Online personal loans offer competitive interest rates, fixed monthly payments, and reasonable fees or no fees. However, it's crucial to compare lenders based on the loan amounts they offer, their customer support options, and their online user reviews.
Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
Personal loans let borrowers get access to cash for debt consolidation, home remodeling projects, and more without the high interest rates credit cards charge. These loans also come with fixed interest rates and fixed monthly payments so you'll know your payoff date and your total loan costs upfront. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded, and we provide our top 10 below.
You’ll find many personal loan options out there. In this review, our experts have done the homework for you by using our personal loans rating methodology. This methodology evaluates each platform based on factors like loan terms, loan amounts, loan use limitations, interest rates, fees, qualification requirements, application process, and many more.
Best Personal Loans in 2023 - Full Overview
Below, we recommend the best personal loan companies and a view of their products and services.
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Main Features The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Marcus by Goldman Sachs — Best for Loans with Good Credit
Marcus by Goldman Sachs offers superior loans for people with good credit. Their loans come with incredibly low rates and no hidden fees. Borrowers can qualify for a rate discount if they sign up for auto-pay. Marcus also extends on-time payment rewards to its best borrowers and offers flexible repay terms.
Personal loans from Marcus by Goldman Sachs are offered in amounts that range from $3,500 to $40,000, and interest rates range from 6.99% to 19.99% APR. To qualify, you’ll need a minimum credit score of 600. Borrowers can choose to repay their loan over 36 to 72 months, and there are no prepayment penalties, no origination fees, and no hidden fees. Marcus also lets borrowers secure a .25% auto-pay discount if they sign up for automatic bank withdrawals.
Marcus by Goldman Sachs has a personal loan calculator on their website where customers can check to see what possible payments and terms would look like for a loan.
Your good credit gets you some of the best available rates and terms with Marcus, including auto-pay discounts and rewards for on-time payment.
Upstart personal loans are available to borrowers with less than perfect credit profiles. They lend to borrowers with fair credit by using banking information and other alternative data besides credit scores to approve applicants for the loan amounts they need. Those considering a personal loan from Upstart can also check their rate without a hard inquiry. This is a major advantage for those with fair credit who want to gauge their approval odds before apply formally for loans.
To qualify, you’ll need a minimum credit score of 600, but some applicants with lower scores may be accepted. Upstart personal loans can be used for any reason, and they come in flexible amounts that range from $1,000 up to $50,000. Borrowers can choose to repay their loans over three-year or five-year terms, and interest rates can range from 5.22% to 35.99% APR, depending on creditworthiness. An origination fee of 0% to 8% of the loan amount may apply.
Upstart personal loans are ideal for people with fair credit who want to use alternative data to get approved for funding. This loan company also offers a large range of loan amounts, and interest rates are competitive for those with good credit or fair credit.
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
OneMain Financial — Best for Loans with Bad Credit
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Best Egg is ideal for credit card consolidation. The company lets you borrow a lump sum of money to pay off credit card debt with lower interest rates than credit cards charge. Best Egg personal loans come with fixed interest rates and a fixed monthly payment and repayment timeline, so you will know exactly when complete repayment from the beginning of your loan term.
Best Egg personal loans are ideal for debt consolidation if you need to borrow up to $50,000. Loans do require an origination fee that varies based on your creditworthiness, and interest rates can range from 5.99% to 35.99%. Borrowers can choose to repay their debt consolidation loan over three years or five years depending on their needs.
Best Egg is an excellent lender to consider if you need to consolidate high interest debt charged on credit cards. You can check your rate without any impact to your credit score, and it's possible to qualify for a fixed monthly payment and a fixed repayment plan that fits with your lifestyle and budget.
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
Payoff offers personal loans for credit card consolidation. Their loans are designed to help you get out of credit card and boost your credit score. Payoff is transparent about their approval requirements, and you can get approved with fair credit or bad credit.
Payoff personal loans are available to people with credit scores as low as 550 but without delinquencies on their credit reports. Loan amounts range from $5,000 to $40,000, and borrowers can repay their personal loan over 24 to 60 months. An origination fee of 0% to 5% can apply, and interest rates range from 5.99% to 24.99%.
Payoff personal loans help consumers eliminate their credit card debt by consolidating them into a new loan with a fixed interest rate monthly payment, and repayment timeline. Borrowers can get prequalified online with no impact to their credit scores.
