Best Personal Loans for Students in 2026
Prequalify with no credit score impact
| Lender | User rating | APR | Term | Amount | |
|---|---|---|---|---|---|
|
8.99% – 29.99% | 24 to 60 months |
$5k – $50k |
||
|
6.99% – 18.00% | 6 to 84 months |
$500 – $50k |
||
|
7.99% – 35.99% | 24 to 72 months |
$1k – $50k |
||
|
8.01% – 29.99% (with autopay) | 36 to 60 months |
$2k – $45k |
||
|
7.74% – 35.99% (with discounts) | 24 to 84 months |
$1k – $50k |
||
|
6.50% – 35.99% | 36 to 60 months |
$1k – $75k |
Read more about how we made our picks for best personal loans for students.
Personal loans for students at a glance
Best for: Getting a loan with another person – Achieve
- APR
- 8.99% – 29.99%
- Discount for putting a second person on your loan
- A loan concierge can help walk you through the process (and you’ll get the same concierge if you need to call back)
- Can use app to create a custom plan to pay off your debt
- Will keep 1.99% – 9.99% of your loan funds for itself as an origination fee
- Probably won’t qualify for all discounts (one requires proof of a well-funded retirement account)
- Might not work for small loans since you must borrow at least $5,000
It can be hard to qualify for a loan when you’re just starting out. Getting a joint loan with someone who has good credit can help. By doing so, you could also get an interest rate discount with online lender Achieve.
But before getting a joint loan, it’s important to consider the consequences. For one, the other person has the same rights to the loan money as you do. Also, both of your credit scores will tank if you make late payments.
Other than a credit score of at least 640, Achieve will typically ask for your:
Additionally, Achieve is not available in Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, North Dakota, Vermont, Washington, Wisconsin, West Virginia or Wyoming.
Best for: Small loans – First Tech Federal Credit Union
- APR
- 6.99% – 18.00%
- Small personal loans can be hard to find, but First Tech loans start as low as $500
- Works with less-than-perfect credit
- Low maximum APR means cheap rates even if you just barely qualify
- Have to join the credit union (but it’s easy to become a member)
- May need to wait up to three business days for your money
First Tech Federal Credit Union loans start at $500, making them ideal if you need to borrow for something small, like dorm room furnishings. Also, credit union loans typically have ultra-low rates. Federal credit unions (like First Tech) legally can’t charge rates above 18.00%.
However, you have to become a member to get a credit union loan. In First Tech’s case, you’ll have to join the Computer History Museum or the Financial Fitness Association if you don’t meet its traditional requirements, like working for a partner employer. Luckily, First Tech may pay for your first year’s dues. Plus, you don’t need to maintain membership with these partnering organizations to remain a member of First Tech.
To join First Tech (a requirement to get a loan), you must:
- Work for a partnering employer
- Be related to a current First Tech member
- Live in Lane County, Ore.
- Become a member of the Computer History Museum or Financial Fitness Association (First Tech may pay for your first year of membership, and you don’t have to maintain membership to keep your First Tech account)
Best for: School-related expenses – LendingPoint
- APR
- 7.99% – 35.99%
- Can use your loan for tuition, room and board and other college expenses
- Free credit score tracking on mobile app
- Competitive rates for excellent credit, but can still qualify if your credit isn’t perfect
- Requires a minimum annual income of $35,000 a year to qualify
- Can’t boost your approval odds with a joint loan
- Does not review loan applications or transfer money on weekends, only business days
Some lenders won’t let you use your personal loan on tuition or things you need for school. LendingPoint is an exception. As long as it’s legal, you can probably use a LendingPoint loan to pay for it.
Still, you might have a hard time qualifying for a LendingPoint loan unless you’re making decent money while in school. You must make at least $35,000 a year to qualify.
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 for: An easy loan experience – Rocket Loans
- APR (with autopay)
- 8.01% – 29.99%
- Says that 89% of customer service calls are answered within 30 seconds during business hours
- Same-day loan is possible if you accept your loan online by 4 p.m. ET on a business day
- Can still qualify with fair credit
- No joint loans or cosigners
- Has a mobile app for mortgages but not personal loans
- Customer service isn’t available on Sundays
Rocket Loans makes it easy to apply for a personal loan. The entire process is conducted online but if you need help, you can speak to a customer service rep quickly (during business hours). If you finalize your loan before 4 p.m. ET, you could get a same-day loan. Any later and you will have to wait until the next day to get your money.
