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Online lenders, credit unions and banks all offer personal loans. The best place to get a personal loan depends on where you can get the best annual percentage rate plus the loan term and features that you need.
» MORE: Compare the best personal loans
Personal loans from online lenders
These lenders offer a convenient way to find and compare personal loans online.
Top online lenders for personal loans
Here are three of the top-rated online lenders offering personal loans.
- Loan amount: $1,000 to $50,000.
- APR: 7.74% to 35.99%.
- Min. credit score: 600.
- Loan amount: $1,000 to $60,000.
- APR: 6.53% to 35.99%.
- Min. credit score: 600.
- Loan amount: $5,000 to $100,000.
- APR: 6.49% to 24.89%.
- Min. credit score: 660.
» COMPARE: Best online lenders
How online loans stand out
Online lenders typically offer the fastest way to get a personal loan, with some loans approved and funded the same day you apply or the next business day.
Most online lenders let you pre-qualify to preview your potential rate and term before formally applying. Lenders perform a soft credit check when you pre-qualify, so you can compare offers from multiple lenders without impacting your credit score.
Some online lenders target good- or excellent-credit borrowers (those with credit scores in the mid 600s and above) by offering high loan amounts and low interest rates. Others cater to fair- or bad-credit borrowers (credit scores from the low 600s and below).
Rates for bad-credit loans are usually on the higher end, but a lender may consider factors beyond your score, such as your education or employment.
Pros and cons of getting a personal loan from an online lender
Pros
Can pre-qualify before committing to a loan.
Convenient and fast application process.
Cons
Potentially higher APRs for bad- and fair-credit borrowers.
No in-person support.
Personal loans from credit unions
Personal loans from credit unions may have lower annual percentage rates and less strict borrowing requirements compared to banks and online lenders.
Top credit unions for personal loans
Here are three of the top credit unions for personal loans.
- Loan amount: $500 to $50,000.
- APR: 7.89% to 18%.
- Min. credit score: None.
- Loan amount: 600 to $50,000.
- APR: 7.99% to 17.99%.
- Min. credit score: None.
- Loan amount: $250 to $50,000.
- APR: 8.99% to 18%.
- Min. credit score: None.
» COMPARE: Best credit unions for personal loans
How credit union loans stand out
One vital thing to know about getting a personal loan from a credit union: You typically must become a credit union member, which could require a small fee.
Credit unions may have softer requirements for borrowers with fair and bad credit compared to banks. Many consider your history as a member during the loan application process, which can help your chances of approval.
Federally chartered credit unions cap APRs at 18%, so borrowers with imperfect credit may receive lower rates than they would elsewhere. (Many banks and online lenders have maximum APRs around 36%.)
Credit unions also tend to provide smaller personal loans than other lenders, which can be ideal if you need money to cover a minor car repair or other small expense. You may get a credit union loan for less than $1,000, while most other lenders have minimum loan amounts starting at $1,000 or higher.
Pros and cons of getting a personal loan from a credit union
Pros
Low APRs for fair- and bad-credit borrowers.
Softer eligibility requirements.
Small loans available.
Cons
Membership required.
Personal loans from banks
National banks offer personal loans with competitive rates and in-person support.
Top banks for personal loans
Here are three of the top-rated banks offering personal loans.
- Loan amount: $2,500 to $40,000.
- APR: 7.99% to 24.99%.
- Min. credit score: 660.
- Loan amount: $1,000 to $50,000.
- APR: 8.74% to 24.99%.
- Min. credit score: 680.
- Loan amount: $3,000 to $100,000.
- APR: 6.74% to 26.74%.
- Min. credit score: None.
» COMPARE: Best banks for personal loans
How bank loans stand out
You’ll likely need good credit to qualify for a personal loan from a bank. However, you may be able to get a low rate or a large loan amount, especially if you’re an existing customer.
