Personal Loans: Compare Top Lenders, Rates for September 2023

Edited by Kim Lowe
Last updated on September 1, 2023

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Featured partners
SoFi Personal Loan
SoFi Personal Loan

5.0

NerdWallet rating 
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

Here are 13 lenders for you

Best for Debt consolidation loans

Discover
on Discover 
on NerdWallet 

Discover

5.0

NerdWallet rating 
Discover

5.0

NerdWallet rating 
Loan term 
3 to 7 years

Loan amount 
$2,500 - $40,000

APR 
7.99 - 24.99%

on Discover 
on NerdWallet 
Min. credit
660
Qualifications
  • Minimum credit score: 660.

  • Must be at least 18 years old.

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

  • Must have minimum individual or household annual income of $25,000.

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.

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 7.99%-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 12.99% APR for a term of 72 months, you'll pay just $301 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. State Restrictions May Apply. Not all applications will be approved.

Best for Personal loans for fair credit

Upgrade
on Upgrade 
on NerdWallet 

Upgrade

5.0

NerdWallet rating 
Upgrade

5.0

NerdWallet rating 
Loan term 
3 to 7 years

Loan amount 
$1,000 - $50,000

APR 
8.49 - 35.99%

on Upgrade 
on NerdWallet 
Min. credit
560
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.

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.

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/.

Best for Personal loans for good to excellent credit

SoFi Personal Loan
on SoFi Personal Loan 
on NerdWallet 

SoFi Personal Loan

5.0

NerdWallet rating 
SoFi Personal Loan

5.0

NerdWallet rating 
Loan term 
2 to 7 years

Loan amount 
$5,000 - $100,000

APR 
8.99 - 25.81%

on SoFi Personal Loan 
on NerdWallet 
Min. credit
None
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.

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.

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.

Best for Personal loans for short credit history

Upstart
on Upstart 
on NerdWallet 

Upstart

4.5

NerdWallet rating 
Upstart

4.5

NerdWallet rating 
Loan term 
3 to 5 years

Loan amount 
$1,000 - $50,000

APR 
4.60 - 35.99%

on Upstart 
on NerdWallet 
Min. credit
None
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.

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.

Disclaimer

This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate, loan amount, and loan terms are subject to change based upon information received in your full inquiry on our site. 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. 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 Upstart.com website. 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). 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 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9136 and will make 60 monthly payments of $257. APR is calculated based on 5-year rates offered in March 2023. 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.

Prosper Borrowers
on Prosper Borrowers 
on NerdWallet 

Prosper Borrowers

4.5

NerdWallet rating 
Prosper Borrowers

4.5

NerdWallet rating 
Loan term 
2 to 5 years

Loan amount 
$2,000 - $50,000

APR 
6.99 - 35.99%

on Prosper Borrowers 
on NerdWallet 
Min. credit
560
Qualifications
  • Minimum credit score: 560; borrower average is 710.

  • Minimum income: No minimum requirement; borrower average is $122,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 41% (including mortgage).

  • Must be at least 18 years old.

  • Must provide Social Security number and a U.S. bank account.

Pros
  • Instant approval.

  • Joint loan option.

  • Hardship program for borrowers in need.

  • Mobile app to manage loan.

Cons
  • No rate discount.

  • Charges origination and late fees.

  • No direct payment to creditors with debt consolidation loans.

Disclaimer

APRs presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at Prosper.com. The estimated APR presented does not bind Prosper. The range of APRs available through Prosper is 6.99% to 35.99%. Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper Rating, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. All personal loans made by WebBank. For example, a two-year $10,000 personal loan would have an interest rate of 11.5% and a 4.00% origination fee for an annual percentage rate (APR) of 15.64% APR. You would receive $9,600 and make 24 scheduled monthly payments of $468.40. A three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A four-year $10,000 personal loan would have an interest rate of 11.50% and a 5.00% origination fee for an annual percentage rate (APR) of 14.27% APR. You would receive $9,500 and make 48 scheduled monthly payments of $260.89. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 1%-5%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. **You may receive your funds one business day after your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.

