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Best Personal Loan Companies

Check Your Personal Loan Rates. It's free and won't impact your credit score.

Check Your Personal Loan Rates

It's free and won't impact your credit score

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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 editor's top picks

    Note that 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.

    Why trust ConsumerAffairs?
    • Our recommendations are based on what reviewers say.
    • 4,348,017 reviews on ConsumerAffairs are verified.
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    • Our moderators read all reviews to verify quality and helpfulness.

    Compare our top 7 picks for best personal loans

    To select our top picks, we looked at 24 loan companies and compared their annual percentage rates (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.

    LendingClubUpgradeBest EggUpstartOneMain FinancialLendingPointProsper
    Primary LendingClub Read reviews Customer Rating
    4.2
    373 reviews373 reviews    		Our pick for
    Flexible credit score requirements
    		Min. credit score
    600
    		Loan amount range
    $1,000 - $40,000
    		Repayment terms
    24 to 60 months
    Primary Upgrade Read reviews Customer Rating
    4.8
    685 reviews685 reviews    		Our pick for
    Flexible repayment terms
    		Min. credit score
    560
    		Loan amount range
    $1,000 - $50,000
    		Repayment terms
    24 to 84 months
    Primary Best Egg Read reviews Customer Rating
    4.9
    2,024 reviews2,024 reviews    		Our pick for
    Simple online application
    		Min. credit score
    600
    		Loan amount range
    $2,000-$50,000
    		Repayment terms
    36 to 60 months
    Primary Upstart Read reviews Customer Rating
    3.1
    5 reviews5 reviews    		Our pick for
    Low credit score
    		Min. credit score
    300
    		Loan amount range
    $1,000 - $50,000
    		Repayment terms
    36 or 60 months
    Primary OneMain Financial Read reviews Customer Rating
    3.5
    3,148 reviews3,148 reviews    		Our pick for
    Secured and unsecured loans
    		Min. credit score
    Varies
    		Loan amount range
    $1,500 - $20,000
    		Repayment terms
    24-60 months
    Primary LendingPoint Read reviews Customer Rating
    3.8
    0 reviews0 reviews    		Our pick for
    Fast approvals
    		Min. credit score
    580
    		Loan amount range
    $2,000 - $36,500
    		Repayment terms
    24 to 72 months
    Primary Prosper Read reviews Customer Rating
    3.5
    63 reviews63 reviews    		Our pick for
    Peer-to-peer lending
    		Min. credit score
    640
    		Loan amount range
    $2,000 - $50,000
    		Repayment terms
    Two to five years
    Customize

    Choose what information you want to see across each brand. At least one option must be selected.

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    More details about our top 9 personal loan companies

    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.

    Best for flexible credit score requirements

    LendingClub

    4.2
    373 reviews
    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.

    We recommend LendingClub for the following reasons:

    • Can add a co-signer
    • No prepayment penalty
    • Fast funding

    We caution against these factors:

    • High late fees
    • Origination fee
    • High minimum APR

    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.

    Best for flexible repayment terms

    Upgrade

    4.8
    685 reviews
    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.

    Here are the top pros of Upgrade:

    • Fast approvals for most borrowers
    • No prepayment penalty
    • Can borrow up to $50,000

    Note the following before choosing Upgrade:

    • Can take two weeks for funds to creditors to clear
    • Late fees starting at $10
    • Origination fee up to 8.99% as of publishing

    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.

    Best for simple online application

    Best Egg

    4.9
    2,024 reviews
    Loan amounts
    $2,000 to $50,000
    Term lengths
    36 to 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% as of publishing, but there are no prepayment penalties.

    Our favorite features of Best Egg include:

    • Loans available for a variety of purposes
    • Fast funding for most borrowers
    • Lower required minimum credit score than many competitors

    Be mindful of the following:

    • Different loan minimums depending on state
    • Charges an origination fee and a $15 insufficient funds fee

    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.

    Best for low credit score

    Upstart

    3.1
    5 reviews
    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% as of publishing.

    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.