Rocket Loans is best known as a mortgage company, but they also offer a personal loan product that is for home improvements. Borrowers can prequalify for the funds they need in minutes, and same-day funding is available.
Rocket Loans offers personal loans in amounts up to $45,000, and eligible applicants can get same day funding. Repayment terms are 36 or 60 months and interest rates range from 5.970% to 29.99% with an auto-pay discount. The lender charges an origination fee from 1% to 6% of the loan amount.
Rocket Loans might be ideal for your home improvement loan needs, if you need a smaller loan for your project. Borrowers with good credit can qualify for competitive interest rates.
Loan features: Compare the best personal loans based on features like potential loan amounts, interest rates, and available repayment plans. Look for companies that will let you get the loan amount you need along with a monthly payment that makes sense for your budget and financial goals.
Interest rates and fees: Strive to secure the lowest possible rate, but compare personal loan companies based on their rates to get the best among them. Also note that many personal lenders offer loans with no origination fees and no hidden fees.
Application process: Look for a personal loan company that lets you check your rate without any impact to your credit score. Online lenders stand out because you can apply and get your loan funded without visiting a loan office in person.
Qualification process: Have a basic understanding of each lender's qualificatio, such as minimum credit score or minimum income requirements.
Customer support: Look for lenders that have robust customer service options, which may include a customer service hotline, an email form, or online chat options.
Online user reviews: Compare lender reviews from past users on websites like Trustpilot and the Better Business Bureau (BBB). Keep in mind that all lenders have their share of negative reviews, but that the best ones have mostly positive reviews.
Perks and Bonuses: Finally, check to see which personal loans come with perks and bonuses, such as refer-a-friend programs or incentives for signing up. Also check for auto-pay discounts that can lower your interest rate.
Main Features of The Best Personal Loans
Minimum Credit Score
3.49% to 19.99% APR with auto-pay
$5,000 to $100,000
36 to 240 months
Marcus by Goldman Sachs
6.99% to 19.99% APR
$3,500 to $40,000
36 to 72 months
5.22% - 35.99% APR
$1,000 to $50,000
36 or 60 months
5.99% to 35.99% APR
$2,000 to $50,000
36 or 60 months
18% to 35.99% APR
$1,500 to $20,000
24, 36, 48, or 60 months
5.94% to 35.97% APR
$1,000 to $50,000
24 to 84 months
9.95% to 35.99% APR
$2,000 to $35,000
24 to 60 months
5.99% to 24.99% APR
$5,000 to $40,000
24 to 60 months
6.99% to 21.78% APR with auto-pay
$5,000 to $100,000
24 to 84 months
5.970% to 29.99% APR with auto-pay
Up to $45,000
36 or 60 months
What is a Personal Loan?
A personal loan is unsecured debt offered to borrowers in a lump sum. Most personal loans come with fixed interest rates, fixed monthly payments, and fixed repayment terms. This makes personal loans a good option for borrowers who need cash but don't want t the high interest rates and unpredictable monthly payment amounts of credit cards.
Reasons to Get a Personal Loan
Here are reasons to consider personal loans over credit cards:
You want to borrow a lump sum of money and pay it off with a fixed repayment plan
Fixed interest rates appeal to you, especially when you compare the high variable rates credit cards may charge
You need cash to finance a large purchase or event
You want to consolidate debt from high-interest credit cards, loans or other debt, like medical bills
Your home needs major repairs, but you don't want to make it as collateral for debt
Applying online and getting your funding quickly is important
How Do Personal Loans Work?
The best personal loan companies let borrowers check their rate online without a hard inquiry. From there, borrowers can look for the lowest personal loan rates, and the best terms to meet their needs. If they decide to move forward with the loan process, they will complete a formal loan application. After approval, the loan proceeds are electronically transferred to the borrowers' bank account — sometimes as soon as the next business day.
How to Qualify for a Personal Loan
To qualify for the best low APR personal loans, you should have a good credit score, or any FICO score of 670 or higher. Maintain a relatively low debt-to-income ratio and a steady income that proves your ability to repay. There are personal loans for bad credit as well, although they come with higher interest rates and fees.
How to Get a Personal Loan?
