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Best Personal Loans for Students

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By: Sharon Wu
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Edited by: Kathryn Parkman

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NetCredit, LightStream and Upgrade
a young adult male student smiling and standing in front of a school building while other students are coming and going

After combing through lending options and eligibility criteria, a few lenders stand out for students seeking personal financing in 2025.

LightStream takes our best overall spot with loan amounts up to $100,000. Upgrade is great for those needing a co-applicant, while NetCredit serves students with poor credit. Young adults with decent credit may want to consider LendingPoint.

Our 4 picks for best personal loans for students

Compare top personal loan lenders for students

Best overall

LightStream

LightStream
3.4
38 reviews
Loan amounts
Up to $100,000
Term lengths
24 to 240 months
Minimum credit score
Varies
Compare Offers Read Reviews
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LightStream is the best overall because it combines competitive interest rates with substantial borrowing power, offering loans up to $100,000. The easy online application process and same-day funding potential work well for students facing urgent financial needs, whether for car repairs or unexpected medical bills.

This lender also stands out for its Rate Beat Program, which promises to undercut any competitor’s approved rate by 0.1%, plus an automatic 0.5% discount when you set up autopay.

Pros
  • Allows one co-applicant for a stronger application
  • Rate Beat Program that ensures competitive pricing
  • Rates starting as low as 6.99% APR
  • Flexible terms from 24 to 240 months
Cons
  • $5,000 minimum
  • Requires credit score of 670 or better
  • No pre-qualification without a hard credit check

Reviewers on ConsumerAffairs praise LightStream’s efficient service and reliable funding timelines — crucial for students managing unforeseen expenses.

“(LightStream was) always on time and worked efficiently. Service is always top-notch.”
Paul Columbia, SC
“I wanted to get my loan as quickly as possible, and I communicated that to my loan agent. He was prompt in his responses to my questions and was always respectful ... The decision was prompt, and the funding was wired to my account exactly when I had been told to expect it.”
Victoria Saint Paul, MN
“LightStream was fantastic to work with. … Simple yet complete account website. Customer Service over several years has always provided quick and appropriate answers. I could not have had a better experience with a lender.”
Jeff Marietta, GA

Be prepared to provide comprehensive documentation during LightStream’s application process, including identification, recent pay stubs and proof of residence. If you work part-time or have irregular income from internships or gig work, you may need more verification (e.g., bank statements, tax returns).

Keep in mind that LightStream doesn’t offer pre-qualification checks. Applications will trigger a hard inquiry pull that temporarily affects your credit score. Also, the $5,000 minimum loan amount means this lender may not be the best option for smaller expenses, such as laptop or phone repairs.

Best for students with a co-applicant

Upgrade

Upgrade
4.5
890 reviews
Loan amounts
$1,000 to $50,000
Term lengths
24 to 84 months
Minimum credit score
620
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Our top pick for students with a co-applicant is Upgrade because it allows you to add a trusted family member to strengthen your loan application and secure better rates. This is valuable if you have limited credit history and struggle to qualify for larger loan amounts or competitive interest rates on your own.

Upgrade offers loans starting at just $1,000. This is ideal for smaller student expenses, including emergency car repairs or moving costs. The lender provides free credit monitoring and educational tools to help you build your financial knowledge. Plus, unlike LightStream, you can check rates without hurting your credit score through its pre-qualification process.

Pros
  • Low minimum loan amount for smaller needs
  • Allows one co-applicant to improve approval odds
  • Fast approval decisions
Cons
  • Requires U.S. citizenship, permanent residency or a valid visa
  • Minimum credit score of 620
  • $10 fee on late payments

Students and young borrowers on ConsumerAffairs appreciate Upgrade’s fast approvals and willingness to work with those developing their credit histories.

“I was surprised how quick it was to fill out the application and to get my money. At first I didn't believe I would qualify as my credit is not that good … In a few days, my money was in the bank!”
Dianne Hudson, FL
“I applied for a $2,500 loan to enroll in a coaching class, Upgrade took my information, and the money was deposited in my bank account within 24 hours to pay for the course. I was shocked to have such (a) quick response.
Sanders and Associates Atlanta, GA
“Absolutely the easiest and fastest approval and deposit ever.”
Erica Avon, IN

Upgrade’s loan processing can take up to five business days. But once approved, you’ll see the funds in your account within one business day.

Though Upgrade’s origination fees can reach up to 9.99%, it doesn’t charge pre-payment penalties. This means you can pay off your loan early once you start earning more income. The company also offers banking products, including high-yield savings accounts, which can be useful if you’re building your overall financial profile.

