Best Personal Loan Lenders of July 2024

Compare the best personal loans for good and bad credit, debt consolidation and more.

Last updated on July 1, 2024
Written by 
Lead Writer
Kim Lowe
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked
Ronita Choudhuri-Wade
Written by 
Lead Writer
Kim Lowe
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked

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Best Personal Loan Lenders of July 2024

2024 Best Personal Loan Overall
🏆 Top 3 most visited
🏆 Top 3 most visited
SoFi
SoFi Personal Loan
Best for Personal loans for good to excellent credit
5.0
Rate discount
Est. APR

8.99-29.99%

Loan amount

$5K-$100K

Min. credit score

None

Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
Key Facts:

SoFi is a strong option for good-credit consumers and offers low rates, no fees and flexible payments.

Qualifications:
  • Must legally be an adult in your state.
  • Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
  • Must be employed, have sufficient income or have an offer of employment to start within 90 days.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 0% to 7%.
  • Late fee: None.
Lightstream
LightStream
Best for Home improvement loans
4.5
Rate discount
Est. APR

6.99-25.49%

Loan amount

$5K-$100K

Min. credit score

660

Key Facts:

LightStream targets strong-credit borrowers for loans with no fees and low rates that vary based on loan purpose.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must be at least 18 years old.
  • Minimum credit score: 660.
  • Must have several years of credit history with multiple account types and few or no delinquencies.
  • Must have assets like retirement, investment and savings accounts.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: None.
🏆 Top 3 most visited
🏆 Top 3 most visited
Discover
Discover® Personal Loans
Best for Debt consolidation loans
Fast funding
Est. APR

7.99-24.99%

Loan amount

$2.5K-$40K

Min. credit score

660

Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
  • Minimum credit score: 660.
  • Must be at least 18 years old.
  • Must have a valid U.S. Social Security number.
  • Minimum individual or household annual income of $25,000.
  • Must have an active email address.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: $39.
Upstart
Upstart
Best for Personal loans for short credit history
Fast funding
Flexible payments
Est. APR

7.80-35.99%

Loan amount

$1K-$50K

Min. credit score

None

Key Facts:

Upstart is a good option for those who have short credit histories and promising financial futures.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must be at least 18 in most states.
  • Must have a valid email address and Social Security number.
  • Must have a bank account at a financial institution with a routing number.
  • No bankruptcies in the last 12 months.
  • No current delinquent accounts.
  • Minimum credit score: None.
  • Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
  • Must have a full-time job or be starting a full-time job within six months.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: 0% to 12%.
  • Late fee: 5% of past due amount or $15, whichever is greater.
  • Returned check fee: $15.
🏆 Top 3 most visited
🏆 Top 3 most visited
Upgrade
Upgrade
Best for Personal loans for bad to fair credit
Rate discount
Est. APR

8.49-35.99%

Loan amount

$1K-$50K

Min. credit score

560

Key Facts:

Upgrade offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Qualifications:
  • Minimum credit score: 560.
  • Minimum number of accounts on credit history: One account.
  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.
  • Minimum length of credit history: Two years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.
Happy Money
Happy Money
Best for Personal loans for credit card consolidation
Fast funding
Est. APR

11.72-17.99%

Loan amount

$5K-$40K

Min. credit score

640

Key Facts:

Happy Money offers loans plus ongoing support to help good-credit borrowers consolidate credit card debt.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must have a valid Social Security number.
  • Minimum credit score: 640.
  • Minimum credit history: 6 years and 2 accounts.
  • Maximum debt-to-income ratio: 55%.
  • No bankruptcies filed in past two years.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 1.5% to 5%.
BestEgg
Best Egg
Best for Secured loans
Secured loans
Wide range of loan amounts
Est. APR

8.99-35.99%

Loan amount

$2K-$50K

Min. credit score

600

Key Facts:

Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.

