how much to borrow, what to include as income and what counts as your housing payment.
- Unusual questions to prepare for: None. Just have your Social Security number on hand.
LendingTree take: SoFi ranks as the best overall personal loan lender for its fast funding, optional fees and loans up to $100,000.
You can pay an upfront fee for a lower rate or skip the fee for a higher rate. Its $100,000 maximum is among the highest of the lenders we reviewed.
Best if you: Need at least $5,000, need money fast or want to improve your odds with a co-borrower
Skip if you: Need a smaller loan (see PenFed Credit Union) or have bad credit (see Upstart)
You must meet the requirements below to get a loan from SoFi:
- Age: Be the age of majority in your state (typically 18)
- Citizenship: Be a U.S. citizen, an eligible permanent resident or a 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: 600+
Best for: Runner-up, overall personal loans – PenFed Credit Union
- APR (with autopay)
- 6.39% to 17.99%
- Amount
- $600 – $50k
- Term
- 12 to 60 months
- Origination fee
- None
- Min. credit score
- Not specified
- Borrow as little as $600
- No upfront fees
- Rates capped at 17.99%
- Must join credit union to get a loan
- No info on what you need to qualify
I shopped for personal loans with PenFed Credit Union using my real information. Here’s what I found:
- Application experience: PenFed Credit Union’s application was quick and included helpful context to clarify potentially confusing questions. Be prepared to verify your phone number as part of the application process — this is an unusual step that most lenders skip.
- Unusual questions to prepare for: None! Just have your Social Security number on hand.
LendingTree take: PenFed is our runner-up for best overall personal loan thanks to its small loans, lack of upfront fees and low 17.99% maximum APR — about half the 35.99% maximum many lenders charge.
LendingTree data: For context, borrowers with excellent credit receive an average APR of 15.55% Based on LendingTree user data on personal loan offers for typical loan amounts ($5,000 – $54,999) and repayment terms (36 to 83 months) in the third quarter of 2026.
Best if you: Want a small loan, low rates or credit union benefits
Skip if you: Need money faster (see SoFi) or have bad credit (see Upstart)
To qualify for a PenFed loan, you must meet the following requirements:
- Membership: PenFed membership (anyone can apply)
- Administrative: Open a PenFed savings account with a $5 deposit; may need to submit documents to verify your identity and income
Best for: Runner-up, overall personal loans – Upgrade
- APR (with discounts)
- 7.74% to 35.99%
- Amount
- $1k – $50k
- Term
- 24 to 84 months
- Origination fee
- 1.85% – 9.99%
- Min. credit score
- 600
- Money in as soon as one business day
- Customer service available daily, including weekends
- Fair credit OK
- Sends money directly to creditors if you’re consolidating
- Charges an upfront origination fee
- Other lenders offer lower starting rates
LendingTree take: Upgrade is our runner-up for best overall personal loan because of its fast funding, low credit score minimum and customer service seven days a week — a standout when many lenders close on weekends.
LendingTree insight: 97% of LendingTree customers who borrowed from Upgrade recommend it, based on thousands of reviews.
Best if you: Prioritize customer service, want to consolidate debt or have fair credit or better
Skip if you: Don’t want fees (see Discover) or have bad credit (see Upstart)
To qualify for a loan through Upgrade, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 600+
Best for: Lower rates with collateral – Best Egg
- APR
- 5.99% to 29.99%
- Amount
- $5k – $50k
- Term
- 36 to 84 months
- Origination fee
- 1.49% – 8.99%
- Min. credit score
- 620
- Secured loans are generally easier to qualify for and can come with lower rates
- Money as soon as the next day
- Fair credit OK
- Not available in all states
- Charges an upfront fee on every loan
- Can’t apply for a loan with another person
I shopped for personal loans with Best Egg using my real information. Here’s what I found:
- Application experience: Best Egg asks more questions than the average lender, but its application is clear and easy to complete. Once you have offers, you can quickly click through to a loan agreement that outlines the next steps and how much you’ll pay.
