Personal Loans: Compare Top Lenders, Rates for July 2024

Ronita Choudhuri-Wade
By
Last updated on July 1, 2024
Edited by
✅ Fact checked
Kim Lowe
Edited by
✅ Fact checked

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Here are 10 lenders for you
Best for Debt consolidation loans
Discover
5.0
Discover® Personal Loans
Loan term 
3 to 7 years 
Loan amount 
$2.5K - $40K 
APR 
7.99 - 24.99% 
Visit Lender
on Discover
on Discover
Check rate
on NerdWallet
on NerdWallet
Discover
Loan term
3 to 7 years
Loan amount
$2.5K - $40K
APR
7.99 - 24.99%
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.
Qualifications:
  • Minimum credit score: 660.
  • Must be at least 18 years old.
  • Must have a valid U.S. Social Security number.
  • Minimum individual or household annual income of $25,000.
  • Must have an active email address.
This is not a commitment to lend from Discover Personal Loans. Your APR will be between 7.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 13.99% APR for a term of 72 months, you'll pay just $309 per month. You must have a minimum individual or household annual income of $25,000, be over 18 years of age, and have a valid US SSN to be considered for a Discover personal loan. Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements. 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. A Discover personal loan is intended for personal use and cannot be used to pay for post-secondary education, to pay off a secured loan, or to directly pay off a Discover credit card. If your application is approved, we will send funds after you accept the loan. Your bank or creditor may take more days to process the funds. Discover makes loans without regard to race, color, religion, national origin, sex, disability, or familial status.
Best for Personal loans for bad to fair credit
Upgrade
Loan term 
3 to 7 years 
Loan amount 
$1K - $50K 
APR 
8.49 - 35.99% 
Loan term
3 to 7 years
Loan amount
$1K - $50K
APR
8.49 - 35.99%
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.
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
Loan term 
2 to 7 years 
Loan amount 
$5K - $100K 
APR 
8.99 - 29.99% 
Loan term
2 to 7 years
Loan amount
$5K - $100K
APR
8.99 - 29.99%
Pros
  • Joint loan option.
  • Multiple rate discounts.
  • 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.
Fixed rates from 8.99% APR to 29.99% 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 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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%-7%, 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 Home improvement loans
Lightstream
4.5
LightStream
Loan term 
2 to 7 years 
Loan amount 
$5K - $100K 
APR 
6.99 - 25.49% 
Loan term
2 to 7 years
Loan amount
$5K - $100K
APR
6.99 - 25.49%
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.
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. © 2024 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 Personal loans for short credit history
Upstart
Loan term 
3 to 7 years 
Loan amount 
$1K - $50K 
APR 
7.80 - 35.99% 
Loan term
3 to 7 years
Loan amount
$1K - $50K
APR
7.80 - 35.99%
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 or co-signed loans.
  • No direct payment to creditors on debt consolidation loans.
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.
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 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 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. Most borrowers are instantly approved. The majority of unsecured loan borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review. If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.
Best for Secured loans
Best Egg
Loan term 
3 to 5 years 
Loan amount 
$2K - $50K 
APR 
8.99 - 35.99% 
Loan term
3 to 5 years
Loan amount
$2K - $50K
APR
8.99 - 35.99%
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.
*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 Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or 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%– 9.99% 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/
Avant
Loan term 
1 to 5 years 
Loan amount 
$2K - $35K 
APR 
9.95 - 35.99% 
Loan term
1 to 5 years
Loan amount
$2K - $35K
APR
9.95 - 35.99%
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.
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.
Personal loan funds are generally deposited via ACH for delivery next business day if approved by 4:30 pm CT Monday-Friday. Loan amounts range from $2,000 to $35,000. APR ranges from 9.95% to 35.99%. Loan lengths range from 24 to 60 months. Administration fee up to 9.99%. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. Administration fee is deducted from the loan proceeds and paid to the Lender. Any administration fee of 5% or less of the initial loan amount is not refundable. Administration fee amount in excess of 5% of the initial loan amount is refundable on a prorated basis over the remaining term of the loan when and if the loan is paid in full prior to its original maturity date. A partial prepayment does not trigger a refund of any administration fee amount. Borrower recognizes that the Administration fee is deemed part of the loan principal and is subject to the accrual of interest. Example: A $5,700 loan with an administration fee of 9.99% and an amount financed of $5,130.57, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $217.66. New Mexico consumer brochure (hyper linked to - https://assets.ctfassets.net/vrxttq978is8/1eS8eJhH54ycK7fhPa7hUk/bd189960ce122598d8c7551d2fb96fad/NM_Consumer_Information_Brochure_and_Loan_Rate_and_Fee_Disclosure.pdf) for common terms and definitions and regulations around rates and fees. Avant branded credit products are issued by WebBank.
Universal Credit
Loan term 
3 to 5 years 
Loan amount 
$1K - $50K 
APR 
11.69 - 35.99% 
Loan term
3 to 5 years
Loan amount
$1K - $50K
APR
11.69 - 35.99%
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.
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.
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. 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/. † 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.
OneMain Financial
Loan term 
2 to 5 years 
Loan amount 
$1.5K - $20K 
APR 
18.00 - 35.99% 
Loan term
2 to 5 years
Loan amount
$1.5K - $20K
APR
18.00 - 35.99%
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.
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.
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 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: $11,000 for unsecured loans to all customers, $11,000 for secured loans to present customers. Maine: $7,000. Mississippi: $12,000. West Virginia: $13,500. 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.
Reach Financial Personal Loans
Loan term 
2 to 5 years 
Loan amount 
$3.5K - $40K 
APR 
14.30 - 35.99% 
Visit Lender
on Reach Financial Personal Loan
on Reach Financial Personal Loan
Loan term
2 to 5 years
Loan amount
$3.5K - $40K
APR
14.30 - 35.99%
Visit Lender
on Reach Financial Personal Loan
on Reach Financial Personal Loan
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.
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.
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 14.30% 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.