Qualifications:
  • Minimum credit score: 600.
  • Must be a U.S. citizen.
  • Minimum credit history: 24 months and 1 account.
  • Minimum annual income: $3,500.
  • Maximum debt-to-income ratio: 40% or 65% including mortgage.
Available Term Lengths:3 to 5 years
Fees:
  • Origination fee: 0.99% - 9.99%.
Lending Club
LendingClub
Best for Joint personal loans
Flexible payments
Est. APR

8.98-35.99%

Loan amount

$1K-$40K

Min. credit score

600

Check Rate
on NerdWallet
on NerdWallet
Key Facts:

LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.

Qualifications:
  • Minimum credit score: 600; average borrower score is above 700.
  • Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
  • Maximum DTI: 40%.
  • Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 3% to 8%.
  • Late fee: 5% of payment or $15 after 15-day grace period.
2024 Best Personal Loan Overall
SoFi
🏆 Top 3 most visited
SoFi Personal LoanBest for Personal loans for good to excellent credit
🏆 Top 3 most visited
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Best for Personal loans for good to excellent credit
Rate discount
Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
Key Facts:

SoFi is a strong option for good-credit consumers and offers low rates, no fees and flexible payments.

Qualifications:
  • Must legally be an adult in your state.
  • Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
  • Must be employed, have sufficient income or have an offer of employment to start within 90 days.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 0% to 7%.
  • Late fee: None.
Lightstream
LightStreamBest for Home improvement loans
Est. APR
6.99-25.49%
Loan amount
$5K-$100K
Min. credit score
660
Best for Home improvement loans
Rate discount
Key Facts:

LightStream targets strong-credit borrowers for loans with no fees and low rates that vary based on loan purpose.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must be at least 18 years old.
  • Minimum credit score: 660.
  • Must have several years of credit history with multiple account types and few or no delinquencies.
  • Must have assets like retirement, investment and savings accounts.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: None.
Discover
🏆 Top 3 most visited
Discover® Personal LoansBest for Debt consolidation loans
🏆 Top 3 most visited
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
Best for Debt consolidation loans
Fast funding
Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
  • Minimum credit score: 660.
  • Must be at least 18 years old.
  • Must have a valid U.S. Social Security number.
  • Minimum individual or household annual income of $25,000.
  • Must have an active email address.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: $39.
Upstart
UpstartBest for Personal loans for short credit history
Est. APR
7.80-35.99%
Loan amount
$1K-$50K
Min. credit score
None
Best for Personal loans for short credit history
Fast funding
Flexible payments
Key Facts:

Upstart is a good option for those who have short credit histories and promising financial futures.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must be at least 18 in most states.
  • Must have a valid email address and Social Security number.
  • Must have a bank account at a financial institution with a routing number.
  • No bankruptcies in the last 12 months.
  • No current delinquent accounts.
  • Minimum credit score: None.
  • Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
  • Must have a full-time job or be starting a full-time job within six months.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: 0% to 12%.
  • Late fee: 5% of past due amount or $15, whichever is greater.
  • Returned check fee: $15.
Upgrade
🏆 Top 3 most visited
UpgradeBest for Personal loans for bad to fair credit
🏆 Top 3 most visited
Est. APR
8.49-35.99%
Loan amount
$1K-$50K
Min. credit score
560
Best for Personal loans for bad to fair credit
Rate discount
Key Facts:

Upgrade offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Qualifications:
  • Minimum credit score: 560.
  • Minimum number of accounts on credit history: One account.
  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.
  • Minimum length of credit history: Two years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.
Happy Money
Happy MoneyBest for Personal loans for credit card consolidation
Est. APR
11.72-17.99%
Loan amount
$5K-$40K
Min. credit score
640
Best for Personal loans for credit card consolidation
Fast funding
Key Facts:

Happy Money offers loans plus ongoing support to help good-credit borrowers consolidate credit card debt.

