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Best Personal Loans For June 2023

A personal loan is an unsecured loan that can be used for any purpose and can range from a few hundred to tens of thousands of dollars. Compare trusted lenders and choose the right one for you.

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Compare Top Personal Loan Lenders

Below are some of the best personal loan providers. Compare rates, terms and amounts.

LightStream Division of SunTrust Bank
  • APR: 7.49 - 24.49%
  • Loan Term: 24 - 84* months
  • Min Credit Score: 660
View details
Key facts
  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹

Read LightStream Review »

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis 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 $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Credible Credible is Free to Use
  • APR: 4.60-35.99%
  • Loan Term: 12-84 months
  • Min Credit Score: 600
View details
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%

Read Credible Review »

Credible Disclaimer: “Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 4.60%-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 8%. 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 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.”

LendingTree Quick & Easy Online Process
  • APR: 6.99-35.99%
  • Loan Term: 3-180 months
  • Min Credit Score: 550
View details
Key facts
  • The nation’s largest online lending marketplace
  • Over $260 billion in loans facilitated
  • One short form for multiple loan options

Read LendingTree Review »

LendingTree Disclaimer: A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details. Rates and APR assume fixed rate for the term of the loan may not be available for all consumers, ask your lender for a fixed rate quote. 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 *This examples are for illustrative purposes only. The examples and match rates are not a guarantee, agreement, or commitment to loan funds or extend credit. Interest rates and terms are subject to change at any time without notice.

Bankrate More than 4 decades of experience
  • APR: 6.24-35.99%
  • Loan Term: 6-144 months
  • Min Credit Score: 550
View details
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

Read Bankrate Review »

The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. 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. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers’ terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.

Figure Get Approved in Minutes
  • APR: 5.75-22.94%
  • Loan Term: 36 & 60 months
  • Min Credit Score: 680
View details
Key facts
  • Approval in minutes. Funding in as few as 2 days.
  • Borrow up to $50k for emergency or unexpected purchases.
  • 100% online application; 3 & 5-year term options.
  • Low fixed rates available.

Read Figure Review »

Figure disclaimer: Figure Personal Loan is available in all 50 states including Washington DC.
¹To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an 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. Figure’s APRs start at 4.00% for the most qualified applicants and are higher for other applicants. Loan example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 5.75% and a 3.00% origination fee. Your total loan amount payment would be $51,500. Origination fees range from 0-5.75% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. * For Figure Home Equity Line, APRs can be as low as 3.00% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 5.75% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 3.00%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3% origination fee would have an APR of 4.00% and a total loan amount of $51,500. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.50% for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.

SoFi Low Rates. No Fees are Required.
  • APR: 8.99-23.43%
  • Loan Term: 24-84 months
  • Min Credit Score: 680
View details
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

Read SoFi Review »

Fixed rates from 8.99% APR to 23.43% 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 03/06/23 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.

What is a Personal Loan?

A personal loan is a short-term loan that can be accessed via banks, credit unions, and private lenders. They are unsecured loans that do not require any collateral from the borrower. These types of loans are repaid over a designated period, and payments are made with interest based on the selected lender’s terms.

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 they 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 11.3%
680 to 719 Good 14.5%
640 to 679 Fair 18.9%
Under 640 Poor 30.7%

How To Choose A Lender For Your Personal Loan

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 basic 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.

Alternatives to a Personal Loan

While a personal loan can be a good option for some borrowers, there are other alternatives to consider. 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.

FAQs on Comparing Personal Loans

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What should I consider when reviewing personal loan options?

Do all lenders provide loans for all purposes?

What affects personal loan approval?

What Is a credit score?

What Types of Personal Loans Exist?

Can a personal loan be used for debt consolidation?

Can a personal loan be used for a student loan refinance?

Will applying for a personal loan hurt my credit score?