2020's Personal
Loan Winners

Whether you need to finance an XL purchase or consolidate debt, 2020's best lenders can help you get there. And while this year's winners are our partners, it in no way influenced our decisions or opinions.

Best-Of Awards > Personal Loans

Best Personal Loan for Excellent Credit

SoFi

on SoFi's website

on SoFi's website

Min. Credit Score

680

Est. APR

5.99 - 18.53%

Loan Amount

$5,000 - $100,000

Pros

  • Soft credit check with pre-qualify.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.
  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

  • 2 to 7 years

Fees

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

Disclaimer: Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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

5.99 - 18.53%

Loan Amount

$5,000 - $100,000

Pros

  • Soft credit check with pre-qualify.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.
  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

  • 2 to 7 years

Fees

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

Disclaimer: Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, no fees and flexible payments. Customers also get perks like online forums for financial advice.

Read our methodology

Best Personal Loan for Good Credit

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Why this LENDER made the list

For borrowers with excellent credit, LightStream offers low rates, no fees, large loan amounts and extended loan terms for home improvement loans.

Read our methodology

Best Personal Loan for Fair Credit

Upgrade

on Upgrade's website

on Upgrade's website

Min. Credit Score

580

Est. APR

7.99 - 35.97%

Loan Amount

$1,000 - $50,000

Pros

  • Allows secured, co-signed and joint loans.
  • Offers rate discount with direct payment to creditors on debt consolidation loans.
  • Rate discount for autopay.

Cons

  • Charges origination fee.
  • Charges late fee.

Qualifications

  • Minimum credit score: 580.
  • Minimum annual income: None; average borrower income is $87,000.
  • Minimum credit history: 3 years.
  • Minimum number of accounts on credit history: 2.
  • Minimum monthly free cash flow: $800.
  • Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.
  • Average loan amount is $10,000.
  • Average repayment term is 40 months.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 2.9% to 8%.

Disclaimer: Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Read full review
Min. Credit Score

580

Est. APR

7.99 - 35.97%

Loan Amount

$1,000 - $50,000

Pros

  • Allows secured, co-signed and joint loans.
  • Offers rate discount with direct payment to creditors on debt consolidation loans.
  • Rate discount for autopay.

Cons

  • Charges origination fee.
  • Charges late fee.

Qualifications

  • Minimum credit score: 580.
  • Minimum annual income: None; average borrower income is $87,000.
  • Minimum credit history: 3 years.
  • Minimum number of accounts on credit history: 2.
  • Minimum monthly free cash flow: $800.
  • Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.
  • Average loan amount is $10,000.
  • Average repayment term is 40 months.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 2.9% to 8%.

Disclaimer: Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Read full review
Why this LENDER made the list

Upgrade is designed for borrowers with fair credit, offering financial help like credit monitoring and education in addition to loans with competitive rates.

Read our methodology

Best Personal Loan for Bad Credit

Avant

on Avant's website

on Avant's website

Min. Credit Score

580

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

Pros

  • Able to fund loans within one business day.
  • Soft credit check with pre-qualification.
  • Option to change your payment date.

Cons

  • Charges origination fee.
  • No option to include co-signer.

Qualifications

  • Minimum credit score of 580.
  • At least $20,000 in gross annual income.

Available Term Lengths

  • 2 to 5 years

Fees

  • Administrative fee: Up to 4.75%.
  • Late fee: $25 (most states).
  • Unsuccessful payment fee: $15 (most states).

Disclaimer: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC

Read full review
Min. Credit Score

580

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

Pros

  • Able to fund loans within one business day.
  • Soft credit check with pre-qualification.
  • Option to change your payment date.

Cons

  • Charges origination fee.
  • No option to include co-signer.

Qualifications

  • Minimum credit score of 580.
  • At least $20,000 in gross annual income.

Available Term Lengths

  • 2 to 5 years

Fees

  • Administrative fee: Up to 4.75%.
  • Late fee: $25 (most states).
  • Unsuccessful payment fee: $15 (most states).

