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Best Personal Loans September 2022

Compare and choose the right personal loan provider for your needs, whether it’s a loan for debt consolidation, buying a major purchase, or planning a vacation.

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Compare Top Personal Loan Lenders

Filter the results, check your rate, and learn more about borrowing in our guide below.

Editor's Choice

LightStream

Division of SunTrust Bank

  • APR: 3.99 - 19.99*
  • Loan Term: 24 - 84*
  • Min Credit Score: 660
  • Powered by Credible
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.

Easy Application

Credible

Credible is Free to Use

  • APR: 3.99%-35.99
  • Loan Term: 24-84
  • 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 3.49-35.99% APR with terms from 24 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: 3.99-35.99
  • Loan Term: 3-180
  • Min Credit Score: 300
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.

Marcus

No Fees, Simple Process

  • APR: 6.99-19.99
  • Loan Term: 36-72
  • Min Credit Score: FICO 660
  • Powered by Credible
View details

Key Facts

  • No sign-up, prepayment fees, or late fees
  • Flexible loan options
  • Great customer service available
Read Marcus Review »

Marcus By Goldman Sachs Offer Terms and Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans  Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Loan example, a $15,000 loan at 12.99% APR with 48 on-time monthly payments of $402.33 would have an estimated total cost of $19,312.

Bankrate

More than 4 decades of experience

  • APR: 3.09%-35.99
  • Loan Term: 6-144
  • 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
  • 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

Great Rates. Unique Benefits

  • APR: 6.99-22.23
  • 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 6.99% APR to 22.23% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.

Upstart

4.9/5 Rating on Trustpilot

  • APR: 6.16-35.99
  • Loan Term: 36-60
  • Min Credit Score: 580
  • Powered by Credible
View details

Key Facts

  • Great for students & recent grads with no credit history
  • AI & machine learning automate the borrowing process
  • A variety of personal loan types available for your needs
Read Upstart Review »

* Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. ● This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the U.S. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. ● The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. Loan example: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2

 

What is a Personal Loan?

A personal loan is a short-term loan that can be accessed via banks, credit unions, and private lenders. People use personal loans for numerous reasons such as solving family needs, debt consolidation or financing home renovations. These types of loans are repaid over a designated period and payments are made with interest based on the selected lender. They are unsecured loans that do not require any collateral from the borrower. People with urgent needs or ‘fast funds’ (distributed in a short period of time) may also consider personal loans. We encourage you to continue learning more and compare rates to get the loan that best suits your needs.

Comparing Offers from Multiple Personal loan Lenders – Which Is Right for You?

The rates and terms of personal loans depend on your credit score, credit history, debt-to-income ratio, and income. While some lenders tend to favor applicants with higher credit scores, others will work with borrowers with subpar scores and still offer reasonable interest rates. It will require some effort to compare and shop around.

When comparing personal loans companies, the first thing to consider is comparing the monthly payments. Ask yourself what you can afford. This will help you narrow your search. Review the terms and rates offered by the different providers.

One should also compare the APR. Legally, lenders must supply you with the APR, which includes the interest for the loan and any fees.

Customer service is important when applying for personal loans as it helps in reviewing the terms and rates, APR and also in case an issue occurs in repayment of the loan. It is important to choose a lender offering the best customer service as this will help in understanding the lender and excellent service delivery.

How Your Credit Score Determines the Terms of your Loan

Your FICO score or credit score will be used to determine the APR for your personal loan and the amount you will receive. Along with your debt-to-income ratio, your credit score will be the determinant for your loan terms and interest rate. The following information reviews the credit score ranges. If you have a higher credit score, it represents less risk to the lender, and therefore the APR is lower.

Credit Score Rating Average APR
720 – 840 Excellent 10.3%
680 to 719 Good 13.5%
640 to 679 Fair 17.95%
Under 640 Poor 21.0%

Common Reasons for Taking Out Personal Loans

A personal loan can be used for one of various reasons, as follows:

Debt Consolidation

Many people take out a personal loan in order to consolidate existing debt. Compare the best debt consolidation companies, to find the solution that suits you.

Weddings

Some people take out personal loans to pay for a once-in-a-lifetime event like a wedding. An online unsecured personal loan often provides the solution. Before making that decision, it is worth comparing the best wedding loans for the event you have in mind.

