PERSONAL LOAN
WINNERS for 2021

Sometimes you need some extra cash to tackle your money goals. Whether the loan is for a big purchase or consolidating debt, our list of winners can help you get there. And while many of the winners are our partners, this did not influence our decisions or opinions. Our opinions are our own.
Best-Of Awards > Personal Loans

Best Personal Loan for Good Credit

Lightstream

on LightStream's website

on LightStream's website

Min. credit score

660

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Long repayment terms on home improvement loans.
  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.
  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history.
  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.
  • Strong payment history with few or no delinquencies.
  • Investments, retirement savings or other evidence of an ability to save money.
  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Read full review
Min. credit score

660

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Long repayment terms on home improvement loans.
  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.
  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history.
  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.
  • Strong payment history with few or no delinquencies.
  • Investments, retirement savings or other evidence of an ability to save money.
  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Read full review

Why this Lender made the list

LightStream wins for good-credit borrowers with low rates, no fees and fast funding. It offers a lowest-rate guarantee and $100 to unhappy customers.

Read our methodology

Best Personal Loan for Fair Credit

Upgrade

on Upgrade's website

on Upgrade's website

Min. credit score

560

Est. APR

7.46-35.97%

Loan amount

$1,000-$50,000

Pros

  • Secured and joint loans.
  • Multiple rate discounts.
  • Mobile app to manage loan payments.
  • Direct payment to creditors with debt consolidation loans.
  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.
  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.
  • Minimum number of accounts on credit history: 1 account.
  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.
  • Minimum length of credit history: 2 years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: 1.85% to 8%.
  • Late Fee: $10.
  • Failed payment fee: $10.

Disclaimer: Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at Upgrade.com/bank-partners.

Read full review
Min. credit score

560

Est. APR

7.46-35.97%

Loan amount

$1,000-$50,000

Pros

  • Secured and joint loans.
  • Multiple rate discounts.
  • Mobile app to manage loan payments.
  • Direct payment to creditors with debt consolidation loans.
  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.
  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.
  • Minimum number of accounts on credit history: 1 account.
  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.
  • Minimum length of credit history: 2 years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: 1.85% to 8%.
  • Late Fee: $10.
  • Failed payment fee: $10.

Disclaimer: Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at Upgrade.com/bank-partners.

Read full review

Why this Lender made the list

Upgrade, a fair-credit lender, has competitive rates plus ways to get a rate discount. It offers joint and secured loans, and financial education for customers.

Read our methodology

Best Personal Loan for Bad Credit

Upstart

on Upstart's website

on Upstart's website

Min. credit score

None

Est. APR

5.42-35.99%

Loan amount

$1,000-$50,000

Pros

  • Accepts borrowers new to credit.
  • Fast funding.
  • Option to change your payment date.
  • Option to pre-qualify with a soft credit check.
  • Offers free financial education

Cons

  • May charge origination fee.
  • No joint, co-signed or secured loans.
  • No mobile app to manage loan.
  • Only two repayment term options.

Qualifications

  • 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 in six months.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 0% - 10%
  • Late fee: 5% of past due amount or $15, whichever is greater.
  • Returned check fee: $15.

Disclaimer: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Read full review
Min. credit score

None

Est. APR

5.42-35.99%

Loan amount

$1,000-$50,000

Pros

  • Accepts borrowers new to credit.
  • Fast funding.
  • Option to change your payment date.
  • Option to pre-qualify with a soft credit check.
  • Offers free financial education

Cons

  • May charge origination fee.
  • No joint, co-signed or secured loans.
  • No mobile app to manage loan.
  • Only two repayment term options.

Qualifications

  • 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 in six months.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 0% - 10%
  • Late fee: 5% of past due amount or $15, whichever is greater.
  • Returned check fee: $15.

Disclaimer: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Read full review

Why this Lender made the list

Upstart stands out for its innovative underwriting model that considers nontraditional data to qualify borrowers, even those with lower credit scores.

Read our methodology

Best Personal Loan for Excellent Credit

SoFi

on SoFi's website

on SoFi's website

Min. credit score

680

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Offers co-sign loan options.
  • Offers 0.25 percentage point rate discount for setting up autopay.
  • Offers unemployment protection.
  • Provides mobile app to manage your loan.

