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Best Personal Loans December 2024

A personal loan is a versatile financial tool that provides unsecured funding, allowing you to address various financial needs. Ranging from a few hundred to tens of thousands of dollars, it offers flexibility to cover expenses like home improvements, medical bills, debt consolidation, or even a special event. When considering personal loans, it's important to carefully compare different lenders and loan terms to find the one that aligns best with your unique financial situation and goals. Taking the time to explore your options ensures you make an informed decision that sets you on a path towards achieving your financial objectives.

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Key Facts

  • Free-to-use marketplace with a choice of vetted lending partners.
  • Borrowers are in control and can compare competitive loan options.
  • No prepayment fees and origination fees as low as 0%
  • Max Loan Amount: $200K

Pros

pros iconGreat for Comparing Lenders

pros icon Fast and Easy

pros iconSecure 256-bit encryption

Cons

cons iconFees Vary

cons iconOther Variable Info

cons iconTerms are Limited

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

Student Loan Rate and Terms Disclosure:  Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the Credible.com platform offer fixed rates ranging from 3.49% – 17.99% APR and Variable interest rates from 4.63% – 17.99% APR. Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR or SOFR. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score.

Student Loan Refinancing Rate and Terms Disclosure: The lenders on the Credible.com platform offer fixed rates ranging from 3.85% – 11.85% (3.85% – 11.85% APR). Variable interest rates offered by the lenders on Credible.com range from 4.86% – 13.34% (4.86% – 13.34% APR). Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • $1K-$200K Loan Amount
  • 550 Min Credit
  • 6.94-35.99% APR
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Key Facts

  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever
  • Max Loan Amount: $100K

Pros

pros iconPersonal loan application process is easy and only takes a few minutes to complete

pros iconSoft credit check that doesn’t affect your credit score and gives you personalized rates

pros iconFixed and variable rate loans available ranging from $5,000 to $100,000

pros iconNo late or origination fees required

pros iconExcellent customer support team

pros iconOnline autopay comes with a discount on interest

pros iconExclusive benefits for members (ex. networking events and access to financial advisors)

pros iconUnemployment Protection feature comes with a temporary payment pause (up to 12 months)

pros iconNo prepayment penalties

Cons

cons iconMay take up to 4 days to receive funds after approval (longer than other online lenders)

cons iconHigh eligibility requirements (ex. good credit and sufficient income)

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2022 Social Finance, Inc. All rights reserved.”

Fixed rates from 3.79% APR to 14.83% 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 01/16/24 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.

  • $5K-$100K Loan Amount
  • 680 Min Credit
  • 8.99-15.99% APR
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Key Facts

  • Flexible repayment options
  • Great for customers with bad credit score
  • Safe and secure

Pros

pros iconEasy, fast application process

pros iconFunds are disbursed quickly

pros iconBuilds personal credit

Cons

cons iconHigh fees and interest charges

cons iconNo co-signed, joint, or secured loan option

cons iconNo rate discount for automatic payments

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

  • $2K-$35K Loan Amount
  • 580 Min Credit
  • 9.95-35.99% APR
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Key Facts

  • Wide range of loan term lengths.
  • No prepayment penalties.
  • Enjoy additional services Axos offer.

Pros

pros iconNo prepayment penalties

pros icon1-year loan terms available

pros iconFast, 2-day funding

pros iconWide range of loan terms

Cons

cons iconHigh credit score requirements

cons iconOrigination fee

cons iconShorter loan terms

Axos Bank® offers bank products and services. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and vesting at Axos Bank. For more information, read our FDIC Notice. Axos Bank NMLS# 524995. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432.

 

  • $5K-$50K Loan Amount
  • 690 Min Credit
Powered by Credible
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Key Facts

  • APRs ranging from 8.99% to 17.99%.
  • Must be a member to apply for a loan.
  • No penalties for paying off your loan early

Pros

pros iconFast funding time

pros iconGreat reputation

pros iconMinimal fees

pros iconWide range of term lengths

Cons

cons iconYou need to be a PenFed Credit Union member to get a loan

cons iconDoesn’t disclose all eligibility requirements

©2024 Pentagon Federal Credit Union

This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2024 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate

Routing #256078446

Personal Loans Disclosure

Rates and offers current as of September 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.

*Your actual APR will be determined at the time of disbursement and will be based on your loan term and creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply.

Loan Payment Example: A $50,000 personal loan financed at 8.99% APR would amount to 36 monthly payments of approximately $1,590 each.

Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50.

