Best Personal Loan Companies

We compared 24 companies and chose the top personal loan lenders

  • Best overall
    Upgrade
    4.0(710)
  • Flexible repayment terms
    Best Egg
    4.8(2,259)
  • Larger loans
    Achieve Personal Loans
    4.6(749)

Top Picks

See who reviewers like

Upgrade logo
Best Egg logo
Achieve Personal Loans logo
See our top picks

Need cash now? Use our Personal Loans Tool to lock in great offers in minutes!

Author pictureAuthor pictureAuthor pictureAuthor picture
Author picture
By:
Author pictureAuthor picture
Edited by: ,
Author picture
Fact-checked by:

Best Personal Loan Companies

24
Companies considered
5
Companies selected
5K+
Reviews analyzed
10
Features compared

Methodology

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 that compensate us. This does not affect our recommendations or evaluations.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 4,568,998 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.

Compare our top 5 picks for best personal loans

Upgrade

Buyer's Choice Award Finalist
Loan amounts
$1,000 to $50,000
Term lengths
24 to 84 months
Minimum credit score
700

Pros

  • Fast approvals for most borrowers
  • No prepayment penalty
  • High upper limit for loans

Cons

  • 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.

Joy from Wisconsin said about her experience, “The loan process was fast and easy. Everything was done online, and the instructions were simple and easy to follow. The cash arrived quickly, within a day or two, into my account. I would recommend Upgrade to a friend. Everything you need to manage your account, can be accessed through the app.”

However, there were customers who described issues with the payment process and not receiving promotional bonus offers.

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 24 to 84 months. Plus, there’s no application fee. 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.

Best Egg

Buyer's Choice Award Winner
Loan amounts
$2,000 to $50,000
Term lengths
36 to 60 months
Minimum credit score
700
3x Award Winner
Selected for having one of the highest satisfaction rates for Best Customer Service, Best Experience with Staff and Best Loan Process

Pros

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

Cons

  • Loan minimums vary by state
  • Origination fees
  • $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.

Jill from New Jersey said, “This company has been extremely helpful with everything from switching payment accounts and moving payment dates. Everyone I have spoke with has been knowledgeable, helpful and polite. I would recommend them as they are fast and efficient as I have never waited on hold or been held up in time when I have contacted them. Quick and easy.”

Be aware, though, that some reviewers expressed concern with the preapproval process.

Best Egg is an online lender 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 the upper limit of this range.

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 700 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.

Buyer's Choice Award Winner
Loan amounts
$5,000 to $50,000
Term lengths
24 to 60 months
Minimum credit score
620
3x Award Winner
Selected for having one of the highest satisfaction rates for Best Customer Service, Best Experience with Staff and Best Loan Process

Pros

  • Flexible credit requirements
  • High upper limit for loans
  • Custom rates based on a few financial factors

Cons

  • Not available in all states
  • No small loans

Many reviewers on ConsumerAffairs mention being happy with Achieve’s staff and punctuality.

Merlene from New York said their experience with Achieve was “a very good one.” They told us, “I could not do it without their help, I totally appreciate them because they came into my life when I needed help. Their customer service are awesome even though I don't call them on a regular basis but they are always there and Attentive to your call. I totally would highly recommend them to any friends and family. Many thanks again for being there for me.”

Another reviewer from New York said, “They're always very friendly and helpful. The girl who helped me double-checked until I got the loan. The only thing I don't like about Achieve Personal Loans is the interest is so high. It doesn't look like I would finish paying off this loan. I wish after a year or six months, they could look at my credit score and try to reduce the interest. Other than that, they were the best. Even when I call customer service, they're very patient and knowledgeable.”

Achieve is an online lender that funds loans for various purposes, including debt consolidation, home improvement and medical expenses. It sets your APR based on your credit score, your job details and your payment history.

Over a recent three-year period, Achieve receive lots of positive feedback regarding its loan process, customer service and speed. It can fund loans within 24 hours, and it requires a credit score of 620 for borrowers.

To ensure you qualify, Achieve will verify your income and bank account information. Also keep in mind that loan availability and minimum loan amounts may vary by state.

Best for customer service

Reach Financial

Loan amounts
$3,500 to $40,000
Term lengths
24 to 60 months
Minimum credit score
700

Pros

  • Free access to credit score monthly
  • Payment pause up to 90 days
  • Cash bonuses for paying on time

Cons

  • Limited uses for loans
  • No weekend phone support

Leslie from Virginia said consolidating debt with Reach Financial “was a blessing.” They told us, “And with the low price, it was very nice. It was a no-brainer. The application process was very simple and the reps were very helpful and flexible. They told me what the process was and it took 90 days for everything to transfer over to Reach Financial. But it was immediate. There wasn't much for me to do. What they said would happen, happened. The reps were very transparent, clear, knowledgeable and personable. If I had a question, they answered it. If they didn't know, they got someone who did.”

Leslie went on, “It was a very pleasant experience. Working with Reach helped me get to my goal to be debt free. It's not stressful, which is wonderful. They laid it out and didn't overwhelm you with a whole lot of information, like spam mail. … I had a loan to pay for those creditors and get everything all done in one swoop, and it took a lot of stress when that happened.”

Reach Financial specializes in personal unsecured loans for debt consolidation and credit card refinancing. It offers flexible terms, so you can customize your loan to fit your budget and financial goals. The company also provides tools and resources to help customers manage their debt and improve their credit scores.