LendingPoint
on LendingPoint 
on NerdWallet 

LendingPoint

4.5

NerdWallet rating 
LendingPoint

4.5

NerdWallet rating 
Loan term 
2 to 5 years

Loan amount 
$2,000 - $36,500

APR 
7.99 - 35.99%

on LendingPoint 
on NerdWallet 
Min. credit
660
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.

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.

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.

Best for Home improvement loans

LightStream
on LightStream 
on NerdWallet 

LightStream

4.5

NerdWallet rating 
LightStream

4.5

NerdWallet rating 
Loan term 
2 to 7 years

Loan amount 
$5,000 - $100,000

APR 
7.99 - 25.49%

on LightStream 
on NerdWallet 
Min. credit
660
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.

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.

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.

Best for Secured personal loans

Best Egg
on Best Egg 
on NerdWallet 

Best Egg

4.5

NerdWallet rating 
Best Egg

4.5

NerdWallet rating 
Loan term 
3 to 5 years

Loan amount 
$2,000 - $50,000

APR 
8.99 - 35.99%

on Best Egg 
on NerdWallet 
Min. credit
600
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.

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.

Disclaimer

*Trustpilot TrustScore as of December 2022. Best Egg loans are unsecured or secured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Technologies, LLC, a subsidiary of Best Egg, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. 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, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – 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/. 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.

Best for Personal loans for credit card consolidation

Happy Money
on Happy Money 
on NerdWallet 

Happy Money

4.5

NerdWallet rating 
Happy Money

4.5

NerdWallet rating 
Loan term 
2 to 5 years

Loan amount 
$5,000 - $40,000

APR 
11.25 - 29.99%

on Happy Money 
on NerdWallet 
Min. credit
640
Qualifications
  • Minimum credit score: 640.

  • Minimum credit history: 3 years and 2 accounts.

  • Maximum debt-to-income ratio: 55%.

  • Minimum income: None; lender will assess cash flow.

  • No bankruptcies filed in past two years.

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.

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.

Avant
on Avant 
on NerdWallet 

Avant

4.0

NerdWallet rating 
Avant

4.0

NerdWallet rating 
Loan term 
1 to 5 years

Loan amount 
$2,000 - $35,000

APR 
9.95 - 35.99%

on Avant 
on NerdWallet 
Min. credit
550
Qualifications
  • Must have a valid Social Security number.

  • Bank account must be in good standing.

  • Cannot be in active bankruptcy.

  • Minimum credit score: 550.

  • Minimum monthly net income: $1,200.

Pros
  • Fast funding.

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

  • Mobile app to manage loan.

  • Wide range of repayment term options.

  • Seven-day customer service availability.

Cons
  • May charge an origination fee.

  • No co-signed, joint or secured loans.

  • No direct payment to creditors on debt consolidation loans.

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

Best for Personal loans for bad credit

Universal Credit
on Universal Credit 
on NerdWallet 

Universal Credit

4.0

NerdWallet rating 
Universal Credit

4.0

NerdWallet rating 
Loan term 
3 to 5 years

Loan amount 
$1,000 - $50,000

APR 
11.69 - 35.99%

on Universal Credit 
on NerdWallet 
Min. credit
560
Qualifications
  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including mortgage and 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.

Pros
  • Offers direct payment to creditors with debt consolidation loans.

  • Fast funding.

  • Offers multiple rate discounts.

  • Offers free credit score access.

Cons
  • Charges origination fee.

  • Borrowers can choose from only two repayment term options.