- Unusual questions to prepare for: Annual income for other people in your household, other types of accounts held (e.g., savings, retirement and investments), car payment, number of cash advances taken in past six months
LendingTree take: Best Egg offers lower rates with its homeowner secured loans, making it a great choice if you want to use your home’s fixtures to get a better rate.
Think twice if you plan to move or refinance. Best Egg puts a lien on your home’s fixtures, so you’ll need to pay off the loan before selling your home or refinancing your mortgage.
LendingTree insight: 98% of LendingTree customers who borrowed from Best Egg recommend it, based on thousands of reviews.
Best if you: Own your home and are comfortable securing your loan with its fixtures
Skip if you: Don’t want fees (see Discover) or want to apply with another person (see SoFi or Happen Bank)
For Best Egg secured loans, your built‑in home fixtures serve as collateral, but they don’t need an appraisal. Best Egg reviews your credit history and home equity instead.
You must also meet the requirements below to qualify for a Best Egg loan:
- Age: Be of legal age to accept a loan in your state (usually 18)
- Citizenship: Be a U.S. citizen or permanent resident living in the U.S.
- Administrative: Have a personal checking account, Social Security number, email address and physical address
- Residency: Live in an eligible U.S. state (Best Egg operates in most states, with a small number excluded)
- Credit score: 620+
Best for: Large personal loans – BHG Financial
- APR
- 6.49% to 28.89%
“Not all solutions, loan amounts, rates or terms are available in all states.
Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant’s credit profile. Not all applicants will qualify for the lowest rate.
For example, if you request a $60,000 unsecured loan with an 84-month term and a 17.06% APR (which includes a 15.99% yearly interest rate and a 3% one-time origination fee), you would receive $58,200 and would have a required monthly payment of $1,191.38.
Rates and terms are for illustrative purposes only and may vary based on creditworthiness and other factors. The APR includes the origination fee. Loan terms and availability are subject to change without notice. Loan amount may vary based upon request amount and cash to you.
There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.
This is not a guaranteed offer of credit and is subject to credit approval.
No application fees, commitment, or impact on personal credit to estimate your payment. The APR and other loan terms presented are estimates only and not guaranteed.
Advertised rates are subject to change without notice.
Testimonial(s) based on unique customer experience. Individual customer experiences may vary.
Google Play and the Google Play logo are trademarks of Google LLC.
Apple Store and the App Store logo are registered trademarks of Apple Inc.
Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders.
For California Residents: BHG Financial loans made or arranged pursuant to a California Financing Law license Number 603G493.
- Amount
- Up to $250k
- Term
- 36 to 120 months
- Origination fee
- Varies
- Min. credit score
- 640
- $250,000 max is significantly larger than typical loan maximum ($40,000 – $100,000)
- Fair credit OK
- Customize your monthly payment with short or long loan terms
- Allows joint applications
- May charge upfront origination fee
- Funding is in as few as five days
LendingTree take: BHG Financial stands out for offering personal loans up to $250,000, far exceeding most lenders’ maximums. Its repayment terms of up to 120 months can make large loans more manageable month to month, but longer terms mean paying more interest overall.
LendingTree insight: BHG’s loan maximum — $250,000 — is significantly higher than the average personal loan amount through LendingTree. That said, just because BHG offers large loans doesn’t mean you’ll qualify for its maximum. Learn more about personal loan eligibility.
Best if you: Can consolidate high-interest debt with lower rates or need money for a large expense (just make sure you can afford the monthly payments)
Skip if you: Don’t want fees (see Discover) or have bad credit (see Upstart)
To get a loan from BHG Financial, you’ll need to meet the following requirements:
- Administrative: Have a Social Security number and email address
- Credit score: 640+
BHG Financial’s average borrower has a score of 730 and an annual income of $210,000. Not all of BHG Financial’s loans, loan amounts, rates or terms are available in all states.
Best for: No fees – Discover
- APR
- 6.99% to 24.99%
- Amount
- $2.5k – $40k
- Term
- 36 to 84 months
- Origination fee
- None
- Min. credit score
- 660
- Customer service available daily
- Money as soon as the next business day
- Repayment assistance options if you can’t make payments
- No fees
- Can’t apply for a loan with another person
- Can only borrow up to $40,000
I shopped for personal loans with Discover using my real information. Here’s what I found:
- Application experience: Discover’s application process was quick and easy — there were only a few questions, and the interface was intuitive. I got instant offers, and Discover gave me a reference number to log back in and review them again later.