Some banks, such as Wells Fargo, require loan applicants to have an active checking or savings account before applying. While many banks have online loan applications, some may require you to complete the process in person.
Unlike getting a loan from an online lender, if you want to speak with a lender or customer service representative in person, you may be able to visit a branch near you.
Pros and cons of getting a personal loan from a bank
Pros
May offer rate discounts or better terms to existing customers.
In-person support.
Cons
May require good credit.
May need to be an existing customer.
Discover how and where to get a personal loan
How to choose a lender
Here’s what to keep in mind when shopping for a personal loan.
Annual percentage rate: APR is the best apples-to-apples cost comparison between two loans. You’ll typically save money by choosing the loan with the lowest APR.
Fees: Fees add to the cost of borrowing. Check to see if the loan you’re considering comes with an origination fee, which lenders often charge to cover the cost of processing a loan. You may also encounter fees for making late loan payments or if you make a payment but don’t have enough money in your bank account to cover it.
🤓 Nerdy Tip
You’ll see that many lenders charge origination fees, which can be up to 10% of the loan amount and are typically taken from the loan proceeds. Say you get a $20,000 loan with a 5% origination fee. That 5% — or $1,000 — would be deducted from your loan and leave you with $19,000. And while you receive the lesser amount, you must still repay the higher amount. Repayment term: Typical personal loan repayment terms are two to seven years. If you choose a shorter loan term, you’ll pay less interest overall but have higher monthly payments. A longer loan term means lower monthly payments but more total interest.
Monthly payment: Review your budget to see what monthly payment you can afford. It’s important that you feel confident about being able to consistently make loan payments, because missed payments could damage your credit score. Use NerdWallet’s personal loan calculator to estimate monthly payments on a loan based on your desired loan amount, expected rate and repayment term.
Extra features: If you’re deciding between two similar loan offers, compare any consumer-friendly features the lenders offer. For example, with some debt consolidation loans, lenders will send money directly to creditors, eliminating that step for you. Other lenders may let you change your payment due date or skip a payment if you’re facing financial hardship.
Personal loans from our partners
SoFi 
APR
8.74-35.49%
Loan Amount
$5K-$100K
Avant 
APR
9.95-35.99%
Loan Amount
$2K-$35K
Best Egg 
APR
6.99-35.99%
Loan Amount
$2K-$50K
Types of loans to avoid
Loans with high interest rates and short repayment periods can be costly and should be a last resort after considering other borrowing options.
Payday loans: Payday loans are small, high-cost loans that you need to repay by your next payday. Fees can be about $15 for every $100 borrowed, which makes the APR nearly 400% for a two-week loan. Many payday loan borrowers find themselves in a cycle of debt, borrowing again if they aren’t able to repay the loan when it's due.
High-interest installment loans: High-interest installment loans with rates above 36% and repayment periods ranging from a few weeks to several months can also be difficult to repay. Most consumer advocates consider a loan with interest rates above 36% to be unaffordable.
Next steps
Pre-qualify for a personal loan through NerdWallet to compare loan offers from our trusted lending partners. Pre-qualifying is quick, free and does not impact your credit score.
Frequently Asked Questions
Where is the best place to get a personal loan?
Where you get a personal loan depends on which lender offers the best rate and terms for your financial situation. It's best to pre-qualify with multiple lenders to compare loan offers and find monthly payments that fit your budget.
Where is the best place to get a personal loan if you have bad credit?
Online lenders and credit unions tend to be the best options for borrowers with bad credit. Online lenders often lend to borrowers across the credit spectrum. Credit unions may have less strict borrowing requirements and offer lower rates.
Where is the best place to get a small personal loan?
Credit unions typically offer smaller loan amounts, starting at $250, which is lower than other types of lenders.
Where is the best place to get a personal loan quickly?
Online lenders are often the most convenient place to get a personal loan quickly if you’re comfortable applying online. There are online lenders that approve applications and send loan funds the same or next business day.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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