Disclaimer

Personal loans made through Universal Credit feature Annual Percentage Rates (APRs) of 11.69%-35.99%. All personal loans have a 5.25% 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 36 to 60 months. For example, if you receive a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you would receive $9,300 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. 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. 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 sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Universal Credit's bank partners. Information on Universal Credit's bank partners can be found at https://www.universal-credit.com/bank-partners/

Reach Financial Personal Loan
on Reach Financial Personal Loan 
on NerdWallet 

Reach Financial Personal Loan

3.5

NerdWallet rating 
Reach Financial Personal Loan

3.5

NerdWallet rating 
Loan term 
2 to 5 years

Loan amount 
$3,500 - $40,000

APR 
9.99 - 35.99%

on Reach Financial Personal Loan 
on NerdWallet 
Min. credit
640
Qualifications
  • Must be a U.S. citizen.

  • Minimum credit score: 640; borrower average is 698.

  • Minimum income: $1,000 per month after other monthly obligations. This lender accepts income from employment, retirement and Social Security payments.

  • Minimum credit history: Three years and one account.

Pros
  • Direct payment to creditors with debt consolidation loans.

  • Fast funding.

  • Customizable repayment terms.

  • Hardship program may include payment pause up to 90 days.

Cons
  • May charge an origination fee.

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

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

Disclaimer

All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Reach Financial platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 9.99% to 35.99%. You could receive a loan of $10,000 with an interest rate of 9.15%, an origination fee of $200, for an APR of 10.00%, which would result in total payment of $12,499 with 60 monthly payments of $208.31. Total approved loan amount reflects origination fee, which ranges from 0% to 8%. *Within 24 hours of your loan approval, loan proceeds will be available to pay thecreditors named on your Truth-In-Lending Disclosure.

OneMain
on OneMain 
on NerdWallet 

OneMain

3.5

NerdWallet rating 
OneMain

3.5

NerdWallet rating 
Loan term 
2 to 5 years

Loan amount 
$1,500 - $20,000

APR 
18.00 - 35.99%

on OneMain 
on NerdWallet 
Min. credit
None
Qualifications
  • Must have a taxpayer identification number.

  • Must be 18 or older in most states.

  • Minimum credit score: None.

  • Minimum credit history: None; this lender prefers some minimal credit history.

  • Minimum number of accounts on credit report: 1 active account.

  • Minimum income: None, but borrowers must have sufficient disposable income to make the monthly loan payment. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.

Pros
  • Option to choose and change your payment date.

  • Joint and secured loans.

  • Fast funding.

  • Direct payment to creditors on debt consolidation loans.

Cons
  • Rates are high compared to other lenders.

  • Charges origination fee.

  • No rate discounts.

  • Limited loan amounts.

Disclaimer

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit http://omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia:  $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.  Borrowers  in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers.  Maine: $7,000. Mississippi: $12,000. West Virginia: $14,000.  Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.


NerdWallet's guide to choosing the best personal loan

An unsecured personal loan can help you cover a large expense, pay for an emergency or consolidate your debt. You can use the funds for almost any purpose.
Each lender offers unique features and benefits, and some work better for certain borrowers and expenses than others. NerdWallet's personal loan guide will help you compare different lenders and determine which fits your goals.
Why trust NerdWallet? NerdWallet has rated and reviewed personal loans from more than 35 financial institutions. We collect over 50 data points from each lender 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. We do not receive compensation for our ratings. Read more about our personal loan star ratings methodology and our editorial guidelines.

Best Personal Loans


What is a personal loan?

A personal loan is money you borrow in a lump sum and repay in fixed monthly payments. This type of loan is usually unsecured, meaning you don’t have to put up property like a house or car as collateral for the loan. You can get a personal loan from a bank, credit union or online lender.

Personal loan amounts are from $1,000 to $100,000, and they’re typically repaid over a term of two to seven years. To qualify you, lenders look at factors including your credit score, credit report and debt-to-income ratio.

What are personal loan rates?

Personal loan rates are from about 6% to 36%. Lenders primarily use your financial and credit information to determine your rate, but may consider additional information like whether you own your home, your education level and your employer. Consumer advocates say 36% is the highest annual percentage rate a loan can have and still be considered affordable.

