8 Excellent Personal Loans of 2023

Key facts

Pros

• Joint loan option.

• Multiple rate discounts.

• Hardship program for borrowers in need.

• Mobile app to manage loan.

Cons

• No option to choose initial payment date.

• High minimum loan amount.

Qualifications

• Must legally be an adult in your state.

• Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.

• Must be employed, have sufficient income or have an offer of employment to start within 90 days.

Total Cost of Loan

A 24-month, 5.0k loan at 8.99% will cost a total of $12352.91 excluding lender fees

Available Term Lengths

2 to 7 years

Fees

• Late fee: None.

Disclaimer

The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a $30,000 loan with a 60-month term and a fixed annual percentage rate (APR) between 12.95% – 25.03% would be $681.82 – $881.07 in monthly payments, with total payments between $40,909.47 – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See SoFi.com/eligibility for details. Fixed rates from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 05/19/23 and are subject to change without notice. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: 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. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Key facts

Pros

• Pre-qualify with soft credit check.

• Direct payment to creditors with debt consolidation loans.

• Fast funding.

• Hardship program.

Cons

• Origination fee.

• No rate discount.

• No joint, co-sign or secured loan options.

• No option to choose initial payment date.

Qualifications

• Must be a U.S. citizen or permanent resident.

• Must have a valid Social Security number.

• Minimum credit score: 640.

• Minimum credit history: 6 years and 2 accounts.

• Maximum debt-to-income ratio: 55%.

• No bankruptcies filed in past two years.

Total Cost of Loan

A 24-month, 5.0k loan at 11.72% will cost a total of $15121.95 excluding lender fees

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 1.5% to 5%.

Disclaimer

This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 23, 2023, are covered under the TruStage™ Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.

Key facts

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 with a soft credit check on its website.

• No direct payment to creditors with debt consolidation loans.

• High minimum loan amount.

Qualifications

• Must be a U.S. citizen or permanent resident.

• Must be at least 18 years old.

• Minimum credit score: 660.

• Must have several years of credit history with multiple account types and few or no delinquencies.

• Must have assets like retirement, investment and savings accounts.

Total Cost of Loan

A 24-month, 5.0k loan at 8.49% will cost a total of $11866.72 excluding lender fees

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 $10,000 loan at 7.99% APR with a term of 5 years would result in 60 monthly payments of $202.72. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2023 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.

Key facts

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: One account.

• Maximum debt-to-income ratio: 75%, including the loan you're applying for.

• Minimum length of credit history: Two years.

• Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Total Cost of Loan

A 36-month, 1.0k loan at 8.49% will cost a total of $3228.16 excluding lender fees

Available Term Lengths

3 to 7 years

Fees

• Origination fee: 1.85% to 9.99%.

• Late Fee: $10.

• Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% 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 https://www.upgrade.com/bank-partners/.

Key facts

Pros

• Accepts borrowers new to credit.

• Fast funding.

• Option to change your payment date.

• Option to pre-qualify with a soft credit check.

• Seven-day customer service availability.

Cons

• May charge origination fee.

• No joint, co-signed or secured loans.

• No mobile app to manage loan.

• Only two repayment term options.

Qualifications

• Must be a U.S. citizen or permanent resident.

• Must be at least 18 in most states.

• Must have a valid email address and Social Security number.

• Must have a bank account at a financial institution with a routing number.

• No bankruptcies in the last 12 months.

• No current delinquent accounts.

• 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 within six months.

Total Cost of Loan

A 36-month, 1.0k loan at 6.4% will cost a total of $2580.58 excluding lender fees

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% to 12%.

• Late fee: 5% of past due amount or $15, whichever is greater.

• Returned check fee: $15.

Disclaimer

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 20.98% and a 9.3% origination fee of $934, for an APR of 25.92%. In this example, the borrower will receive $9066 and will make 60 monthly payments of $271. APR is calculated based on 5-year rates offered in September 2023. There is no downpayment 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.

Key facts

Pros

• Option to pre-qualify with a soft credit check.

• Wide range of loan amounts.

• Unsecured and secured loan options.

• Direct payment to creditors with debt consolidation loans.

• No late fees.

Cons

• Origination fee.

• No rate discounts.

• No option to choose initial payment date.

• No mobile app to manage loan.

Qualifications

• Minimum credit score: 600.

• Must be a U.S. citizen.

• Minimum credit history: 24 months and 1 account.

• Minimum annual income: $3,500.

• Maximum debt-to-income ratio: 40% or 65% including mortgage.

Total Cost of Loan

A 36-month, 2.0k loan at 8.99% will cost a total of $6778.44 excluding lender fees

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0.99% - 8.99%.

Disclaimer

*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Marlette Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: [email protected], Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/

Key facts

Pros

• Option to pre-qualify with a soft credit check.

• Multiple rate discounts.

• Direct payment to creditors with debt consolidation loans.

• Joint loan options.

Cons

• Charges origination fee.

• Not available in all states.

• No mobile app to manage loan.

• High minimum loan amount.

Qualifications

• Minimum credit score: 620; borrower average is 700.

• Maximum debt-to-income ratio: 45% excluding mortgage.

• Minimum income: None; borrowers' average household income is $110,000.

• Minimum credit history: 3 years and 2 accounts.

• No active delinquencies and no bankruptcy in the last 24 months.

Total Cost of Loan

A 24-month, 5.0k loan at 8.99% will cost a total of $12352.91 excluding lender fees

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 1.99% - 6.99%.

Disclaimer

Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99% to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Funding time periods are estimates and can vary for each loan request. Same day decisions assume a completed application with all required supporting documentation submitted early enough on a day that our offices are open. Achieve Personal Loans loan consultants' hours are Monday-Friday 6am-8pm AZ time, and Saturday-Sunday 7am-4pm AZ time.

Key facts

Pros

• Soft credit check to pre-qualify.

• Fast funding.

• Offers mobile app to manage loan payments.

• Option to change your payment date.

• Free credit score access.

Cons

• May charge an origination fee.

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

• No joint, co-signed or secured loans.

• Does not directly pay creditors with debt consolidation loans.

Qualifications

• Must be a U.S. citizen and at least 18 years old in most states.

• Must have a Social Security number and personal bank account.

• Minimum credit score: 660. This lender uses FICO score version 9 and VantageScore version 3.

• Minimum credit history: 6 months.

• Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.

• Maximum debt-to-income ratio: 50%, not including mortgage.

Total Cost of Loan

A 24-month, 2.0k loan at 7.99% will cost a total of $4555.14 excluding lender fees

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 0% to 10%.

• Late fee: 5% of payment or $30, depending on the state, after 15-day grace period.

Disclaimer

Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.