**There is no balance transfer fee, no early payoff fee, and no origination fee. There are no “hidden” fees such as home appraisal, closing, or title search fees that you might incur in other borrowing situations. If you do not make your monthly installment payment on time, you may incur late payment fees.

Auto Loans Disclosure

Rates and offers current as of September 1, 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit

*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.

New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is model year 2023 or newer with less than 7501 miles. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Vehicle weight and mileage restrictions apply.

Minimum loan amount is $15,000 for 61-72 month term. Minimum loan amount $20,000 for 73-84 month term. Rate also depends on term.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a JD Power value. Financing is available up to the JD Power valuation plus tags, title, taxes and extended warranties not to exceed 125% in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Some restrictions apply. Call 1-800-247-5626 for details.

For the 84 month loan term, eligible used vehicles must have model years as new as or newer than the current calendar year minus five years and less than 60,000 miles. 

Rate depends on term. Vehicle weight and mileage restrictions apply. 

Loan Payment Example: A $20,000 used auto loan financed at 6.94% APR would amount to 60 monthly payments of approximately $396.62 each.

Refinance Auto Loans: New vehicles are where you are the original owner and the untitled vehicle is model year or newer with less than 7501 miles. Used vehicles are pre-owned vehicles or vehicles with over 7501 miles. For used vehicles, maximum used car loan advance will be determined by PenFed using a JD Power value. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. PenFed does not permit internal refinances of an existing PenFed auto loan.

Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

PenFed Car Buying Service:

PenFed Car Buying Service is available in all 50 states.

Loan Payment Example: A $20,000 new auto loan financed at 4.74% APR would amount to 36 monthly payments of approximately $599.21 each.

PenFed Automobile Deductible Reimbursement

Requires reporting of completed qualified purchases within 45 days of purchase date. Reimburses what you’ve paid, if anything, for your automobile insurance deductible when you file a claim on the purchased vehicle within 365 days of registering in program. Covers up to $500 2x a year (service not available in New Hampshire or New York). To learn more about this program see TrueCar’s Program Details and Terms and Conditions.

Certificate Disclosure

Money Market Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

**6 Month certificates earn dividends on simple interest basis. All other certificate dividends are compounded daily.

You choose how your dividends are withdrawn: monthly OR at maturity.

3 payment options:

  1. Add dividends to certificate.
  2. Transfer dividends to Regular Share, checking, or MMSA (Money Market Savings Account).
  3. Have dividend sent to you in check form.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Money Market Certificates. This will reduce earnings on the account. You must provide your request in writing.

Please refer to the Money Market Certificate Application for further details. For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

IRA Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

*Refer to a qualified tax advisor

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

Coverdell Education Savings

APY (Annual Percentage Yield) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

Certificate dividends are compounded daily and credited monthly.

For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Coverdell Education share certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

IRA Disclosure

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings. Rates could change after account opening.

*Refer to a qualified tax advisor

Rates could change after account opening.

Roth IRA

Rates could change after account opening.

To take a qualified distribution, and avoid any tax liabilities, you must wait until after the five-taxable-year period beginning with the taxable year in which you first contributed to a Roth IRA.

IRA Certificates

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Early Redemption Penalties

Penalties are imposed for early redemption of certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

Exceptions. The penalties described above will not be applied if the withdrawal is made: (i) Subsequent to the death of any holder of the Certificate. (ii) As a result of the voluntary or involuntary liquidation of the credit union. (iii) If the owner is permanently disabled, as defined in the Internal Revenue Code Section 72(m). (iv) If the owner has reached age 59½ and takes a partial withdrawal in the form of a distribution to themselves. (v) If the owner has reached the applicable RMD age and take a withdrawal of any amount in the form of a distribution to themselves. Note: a trustee-to-trustee direct transfer is not considered a distribution to yourself therefore regular certificate penalties would apply. Roth IRAs do not qualify under RMD exceptions.

 

 

  • $500-$50K Loan Amount
Powered by Credible
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Key Facts

  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹
  • Max Loan Amount: $100K
  • Powered by Credible

Pros

pros iconGet a loan for practically anything

pros iconAutopay discount available

pros iconDedicated app to manage your loan

pros iconLightStream doesn’t charge any fees

Cons

cons iconPersonal loan up to $100K

cons iconRequires steady income

cons icon1-3 Days till funding

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 29% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 04/01/2024 to 06/30/2024. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 6.94% APR with a term of 3 years would result in 36 monthly payments of $771.24.

Maximum APR for a LightStream loan is 25.29%. Loan terms range from 24 – 240 months depending on the loan type.

