Best Personal Loan Companies
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A personal loan is a loan you can get from a bank or credit union that can help you with everything from a large purchase to home improvement projects to debt consolidation. To pick the best lender for you, you’ll want to compare features, including annual percentage rate (APR), repayment terms, fees and loan amounts.
The best personal loans have flexible repayment terms and low rates and are available to borrowers with a variety of credit scores.
- Our pick for simple online application: Best Egg
- Our pick for flexible repayment terms: Upgrade
- Our pick for peer-to-peer lending marketplace: Prosper
- Our pick for competitive rates and no fees: Marcus by Goldman Sachs
- Our pick for flexible score requirements: LendingClub
- Our pick for secured and unsecured loans: OneMain Financial
- Our pick for bad credit borrowers: Upstart
- Our pick for fast approvals: LendingPoint
- Our recommendations are based on what reviewers say.
- 4,244,075 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
To select our top picks, we looked at 24 loan companies and compared their APRs, terms, fees and customer reviews. Our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.
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Rating | 4.7 | 4.8 | 4.0 | 3.7 | 4.0 | 4.0 | Pending | Pending |
# of reviews | 1,894 | 622 | 62 | 32 | 337 | 3,137 | 3 | 0 |
Our pick for | Simple online application | Flexible repayment terms | Peer-to-peer lending | Competitive rates and no fees | Flexible credit score requirements | Secured and unsecured loans | Bad credit borrowers | Fast approvals |
Minimum credit score | 600 | 560 | 640 | 660 | 600 | Varies | 300 | 580 |
Loan amount range | $2,000-$50,000 | $1,000 - $50,000 | $2,000 - $50,000 | $3,500 - $40,000 | $1,000 - $40,000 | $1,500 - $20,000 | $1,000 - $50,000 | $2,000 - $36,500 |
Repayment terms | 36-60 months | 24 to 84 months | 36-60 months | 36-72 months | 24 - 60 months | 24 - 60 months | 36 to 60 months | 24 to 72 months |
Read Reviews | Read Reviews | Read Reviews | Read Reviews | Read Reviews | Read Reviews | Read Reviews | Read Reviews |
Compare our top 8 choices for best personal loans
Before picking a lender, make sure you review all the loan features to decide what’s best for you. Once you’ve evaluated your options, the next step is to start the application process. While lenders' processes may vary slightly, the steps to get a personal loan are typically the same.
Partner Disclosures
*Trustpilot TrustScore as of December 2022. Best Egg loans are unsecured or secured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Technologies, LLC, a subsidiary of Best Egg, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – Operations Manager, Email: ccrt-resolution@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
- Loan amounts: $2,000 to $50,000
- Term lengths: 36 - 60 months
- Minimum credit score: 600
Best Egg is an online loan servicer that offers personal loans ranging from $2,000 to $50,000. Select borrowers may have two open loans at a time, although the combined loan amount cannot exceed $50,000.
Best Egg is one of our top picks because it has relatively low starting APRs and it only takes a few minutes to check your rate. You’ll need your email address and phone number to get started. Most approved borrowers get funding within one to three days. It also has an easy, online-only application.
For approval, you’ll need a 600 credit score, and you also need a debt-to-income (DTI) ratio below 30%, verifiable income and a valid address. Some states have different minimum loan amounts ($5,000 in New Mexico and Ohio, $6,500 in Massachusetts and $3,000 in Georgia). Best Egg does charge origination fees ranging from 0.99% to 8.99%, but there are no prepayment penalties.
- What we like
- Loans available for a variety of purposes
- Fast funding for most borrowers
- Lower required minimum credit score than many competitors
- What to consider
- Different loan minimums depending on state
- Only two repayment term options (36 or 60 months)
- Charges an origination fee
- What reviewers say
- Reviewers state that getting a loan with Best Egg is a simple, easy and fast process, and loans come with comparable rates and acceptable terms. “From the first click on my laptop — to the requested cash amount being deposited into my bank account. All completed within about 24 hours,” said a reviewer in Tennessee.