Best for students with bad credit

NetCredit

NetCredit
4.8
2,015 reviews
Loan amounts
$1,000 to $10,000
Term lengths
6 to 60 months
Minimum credit score
None
Compare Offers Read Reviews
Disclosures

NetCredit takes the lead for students with poor credit. It accepts credit scores as low as 300 and focuses on basic eligibility criteria. This benefits young adults who have limited credit history or are still building their credit while in school.

The lender offers loans starting at $1,000 for unplanned expenses, such as home repairs, medical bills or relocation costs. You can get funding as quickly as 24 hours after approval.

NetCredit’s streamlined application asks for these basic requirements:

  • Be age 18 or older
  • Have an active checking account
  • Have an email address
  • Have proof of income
Pros
  • Low minimum loan amounts
  • Accepts students with low credit scores
  • Allows early loan payoff with no fees
Cons
  • Somewhat limited availability
  • High APRs due to credit risk factors
  • No co-applicants allowed
ConsumerAffairs reviewers with credit challenges appreciate NetCredit’s accessibility and quick approval process when other lenders turn them away.
“I don't have the best credit and was having an extremely difficult time finding a company (that) would approve me for a loan or line of credit. … I just had to upload a couple of documents to verify my income and bank account, which took less than half an hour. I received my funds on the next business day.”
Colleen Port Richey, FL
“The approval process didn't take long … Once processed and approved, the money was in my account the next day.”
Lloyd Temple Terrace, FL
NetCredit’s convenient online application process takes only minutes to complete. However, the lender doesn’t serve student borrowers in certain states, including Colorado, Maryland and New York, to name a few. Loan amounts cap at $10,000, and terms vary by state, so check your state’s offerings before applying.
3x Award Winner
Selected for having one of the highest satisfaction rates for Best Customer Service, Best Overall Loan Process and Best Staff Experience
Best for students with decent credit

LendingPoint

LendingPoint
3.8
1 review
Loan amounts
$1,000 to $36,500
Term lengths
24 to 72 months
Minimum credit score
580
Read Reviews

We selected LendingPoint as the top option for students with decent credit because it rewards creditworthy borrowers with competitive rates starting at 7.99% and instant approval decisions.

LendingPoint’s loan amounts range from $1,000 to $36,500 with terms spanning two to six years. This lets you customize payments based on your current income and future earning expectations. The company’s mobile app makes it easy to apply and manage loans on the go — convenient for busy students juggling classes and work shifts.

Pros
  • Offers next-day deposits for urgent needs
  • Has an intuitive mobile app
  • Is transparent about eligibility requirements
Cons
  • Has a lower maximum loan amount than some competitors, limiting larger expenses
  • Doesn’t report loan payments to Equifax
  • Doesn’t serve Nevada or West Virginia
“Getting the loan was an easy process. I filled out an easy application and a representative got back with me the same day.”
Joseph Venice, FL

LendingPoint requires a minimum credit score of 580, making it suitable for students who’ve maintained decent credit but may not qualify for premium rates elsewhere. Interest rates range from 7.99% to 35.99% depending on your creditworthiness, and there’s no impact on your credit score during the initial rate check process.

Be aware that origination fees can reach up to 10% of your loan amount, which gets deducted from your funding. However, there’s no application fee, and you can pay off the loan early without penalties once your financial situation improves after graduation.

Personal loans for students buyers guide

College costs continue rising while financial aid packages often fall short of covering all student expenses. Between tuition, housing, textbooks and unexpected costs, many students find themselves searching for funding sources beyond federal aid and family support.

Personal loans can bridge financial gaps with immediate funding for expenses that student loans won’t cover. But they often have higher interest rates and require you to start making payments right away. Understanding when these loans make sense can help you make smarter borrowing decisions.

Key insights

No-fee personal loans help you avoid origination and application fees, but watch for higher interest rates.

Jump to insight

International students may need a qualified U.S. co-signer or must meet strict visa and enrollment requirements.

Jump to insight

A co-signer with strong credit can improve your approval odds and unlock better rates, though both parties share responsibility for repayment.

Jump to insight

No-fee personal loans for students

Traditional personal loans often charge origination fees ranging from 1% to 10% of the loan amount, plus application fees that can cost $15 to $50 upfront. These costs add up quickly when money is already tight as a college student.

Personal loans cover expenses that student loans won't.

Fortunately, LightStream, Citi and some credit unions offer personal loans with no origination or application fees.

“The main benefit of choosing a personal loan without these fees is you receive the full amount, instead of (using) some of it to cover fees,” Brian Samelko, vice president of personal lending at PNC Bank, explained.

