Personal Loan Lender Reviews
Personal loans give you the freedom to refinance your debt or pay off big purchases in one lump sum. LendingTree gives you the power to compare offers from up to five lenders at once; you only need to complete an online form.
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Read our lineup of 2026 lender reviews
**Reviews that don’t cover personal loans, but the lender advertises their product as an installment loan, a car title loan or a similar product.
What to look for in a personal loan lender
By securing a lower APR, you’ll pay less in interest and you may be able to pay off your loan balance faster. Combined, that will lower your overall borrowing costs, which should be one of your top priorities when choosing a personal loan.
Not all lenders offer the same types of personal loans, and it’s generally best to focus on lenders that cater to your borrowing needs. For example, if you only need to borrow $1,000 and your preferred lender only offers loans from $5,000 on up, it’s best to skip it for now.
Here are some key loan terms to focus on, aside from the APR:
- Loan amount: How much money you borrow.
- Loan term length: How long you’ll be making payments.
- Secured versus unsecured: Most personal loans are unsecured, but occasionally, lenders offer secured personal loans backed by collateral like a savings account or other asset.
- Fixed versus variable interest: Most personal loans offer a fixed rate that doesn’t change, but some lenders offer variable rates that result in changing monthly payments.
No lender is perfect, but some provide better service than others. Before choosing a lender, it’s a good idea to check reviews from actual borrowers online, as well as the lender reviews we’ve added above. Look for a consistent pattern of high customer reviews. A long history of bad reviews is often a red flag.
You’ll want to know exactly how much everything is going to cost before you sign a personal loan agreement.
Origination fees can sometimes cost up to 12% of the loan amount. Many lenders do not charge origination fees, though, especially if you have good credit.
If you do have to pay an origination fee, make sure you know how you’ll need to pay it. Often, it’s deducted from your loan proceeds, so you’ll receive a smaller amount than what you originally applied for. You’ll need to take that into account if you need to borrow a specific amount of money.
Some lenders charge prepayment penalties if you pay off a loan before maturity. These types of fees are rare among personal loan lenders, but it’s still important to be aware of them.
Some lenders will send you the funds you need the same day your application is approved or the following day, while others may take a week or longer. If you need money fast, find a lender that offers quick funding.
Online banking makes it easier than ever to transfer funds, pay bills and borrow money. If you have a smartphone, you can even apply for a personal loan and manage your payments in the palm of your hand.
Tech-savvy borrowers should consider looking for a lender that offers convenient features like:
- A mobile app
- Easily accessible customer service (e.g., live chat, 24/7 staffing)
- Autopay (many lenders offer an interest rate discount if you sign up for autopay)
Some lenders may offer extra incentives to entice top-tier borrowers. This could include hardship or deferment programs, the ability to change your bill’s due date or other perks like financial planning.
4 questions to ask to get the right personal loan
1. What’s my credit score?
Lenders rely heavily on your credit score to decide whether you’re approved for a personal loan, along with the APR, term length, loan amount and other details it will offer you.
Most lenders offer a prequalification option that lets you check your approval odds and potential rates with an obligation-free quote, but they’ll do a full credit check when you formally apply for the personal loan. If you know your credit score in advance, it can help you focus on the lenders you’re likely to qualify with.
It’s also a good idea to check your credit reports at AnnualCreditReport.com. This report contains the base information used to create your credit score. It’s not uncommon for your credit report to contain errors and, by fixing them in advance, you can make sure you’re putting your best foot forward when approaching lenders.
2. Do I need a personal loan?
You can use a personal loan to pay for virtually anything. But just because you can get the funding you need to make a purchase doesn’t mean that you should borrow money.
Lenders will want to know why you are taking out a personal loan. Before you get ready to apply, make sure your reasoning for taking out a personal loan is crystal clear.
This is also a good checkpoint for your financial well-being. Make sure that your personal loan won’t get in the way of your long-term goals, such as buying a home, paying down debt or building credit. In some cases, you might want to consider other options, such as applying for a credit card or a home equity loan instead.
There are plenty of legitimate reasons to take out a personal loan:
There are plenty of legitimate reasons to take out a personal loan:
Debt consolidation
Credit card refinancing
Home improvement
Medical bills
Wedding expenses
Car financing
Moving and relocation
3. How much money do I need to borrow?
Get a rough idea of how much money you need to borrow before you start applying for personal loans. For example, a couple taking out a personal loan to pay for their wedding could get an idea of how much they’ll spend by asking vendors for quotes.
If you’re taking out a debt consolidation loan, tally up the remaining balance on any debts you’ll be paying off with the loan. You can find this information in your online account or from your most recent statements.
Since you’ll be paying interest on the entire loan amount, it’s best to find a loan that’s just the right amount. If you borrow more money than you need, you’ll end up paying interest on money you didn’t need.
4. How much can I afford to pay each month?
When you’re borrowing money, be transparent with yourself about your finances.
You don’t want to get in over your head with a personal loan you can’t afford to repay. If you default on your loan, you risk lowering your credit score. Before you borrow, think about where you stand financially and where you expect to see yourself in the near future.
Any time you take on new debt, it’s a good idea to put together a monthly budget if you don’t have one already. This is the ultimate measure of whether your payment will be affordable after you’ve accounted for all of your other monthly expenses. Make sure to include your monthly savings, too, and add a little wiggle room in case of emergencies.
To estimate your monthly payment based on your credit score and the amount of money you need to borrow, check out LendingTree’s personal loan calculator.
Save money and time 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.
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Take two minutes to share a few details about yourself and how much you want to borrow. It’s free, simple and secure.
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