Be aware, though, that some reviewers expressed concern with the preapproval process.
Partner Disclosures
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
- Loan amounts: $1,000 to $50,000
- Term lengths: 24 to 84 months
- Minimum credit score: 560
Upgrade is an online lending platform that partners with several banks and financial institutions to originate loans. It does a soft credit pull to estimate your rate. Once you’re officially approved, Upgrade deposits funds into your bank account in about a day.
Upgrade stands out for its wide range of repayment terms, which are between two and seven years. Most of our other top picks only offer terms from three to five years. Plus, there is no application fee, and you’ll only need a credit score of 560 to qualify. Upgrade also offers a smaller minimum loan amount than many other lenders.
If you’re self-employed, you’ll need additional documentation, including two years of recent tax returns and forms and bank statements to verify your income. Upgrade may verify receipt of your taxes using Form 4506-T, which can delay the process up to a week.
- What we like
- Fast approvals for most borrowers
- No prepayment penalty
- Can borrow up to $50,000
- What to consider
- Can take two weeks for funds to creditors to clear
- Late fees starting at $10
- Origination fee up to 9.99%
- What reviewers say
- Many ConsumerAffairs readers report being pleased with Upgrade’s customer service and easy application process, which they say helped them find the right loan for their needs. “Customer service is helpful, knowledgeable and professional,” according to a reviewer in Nevada.
However, there were customers who described issues with the payment process and not receiving promotional bonus offers.
- Loan amounts: $2,000 to $50,000
- Term lengths: Two to five years
- Minimum credit score: 640
Prosper is a peer-to-peer lender, which is slightly different from most other lenders on our list. The loans are funded by individual investors and institutions instead of the company itself. Prosper does not fund any part of the loan. However, because it uses a different model from traditional lenders, approval times can be longer (sometimes up to five days or longer).
You can check your rate instantly online with no impact to your credit score. You can get funding in as little as one day after final approval. And like traditional personal loans, you can use these loans for any purpose, including debt consolidation, home improvements and auto loans. Prosper also offers home equity lines of credit (HELOCs).
Borrowers will need to pay an origination fee, but it’s lower than at many competitors, ranging from 2.41% to 5%. Interest rates on personal loans are comparable, and as with other lenders, those with better credit scores will receive lower rates.
- What we like
- Unsecured loans
- No prepayment penalty
- Check your rate for free
- What to consider
- Application review process can take up to five days
- Minimum credit score of 640
- High origination fees
- What reviewers say
- Many reviewers commented on the Prosper application process being very simple and the helpful customer service. A reviewer in Illinois said, “It's a great way to get money without all the intrusive stuff you have to go through with a bank or standard loan company.”
However, some reviewers felt that Prosper’s identity verification process is too strict. One reviewer in Florida said it was difficult to prove they were a “person,” even after they were preapproved.
- Loan amounts: $3,500 to $40,000
- Term lengths: 36 to 72 months
- Minimum credit score: 660
Marcus by Goldman Sachs offers no-fee personal loans with terms up to 72 months. Loan perks include customizable payment due dates and on-time payment rewards. There are no origination, prepayment or late fees, and qualified borrowers in all 50 states can get a loan.
You can apply online. Once you’re approved, the company will verify your bank account and deposit funds within about four days. You’ll get a 0.25% discount on the APR for enrolling in automatic payments.
Marcus by Goldman Sachs accepts applications from people older than 18 in most states (19 in Alabama and 21 in Mississippi). You need a valid U.S. bank account and Social Security or individual taxpayer identification number. It currently only accepts individual loan applications (no joint applications).
As of February 2023, Marcus by Goldman Sachs is offering personal loans by invitation only. Rates and loan terms may have changed.
