Best of
Compare the best personal loan lenders for good and bad credit, debt consolidation and more.
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Last updated on May 13, 2024
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✅ Fact checked and reviewed
Edited by
✅ Fact checked and reviewed
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The best personal loan lenders offer affordable monthly payments at a rate that fits your budget. Other loan features, including no fees, rate discounts and mobile apps may set some personal loan lenders apart. We always recommend you compare personal loans from multiple lenders before making a choice.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
NerdWallet’s
Best of Award Winner
Best Personal Loan
Overall
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
on SoFi's website
More details
Why our nerds love it
SoFi stands out with competitive rates, no required fees and multiple rate discounts. It offers fast funding, a wide range of loan amounts and terms, plus perks like free financial advice. Read our methodology
Best Personal Loan Lenders
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
|---|---|---|---|---|---|
SoFi Personal Loan Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet | 🏆Top 3 most visited 5.0 /5 Best for Personal loans for good to excellent credit Rate discount | 8.99-29.99% | $5,000-$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet |
Upgrade Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Personal loans for bad to fair credit | 8.49-35.99% | $1,000-$50,000 | 560 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet |
Discover® Personal Loans Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Debt consolidation loans | 7.99-24.99% | $2,500-$40,000 | 660 | Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet |
LightStream Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Home improvement loans | 6.99-25.49% | $5,000-$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
Upstart Visit Lenderon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans for short credit history | 7.80-35.99% | $1,000-$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet |
Happy Money Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans for credit card consolidation | 11.72-17.99% | $5,000-$40,000 | 640 | Check Rateon NerdWallet on NerdWallet |
Best Egg Visit Lenderon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Secured loans | 8.99-35.99% | $2,000-$50,000 | 600 | Visit Lenderon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet |
LendingClub Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Joint personal loans | 8.98-35.99% | $1,000-$40,000 | 600 | Check Rateon NerdWallet on NerdWallet |
Explore all of our lender picks by category
Our pick for
Home improvement loans
on LightStream's website
Check Rateon NerdWallet
on NerdWallet
LightStream
4.5
NerdWallet rating
Est. APR
6.99-25.49%
Loan amount
$5,000-$100,000
Min. credit score
660
Our pick for
Personal loans for good to excellent credit
Visit Lenderon SoFi's website
on SoFi's website
Check Rateon NerdWallet
on NerdWallet
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
Our pick for
Personal loans for bad to fair credit
Visit Lenderon Upgrade's website
on Upgrade's website
Check Rateon NerdWallet
on NerdWallet
Upgrade
5.0
NerdWallet rating
Est. APR
8.49-35.99%
Loan amount
$1,000-$50,000
Min. credit score
560
Our pick for
Personal loans for short credit history
Visit Lenderon Upstart's website
on Upstart's website
Check Rateon NerdWallet
on NerdWallet
Upstart
4.5
NerdWallet rating
Est. APR
7.80-35.99%
Loan amount
$1,000-$50,000
Min. credit score
None
Our pick for
Personal loans for credit card consolidation
Check Rateon NerdWallet
on NerdWallet
Happy Money
4.5
NerdWallet rating
Est. APR
11.72-17.99%
Loan amount
$5,000-$40,000
Min. credit score
640
Our pick for
Debt consolidation loans
Visit Lenderon Discover's website
on Discover's website
Check Rateon NerdWallet
on NerdWallet
Discover® Personal Loans
5.0
NerdWallet rating
Est. APR
7.99-24.99%
Loan amount
$2,500-$40,000
Min. credit score
660
Our pick for
Secured loans
Visit Lenderon Best Egg's website
on Best Egg's website
Check Rateon NerdWallet
on NerdWallet
Best Egg
4.5
NerdWallet rating
Est. APR
8.99-35.99%
Loan amount
$2,000-$50,000
Min. credit score
600
Our pick for
Joint personal loans
Check Rateon NerdWallet
on NerdWallet
LendingClub
4.5
NerdWallet rating
Est. APR
8.98-35.99%
Loan amount
$1,000-$40,000
Min. credit score
600
On this page
Best place to get a personal loan
How to compare the best personal loan lenders
Personal loan interest rates and fees
Pros and cons of personal loans
How to get a personal loan
Frequently asked questions
Next step: Pre-qualify for a personal loan
Best place to get a personal loan
You can get a personal loan from online lenders, banks and credit unions. The best option is one where you can get the rate, terms and features that fit your financial situation.