1You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Business Hours (Eastern time)

Customer Service
Monday – Friday: 9:30 a.m. to 7 p.m. & Saturday: Noon to 4 p.m.

Application Processing
Monday – Friday: 10 a.m. to 6 p.m.
Saturday & Sunday: 1 p.m. to 6 p.m.

Mailing Address
PO Box 117320
Atlanta, GA 30368-7320

E H L 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.

  • $5K-$100K Loan Amount
  • 660 Min Credit
View Details arrow

Key Facts

  • Borrowers can find a personal loan option that fits their exact needs
  • Offers a comprehensive knowledge hub
  • Simple to use online loan comparison tool

Pros

pros iconDeals with trustworthy lenders

pros iconWide range of personal loans to check out

pros iconEasy to use comparison tool

pros iconMore than four decades of experience

Cons

cons iconNot a direct lender

cons iconNo live chat

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate.com is compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on their site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for mortgage, home equity and other home lending products. Other factors, such as proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on the Bankrate site. Bankrate strives to provide a wide range of offers, but does not include information about every financial or credit product or service.

Mortgage
Important information about our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you.

Savings
These rates are updated weekly. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch.

Home Equity
These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website, where you can find additional information. Rates are subject to change without notice and may vary from branch to branch.

Personal Loans
Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.

Student Loans
These rates are updated weekly. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch.

Auto Loans
These rates are updated weekly. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch.

  • $1K-$100K Loan Amount

What is a Personal Loan?

A personal loan is a financial arrangement that allows individuals to borrow a specific amount of money from banks, credit unions, or private lenders for a defined period. Unlike secured loans, personal loans are unsecured, meaning they do not necessitate the borrower to provide collateral. Repayment of these loans occurs over a predetermined timeframe, with interest applied according to the terms set by the chosen lender.

Top Personal Loan Providers

sofi logo
SoFi

Low Rates. No Fees are Required.

680

Min Credit Score

8.99-15.99%

APR. Fixed Rate

8.99-15.99%

APR. Variable Rate

$5K-$100K

Loan Amount

24 to 84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

Same-day funding if approved before 7:00 PM ET days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Personal loan application process is easy and only takes a few minutes to complete
  • con-icon Soft credit check that doesn’t affect your credit score and gives you personalized rates
  • con-icon Fixed and variable rate loans available ranging from $5,000 to $100,000
  • con-icon No late or origination fees required
  • con-icon Excellent customer support team
  • con-icon Online autopay comes with a discount on interest
  • con-icon Exclusive benefits for members (ex. networking events and access to financial advisors)
  • con-icon Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
  • con-icon No prepayment penalties
  • con-icon May take up to 4 days to receive funds after approval (longer than other online lenders)
  • con-icon High eligibility requirements (ex. good credit and sufficient income)

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans

660

Min Credit Score

6.94-25.29%

APR. Fixed Rate

$5K-$100K

Loan Amount

2-7 years

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Get a loan for practically anything
  • con-icon Autopay discount available
  • con-icon Dedicated app to manage your loan
  • con-icon LightStream doesn’t charge any fees
  • con-icon Personal loan up to $100K
  • con-icon Requires steady income
  • con-icon 1-3 Days till funding

Loan Purpose

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  • Car
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Relocation
  • Car Bike Loans
  • Vacation
  • Wedding
  • Other

Loan Type

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  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans

600

Min Credit Score

6.99-35.99%

APR. Fixed Rate

6.99-35.99%

APR. Variable Rate

$2K-$50K

Loan Amount

36-60 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

0.99-8.99%

Origination Fee

Undisclosed

Prepayment Fee

1-3 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Soft credit pull for pre-approval
  • con-icon Funding could arrive in 1 day
  • con-icon Application takes a few minutes
  • con-icon APR presented past pre-approval
  • con-icon Credit score criteria not clear
  • con-icon Loans require an origination fee

Loan Purpose

drop-down-btn
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other

Top Personal Loan Types

Knowing the different types of personal loans can help you choose the right loan for your needs. It's important to compare rates and terms from multiple lenders to find the best personal loan for you.

  1. Secured personal loans: These are loans that require collateral, such as a car or home. If the borrower defaults, the lender can take possession of the collateral.
  2. Unsecured personal loans: These loans don't require collateral but may come with higher interest rates. This is the most common type of personal loan.
  3. Debt consolidation loans: These loans are specifically designed to consolidate multiple debts into one loan with a single monthly payment.
  4. Co-signer loans: These loans allow a borrower to apply with a co-signer who assumes responsibility for the loan if the borrower defaults.
  5. Medical loans: These loans are intended to help individuals pay for medical expenses, including surgeries, treatments, and procedures. They can be a good option if you don't have savings set aside for unexpected medical costs.
  6. Home improvement loans: These loans are used to fund home improvement projects, such as renovations or repairs.
  7. Wedding loans: As the name suggests, wedding loans are designed to cover the cost of your wedding. They can help you pay for expenses such as the venue, catering, and wedding attire, and are typically unsecured loans with fixed interest rates.