- What we like
- No sign-up or prepayment fees
- APR discounts with autopay
- Customized monthly payment
- What to consider
- No co-signer option
- Minimum credit score of 660
- No physical locations
- What reviewers say
- Few ConsumerAffairs readers have reported on their experience with personal loans from Marcus by Goldman Sachs. However, one reviewer in New York who got a loan to consolidate high-interest credit card debt said the company has “excellent client services.” The loan paid off three accounts in full, and they said keeping up with the one monthly payment has helped boost their credit score “from good to excellent in seven months.”
Partner Disclosures
Between January 2023 and March 2023, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. 31% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,769 for a term of 36 months, with an interest rate of 12.74% and a 6.00% origination fee of $1,055, for an APR of 17.12%. In this example, the borrower will receive $15,763 and will make 36 monthly payments of $563. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 9.57% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of April 14, 2023 and are subject to change without notice. Unless otherwise specified, credit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Only deposit products are FDIC-insured. LendingClub Bank is not an affiliate of Consumer Affairs and is not responsible for the products and services provided by Consumer Affairs. Credit products are subject to credit approval and may be subject to sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at https://www.lendingclub.com/. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank. 2023 LendingClub Bank. All rights reserved.
- Loan amounts: $1,000 to $40,000
- Term lengths: 24 to 60 months
- Minimum credit score: 600
LendingClub is an online lending marketplace. In addition to personal loans, it also offers business loans (up to $500,000) and auto loan refinancing.
Most applicants get approval within 24 hours and receive funds within two days, according to the company’s website. It offers the convenient option to make automatic payments. There is no application fee or prepayment penalty. We like that LendingClub extends a 15-day grace period on late payments before charging late fees.
To qualify, you have to be at least 18 years old and have a verifiable bank account. You also need a minimum credit score of 600 to get a personal loan with LendingClub, which means it’s available to borrowers with less-than-stellar credit. And you can apply with a co-signer; it may increase your odds of approval if you have bad credit.
- What we like
- Can add a co-signer
- No prepayment penalty
- Fast funding
- What to consider
- High late fees
- Origination fee
- High minimum APR
- What reviewers say
- Many ConsumerAffairs readers praise LendingClub for its quality customer service, quick and simple application process and upfront and transparent terms. A satisfied reviewer in Florida highlighted LendingClub’s ”fast service” and “easy application process,” adding that paying off the loan helped to increase their credit score “considerably.”
Note, however, that some reviewers report that the rates are high and borrowers should shop elsewhere if they have excellent credit.
- Loan amounts: $1,500 to $20,000
- Term lengths: 24 to 60 months
- Minimum credit score: Varies
OneMain Financial offers loans ranging from $1,500 to $20,000, so it’s good for borrowers looking for smaller loans. Some states, though, have different minimum loan amounts:
- $2,100 in Alabama
- $3,000 in California
- $3,100 in Georgia
- $2,000 in North Dakota and Ohio
- $2,600 in Virginia
Borrowers in North Carolina can only access up to $7,500 on unsecured loans.
Unlike many other personal loan companies, OneMain Financial offers both unsecured and secured options. The type you’re offered depends on the size of the loan, your credit score and your income. Forms of collateral OneMain Financial accepts include cars, trucks, motorcycles, boats, campers and RVs.
OneMain Financial does not disclose a minimum credit score for borrowers, which means it may be an option for borrowers with bad credit — but you can expect to pay higher fees than you would with other lenders.
- What we like
- No minimum credit score
- Secured and unsecured loans
- Emergency loans available
- What to consider
- Different loan minimums from state to state
- Higher fees than competitors
- $20,000 max loan amount
- What reviewers say
- ConsumerAffairs readers who’ve used OneMain Financial appreciate that the company will work with borrowers who have bad credit, the simple application process and the personable customer service. “The process of applying and getting the funding is pretty easy with OneMain,” said a reviewer in Alabama. “All their fees and the process are upfront. They have very high interest rates, but keep in mind that they finance the high-risk group.”
Many reviewers do caution that they’ve experienced payment issues with OneMain Financial and that interest rates are high.
