Find the Best Personal Loan Companies

We’ve covered the most important information you need to know about getting a personal loan, including your various loan options and how to compare payment terms and annual percentage rates (APRs).

However, the best personal loan for someone with excellent credit often isn’t an option for borrowers with poor credit. Likewise, the best personal loan for someone with poor credit is often just OK for borrowers with better credit.

When making our top picks for personal loans, we considered trustworthy personal loan companies that are reviewed by customers on ConsumerAffairs. We weighed several factors: ratings on ConsumerAffairs.com, loan options, loan terms, APRs, credit score requirements, and customer reviews. Consumer Affairs reviewed 33 companies to select this list of our nine favorite best personal loan providers.

This is why we’ve grouped our favorites below based on who they appeal to. Compare your score to the categories below to see where you fit:

• Our picks for personal loans for good credit scores (740 to 850)
• Our picks for personal loans for average credit scores (580 to 739)
• Our picks for personal loans for bad credit scores (under 580)

Here are some of our picks for getting a personal loan with a good credit score.

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Logo Best Egg Details APRs: Starting at 5.99% Term lengths: 3 to 5 years Loan amounts: $2,000 to $35,000 Read reviews

Best Egg is an online lender that offers unsecured personal loans ranging from $2,000 to $35,000. Since Best Egg offers loans online, its underwriting costs are often lower than other lenders', which can lower rates.

APRs for Best Egg personal loans range from 5.99% to 29.99%, but the rate you qualify for depends largely on your personal credit score. Best Egg loans are better suited to people with good to excellent credit scores above 640.

Best Egg’s loan terms are for up to five years, and its recommended minimum debt for consolidation is $5,000.

Logo Freedom Plus Details APRs: 7.99% to 29.99% Term lengths: 2 to 5 years Loan amounts: $7,500 to $40,000 Read reviews

FreedomPlus offers personal loans of up to $50,000. Similar to Best Egg, FreedomPlus also offers loans better for those with higher credit scores and good credit histories. Expect to need a credit score of 670 or higher to qualify for its best rates.

APRs for FreedomPlus personal loans range from 7.99% to 29.99%. Loan terms for the company’s personal loans are up to five years. Its recommended minimum debt for consolidation is also high, starting at $10,000.

Logo LendingTree Details APRs: 2.49% to 29.99% Term lengths: 1 to 5 years Loan amounts: $1,000 to $50,000 Read reviews

LendingTree is a marketplace for people looking to compare offers from different lenders. This service lets you compare rates and quotes and then decide which one works best for you. With LendingTree, you can compare up to five personal loan offers within minutes.

APRs range from 2.49% to 29.99%, but you generally need a credit score above 585 to use LendingTree. Available loan terms vary from one year up to five years.

If you have an average or fair credit score, you can still find plenty of lenders with reasonable rates and terms. Here are a few of our favorites.

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Logo Liberty Lending Group Details APRs: 7.99% to 29.99% Term lengths: 2 to 6 years Loan amounts: $2,000 to $100,000 Read reviews

Liberty Lending Group offers fixed-rate, unsecured personal loans ranging from $2,000 to $100,000. It also provides loans up to $250,000 for business owners who require a loan to make purchases or cover invoices.

APRs range between 7.99% and 29.99%, with a minimum qualifying credit score of around 580. This lower credit threshold helps make Liberty Lending Group’s loans more accessible, but be aware that APRs can be on the higher side, especially for smaller loan amounts.

Since the company’s entire process is online, you can get a loan in 24 to 72 hours. Loan terms range from two to six years. However, Liberty Lending Group doesn’t charge prepayment penalties.

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Logo LoanMe Details APRs: Starting at 9.9% Term lengths: 3 to 15 years Loan amounts: $2,600 to $100,000 Read reviews

LoanMe offers personal loans for up to $100,000 with APRs starting as low as 9.9%. The company can verify your personal loan application in three to seven hours, and funding is sometimes available in four hours, including weekends and holidays.

Logo Credit Direct Details APRs: Starting at 5.99% Term lengths: Up to 5 years Loan amounts: Up to $40,000 Read reviews

Credit Direct offers unsecured personal loans for up to $40,000. Additionally, its website is available in both English and Spanish.

Credit Direct loans come with fixed interest rates as low as 5.99%, but the company doesn’t publish much info regarding the credit score necessary to qualify. Loan terms range up to five years, and there are no hidden fees or early repayment penalties.

You can complete Credit Direct’s online loan application process in minutes and get the money deposited into your bank account within 24 hours of approval.

Even if you have a bad credit score, some lenders will give you a personal loan, though you can expect to pay a higher interest rate. Many lending companies even specialize in providing personal loans to people with poor or no credit history.

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Logo NetCredit Details APRs: Starting at 34% Term lengths: Up to 5 years Loan amounts: $1,000 to $10,000 Read reviews

NetCredit provides personal loans ranging from $1,000 to $10,000 with terms of up to five years. It also offers lines of credit from $500 to $4,500.

APRs vary by state, but they're generally on the higher side, starting at 34%. Sample loan terms and payment plans are available online so you can get a feel for NetCredit’s repayment plans. The company has no stated credit score minimum, but its APRs go as high as 155% for those with very low credit scores or poor credit histories.

NetCredit typically transfers funds in one to three business days after it approves the loan application.