Although the the loan process varies by lender, the steps required to get a personal loan are fairly consistent among online lenders. The following steps can help you get the lowest personal loan rates and loan amounts you need.
Step 1: Figure out how much you need to borrow, and use a personal loan calculator to see how your monthly payment might be.
Step 2: Look at the best personal loan companies to see which lenders offer the loan amount and repayment terms you need.
Step 3: Check your rate online and without a hard inquiry, and compare rates across at least three different lenders.
Step 4: Look closely at loan terms, and compare loan options based on interest rates, repayment options, and fees.
Step 5: Find the best personal loan for your needs, and move forward with the loan application.
Step 6: Plan to share information such as your full contact details, social security number, and employment data during the loan application process.
Step 7: Wait to receive notification that your personal loan application has been approved.
Step 8: Receive your loan funds electronically in your bank account.
Step 9: Begin repayment based on the repayment terms you agreed to in your load agreement.
Best Place to Get a Personal Loan
There are many places to get a personal loan, and the best option for you depends on your preferences. Consider the following options before you apply.
Online Lenders: Online personal loans are easiest to apply for since you can complete your loan application and get funding from anyplace you have an internet connectin. Without a physical location in most cases, online personal loan companies often offer the lowest personal loan rates and best terms.
Traditional Bank: Here, you may be in a better position to qualify if you have a long history with one of them. Their rates and terms will vary, however, so make sure to compare them with personal loans from other sources.
Credit Union: Personal loans from credit unions provide competitive rates and terms c. If you already belong to a credit union, you should check their options to see how their personal loans compare to other lenders.
Personal Loan Interest Rates
While personal loan interest rates are based on factors like your debt-to-income ratio and overall financial health, one of the most important factors for determining your eligibility is your credit score. The chart below shows how your interest rate can vary based on your FICO credit score.
Credit Score Range
Average Loan Rate
Excellent Credit (720 to 850)
Good Credit (690 to 719)
Average Credit (630 to 689)
Bad Credit (300 to 629)
Pros and Cons of Personal Loans
Personal loans have their own advantages and disadvantages, especially when you compare them to other financial products. Here are some key personal loan pros and cons:
Personal Loan Pros
Borrow with fixed interest rates
Your monthly payment never changes
Lower rates than credit cards charge
Use loan proceeds however you want
Interest rates can be competitive
Borrow up to $100,000 in some cases
Fast funding in as little as one day
No requirement for collateral
Personal Loan Cons
High interest rates for bad credit
Origination fees can make them costly
Higher monthly payments than credit cards
Can increase your debt over time
If you're searching for a personal loan company that will provide you the services and experience you want, the providers we highlight here might be good options. Not only do our lenders offer competitive rates and terms, but these personal loan companies will let you borrow up to $100,000, some with next-day funding. Since you can often check your rate without any impact to your credit score, you don't have to apply to see the lowest APR you could get.
Frequently Asked Questions(FAQ)
Can you refinance a personal loan?
You may not be able to refinance a personal loan directly, but you can always get another personal loan. Then, you could use your new loan proceeds to pay your original personal loan off. This would help you repay of your old loan with a new personal loan with more preferable rates and terms.
What can you use a personal loan for?
One major benefit of personal loans is you can use loan proceeds how you want. You can use your personal loan as a wedding loan or for debt consolidation, home repairs, medical bills, and other purposes of your choice.
What is a good interest rate on a personal loan?
According to the Federal Reserve, the average interest rate for 24-month personal loans worked out to 9.41% as of February 2022. Any rate in that range is likely good, although if you can get lower rates are even better.
How much can you borrow with a personal loan?
How much you can borrow with a personal loan depends on the lender. However, many let borrowers access up to $50,000 in loan funds, and some of the best personal loan companies let qualified applicants borrow up to $100,000.
How many personal loans can you have at once?
You can have more than one personal loan at once as long as lenders keep approving you for financing. However, personal loan companies may consider you a high risk applicant if your debt-to-income ratio is too high.
Do personal loans have fees?
Some personal loans come free of origination fees, while others charge origination fees or "administrative fees" that can automatically deduct up to 10% of your loan proceeds. There may be late fees, returned payment fees, prepayment and hidden fees. Make sure to compare personal loans based on their fees, and look for loan options with no fees required.