- Loan amounts: $1,000 to $50,000
- Term lengths: 36 or 60 months
- Minimum credit score: 300
Upstart specializes in personal loans for debt consolidation and paying off credit cards. Its lending platform uses artificial intelligence, and two-thirds of loans are fully automated, with no human involvement from the initial rate request through final funding.
It’s a good choice for those with low credit scores — you can apply no matter how low your score is — or if you don’t have enough of a credit history to have a score. If approved, you can expect to receive funds within one to two business days.
Loans typically range from $1,000 to $50,000, but the minimum loan amount varies by state: $7,000 in Massachusetts, $6,000 in Ohio, $5,100 in New Mexico and $2,100 in Hawaii. There are only two repayment options, 36 or 60 months, and loans do come with an origination fee of up to 8%.
To be eligible, you must be at least 18 (19 in some states); have a verifiable name, birthday and Social Security number; provide a valid email address; have a regular income source and meet several other requirements.
- What we like
- Poor credit scores accepted
- Funds as soon as the next day
- No prepayment penalty
- What to consider
- High APRs
- High origination fee
- No co-signers allowed
- What reviewers say
- There are currently no reviews from ConsumerAffairs readers.
- Loan amounts: $2,000 to $36,500
- Term lengths: 24 to 72 months
- Minimum credit score: 580
LendingPoint specializes in unsecured personal loans for people across the credit score spectrum. Borrowers only need a minimum credit score of 580 to qualify for personal loans.
The company uses a proprietary scoring and underwriting system to evaluate each applicant, including their DTI ratio, payment-to-income ratio and other factors. Same-day approvals are eligible for funding as soon as the next business day.
How much you can borrow varies based on your credit profile and other financial information. Loans can range from $2,000 to $36,500. You can expect to pay an origination fee of up to 7% (although some borrowers might have it waived), but there is no late or prepayment fee. Repayment terms go up to 72 months.
Currently, joint and co-signed loans are not available.
- What we like
- No prepayment penalty
- Next-day deposits
- Flexible repayment terms
- What to consider
- High APR
- Loan maximum is $36,500, which is lower than many competitors
- No co-signers allowed
- What reviewers say
- There are currently no reviews from ConsumerAffairs readers.
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Best Egg
Partner Disclosures*Trustpilot TrustScore as of December 2022. Best Egg loans are unsecured or secured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Technologies, LLC, a subsidiary of Best Egg, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – Operations Manager, Email: ccrt-resolution@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. | Loan amounts from $2,000 to $50,000. Select from terms between 36 and 60 months. APR ranges from 8.99% to 35.99%. Requires 600 credit score. Origination fee up to 8.99%. No prepayment penalty. | ![]() | Get Started | ||
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Upgrade
Partner DisclosuresPersonal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. | Loan amounts from $1,000 to $50,000, Payback terms of 24 to 84 months. APR from 8.49% to 35.99%. Origination fee can be up to 9.99%. 1% to 2% rewards on checking account purchases. 4.81% APY on savings accounts with $1,000+. | ![]() | Get Started | ||
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LightStream
Partner DisclosuresYour loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. | Loan amounts from $5,000 to $100,000. Offers a 0.5% APR discount for using automatic payments. Rate Beat program for competitor offers. Minimum credit score varies. No fees or prepayment penalties. | ![]() | Get Started | ||
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Achieve Personal Loans
Partner DisclosuresAll loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 5.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST. | Loan amounts from $5,000 to $50,000. Select from 24- to 60-month terms. APR from 7.99% to 35.99%. Requires 620 credit score. Origination fee up to 5.99%. No prepayment penalty. | ![]() | Get Started Call Center Open (844) 752-5328 | ||
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| Loan amounts from $5,000 to $100,000. Select from two- to seven-year terms. APR from 8.99% to 25.81% with discounts included. Minimum credit score requirements vary. No fees required. | ![]() | ||||
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| Provides personal loans from $3,500 to $40,000. Pay back the loan in fixed payments. APR from 5.99% to 35.99%, with origination fee of 2% to 8% of loan amount. Free credit score monthly. Pause payment for up to 90 days. | ![]() | ||||
Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Minimum credit score requirements vary. Available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Loan amounts from $1,500 to $20,000. Select from 24-, 36-, 48- or 60-month terms. APR from 18% to 35.99%. Minimum credit score requirements vary. Origination fee up to 10%. No prepayment fee. | ![]() | ||||
Loans from $2,000 to $35,000. Select from 12- to 60-month terms. APR ranges from 9.95% to 35.99%. Most customers have credit score of 600 to 700. No prepayment penalty. Administration fee up to 4.75%. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts up to $40,000 through peer-to-peer personal loan lending platform. Select 36- or 60-month term. APRs from 7.95% to 35.99%. Requires credit score of at least 600. Origination fee up to 5%. No prepayment penalties. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
What is a personal loan?