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.

On this page

What is a personal loan?

A personal loan is money you borrow from a bank, credit union or online lender. Loan amounts are from $1,000 to $100,000, and they’re typically repaid over a term of two to seven years. To qualify, lenders look at factors including your credit score, credit history and debt-to-income ratio.

Reasons to get a personal loan

One benefit of getting a personal loan is you can use the money for nearly any reason. 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 ways consumers use personal loans:

Debt consolidation

Use a debt consolidation loan to roll your debts into one monthly payment, potentially reducing the interest you pay and helping you pay it off faster.

Home improvement

Need to repair your roof, add a home office or install a swimming pool? Use a personal loan to finance home improvements.

Large expenses

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

Weddings

It can be expensive to finance your wedding with a personal loan, but having one lump sum of money can help you stick to a budget.

» COMPARE: Wedding loans

Emergencies

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

» COMPARE: Emergency loans

Personal loan interest rates

Personal loan annual percentage rates typically range from about 6% to 36%.

Lenders assess primarily your financial and credit information to determine your rate, but may consider other factors like whether you own your home, your education level and your work history. 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 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

Interest rates are currently high for most types of financing, including personal loans. Here’s what APRs on personal loans look like, on average:

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

11.10%.

Good

690-719.

13.74%.

Fair

630-689.

17.51%.

Bad

300-629.

21.83%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from June 1, 2024, through June 30, 2024. 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%.

How to compare personal loans

Rates, terms, funding time and other features vary, so take the time to compare loans from multiple lenders. Here are the most important considerations:

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 the personal loan calculator below to see how the rate and repayment terms affect the monthly payment.

Fees

The most common fees on personal loans are late and origination fees. An origination fee can be 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 expenses.

Funding time

Many lenders can fund a loan the same day after approval, but some take up to a week to send you the money. If you need cash fast, compare quick 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.

Personal loan calculator

Use this calculator to estimate monthly payments for a personal loan, based on the loan amount, rate and term. See how different rates and terms affect the monthly payment as well as the payoff date.