Once you submit an application online, you can see your rate in minutes, then you can select the terms that most appeal to you.

Reach Financial does charge origination fees (0% to 8% as of publishing). Also keep in mind that if you’re not currently in debt, one of our other top picks might be a better fit for you.

NetCredit

Buyer's Choice Award Winner
Loan amounts
$1,000 to $10,000
Term lengths
6 to 60 months
Minimum credit score
700
3x Award Winner
Selected for having one of the highest satisfaction rates for Best Customer Service, Best Experience with Staff and Best Loan Process

Pros

  • Low minimum borrowing requirement
  • No prepayment penalties

Cons

  • Not available in all states
  • High APRs

Derrick from Arkansas said his experience with NetCredit was “phenomenal.” He told us, “NetCredit is truly amazing and remarkable! They helped me get approved for my cash advance and the funding was soo quickly and readily available. NetCredit is simply the best and they also honor their word as I read in their policy agreement. I am very impressed with the company as a whole and will recommend it to anybody who needs some timely financial assistance.”

Derrick said the company helped him through a financial crisis: “I am very thankful for all of their knowledgeable employees that helped me and I will definitely be using NetCredit again, if ever my financial bind occur again. I'm no longer overwhelmed because a was provided a way out through NetCredit. My head is now above water. I finally could see the light at the end of the tunnel and thank you NetCredit for turning it on for me.”

NetCredit focuses on smaller loans (between $1,000 to $10,000 as of publishing). Its loans can be used for any purpose (e.g., medical payments, car repairs, etc.). While its APRs are higher than rates from other companies on this guide, there’s no penalty for prepaying on your loan. The company does charge late fees, however.

You can check your eligibility for a NetCredit loan online. If you’re happy with your offer and accept the terms, you should see funds in your account within 24 hours.

The company offers loan terms between 6 to 60 months, but smaller loan amounts might require term lengths on the shorter end of this range. Rates and terms also vary by state.

Compare Reviews for Top Personal Loan Companies

Sort
  • Featured
  • Best Rated
  • Most Reviewed
  • Highest Rated

Need cash now? Use our Personal Loans Tool to lock in great offers in minutes!

Personal loan buyers guide

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 getting a personal loan are typically the same across the board.

Key insights

Different lenders cater to different needs. Consider minimum and maximum loan amounts, credit score requirements and repayment terms when choosing a lender.

Jump to insight

Look for a lender with a strong track record of positive customer reviews.

Jump to insight

Make sure you understand all loan terms, fees and APRs before committing.

Jump to insight

A good credit score improves your chances of approval and helps you secure lower interest rates.

Jump to insight

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.

Where to get a personal loan

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.

Secured vs. 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, like your car or savings, which the lender can repossess if you default.

» MORE: Interest rates and how they work

What can I use a personal loan for?

Personal loans can be used for a wide range of purchases. You can also use them to pay down or consolidate others debts. Some lenders restrict personal loan usage — e.g., you might not be able to use them 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 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
Ensure you’re considering the APR (vs. interest rate) when you’re looking at the total cost of your loan. Because the APR includes fees, it provides a fuller picture of total costs over time.

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.

Personal loan interest rates

Interest rates on personal loans vary widely depending on your credit score, income, debt-to-income (DTI) ratio and the lender's terms. Generally, personal loan rates range from around 8% to 36%. 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.

If you’re unhappy with the rate you were given, you can improve your credit by paying off existing debt, reducing your credit utilization and making timely payments. These steps may help you qualify for a better rate in the future.

Below is a general breakdown of typical personal loan APRs by credit score (as of publishing).

Pros and cons of personal loans

Pros

  • Flexibility
  • Quick funds
  • No collateral required
  • Predictable payments

Cons

  • Fees
  • Potentially very high interest rates
  • Can compound financial stress

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.

FAQ

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 prequalification rate in minutes. Some lenders approve borrowers and distribute funds on the same day, while others can take multiple days.

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 are the eligibility requirements for a personal loan?

Eligibility requirements vary by lender, but they typically include the following:

  • Credit score: Most lenders require a minimum credit score of 600 to 660.
  • Income: Lenders want to see that you have a steady income and can afford the monthly payments.
  • Debt-to-income ratio: This is a measure of how much of your monthly income goes toward debt payments. Lenders typically prefer a debt-to-income ratio of 40% or lower.

Methodology

To determine our five top picks, including our pick for the best overall personal loan company, we used a weighted scoring system that took into account both reviews about each company from ConsumerAffairs users and specific company offerings we researched.

We conducted sentence-by-sentence sentiment analysis of thousands of reviews on our site from Oct. 1, 2021, to Sept. 30, 2024, to identify the aspects people care about most — and which companies reviewers were happiest with in terms of these aspects. For personal loans, these included:

  • Loan process
  • Customer service
  • Staff
  • Punctuality

We then carefully selected the most important offerings consumers should consider before choosing a lender and researched these offerings at each company. For personal loans, these features included:

  • Minimum and maximum loan amounts
  • Lowest APR
  • Funding time
  • Credit score requirements
  • Maximum term length

The company with the highest score in each category’s uniquely weighted formula was given the “Our pick for” designation. In some cases where a single company received the top score across multiple categories, the company with the second-highest score was named the winner.

Compare Reviews for Top Personal Loan Companies