Best Personal Loans for Students in 2025

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. 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:

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

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.

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)

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+

You usually have to upload, email or fax certain documents when you apply for a personal loan. Rocket Loans makes it easy by verifying your identity, income and bank account electronically. 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+

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+

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’s 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
• Employment: Have a job or job offer that starts within six months, or have regular income
• 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, fewer than six inquiries on your credit report in the last six months 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)