- Unusual questions to prepare for: None! Just remember to have your Social Security number on hand.
LendingTree take: Discover is our pick for best fee-free lender because it doesn’t charge any fees. Other lenders advertise “no upfront fees” but still charge fees later.
LendingTree insight: Late fees matter when borrowers fall behind — and nearly 4% of personal loans are delinquent
According to data from TransUnion in Q2 2026. Learn more about personal loan delinquency.
Best if you: Want to avoid fees
Skip if you: Have bad credit (see Upstart) or want to apply with another person (see SoFi or Happen Bank)
You’ll need to meet these eligibility criteria to get a Discover loan:
- Age: Be at least 18
- Identification: Have a Social Security number
- Administrative: Have a physical address, an email address and internet access
- Income: Minimum income of $25,000 (individually or as a household)
- Credit score: 660+
Best for: Low starting rates – Happen Bank
- APR
- 5.96% to 35.99%
- Amount
- $1k – $75k
- Term
- 24 to 84 months
- Origination fee
- 0.00% – 8.00%
- Min. credit score
- 600
- Get money in as soon as 24 hours
- Fair credit OK
- Can apply with another person for better odds of approval
- May charge upfront origination fee (0.00% – 8.00%)
LendingTree take: Happen Bank has one of the lowest starting APRs we reviewed, making it a strong choice for borrowers with excellent credit who have the best shot at qualifying for its lowest rates.
LendingTree insight: 96% of LendingTree customers who borrowed from Happen Bank recommend it, based on thousands of reviews.
Best if you: Have fair-to-excellent credit, want to borrow with someone else or need money fast
Skip if you: Have bad credit (see Upstart) or want to skip fees (see Discover)
To be eligible for a Happen Bank 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+
Best for: Better approval odds with peer-to-peer loans – Prosper
- APR
- 8.99% to 35.99%
- Amount
- $2k – $50k
- Term
- 24 to 72 months
- Origination fee
- 1.00% – 9.99%
- Min. credit score
- 600
- Qualify with a score as low as 600
- Can apply for a loan with another person
- Money in as soon as one business day
- Charges an upfront origination fee
- Could take up to 14 days for investors to fund a loan, though this isn’t typical
- Not available in all states
I shopped for personal loans with Prosper using my real information. Here’s what I found:
- Application experience: Prosper’s application is quick and straightforward, and it’s easy to add a co-borrower with a click of a button. Prosper also includes helpful information about the types of income you’ll need to report, which can often be confusing when applying for a loan.
- Unusual questions to prepare for: Prosper asks if you’re enrolled in a debt settlement program. (If you don’t know what debt settlement is, the answer is likely no.)
LendingTree take: Prosper stands out for two ways to potentially improve your approval odds: borrowing from individual investors and applying with a co-borrower.
LendingTree insight: You could get your money in as little as one business day, but investors can take up to 14 days to fund your loan. If you need money fast, apply with other lenders too.
Best if you: Have fair credit and want better odds of qualifying
Skip if you: Need fast funding without waiting on investors (see SoFi) or want to skip fees (see Discover)
To get a loan with Prosper, you must meet the following requirements:
- Age: Be 18 or older
- Administrative: Have a U.S. bank account and Social Security number
- Residency: Must live in an eligible U.S. state (Prosper operates in most states, with only a small number of states excluded)
- Credit score: 600+
Best for: Same-day funding – Rocket Loans
- APR (with autopay)
- 7.99% to 29.99%
- Amount
- $2k – $75k
- Term
- 36 or 60 months
- Origination fee
- Up to 9.99%
- Min. credit score
- 620
- Money as soon as the same day
- Fair credit OK
- Rates capped at 29.99%
- Borrow up to $75,000
- Charges an upfront fee (Up to 9.99%)
- Can’t apply with another person
- Only offers two loan term options (36 or 60 months)
- Not available in all states
LendingTree take: Rocket Loans stands out for fast funding — over 80% of borrowers get funds sent within 24 hours of approval — and a relatively low maximum APR (29.99%).