Unfortunately, you can’t add a co-borrower to boost your loan approval odds. You also can’t make payments or manage your loan through a mobile app.
To qualify for Rocket Loans, you’ll need to meet the following requirements:
- Citizenship: Must be a U.S. citizen
- Age: 18 or older
- Income: Minimum annual income of $24,000
- Residency: Can’t live in Iowa, Nevada or West Virginia
- Credit score: 620+
Best for: Banking and borrowing – Upgrade
- APR (with discounts)
- 7.74% – 35.99%
- Relatively low credit score requirement
- Up to 2% cash back on debit card purchases on eligible Rewards Checking accounts
- Can get a discount on future Upgrade loans and cards after opening a Rewards Checking account
- No same-day loans
- Must get at least $1,000 a month in direct deposits to get full benefits
Upgrade is a fintech company that provides loans through partner banks. You can also use it to get an Upgrade-branded checking or savings account through Cross River Bank. Its Rewards Checking account comes with some awesome perks, including up to 2% cash back when you use your debit card.
However, you’ll have to make at least $1,000 a month in direct deposits to get all of the perks available. Still, if you’re looking for a new bank and a personal loan, Upgrade could be a solid choice.
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: 580+
Best for: Bad or no credit – Upstart
- APR
- 6.50% – 35.99%
- Approves credit scores as low as 300
- Some students don’t need credit to qualify
- May be able to use for school expenses
- Could pay a double-digit origination fee
- Only have two repayment terms to choose from (36 or 60 months)
- Can’t add a second person to your loan
With a 300 minimum credit score requirement, lending platform Upstart could be the solution if you need a bad credit loan. And, if like many students, you haven’t built up any credit history, Upstart might still work with you. It waives its credit score requirements for students enrolled at an accredited school and working toward at least an associate degree.
But don’t think that bad-credit loans come cheap. You could end up with a rate as high as 35.99%. And the worse your credit, the more likely the lender will charge an origination fee.
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
- 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: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)
What to know about personal loans for students
A personal loan gives you a lump sum of cash, and your payments will be the same each month. This works differently than a credit card, which lets you borrow over and over again, as long as you have the credit available.
You can use a personal loan for almost anything — except tuition. Most personal loan lenders will not let you borrow to pay for classes. That said, tuition isn’t the only expense you’ll face when going to college. You’ll also have to pay for food, rent, gas and car insurance.
It’s not a great idea to take on debt for everyday living expenses, but if you were planning on using a credit card anyway, a personal loan might be a better option.
Student loan vs. personal loan for students
The biggest difference between personal loans and student loans is how lenders will let you use your money:
- Student loans can only be used for school-related expenses, like tuition, room and board, books, food and transportation
- Personal loans can be used for nearly anything except tuition or to pay an existing student loan (most of the time)
Personal loans also typically have higher rates than both federal and private student loans.
As of this writing, the current interest rate for Direct undergraduate loans is 6.39%. On private student loans, average rates typically range from 3.00% – 18.00%.
In short, federal student loans make the most sense for tuition and other things directly related to attending college. Then, consider private student loans to bridge the gap. Finally, consider a personal loan for things that student loans won’t cover.
Personal loan for students vs. credit card
Personal loans for college students can have lower rates than credit cards. By our data, sometimes by around 8.5 percentage points. LendingTree users with credit scores above 720 paid an average annual percentage rate (APR) of 15.46% in the third quarter of 2025. Compare that to the current average credit card rate of 23.96%, at the time of this writing.
Pretend that you took out a $10,000 personal loan with a 60-month loan term. In that case, your minimum monthly payment would be $240.32.
Using that same minimum monthly payment, let’s see how much interest you’d pay using a credit card — and how long it would take to pay off your balance.
| Financing option | APR | Time to pay off | Total interest paid | Total amount paid |
|---|---|---|---|---|
| Personal loan | 15.46% | 60 months | $4,419.24 | $14,419.24 |
| Credit card | 23.96% | 90 months | $11,559.57 | $21,559.57 |
In this scenario, you’d pay about half the amount of overall interest if you borrowed with a personal loan instead of a credit card. Plus, using a card would keep you in debt for two and a half years longer.
These numbers apply to 720+ credit scores. Although you might not have excellent credit (yet), you could add a second person to your application that does. If you’re building credit, consider getting a joint loan with someone else with a more established credit history.
How to use LendingTree to find a personal loan
Shopping around for a personal loan on LendingTree can save you an average of $1,659 over the life of your loan. When banks compete, you win. Here’s how it works.