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Logo Avio Credit Details APRs: Starting at 130.2442% Term lengths: 2 weeks to 3 years Loan amounts: Up to $5,000 Read reviews

Avio Credit is an online lender that offers fixed-rate personal loans, installment loans and lines of credit. Its loans are for up to $5,000, but the company only operates in 10 states at the time of publishing:

• Alabama
• Idaho
• Kansas
• Missouri
• North Dakota
• Rhode Island
• Texas
• Tennessee
• Utah
• Wisconsin

Avio Credit’s personal loan APRs are higher than average, typically starting around 130%. For a loan with this high of an APR, it’s important to try to pay the loan back as soon as possible. This is reflected in the company’s relatively short loan terms. Avio Credit accepts borrowers with bad credit, but they must have a minimum monthly income of $1,000.

You can get an instant decision after completing your loan application, and loan approvals are good for 30 days. However, most borrowers elect to receive funds within one business day.

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Logo OppLoans Details APRs: Starting at 99% Term lengths: 6 months to 3 years Loan amounts: $500 to $4,000 Read reviews

OppLoans offers personal loans, including options for borrowers with bad credit and online loans that don’t require credit checks. As such, OppLoans has no specific credit history criteria. If you have a limited credit history or don't have any credit history at all, this company could be an option. Loan amounts range from $500 to $4,000.

OppLoans APRs start at 99%, but some loans have rates as high as 199%. Loan terms are between three months and two years. With these higher-than-average rates, you should consider paying off the loan as soon as possible, though.

The company usually supplies funds within 24 hours of approval.

Personal loans are short-term loans from banks, online lenders, credit unions, peer-to-peer lenders and other financial institutions. Borrowers can use funds from personal loans for any reason, but popular uses include paying down debt, covering emergency expenses and funding special occasions.

Typically, borrowers receive lump sums based on their creditworthiness, which they repay with interest over a fixed amount of time. Most personal loan terms range from two to five years. This sets personal loans apart from lines of credit and credit cards, which often lack a fixed repayment schedule.

Unlike a car loan or a mortgage, personal loans are unsecured in most cases. This means you don’t have to provide collateral, but the resulting risk to the lender drives up interest rates. The annual percentage rate of your loan often depends on your:

• Income level
• Credit history
• Credit score
• Employment history
• Repayment capacity

You can take out an unsecured personal loan for a variety of reasons, and you don’t have to agree to use the money for any specific purpose. Before you apply for a personal loan, it helps to know the various types available. Here are some of the most common loan options.

Although they operate differently, both personal loans and credit cards appeal to people that need money soon. To decide which one is right for you, it helps to understand their functional difference.

• A credit card represents a line of credit from which you can borrow money at any time, up to your credit limit. This means you have more flexibility in how much debt you take on, and you also have more flexibility in how you pay that money back. While it’s a good idea to avoid interest by paying off your credit card each month, there’s usually a minimum payment you can make that’s lower than your actual balance. Your remaining debt does continue to generate interest while it’s unpaid, though.
• A personal loan gives you funds upfront as a lump sum, which you repay in installments for a predetermined period of time. This means there’s more of a commitment involved, but personal loans often come with better interest rates than credit cards. As a result, personal loans are usually better for situations where you need a larger amount of money that you wouldn’t be able to pay off before your credit card interest rate kicks in.

When deciding which option is better for you, think about how you’d prefer to receive funds and which one costs you less in interest. If the answer isn’t immediately clear, get offers for each and run the numbers to see for yourself.

Given their multitude of uses, personal loans are a great option for a lot of people. However, it’s always smart to acknowledge the potential shortcomings of any financial decision. We’ve outlined some of the pros and cons of personal loans below so that you can make an informed decision before you apply.

If you prefer face-to-face communication, it's a good idea to work with a local company. We compared personal loan options from companies across the U.S. to help you find reputable lenders where you live. Analyze your options and compare terms to choose the one that best suits your needs.

• Albuquerque
• Atlanta
• Austin
• Bakersfield
• Baltimore
• Boise
• Buffalo
• Chicago
• Cincinnati
• Cleveland
• Dallas
• Denver
• Detroit
• Fort Myers
• Green Bay
• Houston
• Indianapolis
• Kansas City
• Lansing
• Las Vegas
• Los Angeles
• Milwaukee
• Nashville
• Omaha
• Orlando
• Phoenix
• Pittsburgh
• Portland
• Sacramento
• San Antonio
• San Diego
• Tallahassee
• Tampa
• Tucson
• Tulsa
• Waco
• West Palm Beach

Once you’ve evaluated your options and decided that you want a personal loan, the next step is to start the application process. While lenders' processes may vary slightly, the steps to obtaining a personal loan are typically the same:

1. Calculate your credit score. There are multiple ways to check your credit score. Just be careful about where you enter sensitive information and make sure the service you use is legitimate. This step is important because it lets you know where you stand going into the lending process.
2. Find lenders willing to offer you loans. Look around for options that fit your situation, and then reach out for quotes and terms. Comparing these offers is arguably the most important step to getting a good loan, so don’t limit yourself to the first offer you get.
3. Apply to the best one for you. The application process varies depending on the lender you use, but typically lenders run credit checks to determine your creditworthiness and interest rate. If you’re approved, the time to receive your funds depends on the lender.

Your repayment term may begin immediately or be delayed. Regardless, once it starts, make payments on time for the rest of the loan term. If you can repay your loan early without incurring penalties, the less interest you pay in the long run.

Personal loans are a great way to finance a variety of expenses over a short term. Like with any loan, just make sure you can afford the payments and avoid spending too much on interest. That’s why it’s smart to shop around for a good rate from a reputable lender.