Boat Financing

If you love to fish and/or boat, taking out a personal loan for a boat purchase can help support this recreational activity.

Car, Motorcycle, or RV Financing

If you are in the market for a car, motorcycle, or RV, personal loan finance can help you get the type of transportation you desire. Plus, you can compare interest rates to see which of the best car loan APRs works best with your budget.

Vacation

Have you always wanted to take a warm Caribbean holiday in the middle of winter? If so, you can do so by taking out a personal loan. Why should you freeze when you can enjoy a warm tropical breeze and sunny skies somewhere else? Whether you need a big or a small loan, make sure you review the best vacation loans before taking one.

Home Purchase and Improvement

If you are spending most of your time at home, you might consider taking a personal loan to buy a house or a piece of land. While looking for the best solution out there, whether it is for the best land loans or the best home improvement loans for your needs, use a loan calculator to see if you can pay off the personal loan.

Unexpected Expenses

If your plumbing goes awry or your car breaks down, it helps to know you can take care of the problem immediately. Taking out a personal loan can be the answer in these situations. To be able to cover that, you may want to make sure you get the best household expenses loan. In other cases, your house might be uninhabitable. Whether it’s by natural causes, fire, or a flood, search for the best relocation loan lenders and compare if their terms are matching your financial needs.

Medical Expenses

In cases where you have a medical condition that requires immediate treatment, and you do not have sufficient funds to cover it, getting the best medical loan might be the best solution for you.

Financing a Major Purchase

Are you in the market to buy a new appliance or similar upgrade? If so, taking out a personal loan can help you improve your lifestyle now. In case you are considering a big purchase, and you already have credit card debt, you might look for the best credit card refinance loan terms before getting and see what will work best for you. Often, the key to finding the best personal loan depends on the purpose for which you are taking out the loan. Be sure to review each personal loan lender thoroughly before closing a deal.

Loan Amounts and the Repayment Terms

Personal loans come with set times to pay off a loan. Therefore, repayment terms may span from 12 months to 60 months or more. While longer terms will spread out the payments and lower the amount you pay monthly, you will also pay a higher amount of interest. Know your loan terms so you can make the best decision with respect to repayment.

Documents You Will Need to Get a Personal Loan

To obtain a personal loan, often you will need some or all of the following documentation and information:

  • Government-issued I.D. (for proof of address and age)
  • Payment stubs from your last 2 most recent paychecks
  • Bank account information, and bank statement
  • IRS W-2s for employment and income proof
  • Collateral (if the personal loan is a secured loan)

The lender needs the above information to verify your income, your age, and banking details.

Personal Loan Payment Terminology

Prepayment Penalty

Prepayment Penalty – A prepayment penalty is a charge incurred on a loan that is paid off before its due date. Because an early payoff prevents the lender from making money from the interest assessed on the loan, this type of penalty is sometimes enforced.

Origination Fees

Origination Fees – These fees usually represent a percentage of the total loan amount and are represented in the form of upfront charges. These amounts are assessed for processing the loan request.

APR

APR – This is the interest rate assessed for the loan, including any fees. Therefore, you need to examine this percentage closely when comparing personal loan lenders.

Late Fees

Late Fees – Late fees represent charges you must pay if you miss a loan payment or your payment becomes past due. When comparing lenders, check out the late fees and review the grace period for making a payment on the financing.

Next Steps for Securing a Personal Loan

After having decided to take a personal loan, start with the following steps to get things moving:

  1.  Determine the loan amount based on your financing needs.
  2.  Get prequalified – For most lenders, prequalification is conducted on the credit score through a soft inquiry. This will determine whether or not you qualify for a loan. 
  3.  Compare rates – Comparing rates is recommended when searching for the best loan provider in the market. It helps you gauge the total cost of the loan which provides insights on the extent to which the loan will help you in your financial goals. 
  4.  Start applying – Once you have researched and chosen the best in the market, it’s now time to apply. Different lenders have distinct application thresholds. Follow the required steps and wait for the stated time for vetting and approval. 

Often, all of this information can be overwhelming and a lot to take in. For this reason, we encourage readers to use a personal loans guide as a reference for clear, concise, and relevant information.

FAQs on Comparing Personal Loans

What is needed for a personal loan?

What is the APR on a personal loan?

What is the average rate for a personal loan?

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?