    Features we like for Upstart include:

    • Poor credit scores accepted
    • Funds as soon as the next day
    • No prepayment penalty

    Factors we don’t love when considering Upstart:

    • High APRs
    • High origination fee
    • No co-signers allowed

    There are currently no reviews from ConsumerAffairs readers.

    Best for secured and unsecured loans

    OneMain Financial

    3.5
    3,148 reviews
    Loan amounts
    $1,500 to $20,000
    Term lengths
    24-60 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.

    OneMain Financial personal loans offer:

    • No minimum credit score
    • Secured and unsecured loans
    • Emergency loans available

    Before choosing OneMain Financial, know that it has the following:

    • Different loan minimums from state to state
    • Higher fees than competitors
    • $20,000 max loan amount

    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.

    Best for fast approval

    LendingPoint

    3.8
    0 reviews
    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% as of publishing (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.

    With LendingPoint personal loans, you’ll get:

    • No prepayment penalty
    • Next-day deposits
    • Flexible repayment terms

    Be aware of these factors:

    • High APR
    • Loan maximum is $36,500, which is lower than many competitors
    • No co-signers allowed

    There are currently no reviews from ConsumerAffairs readers.

    Best for peer-to-peer lending

    Prosper

    3.5
    63 reviews
    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% as of publishing. Interest rates are comparable, and as with other lenders, those with better credit scores will receive lower rates.

    Prosper personal loans is a good choice for:

    • Unsecured loans
    • No prepayment penalty
    • Check your rate for free

    Be aware of these factors:

    • Application review process can take up to five days
    • Minimum credit score of 640
    • High origination fees

    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.

    Compare Reviews for Top Personal Loan Companies

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      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 charge higher interest rates. The added costs mean you end up paying more over time.

      Most personal loans are unsecured, which means you don’t need collateral.

      » MORE: Average personal loan interest rates

      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

      Pros and cons of personal loans

      Personal loans can be used to finance anything from a medical emergency to a vacation. They’re also a good option for debt repayment — you can consolidate multiple higher-interest debts into a lower interest loan with a single, predictable monthly payment.

      However, remember that personal loans can come with stricter borrowing requirements since they are not typically backed by collateral, like a mortgage or auto loan is.

      Pros

      • Flexible: Personal loans can be used for medical costs, home repairs, weddings, vacations and more.
      • Quick funds: Some lenders allow access to funds within one to three business days.
      • No collateral required: Unlike a car loan, a personal loan is not attached to any collateral.
      • Predictable payments: With a fixed interest rate, you know how much you will owe each month and when your loan will be fully repaid.

      Cons

      • Possible fees: Some loans come with origination fees ranging from 1% to 10%.
      • Credit requirements: You may have difficulty getting approved if you have poor credit or a low income.
      • Interest rates: Your interest rate depends on your creditworthiness. Other loan types, such as home equity, can have lower rates.
      • Financial stress: There is no minimum payment option like with credit cards if you have a tight month.

      » MORE: Personal loan vs. credit card: Which is better?

      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 your score, shop around and compare loan offers for your credit range. 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.

      “Lenders who cannot explain all the loan details, upfront fees, rates, etc., will likely have hidden excessive fees,” said Fred Winchar, president of Max Cash. He also recommends avoiding lenders that promise guaranteed approvals or rush you through the loan process.

      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.

      “As you decide [your loan term], leave a little room for other unexpected expenses that could set you financially off balance,” said Winchar.

      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.

      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 long does it take to get a personal 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

      To make our selection for the top personal loan lenders, we collected seven individual data points from 24 lenders, banks and credit unions offering personal loans, including over 5,000 customer reviews and overall ratings from ConsumerAffairs readers.

      We then used this data to examine the factors that have the most impact on borrowers.

      • Rates and fees: The most important factor we considered was APR, or how much a lender charges the borrower to take out the loan. We only chose lenders that cap the APR at 35.99%. We also considered lenders with lower rate ranges, lower origination fees and no prepayment penalties, as well companies with clear rates and 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.

      Customer ratings and experience are important to us when we’re choosing companies that are the best fit for our readers. However, for those companies on our list with no ratings or no recent positive ratings on ConsumerAffairs, there were other factors that made them good personal loan picks.

      Not sure how to choose?

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        Disclaimer

        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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