Disclaimer: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC

Read full review
Why this LENDER made the list

Avant targets borrowers with bad credit scores, offering relatively low starting rates, flexible payment features and an option to refinance to a lower rate.

Read our methodology

Best Personal Loan From a Bank

Marcus by Goldman Sachs

on Goldman Sachs's website

on Goldman Sachs's website

Min. Credit Score

660

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Wide variety of repayment term options.
  • Rate discount for autopay.
  • Offers direct payment to creditors for debt consolidation loans.


Cons

  • No co-sign, joint or secured loan option.
  • Funding could take up to four business days.

Qualifications

  • Minimum credit score: 680.
  • Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.
  • Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.
  • May need to provide proof of income, including recent pay stubs or bank statements.

Available Term Lengths

  • 3 to 6 years

Fees

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

Disclaimer: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Read full review
Min. Credit Score

660

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Wide variety of repayment term options.
  • Rate discount for autopay.
  • Offers direct payment to creditors for debt consolidation loans.


Cons

  • No co-sign, joint or secured loan option.
  • Funding could take up to four business days.

Qualifications

  • Minimum credit score: 680.
  • Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.
  • Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.
  • May need to provide proof of income, including recent pay stubs or bank statements.

Available Term Lengths

  • 3 to 6 years

Fees

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

Disclaimer: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Read full review
Why this LENDER made the list

Among banks that offer personal loans, Marcus stands out for low rates, no fees, flexible payment options and a transparent online application process.

Read our methodology

Best Personal Loan for Home Improvement

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Why this LENDER made the list

For borrowers with excellent credit, LightStream offers low rates, no fees, large loan amounts and extended loan terms for home improvement loans.

Read our methodology

Best Personal Loan for Fast Funding

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Pros

  • No fees.
  • Competitive rates among online lenders.
  • Rate discount for autopay.
  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.
  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 660.
  • Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
  • 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: 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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Read full review
Why this LENDER made the list

In addition to low rates and no fees, LightStream offers same-day funding for applications accepted by midafternoon.

Read our methodology

Best Personal Loan for Flexible Terms

SoFi

on SoFi's website

on SoFi's website

Min. Credit Score

680

Est. APR

5.99 - 18.53%

Loan Amount

$5,000 - $100,000

Pros

  • Soft credit check with pre-qualify.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.
  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

  • 2 to 7 years

Fees

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

Disclaimer: Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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

5.99 - 18.53%

Loan Amount

$5,000 - $100,000

Pros

  • Soft credit check with pre-qualify.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.
  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

  • 2 to 7 years

Fees

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

Disclaimer: Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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

In addition to low rates and no fees, SoFi's flexible payment options include the ability to change your due date and suspend payments if you lose your job.

Read our methodology

Best Personal Loan for Debt Consolidation

Discover
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

Pros

  • No origination fee.
  • Option to directly pay creditors.
  • Flexible payment options.

Cons

  • Charges late fees.
  • No refinancing option.

Qualifications

  • Minimum credit score required: 660; borrowers' average score is about 750.
  • Minimum credit history: Not provided.
  • Maximum debt-to-income ratio: Not provided.

Available Term Lengths

  • 3 to 5 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 6.99-24.99% based upon creditworthiness at time of application. Not all applications will be approved.

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Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

Pros

  • No origination fee.
  • Option to directly pay creditors.
  • Flexible payment options.

Cons

  • Charges late fees.
  • No refinancing option.

Qualifications

  • Minimum credit score required: 660; borrowers' average score is about 750.
  • Minimum credit history: Not provided.
  • Maximum debt-to-income ratio: Not provided.

Available Term Lengths

  • 3 to 5 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 6.99-24.99% based upon creditworthiness at time of application. Not all applications will be approved.

Read full review
Why this LENDER made the list

Discover caters to borrowers who want to consolidate debt, offering low rates, no origination fees, flexible payment options and direct payments to creditors.

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