Qualifications:
  • Must be a U.S. citizen or permanent resident.
  • Must have a valid Social Security number.
  • Minimum credit score: 640.
  • Minimum credit history: 6 years and 2 accounts.
  • Maximum debt-to-income ratio: 55%.
  • No bankruptcies filed in past two years.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 1.5% to 5%.
BestEgg
Best EggBest for Secured loans
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Best for Secured loans
Secured loans
Wide range of loan amounts
Key Facts:

Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.

Qualifications:
  • Minimum credit score: 600.
  • Must be a U.S. citizen.
  • Minimum credit history: 24 months and 1 account.
  • Minimum annual income: $3,500.
  • Maximum debt-to-income ratio: 40% or 65% including mortgage.
Available Term Lengths:3 to 5 years
Fees:
  • Origination fee: 0.99% - 9.99%.
Lending Club
LendingClubBest for Joint personal loans
Est. APR
8.98-35.99%
Loan amount
$1K-$40K
Min. credit score
600
Best for Joint personal loans
Flexible payments
Check Rate
on NerdWallet
on NerdWallet
Key Facts:

LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.

Qualifications:
  • Minimum credit score: 600; average borrower score is above 700.
  • Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
  • Maximum DTI: 40%.
  • Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 3% to 8%.
  • Late fee: 5% of payment or $15 after 15-day grace period.

On this page

Best place to get a personal loan

You can get a personal loan from online lenders, banks and credit unions. The best option is one where you can get the rate, terms and features that fit your financial situation.

Loans from online lenders

With an online lender, the process of getting a loan — from application to funding — can be completed on your own schedule without having to leave home. Online lenders typically provide the fastest funding times. Some even have same- or next-day funding.

Loans from banks

Some banks provide rate discounts and perks to existing customers. These lenders typically require borrowers to have good to excellent credit (scores of 690 or higher) to qualify for personal loans.

Loans from credit unions

To get a personal loan from a credit union, you must first be a member. Credit unions are usually more willing to lend to borrowers who have fair or bad credit (scores below 690), and federal credit unions cap interest rates at 18%.

» MORE: Online vs. in person loan: Which is better?

How to compare the best personal loan lenders

Here are things to consider as you shop for a personal loan.

Pre-qualification. Many lenders let you pre-qualify online to check your estimated interest rate and loan terms. This process involves a soft credit check, which won’t affect your credit score. It pays to pre-qualify for a loan with multiple lenders and compare offers and loan features.

Annual percentage rates. Because APRs include interest rates and fees, they offer an apples-to-apples cost comparison for borrowers deciding between personal loan offers. Use our personal loan calculator to see how APR affects monthly payments and total loan costs.

Funding time. The time it takes to get a personal loan can depend on the type of lender. Many online lenders will approve your application and send funds within a day or two after you apply. Banks and credit unions may take up to a week.

Repayment terms. Lenders may offer a wide variety of repayment terms. They typically range from two to seven years. A shorter-term loan means you’ll pay less interest while a longer term gives you lower monthly payments. Based on your budget, one may make more financial sense than the other.

Loan amount. Depending on how much money you need, certain lenders could be a better fit than others. Most lenders offer small to midsize loan amounts of $2,000 to $50,000, but some provide up to $100,000. Determine the amount you need, whether that means adding up your credit card debt to consolidate or getting a cost estimate on a home improvement project, and compare lenders that can offer that size loan.

Special features. See if the lender you’re considering offers any perks that could help you reach your financial goals. You may benefit from features like rate discounts for setting up autopay, financial planning or hardship assistance programs.

Explore the top personal loans and lenders in each of these categories:

Personal loan interest rates and fees

Personal loan interest rates differ by lender, and the rate you receive depends on factors like your credit score, income and debt-to-income ratio (DTI). Here’s a look at current average personal loan rates.

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

11.10%.

Good

690-719.

13.74%.

Fair

630-689.

17.51%.

Bad

300-629.

21.83%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from June 1, 2024, through June 30, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.

Some lenders charge origination fees to cover the cost of processing the loan. Lenders typically deduct the fee before sending you the funds, but it is included in the loan’s annual percentage rate.