Online lenders
With an online lender, the process of getting a loan — from application to funding — can be completed on your own schedule without having to leave home. Online lenders typically provide the fastest funding times. Some even have same- or next-day funding.
» MORE: Best online loans
Loans from banks
Some banks provide rate discounts and perks to existing customers. These lenders typically require borrowers to have good to excellent credit (scores of 690 or higher) to qualify for personal loans.
» MORE: Best bank loans
Loans from credit unions
To get a personal loan from a credit union, you must first be a member. Credit unions are usually more willing to lend to borrowers who have fair or bad credit (scores below 690), and federal credit unions cap interest rates at 18%.
» MORE: Online vs. in person loan: Which is better?
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How to compare the best personal loan lenders
Here are things to consider as you shop for a personal loan.
Pre-qualification. Many lenders let you pre-qualify online to check your estimated interest rate and loan terms. This process involves a soft credit check, which won’t affect your credit score. It pays to pre-qualify for a loan with multiple lenders and compare offers and loan features.
Annual percentage rates. Because APRs include interest rates and fees, they offer an apples-to-apples cost comparison for borrowers deciding between personal loan offers. Use our personal loan calculator to see how APR affects monthly payments and total loan costs.
Funding time. The time it takes to get a personal loan can depend on the type of lender. Many online lenders will approve your application and send funds the same or next day after you apply. Banks and credit unions may take up to a week.
Repayment terms. Lenders may offer repayment terms from two to seven years. A shorter-term loan means you’ll pay less interest while a longer term gives you lower monthly payments. Based on your budget, one may make more financial sense than the other.
Loan amount. Most lenders offer small to midsize loan amounts of $2,000 to $50,000, but some provide up to $100,000. Determining the amount you need will help you compare and decide.
Special features. See if the lender you’re considering offers any perks that could help you reach your financial goals. You may benefit from features like rate discounts for setting up autopay, financial planning or hardship assistance programs.
» MORE: Compare personal loan features
Explore the top personal loans and lenders in each of these categories:
Personal loans for good credit.
Bad credit loans.
Best debt consolidation loans.
Fast personal loans.
Small personal loans.
^ Back to table of contents
Personal loan interest rates and fees
Personal loan interest rates differ by lender, and the rate you receive depends on factors like your credit score, income and debt-to-income ratio (DTI). Here’s what interest rates on personal loans look like, on average:
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 12.37%. |
Good | 690-719. | 14.87%. |
Fair | 630-689. | 18.40%. |
Bad | 300-629. | 21.93%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from April 1, 2024, through April 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%.
» MORE: Current average personal loan interest rates
Some lenders charge origination fees to cover the cost of processing the loan. Lenders typically deduct the fee before sending you the funds. This one-time fee is included in the loan’s annual percentage rate, so consider this when comparing costs between lenders.
Lenders may also charge late fees and nonsufficient funds fees, which are charged when you don’t have enough in your bank account to cover the loan’s monthly payment.
^ Back to table of contents
Pros and cons of personal loans
Depending on your financial situation and the loan’s purpose, a personal loan can be the right move or one you should sidestep.
» MORE: Pros and cons of personal loans
Pros
- Lower starting APRs than credit cards.
- Fixed rates and monthly payments.
- Flexible loan amounts.
- No collateral.
Cons
- Maximum APRs can be high.
- Possible fees.
- Increases in debt.
Pros
Lower starting APRs than credit cards. For borrowers with strong credit, personal loans typically have lower APRs than credit cards. While some credit cards offer 0% interest during an introductory period, regular credit card APRs are often above 18%.
