Best Personal Loan Offers of 2024

SoFi: Best for low fees
LightStream: Best for low interest rates
Happy Money: Best for credit card debt consolidation
Best Egg: Best for small loans
Lending Club: Best for joint applicants
Prosper: Best for fair credit borrowers
Upgrade: Best for rate discounts

Compare the Best Personal Loans

Lender	MyBankTracker Rating	Estimated APR	Loan Terms
SoFi	4/5	7.99 - 23.43%	36 - 72 months
LightStream	5/5	6.49 - 24.49%	24 - 144 months
Happy Money	4/5	7.99 - 29.99%	24 - 60 months
Best Egg	3/5	5.99 - 29.99%	36 - 60 months
Lending Club	4/5	6.34 - 35.89%	36 - 60 months
Prosper	3/5	6.99 - 35.99%	24 - 60 months
Upgrade	4/5	7.96 - 35.97%	36 - 60 months

Best Personal Loan Reviews

We understand that finding the right personal loan can be stressful, so here's a quick glance at our top recommendations--you'll likely find one that will fit your borrowing needs.

SoFi: Best for Low Fees

SoFi is a personal lender that offers some of the best terms on its personal loans, which can be used for nearly any purpose, including consolidation of high-interest credit card debt, home improvement projects, a major purchase, and more (except post-secondary education tuition).

The most notable trait is the lack of fees. SoFi doesn’t charge any fees, including origination fees and prepayment penalties.

Also, it offers loans as high as $100,000, which should be enough to serve most of your financial needs.

With that being said, it’s worth noting that the best rates and the highest borrowing amounts are reserved for those with excellent credit scores.

Ability to get a low rate

SoFi can offer such attractive borrowing rates because it takes a slightly non-traditional approach to lending personal loans.

In addition to asking applicants for their credit history and income information, it also considers their job, career history, and financial stability. This means great chances for applicants to get approval for a SoFi personal loan and/or qualify for a lower interest rate.

And, set up automatic payments by linking to a checking account and borrowers receive a 0.25% rate reduction.

Read the full MyBankTracker editor's SoFi personal loan review.

LightStream: Best for Low Interest Rates

LightStream (a lending division of Truist) offers personal loans for borrowers who need funds for various purposes such as debt consolidation, home improvement, and other major expenses.

Borrowers can choose from loan amounts ranging from $5,000 to $100,000 with flexible repayment periods, which may differ based on the purpose of the loan.

The best part:

LightStream offers extremely competitive interest rates (fixed) with no fees or prepayment penalties.

Read the LightStream Personal Loans editor's review.

Happy Money: Best for Credit Card Debt Consolidation

The Payoff Loan, from Happy Money, is a personal loan for one specific reason: credit card debt consolidation.

Borrowers can take out a loan from $5,000 to $35,000 with terms ranging from 2 years to 5 years.

The most attractive part of The Payoff Loan is the extremely low interest rate for those with excellent credit.

However, applicants with a credit score as low as 640 can consider applying.

Read our in-depth review of The Payoff personal loan.

Best Egg: Best for Small Loan Amounts

Best Egg is among the list of personal loan lenders that offer some of the lowest borrowing rates on the market.

Personal loans from Best Egg can be used for any purpose and borrowers can take out as little as $2,000 -- making Best Egg a great choice for people who are seeking small personal loans.

Larger loans are available too, but note that they may come with longer repayment terms -- in addition to more stringent applicant requirements.

Read the Best Egg personal loans editor's review.

Lending Club: Best for Joint Applicants

Lending Club offers personal loans up to $40,000 with repayment terms of 36 months or 60 months. The interest rate varies depending on your credit score.

That said, Lending Club personal loans cater to borrowers with a wide range of credit scores.

Read our Lending Club Personal Loans editor's review.

Prosper: Best for Fair Credit Borrowers

Prosper is another peer-to-peer lending platform that offers personal loans to borrowers with a range of credit scores.

Applicants can request $2,000 to $35,000 with repayment periods of 36 months or 60 months.

You can check your interest rate in minutes with no impact to your credit score. And, funds are disbursed in as soon as one business day.

Read the Prosper Personal Loans editor's review.

Upgrade: Best for Rate Discounts

Upgrade offers unsecured personal loans with a more transparent approach.

Applicants must have a minimum credit score of 620, which is rather lenient. However, to qualify for Upgrade's lowest rates (which are competitively low), excellent credit is expected. Additionally, there are a few ways that borrowers can get rate discounts.

Even better, loan decisions are often made on the same day.

Read the Upgrade Personal Loans editor's review.

How Personal Loans Work

Personal loans are installment loans that may or may not be secured with collateral.