How to Take Out a Personal Loan

Taking out a personal loan is an easy, straightforward process. Here's how to do it:

  1. Check your credit score: Your credit score plays an important role in determining whether you qualify for a personal loan. It will also determine the rates and terms of the loan. You can check your credit score for free at websites like Credit Karma and Credit Sesame.
  2. Shop around: There are many lenders out there, and they all have different rates and terms. You should compare offers from multiple lenders before deciding which one to use.
  3. Apply for the loan: Once you've found a lender you want to work with, you'll need to fill out an application. You’ll need to provide information regarding your income, employment status, and other financial obligations.
  4. Wait for approval: The lender will review your application and make a decision. If you're approved, you'll receive an offer outlining the terms of the loan.
  5. Accept the offer and get funded: If you're happy with the offer, you can sign the agreement. The lender will then disburse the funds to you.

Average Personal Loans Interest Rates by Credit Score

Credit Score Rating Average APR
720-840 Excellent 10-12%
680 to 719 Good 13-15%
640 to 679 Fair 16-18%
Under 640 Poor 19% or higher

Average Personal Loan Interest Rates Over Time

Source: WalletHub

How To Compare Personal Loan Providers

Choosing the right lender is essential to getting the best personal loan for your needs. Here are some things to consider when evaluating potential lenders:

  1. Interest rates and fees: Interest rates and fees will vary between lenders. Make sure to compare variable and fixed rates. Also check for any additional fees, such as origination fees or prepayment penalties.
  2. Reputation and customer service: Look for lenders with a good reputation and positive customer reviews. Check online reviews and ratings from sites Lendstart. Consider the lender's customer service options and responsiveness rate.
  3. Loan terms and flexibility: Consider the loan terms and repayment options offered by each lender. Some lenders may offer more flexible repayment terms than others. Those include longer repayment periods or the option to defer payments for a period of time.
  4. Eligibility requirements: Be sure to check the lender's eligibility requirements before applying. Some lenders may have strict credit score or income requirements, while others may be more flexible.
  5. Application process: Look for lenders with a streamlined and easy application process. Some lenders may offer prequalification options. Those can help you determine your eligibility without impacting your credit score.

Required Documents for a Personal Loan

To apply for a personal loan, you will typically need to provide some personal information and documentation to your lender. Here are some of the most common documents you may need to provide:

  1. Proof of identity: Lenders require a valid government-issued ID like a driver's license or passport. If you plan on using a co-signer, their ID should be provided too.
  2. Proof of income: You will need to provide evidence of a steady income, such as pay stubs, tax returns, or bank statements.
  3. Employment verification: Lenders may require verification of your employment status and history, such as a letter from your employer.
  4. Credit history: Lenders will check your credit history and score to assess your creditworthiness.
  5. Financial statements: Depending on the lender, you may need to provide financial statements, such as a balance sheet, profit and loss statement, or cash flow statement.
  6. Collateral documentation: If you're applying for a secured personal loan, you'll need to provide documentation of the collateral you're offering, such as a car title or property deed.
  7. Other documentation: Lenders may require additional documentation, such as proof of insurance, a budget plan, or a loan application form.

Alternative Options to a Personal Loan

While a personal loan can be a good option for some borrowers, other alternatives exist. Here are a few:

  1. Credit cards: This may be a better option if you only need to borrow a small amount of money.
  2. Home equity loan: If you're a homeowner, you may be able to take out a home equity loan for which rates are lower.
  3. 401(k) loan: A 401(k) plan may let you borrow against it. You should only consider this as a last resort since it can result in negative tax consequences.

Finding the Best Rates for Your Financial Needs

Securing the best rates on various financial products is crucial for optimizing your borrowing experience. Whether you're seeking a personal loan, a mortgage, or contemplating other financial moves, making informed choices can save you money in the long run. For credit cards, home loans, auto loans, and savings accounts, it's essential to shop around and compare offers. Each sector has its unique considerations, such as understanding how interest rates affect credit card APRs or exploring different types of home loans. By taking proactive steps to find the most favorable rates, you'll be better equipped to manage your finances and achieve your long-term goals.