Best Personal Loan Lenders of October 2026
Jul 1, 2025
The best personal loan lenders offer affordable monthly payments at a rate that fits your budget. Other loan features, including no fees, rate discounts and mobile apps set some lenders apart. Compare personal loans from multiple lenders before making a choice.
| Lender | NerdWallet rating | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
NerdWallet rating: 4.6 out of 5 stars Excellent for borrowers with good to excellent credit | 6.49 - 35.49% | $5K - $100K | None | Get a quoteon SoFi's website | |
NerdWallet rating: 4.4 out of 5 stars Excellent for borrowers with short credit histories | 6.20 - 35.99% | $1K - $75K | None | Get a quoteon Upstart's website | |
NerdWallet rating: 4.4 out of 5 stars Excellent for home improvement loans | 9.99 - 24.94% | $5K - $100K | 660 | Get a quoteon LightStream's website | |
NerdWallet rating: 4.6 out of 5 stars Excellent for borrowers with bad to fair credit | 7.74 - 35.99% | $1K - $75K | 600 | Get a quoteon Upgrade's website | |
NerdWallet rating: 4.4 out of 5 stars Excellent for secured personal loans | 6.99 - 35.99% | $2K - $50K | 600 | Get a quoteon Best Egg's website | |
NerdWallet rating: 4.5 out of 5 stars Excellent for joint personal loans | 5.96 - 35.99% | $1K - $75K | 600 | Get a quoteon Happen Bank (Formerly Lending Club)'s website |
Excellent for
borrowers with good to excellent credit
Est. APR
6.49 - 35.49%
Loan amount
$5K - $100K
Min. credit score
None
Loan term
2 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Autopay, Direct payment to creditors, and Direct deposit accounts
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, and Other large purchase
Pros
- Multiple rate discounts.
- Joint loans.
- Hardship assistance.
Cons
- High minimum loan amount.
- No secured loans.
Excellent for
home improvement loans
Est. APR
9.99 - 24.94%
Loan amount
$5K - $100K
Min. credit score
660
Loan term
2 to 20 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Min income:
- No minimum requirement
- Soft credit check:
- No
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Emergency expenses, Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, PreK-12 education, and Other large purchase
Pros
- Competitive APRs
- Rate discounts
- No fees
- Large loans and long repayment terms
- Same-day funding
Cons
- Limited ability to pre-qualify
- High minimum loan amount
- No direct payment to creditors
- No mobile app
Excellent for
joint personal loans
Est. APR
5.96 - 35.99%
Loan amount
$1K - $75K
Min. credit score
600
Loan term
2 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- Next day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Auto-pay discount: 0.5 percentage points. and Direct pay to creditors discount: 0.5 percentage points.
- Min income:
- None
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, and Other large purchase
Pros
- Multiple rate discounts.
- Next-day funding.
- Wide range of loan amounts and repayment terms.
Cons
- May have an origination fee.
- Debt-to-income ratio cannot exceed 40%.
Excellent for
borrowers with bad to fair credit
Est. APR
7.74 - 35.99%
Loan amount
$1K - $75K
Min. credit score
600
Loan term
2 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- 1 day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- AutoPay discount, Direct pay to creditors discount, Auto-secured discount, and Existing customer discount
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Emergency expenses (car repair, vet bill, etc), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, and Other large purchase
Pros
- Multiple rate discounts.
- Secured and co-signed loans.
- Fast funding.
- Wide range of loan amounts and repayment terms.
Cons
- Origination fee
- No option to choose repayment date
Excellent for
secured personal loans
Est. APR
6.99 - 35.99%
Loan amount
$2K - $50K
Min. credit score
600
Loan term
3 to 5 years
Pros, Cons, and Our View
- Time to get funds:
- Next business day
- Availability:
- Unavailable in IA, VT, WV, and DC
- Rate discounts:
- None
- Min income:
- Varies by state
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Business expenses, Education expenses, Auto/motorcycle/boat financing, and Other large purchase
Pros
- Offers secured and unsecured loans.
- Works with a variety of credit situations.
- Lets you pre-qualify with a soft credit check.
- Will directly pay your creditors when the loan is for debt consolidation.
Cons
- Has an origination fee.
- Requires at least a 600 credit score.
- Doesn't offer co-signed or joint loans.
- Short repayment terms aren't available.
Excellent for
borrowers with short credit histories
Est. APR
6.20 - 35.99%
Loan amount
$1K - $75K
Min. credit score
None
Loan term
3 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- 1 day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- None
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Business expenses, Auto/motorcycle/RV/boat financing, Other large purchase, Bills and rent, Family assistance, Taxes, and Purchase of personal vehicle
Pros
- No credit score requirement.
- Wide range of loan amounts.
- Fast funding.
- Range of loan amounts
Cons
- Origination fee.
- Only two repayment term options.
- No direct payment to creditors.
A closer look at the best personal loan lenders
You can get a personal loan from online lenders, banks and credit unions. The best place to get a personal loan is from a lender that gives you the rate, term and features that fit your financial situation.