Borrowers with good to excellent credit scores (690 and higher) typically get the lowest interest rates and can borrow larger amounts. They also have the most options when it comes to shopping for a loan.

Those with fair to bad credit (scores below 690) may have to look a little harder and pay a higher rate for a personal loan. Having steady income, low debt, a long credit history and a record of on-time payments will improve your chances of being approved.

Current average personal loan rates

Here’s what annual percentage rates on personal loans look like, on average:

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

14.66%.

Good

690-719.

17.45%.

Fair

630-689.

19.87%.

Bad

300-629.

21.53%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Aug. 1, 2023, through Aug. 31, 2023. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.

Personal loan uses

One benefit of getting a personal loan is you can use the money for nearly any purpose. Ideally, getting one positively impacts your overall financial health, by helping you pay off debt faster, for example, or adding to the value of your home. Here are some top reasons consumers get personal loans:

  • Debt consolidation: Roll your debts into one monthly payment, potentially reducing the interest you pay toward the debt and helping you pay it off faster.

  • Home improvement: Need to add on a home office or install a swimming pool? Use a personal loan to cover the costs.

  • Large expenses: You can use a personal loan to buy a boat, RV or other items with large price tags.

  • Weddings: Using a personal loan to pay for your wedding can help you stick to a budget.

  • Emergencies: Because personal loans are funded quickly, they can help cover an urgent home or car repair. Compare any loan with interest-free options.

How to compare personal loans

If you decide a personal loan is right for you, compare rates from multiple lenders. The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Here are the most important features to compare on personal loans.

APR: A loan’s annual percentage rate represents the interest rate plus any fees the lender charges. When comparing offers, APR tells you which is the least expensive overall. It also provides an apples-to-apples comparison across financial products, so you can compare the cost of a personal loan to a credit card, for example.

Monthly payment: Even if a loan has a low APR, you need room in your budget to repay it each month. Your monthly payment is determined by the loan amount, interest rate and repayment term. A shorter term may mean higher monthly payments, but you’ll pay less in interest over the life of the loan. Use a personal loan calculator to see how the rate and repayment term affect the monthly payment.

Fees: The most common fees on a personal loan are late and origination fees. An origination fee is often 1% to 10% of your loan amount, and lenders typically deduct the fee before sending you the funds. If your lender charges this fee, make sure the final loan amount will be enough to cover your expense.

Funding time: Many lenders can fund a loan the day after approval, but some take up to a week to send you the money. If you need cash fast, compare fast personal loans to find a lender that offers same- or next-day funding.

Payment flexibility: Some lenders let you choose your initial payment date and allow multiple changes during repayment, while others require you to pay on the same date each month for the life of the loan. Since you could be repaying this loan for years, consider whether you’ll want the option to change your due date, skip a payment or pause payments during a hardship.

Other consumer-friendly features: If you have a couple of competitive offers, consider other common personal loan features to break the tie. Some lenders offer rate discounts, no fees, extra long repayment terms on home improvement loans or direct fund transfers to other creditors on debt consolidation loans.

Before you get a personal loan

  • Check your credit score. Learn about your personal loan options based on your credit score. This will give you an idea of what rate and payment to expect as you shop for loans. You might decide to postpone getting a loan and instead take steps to build your credit in order to get a lower rate or a larger loan.

  • Compare your options. Interest rates on personal loans for excellent credit start around 6% APR, but if you can qualify for a 0% interest credit card — and pay off the balance within the promotional period — then you may be better off with the credit card. Here's how to compare personal loans and credit cards.

  • Find a co-borrower. If you have bad credit, having a co-signer with good credit allows you to piggyback on his or her creditworthiness and potentially get a better rate. With a co-signed personal loan, your co-signer must make payments if you fail to.

