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5 Excellent Personal Loans of 2020

Compare online personal loans for good and bad credit, debt consolidation, home improvement, fast funding and from banks. The greatest personal loan helps you reach a financial goal, whether it’s paying off high-interest debt or funding a large expense. Annual percentage rates generally range from 6% to 36%; the loan with the lowest rate is the least expensive — and usually the best choice. But other features, including no fees, soft credit checks and whether lenders directly pay creditors if you’re consolidating debt, set some loans apart.

Summary of Excellent Personal Loans of 2020

LenderNerdWallet Rating Est. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Excellent for Personal loans for good to excellent credit + Personal loans for home improvement + Personal loans for fast funding

5.49 - 20.49%

660

on LightStream's website

Payoff

Payoff

on Payoff's website

Excellent for Personal loans for debt consolidation

5.99 - 24.99%

640

on Payoff's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Excellent for Personal loans for good to excellent credit + Personal loans for debt consolidation + Personal loans from banks

6.99 - 19.99%

680

on Goldman Sachs's website

SoFi

SoFi

on SoFi's website

Excellent for Personal loans for good to excellent credit + Personal loans for home improvement

5.99 - 16.19%

680

on SoFi's website

Upgrade

Upgrade

on Upgrade's website

Excellent for Personal loans for fair to bad credit

7.99 - 35.97%

600

on Upgrade's website

Excellent for

Personal loans for good to excellent credit + Personal loans for home improvement + Personal loans for fast funding

Lightstream

on LightStream's website

LightStream

Lightstream

Min. Credit Score

660

Est. APR

5.49 - 20.49%

Loan Amount

$5,000 - $100,000

on LightStream's website


Min. Credit Score

660

Key facts

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

Pros

  • No fees.

  • Rate discount for autopay.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • Enough income to pay existing debts and a new LightStream loan.

  • Maximum debt-to-income ratio varies depending on existing assets and the reason for the 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.
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Excellent for

Personal loans for debt consolidation

Payoff

on Payoff's website

Payoff

Min. Credit Score

640

Est. APR

5.99 - 24.99%

Loan Amount

$5,000 - $40,000

on Payoff's website


Min. Credit Score

640

Key facts

Payoff offers loans and ongoing support to help good-credit borrowers consolidate credit card debt.

Pros

  • Competitive rates among similar lenders.

  • Offers online educational resources.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • No co-sign or secured loan option.

  • Charges origination fee.

Qualifications

  • Minimum credit score of 640.

  • Minimum credit history: 3 years.

  • Minimum annual income: $40,000.

  • Debt-to-income ratio: less than 50%.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: 0% - 5%.

Disclaimer

This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.
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Excellent for

Personal loans for good to excellent credit + Personal loans for debt consolidation + Personal loans from banks

Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Min. Credit Score

680

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website


Min. Credit Score

680

Key facts

Marcus loans stand out for low rates, no fees, and flexible loan terms and payment options.

Pros

  • No fees.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

  • Rate discount with autopay.

Cons

  • No option to include co-signer.

  • Reports payments to one of the three major credit bureaus.

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 680+ credit score.

  • For debt consolidation loans, you may be required to send part of the loan directly to your creditors.

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.
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Excellent for

Personal loans for good to excellent credit + Personal loans for home improvement

SoFi

on SoFi's website

SoFi

Min. Credit Score

680

Est. APR

5.99 - 16.19%

Loan Amount

$5,000 - $100,000

on SoFi's website


Min. Credit Score

680

Key facts

SoFi is a strong option for consumers with good to excellent credit, offering low rates, no fees and flexible payments.

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 16.19% APR (with AutoPay). SoFi rate ranges are current as of July 10, 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.
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Excellent for

Personal loans for fair to bad credit

Upgrade

on Upgrade's website

Upgrade

Upgrade

Min. Credit Score

600

Est. APR

7.99 - 35.97%

Loan Amount

$1,000 - $35,000

on Upgrade's website


Min. Credit Score

600

Key facts

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

Pros

  • Credit health tools.

  • Hardship plans.

  • Directly pays creditors for debt consolidation loans used to pay off credit cards.

Cons

  • Origination and late fees.

Qualifications

  • Minimum credit score: 600.

  • Minimum annual income: None, but most applicants earn more than $30,000.

  • Minimum monthly free cash flow: $800.

  • Maximum debt-to-income ratio: 60%.

  • Unavailable to borrowers in: Iowa, Washington D.C. or West Virginia.

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/.
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Last updated on April 13, 2020

To recap our selections...

NerdWallet's Excellent Personal Loans of 2020

  • LightStream: Excellent for Personal loans for good to excellent credit + Personal loans for home improvement + Personal loans for fast funding
  • Payoff: Excellent for Personal loans for debt consolidation
  • Marcus by Goldman Sachs: Excellent for Personal loans for good to excellent credit + Personal loans for debt consolidation + Personal loans from banks
  • SoFi: Excellent for Personal loans for good to excellent credit + Personal loans for home improvement
  • Upgrade: Excellent for Personal loans for fair to bad credit