LendingTree insight: While other lenders offer shorter and longer terms, Rocket Loans only offers two: 36 or 60 months. A shorter term (12 or 24 months) could save you money on interest, while a longer term (72 or 84 months) could lower your monthly payment.
Best if you: Need money fast
Skip if you: Want more control over your loan term (see SoFi, PenFed or Upgrade) or want to skip fees (see Discover)
To qualify for Rocket Loans, you’ll need to meet the following requirements:
- Citizenship: Must be a U.S. citizen or permanent U.S. resident
- Age: 18 or older
- Income: Minimum annual income of $24,000
- Residency: Must live in an eligible U.S. state (Rocket Loans operates in most states, with only a small number of states excluded)
- Credit score: 620+
Best for: Bad or no credit – Upstart
- APR
- 6.10% to 35.99%
- Amount
- $1k – $75k
- Term
- 36 or 60 months
- Origination fee
- Varies
- Min. credit score
- None
- No minimum credit score
- Money in as soon as one business day
- Consistently rated top three in customer satisfaction by LendingTree users
- Borrow up to $75,000
- 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
“I had never taken out a personal loan before, but it only took me a few minutes to fill out Upstart’s application and hear back about whether I prequalified. On top of that, I got to skip paying an origination fee — which saved me money — and the monthly payments ended up fitting my budget.” – Amanda Push, LendingTree deputy editor
LendingTree take: Upstart looks beyond your credit and income, considering factors like education and employment. That could make it easier to qualify if you have bad credit or a limited credit history.
LendingTree insight: 99% of LendingTree customers who borrowed from Upstart’s partners recommend it, based on thousands of reviews.
Best if you: Have bad/limited credit or value strong customer reviews
Skip if you: Want more control over your loan term (see SoFi, PenFed or Upgrade) or want to skip fees (see Discover)
Upstart has transparent eligibility requirements, including:
- Age: Be 18 or older
- Administrative: Have a U.S. address, a personal banking account, an email address and Social Security number
- Income: Have a valid source of income, including a job, job offer or another regular income source
- Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
- Credit score: None
LendingTree reviews more than 40 lenders and marketplaces, evaluating costs, qualification requirements, repayment flexibility, customer experience and accessibility. Rankings are reviewed and fact-checked monthly; see the full methodology below.
Track personal loan rates with LendingTree
Personal loan rates have held steady over the past year, but they remain relatively high — making it more important than ever to compare lenders and find the best offer for your credit profile.
See how much your loan could cost
1. Check average rates
It’s hard to know how much your loan will actually cost in dollars when you’re looking at APR ranges.
Use the average APR for your credit score from the table below as a benchmark when you compare personal loans.
Our data is based on thousands of real loan offers to LendingTree users. In general, the best personal loan rates go to those with strong credit: The better your credit, the lower your rates — and the cheaper your loan.
| Credit tier | Average APR |
|---|---|
| Excellent (800 and above) | 15.55% |
| Very good (740-799) | 17.87% |
| Good (670-739) | 23.01% |
| Fair (580-669) | 27.29% |
| Poor (under 580) | 30.18% |
2. See how your credit score affects how much you’ll pay
Even a few percentage points can make a huge difference in your monthly payment and total cost of interest.
Here’s what a $5,000 personal loan repaid over 48 months could cost at the average APR for each credit tier:
| Credit score range | Average APR | Monthly payment | Interest | Total cost |
|---|---|---|---|---|
| Excellent (800 and above) | 15.55% | $140.55 | $1,746.48 | $6,746.48 |
| Very good (740-799) | 17.87% | $146.54 | $2,033.71 | $7,033.71 |
| Good (670-739) | 23.01% | $160.28 | $2,693.67 | $7,693.67 |
| Fair (580-669) | 27.29% | $172.24 | $3,267.30 | $8,267.30 |
| Poor (under 580) | 30.18% | $180.55 | $3,666.58 | $8,666.58 |
Takeaways:
- Small rate differences add up. Just over two percentage points separate the average APRs for excellent and very good credit, but that’s more than $250 in additional interest on this $5,000 loan.