Generally, unsecured personal loans are available for nearly any purpose. However, be prepared to tell the lender why you need the loan.

A secured personal usually allows you to put cash into a deposit account as collateral.

Common reasons for borrowing money through personal loans:

When you don’t have the cash in hand for a large or emergency expense, a personal loan helps to pay for whatever it is that you need

Additionally, this type of loan can improve your credit when used to consolidate high-interest debt or to add a credit line to your name.

As with any loan, it is important to make payments on time or your credit could suffer.

How a Personal Loan Can Help Your Finances

Depending on your situation, a personal loan can be helpful with your overall finances..

In many cases, it’s possible to get approved for a personal loan quickly. Usually, you'll have access to the borrowed funds as soon as the next business day. (If you choose a peer-to-peer loan, it can take a few weeks to get your money.)

How much you receive depends on your credit rating and what the lender is willing to provide.

The amount you can borrow

Some lenders call personal loans “signature loans” and only offer up to $5,000. Online lenders might offer as much as $10,000 to $100,000.

If you choose a peer-to-peer (P2P) lender for your personal loan, you might qualify for as much as $35,000. However, your situation might not allow you to access the maximum offered by the lender.

On the other hand, you might only want a smaller loan, and many lenders have minimums that exceed your desired loan size.

When you get a personal loan from a bank, there is a chance that you will be able to borrow at a lower rate than you might be charged for a credit card.

This saves you money on interest charges. Many P2P lenders also offer lower rates than you find with credit cards. However, with a P2P loan, you might not be funded, and then you get nothing. If you need cash fast, a P2P loan usually isn’t the best choice.

Managing finances easier

With a personal loan, you always know what to pay each month. So, it can be easier to plan your budget around your payments.

You also know the end date for the loan, so you have something to look forward to.

For consumers who want to use a personal loan to pay off debt, this can be very comforting. Consolidating your debt down to one payment can save you money on interest over time, as well as make it easier to manage all of your debt.

Balance transfer credit cards are often used for debt consolidation purposes as well.

For smaller balances, they can work -- you may even find deals with long periods of 0% APR. Just note that your credit limit may not be as high as you'd get with a personal loan.

Build your credit

A personal loan can boost your credit score. Your credit score is based, in part, on the types of loans you have.

A personal loan is an installment loan, which means it adds variety to your credit profile if you mainly have revolving credit (e.g. credit cards).

As long as you make payments on time and in full, and you don’t have a lot of other debt, a personal loan might be able to help your credit.

Interest Rates and Credit Scores

Because personal loans are unsecured, they tend to come with higher interest rates -- sometimes higher than credit cards.

Like with most loans, your APR on the loan will depend on your FICO credit score and other factors, such as your annual income and monthly housing expenses.

Ideally, you have good credit to ensure that your loan application is approved with a low-interest rate.

You may still be able to qualify for a personal loan with bad credit, but you could end up with a higher interest rate.

Every lender could have a minimum FICO credit score before even considering your application.

Credit Score Ranges and Quality

Credit Score Ranges	Credit Quality	Effect on Ability to Obtain Loans
300-580	Very Bad	Extremely difficult to obtain traditional loans and line of credit. Advised to use secured credit cards and loans to help rebuild credit.
580-669	Bad	May be able to qualify for some loans and lines of credit, but the interest rates are likely to be high.
670-739	Average/Fair	Eligible for many traditional loans, but the interest rates and terms may not be the best.
740-799	Good	Valuable benefits come in the form of loans and lines of credit with comprehensive perks and low interest rates.
800-850	Excellent	Qualify easily for most loans and lines of credit with low interest rates and favorable terms.

FICO Credit Score Factors and Their Percentages

FICO credit score factors	Percentage weight on credit score:	What it means:
Payment history	35%	Your track record when it comes to making (at least) the minimum payment by the due date.
Amounts owed	30%	How much of your borrowing potential is actually being used. Determined by dividing total debt by total credit limits.
Length of credit history	15%	The average age of your active credit lines. Longer histories tend to show responsibility with credit.
Credit mix	10%	The different types of active credit lines that you handle (e.g., mortgage, credit cards, students loans, etc.)
New credit	10%	The new lines of credit that you've requested. New credit applications tend to hurt you score temporarily. Learn more about FICO credit score

Benefits and Drawbacks

It is an unsecured loan. So, you don’t have to put up any assets as collateral.

You can borrow the funds for a wide range of reasons (as long as it doesn’t violate the lender’s terms.) Personal loans can diversify your credit mix, which is good for your credit score.