Some lenders also charge late payment fees and nonsufficient funds fees, which are charged when you don’t have enough in your bank account to cover the loan’s monthly payment.

Pros and cons of personal loans

Depending on your financial situation and the loan’s purpose, a personal loan can be the right move or one you should sidestep.

Pros

  • Lower starting APRs than credit cards.
  • Fixed rates and monthly payments.
  • Flexible loan amounts.
  • No collateral.

Cons

  • Maximum APRs can be high.
  • Possible fees.
  • Increases debt.

Pros

Lower starting APRs than credit cards. For borrowers with strong credit, personal loans typically have lower APRs than credit cards. While some credit cards offer 0% interest during an introductory period, the rates are generally higher after the period ends.

Fixed rates and monthly payments. Personal loans have fixed rates and monthly payments over a set term, so you always know what you owe and for how long. Other financing options like home equity lines of credit have variable rates, meaning the monthly payments fluctuate.

Flexible loan amounts. Depending on the lender and your creditworthiness, you may have access to personal loan amounts of $1,000 to $100,000. This range meets a wide variety of expenses, from small emergencies to large home improvement projects.

No collateral. Unlike home equity loans that require you to secure the loan with your house, unsecured personal loans don’t require collateral. You risk hurting your credit if you can’t repay, but you won't lose any assets.

Cons

Maximum APRs can be high. If you have a low credit score, APRs on personal loans can be higher than credit card APRs.

Possible fees. Borrowers may have to pay fees — like origination or late fees — along with their loan payments.

Increases debt. Taking a personal loan adds debt to your budget, so it's important to factor in the additional obligation and feel comfortable about paying it off.

How to get a personal loan

  1. Check your credit. Your credit score is a primary factor lenders use to determine whether you qualify for a personal loan and the rate you receive. Resolve any errors that might be hurting your score and, if you can, pay down debts to reduce your DTI ratio. Get a free credit report with NerdWallet or at AnnualCreditReport.com.

  2. Pre-qualify with multiple lenders. Pre-qualifying gives you an idea of the rate and terms you can expect. Compare pre-qualified offers to find the lowest APR and monthly payments that fit your budget.

  3. Apply. The formal application process requires documents to verify your identity and income. Once approved, you’ll typically receive your loan funds within a week.

Frequently asked questions

  • Lenders have different requirements but generally consider your credit profile, income and debts during the loan approval process. You’ll typically need to submit proof of your identity and financial information, which can include documents such as your driver’s license, Social Security number, pay stubs, tax returns and bank statements.

  • Most lenders will ask about the purpose of the loan, but you can use a personal loan for almost any reason. A lender may have restrictions on using the money for specific purposes, like higher education or investing.

  • Once you’ve submitted the application, lenders can usually let you know if you’ve been approved within one to two days. Most lenders can fund a personal loan within a week, though some offer same- or next-day funding.

  • Borrowers with low income may qualify for personal loans offered by lenders with soft income requirements. Some lenders don’t have minimum income requirements. Include all sources of income — child support, alimony or Social Security payments — on your application to increase your chances of qualifying for a loan.

Next step: Pre-qualify for a personal loan

You can pre-qualify on NerdWallet and see rates from lenders that partner with us. Pre-qualifying triggers a soft credit check, which doesn't impact your score.

PRE-QUALIFY ON NERDWALLET

Last updated on July 1, 2024

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender 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.

To recap our selections...

NerdWallet's Best Personal Loan Lenders of July 2024

  • SoFi Personal Loan: Best for Personal loans for good to excellent credit
  • LightStream: Best for Home improvement loans
  • Discover® Personal Loans: Best for Debt consolidation loans
  • Upstart: Best for Personal loans for short credit history
  • Upgrade: Best for Personal loans for bad to fair credit
  • Happy Money: Best for Personal loans for credit card consolidation
  • Best Egg: Best for Secured loans
  • LendingClub: Best for Joint personal loans
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