- Better credit can mean meaningful savings. A borrower with fair credit would pay about $400 less in interest than one with poor credit in this example.
- Your rate can vary widely by lender. Every lender evaluates borrowers differently. When our writer shopped for a $12,000 loan with a 36-month repayment term, she received offers ranging from 9% to 27.58% APR — a $6,000 difference in cost.
Different needs require different-sized personal loans. If you’re in the market for a loan and know how much you need to borrow, here are a few places to get started:
3. Estimate your monthly loan payment in seconds
Use LendingTree’s personal loan calculator to compare loan terms and estimate your monthly payment.
You don’t need to know your exact loan term (how long you’ll pay off your loan) right away. Play around with the calculator to see how your term affects your monthly payments.
Rule of thumb: Choose the shortest loan term with a monthly payment you can afford. Short loan terms mean a cheaper loan overall, but higher monthly payments. Long terms mean more expensive loans overall, but lower monthly payments.
Save time and money by comparing real offers
You’d shop around for flights. Why not your loan? LendingTree makes it easy. Instead of applying to just one lender and hoping for a good rate, see multiple lenders compete for your business — so you can choose the best offer.
Tell us what you need
Take two minutes to share a few details about yourself and how much you want to borrow. It’s free, simple and secure.
Shop your offers
LendingTree users receive 11 personal loan offers on average. Compare yours side by side to find the one that works best for you.
Get your money
Users across all credit scores save an average of $1,787 by choosing the offer with the lowest rate. Having good credit could help you save even more. Once you pick a lender and sign your paperwork, you could see money in your account in as little as 24 hours.
How to compare personal loans
You need money now, so it’s tempting to go for the first offer you get. But the best time to make your loan more affordable is before you sign. Compare offers to make sure you’re getting the best deal you can qualify for.
| Compare | What to look for | Why it matters |
|---|---|---|
| APR | Lowest APR | Best standardized way to measure borrowing cost |
| Fees | Low or no origination fee | Fees can reduce how much money you actually get |
| Monthly payment | Fits comfortably within your budget, with money to spare | A loan is only affordable if it doesn’t stretch your monthly budget — consider a budgeting app to help gauge whether it fits |
| Loan term | Shortest term you can afford | Shorter terms generally mean less interest overall |
| Funding time | Fast enough for your needs | Faster isn’t always better if it costs you more |
Can I afford this loan?
The best way to know if a loan is affordable for you is to crunch the numbers and see how they mesh with your budget. It’s flattering when a lender offers you a big loan, but that doesn’t mean you can afford it. Using a personal loan calculator can help you understand the monthly payment and the interest you’ll pay. That way, you can make a more informed decision about whether to move forward.
How to choose the best loan for your credit score
What makes a good loan offer depends partly on your credit. Here’s what to expect and watch out for based on your credit score:
| Credit band | Typical loan options | Tips |
|---|---|---|
| Excellent (800+) | Low rates, potentially no fees | Prioritize offers with low rates and no origination fee. |
| Good to very good (670–799) | Slightly higher rates, may need to pay fees | Lenders deduct origination fees before sending your loan, so make sure you’ll get the full amount you need. |
| Fair (580–669) | Fewer options with higher rates, fees likely | Find the offer with the lowest APR that has a monthly payment you can afford. |
| Poor (under 580) | Few options, highest rates | Consider a co-borrower or collateral, which could help you qualify or get a lower rate. |
How personal loans work
Personal loans can help you pay for things you can’t currently afford. Learning more about how they work can help you avoid making an expensive mistake.
What is a personal loan?
A personal loan gives you money — typically sent straight to your bank account — that you’ll pay back in equal monthly payments plus interest and fees.
Interest and fees — measured by your APR — are the cost of borrowing money.