The loan’s interest rate is likely to be higher than the interest rate on secured loans. The application process may take longer compared to other loans.

What to Expect When Applying for a Personal Loan

Personal loans are available through many different lenders, including banks, credit unions, online lenders, and peer-to-peer lending platforms.

Be careful of predatory lenders that may take advantage of cash-strapped borrowers by hitting them with extremely high-interest rates or fees.

In order to apply for a personal loan, you will need to share personal information. Your name, date of birth, and address are required.

You will also need to share your Social Security number for identification so that the lender can check your credit history. In many cases, you also need to provide income information.

It’s difficult to get a personal loan with no job. In some cases, it’s possible to secure a small personal loan with no job.

But for the most part, lenders want to know that you will be able to make your monthly payments. You might also need to provide other income documentation.

If you are self-employed, you might need to provide tax returns to show that you have a regular income and can afford the personal loan.

Not everyone is approved for a personal loan. If you want to be approved, your best chance is to have good credit, and show that you have income.

Personal Loan Details by Lender and Loan Connectors

Lender Name	Origination Fees	Ranges of Borrowing Amounts	Available Terms
Santander Bank	None	$5,000 - $35,000	2 - 5 year
Upstart	2.8% - 8.0%	$1,000 - $50,000	3 - 5 year
Lending Club	1.0% - 6.0%	$0 - $40,000	3 - 5 year
Discover Bank	None	$2,500 - $40,000	3 - 7 year
Avant	1.50% - 4.75%	$2,000 - $35,000	2 - 5 year
Citibank	None	$1,000 - $50,000	3 - 5 year
SoFi	None	$5,000 - $100,000	3 - 7 year
Wells Fargo	None	$3,000 - $100,000	1 - 5 year
USAA	None	$2,500 - $100,000	2 - 7 year
TD Bank	None	$2,000 - $50,000	1 - 5 year
Marcus	None	$3,500 - $30,000	3 - 6 year
Citizens Bank	None	$5,000 - $50,000	3 - 7 year
M&T Bank	None	$2,000 - $25,000	1 - 5 year
Prosper	1.0% - 5.0%	$2,000 - $35,000	3 - 5 year
American Express	None	$3,500 - $25,000	1 - 3 year
One Main Financial	Varies by state	$1,500 - $25,000	2 - 5 year
RocketLoans	1.0% - 6.0%	$2,000 - $35,000	3 - 5 year
PNC Bank	None	$1,000 - $25,000	6 mo - 5 year
Best Egg	0.99% - 5.99%	$2,000 - $50,000	3 - 5 year
Earnest	None	$2,000 - $50,000	1 - 3 year

Getting the Best Rate on a Personal Loan

Having good credit is the best way to get the best deal on a personal loan.

You can get a personal loan with bad credit, but you probably won’t qualify for the best interest rates. You might end up paying a rate that is as high as a credit card rate – or even higher.

If you are strapped for cash, however, a personal loan can help you manage your cash flow and get out of a tight situation, even with the high-interest rate.

If you have a good credit score, you can qualify for a lower interest rate, whether you apply for a personal loan at a bank, or whether you use an online resource.

When you repay your loan on time, your credit score improves, and that can mean more savings down the road when you next need a loan.

Be sure to review personal loans from multiple lenders to compare APRs, borrowing limits, credit score minimums, and terms.

Bottom Line

A personal loan can be a great tool to help you smooth your cash flow and get out of a pinch.

The most effective use for a personal loan is debt consolidation at a lower interest rate. Avoid applying for a loan that is larger than you afford.

If you can’t make payments, you could end up ruining your credit and be in a worse position than you are in now.

Methodology

We analyzed unsecured personal loans from more than 30 personal loan lenders, which include the biggest U.S. banks, credit unions, and online lenders. Each personal loan was evaluated based on interest rates, fees, available loan terms, borrowing minimums, borrowing maximums, and potential rate discounts.

More resources on personal loans

The Best Personal Loans by State


Alabama	Kansas	New Mexico	Virginia
Alaska	Kentucky	New York	Washington
Arizona	Louisiana	North Carolina	West Virginia
Arkansas	Maine	North Dakota	Wisconsin
California	Maryland	Ohio	Wyoming
Colorado	Massachusetts	Oklahoma
Connecticut	Michigan	Oregon
Delaware	Minnesota	Pennsylvania
Florida	Mississippi	Rhode Island
Hawaii	Missouri	South Carolina
Georgia	Montana	South Dakota
Idaho	Nebraska	Tennessee
Illinois	Nevada	Texas
Indiana	New Hampshire	Utah
Iowa	New Jersey	Vermont

Best Personal Loans of November 2024