Tell us what you need
Take two minutes to tell us who you are and how much money you need. It’s free, simple and secure.
Shop your offers
LendingTree users who get at least one offer receive 20 offers on average.
Get your money
Pick a lender and sign your loan paperwork. You could see money in your account in as soon as 24 hours.
How to compare personal loans for students
If this is your first time borrowing money, the jargon can be confusing. Use the definitions below as a cheat sheet when comparing your offers.
Prequalification
When you prequalify for a personal loan, you’re checking how likely it is the lender will approve you based on your basic financial information and a soft credit pull.
APR
Your APR is the total cost of your loan, including interest and fees. The higher the percentage, the more expensive your loan. Loans with rates above 36% are generally considered high-interest. If you do take a high-interest loan, have a plan to pay off what you borrowed as quickly as possible.
Origination fee
An origination fee is a percentage of your loan that the lender keeps for itself. It takes it out of your loan before sending it to you. Some lenders only charge an origination fee if you have bad credit. Others charge them on every loan or not at all.
Loan term
Your loan term is the length of time you have to pay back your loan. Since your loan payments are stretched over more time, a longer loan term means lower monthly payments. It also means that you’ll pay more interest over the life of your loan.
Funding timeline
The funding timeline measures how long it takes a lender to review a loan application, make an approval decision and release the loan funds.
Disbursement
Disbursement is just a fancy word for “send.” When a lender disburses a loan, it sends it to the borrower (usually as a direct deposit or a check).
How to build credit as a student
There’s no sugarcoating it — it can be hard to get a personal loan as a student. You might have a low credit score simply because you’ve never taken out a loan or card. Here are some ways you can build your credit from scratch.
- Become an authorized signer: See if a family member will put you on their credit card as an authorized signer. Even if you don’t use the card, the cardholder’s on-time payments will help you build a positive credit history. But be aware that your credit will take a hit if the cardholder makes late payments.
- Get a student credit card: Student credit cards are designed specifically for students, so lower credit scores and limited credit histories. Spending limits are usually lower and rewards aren’t as great but with responsible use, you could graduate credit cards with better benefits.
- Consider a credit-builder loan: A credit-builder loan also requires a deposit. To get your deposit back, you’ll make monthly payments to your lender. Usually, the lender will charge interest, but some give it back to you once you’ve successfully paid off your loan.
Alternatives to personal loans for students
-
Emergency school funds
Many colleges have emergency funds set aside for students in need. Some schools might offer emergency grants, while others provide emergency loans. Reach out to your school to learn about what’s available. -
Student loans
Contact your financial aid office to make sure you’ve gotten all the federal student aid you qualify for. You can also ask your parents about applying for a parent PLUS loan. -
Work-study job
You might be able to get a part-time job through the federal government’s work-study program. You might even earn experience in your field of study. Check with your financial aid office, as not all colleges participate.
How we chose the best personal loans for students
We reviewed more than 40 lenders and loan marketplaces to determine the overall best six personal loans for students. To make our list, lenders must have easier eligibility requirements and affordable APRs.
From there, we assessed each lender across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.
According to our standardized rating system, the best personal loans for students come from Achieve, First Tech Federal Credit Union, LendingPoint, Rocket Loans, Upgrade and Upstart.
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.
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
You can get a personal loan as a student, but it might be tough. You might want to check with Upstart. It waives its credit score requirements for students working toward at least an associate’s degree at an accredited school.
If you have bad or no credit, consider adding a second person to your loan. The second person (called a co-borrower) acts as a guarantee. Both of you are equally responsible for paying back the loan. Usually, your co-borrower needs to have strong credit for this to work.
You usually need a reliable source of income to get a personal loan, but adding a second person with better credit and higher income can help you get approved. Keep in mind, though, that your co-borrower’s credit score will be negatively affected along with yours if you make late payments. Never borrow money that you aren’t sure you can pay back.
If your lender lets you use your loan for school-related purposes, you might be able to use a personal loan to pay off student debt. But even if you can, it’s not a good idea. Federal student loans typically have lower rates than personal loans, so you may just want to stick with it.
You might be tempted to refinance your student loan, but refinancing a federal student loan with a private student loan is not usually a good idea, either. Federal student loans have more hardship options, like loan forgiveness.
If you want a lower monthly payment, you could consolidate your federal student debt with a Direct Consolidation Loan. This is a federal student loan that combines multiple federal student loans to one, and you might get a lower monthly payment by changing the terms of your loan.