How to qualify for a personal loan
Lenders consider your credit score and history, income, employment and debt-to-income ratio. There’s no universal minimum credit score for personal loans — but the better your credit, the cheaper your loan will likely be.
Learn more about personal loan requirements.
Personal loan pros and cons
Pros
- Rates may be lower than credit cards
- Fixed payments make budgeting predictable
- Usually don’t require collateral
- Can consolidate multiple debts into one payment
Cons
- Can be expensive, especially with bad credit
- Upfront origination fees can reduce the amount you get
- Missing payments can hurt your credit
When a personal loan may not be the best choice
Personal loans aren’t for everyone. Consider alternatives before you sign.
| Situation | Consider | Why? |
|---|---|---|
| You own your house | Home equity loans or HELOCs | Lower rates, but risk losing your home |
| You have excellent credit | 0% intro APR credit card | No interest for promotional period, but risk high rates if you don’t pay in time |
| You’re in a lot of debt | Credit counseling or a debt payoff plan | A professional helps you review your options, but you may need to pay a fee |
| You only need a little money | Credit card you can pay off by the due date | Good if you can pay off the purchase before your due date |
How to get the lowest personal loan APR
Even if you have good credit, it may not be enough to land you the lowest APR. Consider these next steps to help boost your chances:
- Take time to improve your credit. If your credit score is somewhere in the poor to fair range, consider taking some time to improve your credit score before getting a loan. Your credit score will impact your interest rates and if you don’t need the loan right away, it may be worth pausing to get your score to a better place.
- Add a second person to your loan application. A cosigner or co-borrower with good credit could help you receive lower rate offers since adding a second person to a loan can offset the risk for a lender. Keep in mind that not all lenders allow you to add a second person to your loan and there is a distinction between a cosigner loan and a co-borrower loan.
- Consider applying for a secured loan. Some lender let you add collateral to a loan — such as a vehicle or savings account — and may offer lower interest rates in exchange.
- Request a shorter repayment term. A short-term loan may mean higher monthly payments but it could mean you’ll pay less interest over the life of the loan. This is not guaranteed, however, so be sure to shop around and compare short-term loan offers.
- See if you qualify for discounts. Some lenders offer rate discounts if you sign up for autopay, apply for a collateral loan or send your personal loan funds directly to another creditor to pay off debt.
- Prequalify with multiple personal loan lenders. Prequalifying with multiple lenders at once can give you the lay of the land and help you track down the lowest rates you’ll qualify for.
Why borrowers apply for personal loans — and how needs vary by loan size and credit score
Debt consolidation is the leading reason borrowers apply for personal loans, accounting for nearly 1 in 3 requests (31.3%), according to a LendingTree analysis of consumer loan inquiries — far ahead of “other” at 19.5%.
Demand drops off from there: 10.6% of requests are for credit card refinancing, with smaller shares citing everyday bills (8.2%) and home improvements (6.6%).
Overall, the data shows personal loans serve a wide range of needs, from debt management to short-term expenses to larger planned purchases.
Key findings
- Debt consolidation leads by a wide margin. It accounts for 31.3% of requests — well ahead of the next category — with these borrowers requesting $11,829 on average and holding midrange credit scores (602).
- Smaller loans skew toward urgent needs. Requests for everyday bills, medical expenses and car repairs are typically under $6,000 and tied to lower average credit scores (571 to 574), suggesting short-term financial gaps.
- Larger loans align with planned spending. Homebuying (18,838)andbusiness(14,704) have the highest average requested amounts and somewhat higher credit scores, indicating more deliberate use.