Cons

  • No secured or joint loan option.
  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.
  • Must be a U.S. citizen, permanent resident or visa holder.
  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Read full review
Min. credit score

680

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Offers co-sign loan options.
  • Offers 0.25 percentage point rate discount for setting up autopay.
  • Offers unemployment protection.
  • Provides mobile app to manage your loan.

Cons

  • No secured or joint loan option.
  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.
  • Must be a U.S. citizen, permanent resident or visa holder.
  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Read full review

Why this Lender made the list

SoFi caters to excellent-credit borrowers with low rates and no fees. It offers a mobile app to manage your loan, plus perks like career and financial advice.

Read our methodology

Best Personal Loan for Home Improvement

Lightstream

on LightStream's website

on LightStream's website

Min. credit score

660

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Long repayment terms on home improvement loans.
  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.
  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history.
  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.
  • Strong payment history with few or no delinquencies.
  • Investments, retirement savings or other evidence of an ability to save money.
  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Read full review
Min. credit score

660

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Long repayment terms on home improvement loans.
  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.
  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history.
  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.
  • Strong payment history with few or no delinquencies.
  • Investments, retirement savings or other evidence of an ability to save money.
  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Read full review

Why this Lender made the list

LightStream stands out for home improvement loans with low rates, no fees, large loan amounts and extended loan terms.

Read our methodology

Best Personal Loan From a Bank

Marcus by Goldman Sachs

on Goldman Sachs' website

on Goldman Sachs' website

Min. credit score

730

Est. APR

6.99-24.99%

Loan amount

$3,500-$40,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Option to pre-qualify with a soft credit check.
  • Direct payment to creditors with debt consolidation loans.

Cons

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score: 660 FICO.
  • Must have U.S. bank account.
  • Must provide Social Security number or Individual Tax ID number.

Available Term Lengths

  • 3 to 6 years

Fees

  • Origination fee: None.
  • Late fee: None.
Read full review
Min. credit score

730

Est. APR

6.99-24.99%

Loan amount

$3,500-$40,000

Pros

  • No fees.
  • Rate discount for autopay.
  • Option to pre-qualify with a soft credit check.
  • Direct payment to creditors with debt consolidation loans.

Cons

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score: 660 FICO.
  • Must have U.S. bank account.
  • Must provide Social Security number or Individual Tax ID number.

Available Term Lengths

  • 3 to 6 years

Fees

  • Origination fee: None.
  • Late fee: None.
Read full review

Why this Lender made the list

Marcus by Goldman Sachs stands out among banks that offer personal loans for low rates, no fees, fast funding and flexible payment options.

Read our methodology

Best Personal Loan for Debt Consolidation

Discover

on Discover's website

Min. credit score

720

Est. APR

5.99-24.99%

Loan amount

$2,500-$35,000

Pros

  • No origination fee.
  • Option to pre-qualify with a soft credit check.
  • Fast funding.
  • Mobile app to manage loan.

Cons

  • May charge late fee.
  • No co-sign or joint loan option.
  • No rate discount.

Qualifications

  • Minimum credit score: 720.
  • Must be at least 18 years old.
  • Must be a U.S. citizen or permanent resident.
  • Must have a minimum household income of $40,000.

Available Term Lengths

  • 3 to 7 years

Fees

  • Origination fee: None.
  • Late fee: $39.

Disclaimer: This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 5.99%-24.99% based upon creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 10.99% APR for a term of 72 months, you'll pay just $285 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

Read full review
Min. credit score

720

Est. APR

5.99-24.99%

Loan amount

$2,500-$35,000

Pros

  • No origination fee.
  • Option to pre-qualify with a soft credit check.
  • Fast funding.
  • Mobile app to manage loan.

Cons

  • May charge late fee.
  • No co-sign or joint loan option.
  • No rate discount.

Qualifications

  • Minimum credit score: 720.
  • Must be at least 18 years old.
  • Must be a U.S. citizen or permanent resident.
  • Must have a minimum household income of $40,000.

Available Term Lengths

  • 3 to 7 years

Fees

  • Origination fee: None.
  • Late fee: $39.

Disclaimer: This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 5.99%-24.99% based upon creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 10.99% APR for a term of 72 months, you'll pay just $285 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

Read full review

Why this Lender made the list

For consumers who want to consolidate debt, Discover offers low rates and no origination fee, plus a streamlined process to pay off high-interest credit.

Read our methodology
DISCLAIMER
California: California Finance Lender loans arranged pursuant to Department of Business Oversight Finance Lenders License #60DBO-74812.

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