A personal loan is a type of consumer loan. Personal loans are also sometimes called installment loans because you get a lump sum of money upfront and pay it back in regular installments over a predetermined period. Repayment terms can be anywhere from a few months to over five years.
You can get a personal loan from a bank, credit union, online lender or other financial institution. Some lenders only work with borrowers if they have a good credit score. Others have more flexible requirements — but they charge higher interest rates, like payday lenders. The added costs mean you end up paying more over time. Read about the different types of personal loans to learn more.
Most personal loans are unsecured, which means you don’t need collateral.
What can you use a personal loan for?
Personal loans can be used for a wide range of purchases as well as things like debt consolidation. Some lenders restrict personal loan usage, usually not allowing loans to be used for college tuition or a mortgage down payment.
However, most lenders will allow personal loans to be used for the following:
- Consolidating debt
- Wedding expenses
- Vacation costs
- Medical expenses
- Home repairs or remodeling
- Moving costs
- Financing motorcycles, RVs or boats
- Other large purchases
How to find the best personal loan
Before you apply for a personal loan, check your credit score. The better your score is, the more likely you are to qualify for a lower rate. It might save you money to fix your credit before taking out a personal loan, though this is not a fast process.
Once you know which lenders you qualify for, shop around and compare loan offers. Here are five tips for comparing different lenders to help you get the best rate and terms.
1. Research the lender
Remember that if an offer sounds too good to be true, it likely is. Before you apply for a loan, make sure the company is legitimate by verifying that it’s licensed in your state and reviewing its rate and fee disclosure. You’ll also want to find out if the lender allows you to check your rate with a soft or hard credit check.
Typically, origination fees range between 2% and 6% on a personal loan, but some companies charge up to 10%. We suggest avoiding lenders that charge prepayment fees that make it difficult to pay off your loan early.
2. Read recent reviews
Reading different lender reviews will give you a sense of what to expect from different lenders.
Keep an eye out for multiple reviews that mention high-pressure sales tactics and unexpected charges or fees. Keep in mind that you will also likely find negative reviews by people who are simply annoyed that they were denied. This information may not be relevant to you.
3. Compare loan offers
The rate you get depends on how the lender evaluates your creditworthiness. That’s why applicants with bad credit rarely get the lowest rate advertised.
Generally, the interest rate on your loan depends on your:
- Credit history and score
- DTI ratio
- Income and employment information
- Lender
- Size of the loan
- Length of repayment term
You want to consider the total cost of the loan; to do that, look at the APR, which includes fees. Also, check the options for term lengths and the monthly payment amount to make sure it fits in your budget.
4. Apply for the loan
You can apply for a personal loan at your local financial institution or through an online lender; most lenders have online loan applications to make the process faster. The application will ask you questions about yourself, your finances and what you plan to do with the loan. Have these documents ready when you apply:
- Government-issued ID
- Social Security number
- Income verification (pay stubs, W-2s or bank statements)
- Proof of residence (utility bill, rental agreement, mortgage statement)
- Bank account information (routing number, account number)
- Creditor information (for debt consolidation)
Once you submit your application, expect a hard pull on your credit, which can temporarily decrease your credit score. Once your application is approved, you will have a chance to view and approve your rate and repayment terms.