Why borrowers apply for personal loans
| Rank | Reason for personal loan | % of personal loan requests | Avg. requested loan size | Avg. credit score |
|---|---|---|---|---|
| 1 | Debt consolidation | 31.3% | $11,829 | 602 |
| 2 | Other | 19.5% | $5,889 | 573 |
| 3 | Credit card refinancing | 10.6% | $8,995 | 602 |
| 4 | Everyday bills | 8.2% | $4,317 | 574 |
| 5 | Home improvement | 6.6% | $10,769 | 600 |
| 6 | Major purchase | 5.3% | $10,630 | 614 |
| 7 | Medical expenses | 4.6% | $5,526 | 571 |
| 8 | Moving/relocation | 3.7% | $6,292 | 575 |
| 9 | Car financing | 3.5% | $9,997 | 585 |
| 10 | Car repair | 3.1% | $3,967 | 573 |
| 11 | Business | 1.6% | $14,704 | 580 |
| 12 | Vacation | 1.2% | $5,539 | 588 |
| 13 | Wedding expenses | 0.6% | $9,336 | 593 |
| 14 | Homebuying | 0.3% | $18,838 | 606 |
| 15 | Green loan | 0.0% | $7,187 | 597 |
How LendingTree experts chose the best personal loan lenders and companies
We reviewed more than 40 lenders and loan marketplaces that offer personal loans to determine the overall best 10 lenders. LendingTree reviews and fact-checks our top lender picks on a monthly basis.
According to our systematic rating and review process, the best personal loans come from SoFi, Upgrade, Best Egg, BHG Financial, Discover, Happen Bank, PenFed Credit Union, Prosper, Rocket Loans and Upstart.
We assessed each lender across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.
Our categories
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings. Read more about our editorial guidelines.
Why trust LendingTree’s methodology?
Our writers and editors dig through the facts, contact lenders directly and even go through the application process ourselves if it helps better explain what you can expect. As a Certified Financial Education Instructor℠, I’m committed to breaking down complex financial details so people can make confident, informed decisions with their money.
Jessica’s experience in editing and financial education helps shape LendingTree articles that are clear, accurate and truly useful to readers. Her certification means our recommendations are built on a foundation of consumer-first financial knowledge — not just numbers.
Frequently asked questions
According to LendingTree expert’s research and review process, the best places to get a personal loan are:
- SoFi
- Upgrade
- Best Egg
- BHG Financial
- Discover
- Happen Bank
- PenFed Credit Union
- Prosper
- Rocket Loans
- Upstart
Reading reviews from users that have already taken out a personal loan can help you compare lenders beyond just interest rates and fees. On LendingTree, you can explore thousands of personal loan lender reviews from borrowers who have shared their experiences.
Personal loan APRs currently start as low as ~6%, but LendingTree data shows that borrowers with excellent credit get average APRs of 15.55% across all offers for typical loan amounts. A good rate for you will depend on your credit score. Check out average rates for your score from thousands of offers on LendingTree.
Yes. Many lenders allow you to prequalify, or check your offers without any impact to your credit. You can also check your loan offers with LendingTree without hurting your score.
Some lenders don’t offer prequalification and require a hard credit pull to see your rates, so check before you apply.
There’s no single minimum score across all lenders, but most lenders on this page require fair credit or better. If you have bad credit, check out Upstart and other loans for bad credit.
You could get your loan anywhere from the same day to several business days. Timing can depend on the lender, when you apply and how quickly you provide documents and verify information. If you need money quickly, consider lenders that advertise same- or next-day funding — not just fast decisions.
Typically yes — personal loan rates don’t change over time, even if you improve your credit or the Fed rate changes. If you’re locked into a high rate, though, you could try refinancing to save money or get lower payments.
It’s possible. Upstart, for instance, doesn’t have a minimum credit score and considers other factors like your education and employment. But bad credit can put you at greater risk for predatory lending. Before you agree to a loan you can’t afford, consider alternatives and learn how to improve your credit.
Personal loans come with some disadvantages:
- Fees. Many lenders charge an origination fee — an upfront fee that comes out of your loan money. Late fees are also common.
- Time in debt. Personal loan terms commonly last two to seven years. A longer term can lower your monthly payment but keep you in debt longer and increase how much interest you pay overall.
- High rates. If you have bad credit, you could see APRs as high as 35.99% from traditional lenders. This is lower than the 36% maximum many consumer advocates use as a benchmark for affordable small loans — but it doesn’t mean you can afford it.
No. The minimum credit score is one metric, but lenders also consider factors like income, employment, debt-to-income ratio and credit history. Steady employment and income, low debt (including housing payments) and a history of on-time payments can improve your chances of qualifying.