Best Personal Loan Lenders of June 2024

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

Ronita Choudhuri-Wade
Written by
Last updated on May 13, 2024
Edited by
✅ Fact checked and reviewed
Kim Lowe
Edited by
✅ Fact checked and reviewed

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NerdWallet’s

Best of Award Winner
Best Personal LoanOverall
SoFi
SoFi Personal Loan
SoFi
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
on SoFi's website
More details

Why our nerds love it

SoFi stands out with competitive rates, no required fees and multiple rate discounts. It offers fast funding, a wide range of loan amounts and terms, plus perks like free financial advice. Read our methodology

Read our methodology
See all winners

Best Personal Loan Lenders of June 2024

Lender
NerdWallet Rating
Est. APR
Loan amount
Min. credit score
Learn more
SoFi

SoFi Personal Loan

Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
🏆 Top 3 most visited
Rate discount

8.99-29.99%

$5,000-$100,000

None

Upgrade

Upgrade

5.0
/5
Best for Personal loans for bad to fair credit

8.49-35.99%

$1,000-$50,000

560

Discover

Discover® Personal Loans

5.0
/5
Best for Debt consolidation loans

7.99-24.99%

$2,500-$40,000

660

Lightstream

LightStream

4.5
/5
Best for Home improvement loans

6.99-25.49%

$5,000-$100,000

660

Upstart

Upstart

4.5
/5
Best for Personal loans for short credit history

7.80-35.99%

$1,000-$50,000

None

Happy Money

Happy Money

Check Rate
on NerdWallet
on NerdWallet
4.5
/5
Best for Personal loans for credit card consolidation

11.72-17.99%

$5,000-$40,000

640

BestEgg

Best Egg

4.5
/5
Best for Secured loans

8.99-35.99%

$2,000-$50,000

600

Lending Club

LendingClub

4.5
/5
Best for Joint personal loans

8.98-35.99%

$1,000-$40,000

600

Explore all of our lender picks by category

Our pick for

Home improvement loans

Lightstream
Visit Lender
on LightStream's website
on LightStream's website
Lightstream

LightStream

4.5
Est. APR

6.99-25.49%

Loan amount

$5,000-$100,000

Min. credit score

660

Our pick for

Personal loans for good to excellent credit

SoFi
SoFi

SoFi Personal Loan

Est. APR

8.99-29.99%

Loan amount

$5,000-$100,000

Min. credit score

None

Our pick for

Personal loans for bad to fair credit

Upgrade
Upgrade

Upgrade

Est. APR

8.49-35.99%

Loan amount

$1,000-$50,000

Min. credit score

560

Our pick for

Personal loans for short credit history

Upstart
Upstart

Upstart

Est. APR

7.80-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None

Our pick for

Personal loans for credit card consolidation

Happy Money
Happy Money

Happy Money

Est. APR

11.72-17.99%

Loan amount

$5,000-$40,000

Min. credit score

640

Our pick for

Debt consolidation loans

Discover
Discover

Discover® Personal Loans

Est. APR

7.99-24.99%

Loan amount

$2,500-$40,000

Min. credit score

660

Our pick for

Secured loans

BestEgg
BestEgg

Best Egg

Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

600

Our pick for

Joint personal loans

Lending Club
Lending Club

LendingClub

Est. APR

8.98-35.99%

Loan amount

$1,000-$40,000

Min. credit score

600

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.

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.

» MORE: Best online loans

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%.

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 the same or next day after you apply. Banks and credit unions may take up to a week.

Repayment terms. Lenders may offer repayment terms 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. Most lenders offer small to midsize loan amounts of $2,000 to $50,000, but some provide up to $100,000. Determining the amount you need will help you compare and decide.

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 what interest rates on personal loans look like, on average:

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

12.37%.

Good

690-719.

14.87%.

Fair

630-689.

18.40%.

Bad

300-629.

21.93%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from April 1, 2024, through April 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. This one-time fee is included in the loan’s annual percentage rate, so consider this when comparing costs between lenders.

Lenders may also charge late 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 in 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, regular credit card APRs are often above 18%.

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. A personal loan can cover a wide array 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 reach nearly 36%, which ishigher than maximum credit card APRs.

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

Increase in 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 in 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. 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

  • Personal loan requirements vary between lenders, but your credit profile, income and outstanding debts are major factors on an application. You’ll typically need to submit proof of your identity and financial information, which can include documents such as a driver’s license, Social Security number, pay stubs, tax returns and bank statements.

  • Most lenders ask why you're borrowing, 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.

  • Pre-qualify with multiple lenders and use APR for the best apples-to-apples comparison of the cost of the loan. Typically, the lender that offers the lowest APR is the best one. Other factors to consider include loan amount, repayment terms, funding times and special features, such as a mobile app.

  • Once you’ve submitted the application, lenders can usually make an approval decision within one to two days. Most lenders can fund a personal loan within a week, and many offer same- or next-day funding.

  • Borrowers with low incomes may qualify with lenders that have soft income requirements. Some lenders don’t have minimum income requirements at all. Include all sources of income — child support, alimony or Social Security payments — on your application to improve your chance 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 May 13, 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 June 2024

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