But don't choose a lender just because it has no fees. Interest rates might be higher to make up for those waived fees, and you’ll miss out on student loan protections such as deferment options. Samelko recommended picking a well-known, reliable lender with excellent customer service.

Pro tip

Michele Lee, marketing and business development manager at Credit Union of Denver, warned that using a personal loan primarily for school expenses legally classifies it as a private student loan. “This triggers additional regulatory requirements under the Truth in Lending Act and Regulation Z,” she cautioned.

Personal loans for international students

International students encounter unique obstacles when applying for personal loans in the U.S. “(Most lenders) require a U.S. credit history and Social Security number,” Lee said. Without these, you’ll find limited options among mainstream personal loan providers. However, lenders such as PNC Bank and some credit unions offer programs for international students.

Your eligibility depends on several key factors that lenders use to assess risk. “Generally, (you’ll need) a valid student visa (F-1, J-1 or other qualifying status), proof of enrollment and sometimes, a U.S.-based co-signer with a strong credit profile,” Samelko explained. Your school, degree program, visa status and financial background all influence approval decisions.

Did you know?

When international students qualify for personal loans, they typically receive similar terms to domestic borrowers. However, rates may be higher due to limited U.S. credit history. Shop around with three to five lenders, as some specialize in working with international students and may offer more competitive terms.

» COMPARE: Best personal loan companies

Personal loans with a co-signer

“A co-signer with good credit can boost the chances of approval and help (you) qualify for lower interest rates or better terms,” Samelko highlighted. A co-signer with strong credit backs up your ability to repay the loan. This reduces the lender's risk.

Benefits of a co-signer

Cosigned personal loans come with several benefits for the primary borrower:

  • Higher approval odds: Lenders consider the co-signer’s creditworthiness alongside yours.
  • Lower interest rates: Better credit profiles may unlock more favorable rates.
  • Larger loan amounts: Combined income and credit may qualify you for higher limits.
  • Faster approval: Strong co-signer credentials can speed up the underwriting process.

Potential disadvantages of a co-signer

Before moving forward, know that cosigning creates shared financial responsibility. “If the student (defaults on) payments, it could damage both the credit of the student and the co-signer,” Samelko warned. This risk affects both credit scores equally.

Several lenders cater to students needing co-signers, including Upgrade and some credit unions. Many will let you remove the co-signer after making on-time payments for a set period (requirements vary by lender). This gives your family peace of mind and helps you build credit on your own.

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FAQ

Can I get a personal loan if I am a student?

Yes, you can get a personal loan as a student by meeting lenders’ credit and income standards. Many lenders approve students with steady part-time jobs or those who add a co-signer with good credit.

Is it better to get a student loan or a personal loan?

It depends. Student loans are good for education expenses, while personal loans work well for non-education-related costs (e.g., moving expenses, emergency repairs). Unlike student loans, though, personal loans often require immediate payments and charge higher interest rates.

How do personal loans differ from student loans?

Personal loans require credit checks and immediate repayment, while federal student loans don’t need credit checks. Student loans differ by allowing deferred payments during school and offering forgiveness programs. You can expect personal loan rates to range from 6% to 36%, while the federal student loan rate for undergraduates in 2024 to 2025 is 6.53%.

Why might a student choose a personal loan over a student loan?

Students might choose a personal loan for expenses that student loans can’t cover, such as debt consolidation, healthcare or moving supplies.

Methodology

To select our top four personal loans for students, we looked for lenders with features that are beneficial for students. We used a weighted scoring system based on a number of factors, including:

  • Minimum and maximum loan amounts
  • Maximum term lengths
  • Origination fees
  • Funding time
  • Minimum and maximum APRs
  • Credit score requirements
  • Whether a co-applicant is allowed

Each company was scored using a formula that weighted these factors. The highest scorer earned the “Our pick for” title. If one company topped multiple categories, we named the next-highest scorer in some cases to highlight more options.

Article sources

ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:

  1. PenFed Credit Union, “Can a student take out a personal loan?” Accessed June 29, 2025.
  2. Washington University of Science and Technology, “Are student loans available to international students in the U.S.?” Accessed June 29, 2025.
  3. Federal Student Aid, “Federal Versus Private Loans.” Accessed June 29, 2025.
  4. National Council on Aging (NCOA), “What is a personal loan and how does it work?” Accessed June 29, 2025.
  5. Student Debt Smarter, “What to do if your college financing falls short.” Accessed June 29, 2025.
  6. State Science & Technology Institute (SSTI), “Why is the cost of college rising so fast?” Accessed June 28, 2025.
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