FAQ
What is a good interest rate on a personal loan?
When it comes to interest rates, lower is better. The lowest rates lenders advertise are for the ideal borrower – one with excellent credit, high income and low debt. A good interest rate will be one near a lender’s advertised rate; avoid APRs higher than 20%, if possible.
Can you refinance a personal loan?
You can refinance a personal loan, similarly to how you can refinance a car loan, student loan or home loan. Refinancing allows you to replace your current loan with one that has more favorable terms.
How many personal loans can you have at once?
It’s possible to have multiple loans from the same lender or across different lenders. A lender might require you to wait several months before applying for a new loan. Having an existing personal loan can affect your eligibility for another loan.
What is the difference between secured and unsecured loans?
The majority of personal loans are unsecured, which means they’re not backed by collateral. This is why creditworthiness is a determining factor for approval. Secured personal loans are backed by collateral that the lender can repossess if you default, like your car or savings.
How fast can I get a loan?
How long the application process takes varies by lender. Most lenders make it easy to get started online, showing your pre-qualification rate in minutes. Some lenders approve borrowers and distribute funds on the same day, while others can take multiple days.
Methodology
The ConsumerAffairs Research Team chose top picks by comparing 24 personal loan companies on online reputation, rate transparency and availability.
- Online reputation: We compared ratings and reviews on our site and across the internet, including on Trustpilot and Bankrate. We also checked in with the Better Business Bureau to look for current alerts and government actions within the last three years.
- Rates and fees: We only chose lenders that cap APRs at 35.99%, and we gave preference to lenders with lower rate ranges, lower origination fees and no prepayment penalties. We also gave preference to companies with clear rates and plenty of easy-to-access information about fees.
- Availability: We eliminated lead generators and companies that are only licensed in a few states. All of our top picks serve residents in most states.
Compare Reviews for Top Personal Loan Companies | ||||||
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Free online tools to find personal loans, debt consolidation loans, small business loans and more. Flexible credit score requirements. Maximum APRs vary by state. Available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers online installment loans and lines of credit up to $5,000. Maximum APRs vary by state. Requires minimum monthly income of $1,000. Not available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts up to $15,000. Select from terms of 18, 24, 36, 48 or 60 months. Maximum APR is 21.99%. Fees vary by state. No penalty for early payoff. Limited availability. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts from $1,000 to $47,500. Select from terms between 12 and 60 months. APR is from 4.99% to 29.99%. No minimum credit score. No administration fee and no prepayment penalty. Limited availability. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers DebtAway Loan for debt consolidation and Reload Loan for personal use. Personal loan up to $10,000. APR up to 29.99%. No minimum credit score. Origination fee up to 5%. No prepayment fee. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts from $2,000 to $100,000. Secures loans in as little as 24 hours. Call to start an application if you don’t have an eligibility ID. Check your rate without affecting your credit score. Limited availability. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Personal, auto and debt consolidation loans. Unsecured loans up to $8,000. Collateral requirements based on loan amounts. Maximum APRs vary by state. Not available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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LendingClub
Partner DisclosuresBetween January 2023 and March 2023, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. 31% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,769 for a term of 36 months, with an interest rate of 12.74% and a 6.00% origination fee of $1,055, for an APR of 17.12%. In this example, the borrower will receive $15,763 and will make 36 monthly payments of $563. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 9.57% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of April 14, 2023 and are subject to change without notice. Unless otherwise specified, credit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Only deposit products are FDIC-insured. LendingClub Bank is not an affiliate of Consumer Affairs and is not responsible for the products and services provided by Consumer Affairs. Credit products are subject to credit approval and may be subject to sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at https://www.lendingclub.com/. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank. 2023 LendingClub Bank. All rights reserved. | Loan amounts from $1,000 to $40,000. Select from three- or five-year terms. APRs from 9.57% to 36%. Minimum credit score varies. Origination fee up to 6%. No prepayment fee. | ![]() | Compare Offers on ConsumerAffairs | ||