Here’s what makes our picks for the best personal loan lenders stand out:
SoFi: Best for good to excellent credit
Although SoFi doesn’t have a specific credit score requirement, the lender told NerdWallet that it caters its loans to good- and excellent-credit borrowers. The average borrower with a SoFi personal loan has a credit score of 745.
LightStream: Best for home improvement
One of the most common reasons borrowers choose a LightStream personal loan is for home improvement. LightStream offers loans of up to $100,000, which can fund expensive remodels or home addition projects. Repayment terms of up to 20 years are available for home improvement loans over $25,000.
Discover: Best debt consolidation loans
Debt consolidation is one of the most common reasons borrowers get a Discover personal loan. Discover streamlines the debt consolidation process by sending loan proceeds directly to your creditors, saving you from having to do that step. The lender says it can send funds to creditors in one business day after loan approval.
Upstart: Best for short credit history
Even if you have a thin credit file or no credit history, you may be able to qualify for an Upstart personal loan. Instead of relying strongly on a loan applicant’s credit history, Upstart has an AI-based underwriting model that considers alternative data, such as education and work experience, during the loan approval process.
Upgrade: Best for bad and fair credit
The minimum credit score for an Upgrade personal loan is 580, which makes it ideal for borrowers with bad or fair credit (scores in the low 600s or lower). Upgrade also offers secured and joint loans, so bad- and fair-credit borrowers can add collateral or a co-borrower to their loan application to boost their chances of approval.
Best Egg: Best for secured loans
Best Egg offers lower annual percentage rates and larger loan amounts for its secured loans. You can secure a Best Egg personal loan in two ways: with a homeowner-secured loan or with an auto-secured loan. Homeowners can use permanent fixtures in their home, like built-in cabinets or bathroom vanities, as collateral.
LendingClub: Best for joint personal loans
To strengthen your loan application, you can add a co-borrower with a higher credit score or income when applying for a LendingClub personal loan. With a joint personal loan, both applicants get access to the loan and are responsible for making monthly payments.
Where to get a personal loan
Online lenders: Online lenders offer a streamlined loan process and typically provide the fastest funding times. There are online lenders that cater to borrowers across the credit spectrum.
Banks: Bank lenders typically require borrowers to have good to excellent credit (scores in the mid-600s or higher). Some banks provide rate discounts and perks to existing customers.
Credit unions: Credit unions are usually more willing to lend to borrowers who have fair or bad credit, but to get a personal loan from a credit union, you must first be a member. 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 provide an apples-to-apples cost comparison for borrowers deciding between personal loan offers. 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). Use our personal loan calculator to see how APR affects monthly payments and total loan costs.
» MORE: See average personal loan rates
Fees: Some lenders charge origination fees to cover the cost of processing the loan. Lenders typically deduct this fee before sending the funds, but it is included in the loan’s annual percentage rate. Some lenders also charge a late fee if you miss a payment’s due date and a nonsufficient funds fee if you authorize a payment but don’t have enough money in your bank account.
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 repayment 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 payment flexibility, financial planning or rate discounts for setting up autopay.
Expert take: How to find the best lender for you
"Finding the best lender takes some legwork, but it mostly comes down to two things: what you can qualify for and what type of loan you want. I recommend starting with eligibility requirements. For example, if you have bad credit, start with lenders that have low minimum credit score requirements. Once you have a few choices, drill down further into loan amounts and repayment terms, to make sure they offer the type of loan you need. You can also keep an eye on perks, like direct payment to creditors if you’re consolidating debt. But the most important tip of all: Pre-qualify, pre-qualify, pre-qualify. Then pick the lender that gives you the best offer, which usually means the lowest rate."
Explore the top personal loans and lenders in each of these categories:
How to get a personal loan
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.
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.
Apply. The formal application process usually requires documents to verify your identity and income. Once approved, you’ll typically receive your loan funds within a week.
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.
» MORE: Pros and cons of personal loans
Last updated on July 1, 2025
Methodology
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
To recap our selections...
NerdWallet's Best Personal Loan Lenders of October 2026
- SoFi Personal Loan: Excellent for borrowers with good to excellent credit
- LightStream: Excellent for home improvement loans
- Happen Bank (formerly LendingClub): Excellent for joint personal loans
- Upgrade: Excellent for borrowers with bad to fair credit
- Best Egg: Excellent for secured personal loans
- Upstart: Excellent for borrowers with short credit histories
Frequently asked questions
What are lenders’ requirements for personal loans?
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.
Do lenders need to know how I plan to use the loan?
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.
How long do lenders take to approve and fund a personal loan?
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.
Are there personal loan lenders that work with bad-credit borrowers?
Credit score requirements vary among personal loan lenders. Some lenders accept borrowers with good or excellent credit only; others provide loans to bad-credit borrowers. Learn how to get a loan with bad credit.
Are there personal loan lenders that work with low-income borrowers?
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, such as child support, alimony or Social Security payments, on your application to improve your chances of qualifying for a loan.