  • Consider a secured personal loan. Using a car, savings account or other asset as collateral may get you a lower rate. The risk is losing your asset if you default on the loan.

  • Assess your overall financial well-being. Personal loans work best as part of a balanced financial plan. Borrow money to consolidate debt if it means you’ll get out of debt more quickly. But don’t borrow if it only adds financial strain. If your current debt is overwhelming, investigate your debt-relief options.

How to get a personal loan

  1. Review your credit report. Check your credit report to see what a lender will see and take steps to fix any errors or past-due accounts. You can get your free credit report with NerdWallet or at AnnualCreditReport.com.

  2. Calculate your payments. Review your budget to see how much room you have for monthly loan payments. Then, use a personal loan calculator to see what loan amount, rate and repayment term will get you affordable monthly payments.

  3. Pre-qualify and compare offers. Most online lenders allow you to pre-qualify without affecting your credit score. Check your rate with multiple lenders to find the best offer. If you have good credit and an existing banking relationship, take a pre-qualified loan offer to your bank and ask if they’ll beat it. Once you have multiple loan offers in hand, compare the loan features and fine print, including total costs and any penalties.

  4. Gather documents. Most personal loan applications require proof of income, which can be a W-2, pay stubs or bank statements. You’ll also need a government-issued ID such as a driver’s license or passport and your Social Security number. Gather these documents before you apply to speed up the process.

  5. Apply. The final step is to submit your personal loan application. Applying involves a hard credit check that can temporarily lower your credit score. Depending on the lender, you should receive your funds within a few days.

How to manage a personal loan

Even before you receive your loan, make a plan to pay it off, ensuring you can manage on-time monthly payments for the life of the loan — whether that's two or seven years. Missing even one loan payment can hurt your credit score, and defaulting on the loan can mean late fees and collections calls.

If you face a financial setback while paying off your loan, reach out to your lender and ask about a hardship option. Some lenders may allow you to defer loan payments for a specified time.

Online personal loan companies reviewed by NerdWallet

Best lenders for excellent-credit borrowers

Lender

Best for

Min. credit score

Repayment terms

Pre-qualification

Time to fund after approval

Flexible payment options.

660.

3 to 7 years.

Yes.

Next day.

Fast approval and funding.

660.

2 to 7 years; up to 12 years for larger home improvement loans.

No.

Same or next day.

Free financial advising.

None.

2 to 7 years.

Yes.

Same day.

Best lenders for good-credit borrowers

Lender

Best for

Min. credit score

Repayment terms

Pre-qualification

Time to fund after approval

Joint loans.

620.

2 to 5 years.

Yes.

1 to 3 days.

Credit-building features.

600.

3 or 5 years.

Yes.

Next day.

Credit card consolidation.

640.

2 to 5 years.

Yes.

3 days.

Fast approval and funding.

640.

3 or 5 years.

Yes.

Same or next day.

Fast application and approval.

660.

2 to 5 years.

Yes.

Same or next day.

Best lenders for fair- and bad-credit borrowers

Lender

Best for

Min. credit score

Repayment terms

Pre-qualification

Time to fund after approval

Secured loans.

None.

2 to 5 years.

Yes.

1 to 2 days.

Credit-building tools.

560.

3 or 5 years.

Yes.

Next day.

Debt consolidation.

560.

3 to 5 years; 7 years on larger home improvement loans.

Yes.

Next day.

Flexible payment options.

560.

2 to 5 years.

Yes.

1 to 3 days.

AI-powered underwriting.

None.

3 or 5 years.

Yes.

Next day.

Fast funding.

550.

1 to 5 years.

Yes.

Next day.

See more personal loan options on NerdWallet

Personal loans rating methodology

NerdWallet writers and editors conduct an annual comprehensive fact check and update of our lender reviews, 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. 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.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable.

Frequently asked questions


About the author: Annie Millerbernd is a personal loans writer. Her work has appeared in The Associated Press and USA Today.


Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.