» MORE: Personal loans vs. credit cards: What’s the difference?
Fixed rates and monthly payments. Personal loans have fixed rates and monthly payments over a set term, so you always know what you owe and for how long. Other financing options like home equity lines of credit have variable rates, meaning the monthly payments fluctuate.
Flexible loan amounts. Depending on the lender and your creditworthiness, you may have access to personal loan amounts of $1,000 to $100,000. A personal loan can cover a wide array of expenses, from small emergencies to large home improvement projects.
No collateral. Unlike home equity loans that require you to secure the loan with your house, unsecured personal loans don’t require collateral. You risk hurting your credit if you can’t repay, but you won't lose any assets.
Cons
Maximum APRs can be high. If you have a low credit score, APRs on personal loans can reach nearly 36%, which ishigher than maximum credit card APRs.
Possible fees. Borrowers may have to pay fees — like origination or late fees — along with their loan payments.
Increase in debt. Taking a personal loan adds debt to your budget, so it's important to factor in the additional obligation and feel comfortable about paying it off.
^ Back to table of contents
How to get a personal loan
Check your credit. Your credit score is a primary factor in whether you qualify for a personal loan and the rate you receive. Resolve any errors that might be hurting your score and, if you can, pay down debts to reduce your DTI. Get a free credit report with NerdWallet or at AnnualCreditReport.com.
Pre-qualify with multiple lenders. Pre-qualifying gives you an idea of the rate and terms you can expect. Compare pre-qualified offers to find the lowest APR and monthly payments that fit your budget.
Apply. The formal application process requires documents to verify your identity and income. Once approved, you’ll typically receive your loan funds within a week.
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Frequently asked questions
What are lenders’ requirements for personal loans?
Personal loan requirements vary between lenders, but your credit profile, income and outstanding debts are major factors on an application. You’ll typically need to submit proof of your identity and financial information, which can include documents such as a driver’s license, Social Security number, pay stubs, tax returns and bank statements.
Do lenders need to know how I plan to use the loan?
Most lenders ask why you're borrowing, but you can use a personal loan for almost any reason. A lender may have restrictions on using the money for specific purposes, like higher education or investing.
How do I choose the best personal loan lender?
Pre-qualify with multiple lenders and use APR for the best apples-to-apples comparison of the cost of the loan. Typically, the lender that offers the lowest APR is the best one. Other factors to consider include loan amount, repayment terms, funding times and special features, such as a mobile app.
How long do lenders take to approve and fund a personal loan?
Once you’ve submitted the application, lenders can usually make an approval decision within one to two days. Most lenders can fund a personal loan within a week, and many offer same- or next-day funding.
» MORE: How long does it take to get a personal loan?
Are there personal loan lenders that work with bad-credit borrowers?
Credit score requirements vary among lenders. Some lenders accept borrowers with good or excellent credit only; others provide loans to bad-credit borrowers.
» MORE: Learn how to get a loan with bad credit.
Are there personal loan lenders that work with low-income borrowers?
Borrowers with low incomes may qualify with lenders that have soft income requirements. Some lenders don’t have minimum income requirements at all. Include all sources of income — child support, alimony or Social Security payments — on your application to improve your chance of qualifying for a loan.
» MORE: Low-income loans: What they are and where to get one
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Next step: Pre-qualify for a personal loan
You can pre-qualify on NerdWallet and see rates from lenders that partner with us. Pre-qualifying triggers a soft credit check, which doesn't impact your score.
PRE-QUALIFY ON NERDWALLET
^ Back to table of contents
Last updated on May 13, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and 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. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Personal Loan Lenders of May 2024
- LightStream: Best for Home improvement loans
- SoFi Personal Loan: Best for Personal loans for good to excellent credit
- Upgrade: Best for Personal loans for bad to fair credit
- Upstart: Best for Personal loans for short credit history
- Happy Money: Best for Personal loans for credit card consolidation
- Discover® Personal Loans: Best for Debt consolidation loans
- Best Egg: Best for Secured loans
- LendingClub: Best for Joint personal loans