Offers both unsecured and secured loans. The company was founded in 1936 and now has over 200 locations in Alabama, Illinois, Louisiana, Mississippi and Missouri. Explore locations on the company’s website. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers online and in-person banking, loans, credit cards and retirement accounts. Easy to waive checking and savings account fees. Increased benefits as your account balance grows. Cash-back and airline mile credit cards. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts from $3,500 to $40,000. Select from 36- to 72-month terms. APRs from 6.99% to 19.99%. Minimum credit score varies. No sign-up or prepayment fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers personal loans to consolidate credit card debt. APRs are as low as 5.99%. Get one fixed monthly payment over a two- to five-year repayment term. Electronically transfers most funds within five days. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Mobile banking app solution. Get a spending account with no credit checks or minimum balance requirements. Membership fee is $1 per month. No overdraft fees and no ATM fees at 32,000 ATMs. Early access to direct deposit funds. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Financial technology company for credit improvement. Offers budget-friendly credit-builder loans and secured credit card for customers with bad credit. Reports to all three credit bureaus. Charges fees and interest. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Loan amounts from $1,000 to $50,000. Select 36- or 60-month term. Estimated rates range from 5.22% to 35.99%. Minimum credit score of 300 to qualify. Origination fee up to 8%. No prepayment penalty. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers personal loans for $500 to $50,000, with repayment terms of 24 to 84 months. APRs range from 6.70% to 18.00% at publishing. No origination fees. Check your loan options without affecting your credit. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Free service that connects users with lenders for personal loans and student loan refinancing. Amounts, terms, rates and requirements vary by lender. Savings accounts, life insurance and credit card options also available. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers unsecured personal loans and secured loans using car titles. Unsecured loans range from $300 to $10,000, and secured loans go up to $20,000. Repayment period from 12 to 48 months. 41-state availability. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online marketplace for personal loans between $2,000 and $50,000. APR from 2.49% to 35.99%. Select from terms between 61 days and 180 months. Origination fee up to 8%. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Offers personal loans from $2,000 to $45,000, with repayment terms of 36 and 60 months. APRs range from 7.727% to 29.99% at publishing. Origination fee from 1% to 6%. Check your loan options without affecting your credit. | ![]() | ||||
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| Offers personal loans and debt consolidation loans from $1,000 to $50,000 with fixed rates. Online application and process. Check offers in minutes with no credit impact. Origination fee up to 9.99%. No prepayment penalty. | ![]() | ||||
Offers free financial solutions and loan options for nonprime consumers. All educational tools and support are free. Loan costs vary by lender and type. Get pre-qualified without a hard credit check that affects your score. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Loan amounts from $2,000 to $36,500. Select from terms between 24 and 60 months. APR from 9.99% to 35.99%. Flexible credit score requirements. Origination fee up to 6%. No prepayment penalty. | ![]() | ||||
Online lender marketplace. Personal loans and student loan refinancing. Terms up to 84 months on loans from $1,000 to $100,000. 650 minimum credit score. Check rates with no hit to credit. APRs ranging from 6.99% to 35.97%. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers personal loans from $2,500 to $35,000, with repayment terms of 36 to 84 months. Rates range from 6.99% to 24.99% APR at publishing. No origination fees. Check your loan options without affecting your credit. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service digital banking platform. FDIC-insured. Technology-driven online website and mobile application. No annual or monthly maintenance fees. Personal banking. Small business and commercial banking. ATM fee reimbursement. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Peer-to-peer lending platform for small businesses. Secured loans and lines of credit. Up to $500,000 per business. Terms between six months and 10 years. No prepayment penalty. Available in all 50 states. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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