Loan details
Your loan estimateMonthly payment$212.47
  • Total principal

    $10,000.00
  • Total interest payments

    $2,748.23
  • Total loan payments

    $12,748.23
  • Payoff date

    07 / 2029
Payment datePrincipalInterestMonthly paymentPrincipal balance
Jul 2024$129.14$83.33$212.47$9,870.86
Aug 2024$130.21$82.26$212.47$9,740.65
Sep 2024$131.30$81.17$212.47$9,609.35
Oct 2024$132.39$80.08$212.47$9,476.96
Nov 2024$133.50$78.97$212.47$9,343.46
Dec 2024$134.61$77.86$212.47$9,208.85
Jan 2025$135.73$76.74$212.47$9,073.12
Feb 2025$136.86$75.61$212.47$8,936.26
Mar 2025$138.00$74.47$212.47$8,798.26
Apr 2025$139.15$73.32$212.47$8,659.11
May 2025$140.31$72.16$212.47$8,518.80
Jun 2025$141.48$70.99$212.47$8,377.32
Jul 2025$142.66$69.81$212.47$8,234.66
Aug 2025$143.85$68.62$212.47$8,090.81
Sep 2025$145.05$67.42$212.47$7,945.76
Oct 2025$146.26$66.21$212.47$7,799.51
Nov 2025$147.47$65.00$212.47$7,652.03
Dec 2025$148.70$63.77$212.47$7,503.33
Jan 2026$149.94$62.53$212.47$7,353.39
Feb 2026$151.19$61.28$212.47$7,202.20
Mar 2026$152.45$60.02$212.47$7,049.74
Apr 2026$153.72$58.75$212.47$6,896.02
May 2026$155.00$57.47$212.47$6,741.02
Jun 2026$156.30$56.18$212.47$6,584.72
Jul 2026$157.60$54.87$212.47$6,427.12
Aug 2026$158.91$53.56$212.47$6,268.21
Sep 2026$160.24$52.24$212.47$6,107.98
Oct 2026$161.57$50.90$212.47$5,946.41
Nov 2026$162.92$49.55$212.47$5,783.49
Dec 2026$164.27$48.20$212.47$5,619.22
Jan 2027$165.64$46.83$212.47$5,453.57
Feb 2027$167.02$45.45$212.47$5,286.55
Mar 2027$168.42$44.05$212.47$5,118.13
Apr 2027$169.82$42.65$212.47$4,948.31
May 2027$171.23$41.24$212.47$4,777.08
Jun 2027$172.66$39.81$212.47$4,604.42
Jul 2027$174.10$38.37$212.47$4,430.32
Aug 2027$175.55$36.92$212.47$4,254.76
Sep 2027$177.01$35.46$212.47$4,077.75
Oct 2027$178.49$33.98$212.47$3,899.26
Nov 2027$179.98$32.49$212.47$3,719.28
Dec 2027$181.48$30.99$212.47$3,537.81
Jan 2028$182.99$29.48$212.47$3,354.82
Feb 2028$184.51$27.96$212.47$3,170.31
Mar 2028$186.05$26.42$212.47$2,984.25
Apr 2028$187.60$24.87$212.47$2,796.65
May 2028$189.17$23.31$212.47$2,607.49
Jun 2028$190.74$21.73$212.47$2,416.75
Jul 2028$192.33$20.14$212.47$2,224.42
Aug 2028$193.93$18.54$212.47$2,030.48
Sep 2028$195.55$16.92$212.47$1,834.93
Oct 2028$197.18$15.29$212.47$1,637.75
Nov 2028$198.82$13.65$212.47$1,438.93
Dec 2028$200.48$11.99$212.47$1,238.45
Jan 2029$202.15$10.32$212.47$1,036.30
Feb 2029$203.83$8.64$212.47$832.47
Mar 2029$205.53$6.94$212.47$626.93
Apr 2029$207.25$5.22$212.47$419.69
May 2029$208.97$3.50$212.47$210.71
Jun 2029$210.71$1.76$212.47$0.00

Personal loan pros and cons

Pros

  • Few restrictions on loan purpose.
  • Spread out a large expense.
  • Consolidate high-interest debt.
  • Predictable monthly payments.
  • Fast funding.
  • No collateral required.
  • Rates can be lower than credit cards.
  • On-time payments help build credit.

Cons

  • Strong credit and income needed for lowest rates.
  • Increase your debt load.
  • One-time lump sum; no continual borrowing.
  • Lenders may charge origination fees.
  • Rates may be higher than other financing options.
  • Potentially high monthly payments.
  • Missed payments negatively impact credit.

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 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-applicant. If you have bad credit, having a co-signer with good credit allows you to piggyback on their creditworthiness and potentially get a better rate. With a joint or co-signed personal loan, your co-applicant has to 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.

Where to get a personal loan

Couple of hands typing on a laptop.
Online lender

Online lenders offer a convenient way to find and compare personal loans from anywhere.

A green bank.
Bank

Some national banks offer personal loans with competitive rates and in-person support.

A calculator with cash next to it.
Credit union

Credit unions may offer lower annual percentage rates and flexible terms for their members.

How to get a personal loan

  1. Review your credit report. Check your credit report 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 documents, including W-2s, pay stubs or bank statements to prove your income. 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

Lenders for excellent-credit borrowers

Lender

Best for

Rate range

Time to fund after approval

5.0
NerdWallet rating

Flexible payment options.

7.99% - 24.99%.

Next day.

Fast approval and funding.

6.99% - 25.49%.

Same or next day.

Free financial planning.

8.99% - 29.99%.

Same day.

Lenders for good-credit borrowers

Lender

Best for

Rate range

Time to fund after approval

Joint loans.

8.99% - 35.99%.

1 to 3 days.

Credit-building features.

8.98% - 35.99%.

1 to 2 days.

Credit card consolidation.

11.72% - 17.99%.

1 to 3 days.

Flexible payment options.

8.99% - 35.99%.

1 to 3 days.

Fast approval and funding.

9.12% - 29.99%.

Same or next day.

Fast application and approval.

7.99% - 35.99%.

Same or next day.

Secured loans.

8.99% - 35.99%.

1 to 3 days.

Lenders for fair- and bad-credit borrowers

Lender

Best for

Rate range

Time to fund after approval

Secured loans.

18.00% - 35.99%.

1 to 2 days.

Credit-building tools.

11.69% - 35.99%.

Next day.

Debt consolidation.

8.49% - 35.99%.

Next day.

AI-powered underwriting.

7.80% - 35.99%.

Next day.

Fast funding.

9.95% - 35.99%.

Next day.

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.

DisclaimersAnnual 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.