Compare Personal Loan Rates for January 2022

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Here are 13 lenders for you

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Upstart

4.5

/5
 NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $50,000 

APR 
3.57-35.99% 

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LightStream

5.0

/5
 NerdWallet rating 
Loan term 
2 to 7 years 

Loan amount 
$5,000 - $100,000 

APR 
4.49-20.49% 

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SoFi Personal Loan

5.0

/5
 NerdWallet rating 
Loan term 
2 to 7 years 

Loan amount 
$5,000 - $100,000 

APR 
5.74-20.28% 

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Goldman Sachs

5.0

/5
 NerdWallet rating 
Loan term 
3 to 6 years 

Loan amount 
$3,500 - $40,000 

APR 
6.99-19.99% 

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LendingClub

4.0

/5
 NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $40,000 

APR 
7.0-35.9% 

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Avant

3.5

/5
 NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$2,000 - $35,000 

APR 
9.95-35.95% 

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Best Egg

4.5

/5
 NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$2,000 - $50,000 

APR 
11.8-18.2% 

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Upgrade

5.0

/5
 NerdWallet rating 
Loan term 
2 to 7 years 

Loan amount 
$1,000 - $50,000 

APR 
14.0-27.0% 

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Prosper Borrowers

3.5

/5
 NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$2,000 - $40,000 

APR 
17.3-22.9% 

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Payoff

4.5

/5
 NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$5,000 - $40,000 

APR 
17.4% 

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OneMain

4.0

/5
 NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$1,500 - $20,000 

APR 
18.00-35.99% 

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Universal Credit

4.5

/5
 NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $50,000 

APR 
21.48-30.74% 

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LendingPoint

4.0

/5
 NerdWallet rating 
Loan term 
2 to 4 years 

Loan amount 
$2,000 - $36,500 

APR 
22.67-24.18% 

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Updated: Jan 21, 2022

An unsecured personal loan is a fixed-rate loan that is not backed by collateral and is repaid in monthly installments over a specific term, usually two to seven years. When you need money to cover a large expense or to , consider a personal loan. You can use the funds for almost any purpose.

To qualify you, lenders look at factors including your credit score, credit report and debt-to-income ratio. You can get a personal loan from some major banks, credit unions and online lenders.

» MORE:

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

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from July 1, 2020, to July 31, 2021. Rates are estimates only and not specific to any lender.

» COMPARE: 

Borrowers with good to excellent credit (690 and higher on the FICO scale) 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 (FICO scores below 690) may have to look a little harder and pay a higher rate for a personal loan. Some , offering loans with rates from 18% to 36% APR. Having steady income, low debt, a long credit history and a record of on-time payments will improve your .

» MORE:

In response to the COVID-19 crisis, some lenders introduced for consumers dealing with financial losses. Other lenders tightened requirements for their loans, making it more difficult for borrowers with bad credit to qualify for a personal loan.

Especially during difficult times, it’s important to reach out to your lender and know your options. Some lenders allow you to for a specified time. If you miss payments without first notifying your lender, your credit will take a hit and your loan could be in default.

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 :

If you decide a personal loan is right for you, always compare rates from multiple lenders. The loan with the lowest is the least expensive — and therefore, usually the best choice.

Also consider the loan’s term and monthly payments. A longer term may mean lower monthly payments, but you’ll pay more in interest over the life of the loan. Assess how the payments fit into your monthly budget.

Some loans have that may be important to you. If you’re consolidating debt, a lender that sends your loan proceeds directly to your creditors saves you that step in the process. Some lenders offer flexible payment options that allow you to change a payment due date or defer a payment.

» MORE:

The start with checking your credit and comparing rates. Most online lenders allow you to without affecting your credit score.

If you have good credit and an existing banking relationship, it’s worth checking out loan options from your current bank or credit union. Here are some .

Once you have multiple loan offers in hand, compare the loan features and fine print, including total costs and any penalties. The final step is to formally that best fits your needs. 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.

» MORE:

: Best for flexible payment options.

: Best for low rates.

: Best for no fees.

: Best for free financial advising.

: Best for fast loans.

: Best for joint loans.

: Best for credit-building features.

: Best for credit card consolidation.

: Best for flexible payment options.

: Fast application and funding process.

: Best for fast application and approval.

: Best for joint and secured loan options.

: Best for credit-building tools.

: Best for debt consolidation.

: Best for AI-powered underwriting.

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. 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. NerdWallet does not receive compensation for our star ratings. Read more about  and our .


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.