Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
With a personal loan, you can pay for almost any expense and get money the same day you apply, in some cases. They’re usually unsecured, which means you don’t have to put up your car or home as collateral. But, as a result, rates tend to be somewhat higher relative to secured loans. In October 2023, rates on three-year personal loans were around 14% for people with very good credit, according to Credible prequalified data. But it may be possible to find rates near 5% with some lenders if you have excellent credit.
Best personal loans of 2023
Each borrower has their own needs and financial circumstances. Thankfully, a wide variety of personal loan lenders offer loans to fit nearly every situation.
| Lender | Fixed rates | Loan amounts | Min. credit score | Best for | Check rates |
|---|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | 550 | Borrowers with poor credit | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | 730 | Borrowers with excellent credit | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $2,000 to $50,000 | 600 | Borrowers with good credit | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 10.26% - 23.48% APR | $20,000 to $200,000 | 660 | Large personal loans | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 to $40,000 | 660 | Long repayment terms | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.95% - 17.48% APR | $3,000 to $40,000 | 640 | Consolidating credit card debt | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.06% - 35.99% APR | $1,000 to $40,000 | 660 | Borrowers who need a cosigner | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.94% - 25.29% APR with autopay | $5,000 to $100,000 | 700 | Large loan amounts | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | 540 | Borrowers with below-average credit | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | 760 | Small loan amounts | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 14.3% - 35.99% APR | $3,500 to $40,000 | 640 | Customizable monthly payments | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 29.99% APR10 | $5,000 to $100,000 | Does not disclose | Borrower perks | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.99% APR7 | $1,000 to $50,000 | 560 | Borrowers who want to build their credit | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.99% - 35.99% APR | $1,000 to $50,000 | 600 | Fast loan funding | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.8% - 35.99% APR4 | $1,000 to $50,0005 | 620 | Borrowers with little to no credit history | |
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Avant
Best for: Borrowers with poor credit
With Avant, you can borrow $2,000 to $35,000 with repayment terms from two to five years. If you’re approved, you could get your funds as soon as the next business day.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor and fair credit scores
- Fast loan funding
- Variety of loan uses
Cons
- Not available in Hawaii, Vermont, Nevada, New York, Maine, Massachusetts, or West Virginia
- Origination fees of up to 4.75%
- Charges late and dishonored payment fees
Axos Bank
Best for: Borrowers with excellent credit
Axos Bank offers personal loans from $10,000 to $50,000 with repayment terms from three to six years. If you’re approved, you could get your funds as soon as the next business day.
Keep in mind that you’ll need good to excellent credit to qualify for a loan from Axos Bank.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Variety of loan uses
- No prepayment penalty
Cons
- Could be difficult to qualify if you don’t have good credit
- Origination fees from 0% to 3%
- Charges late and insufficient funds fees
Best Egg
Best for: Borrowers with good credit
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years. In addition to your credit score, Best Egg also considers more than 1,500 proprietary credit attributes from sources that include external data providers and your “digital footprint” — which means you might have an easier time qualifying with Best Egg compared to traditional lenders.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Competitive rates
- Fast loan funding
- Accepts borrowers with poor and fair credit
Cons
- Origination fees from 0.99% to 8.99%
- Charges late fees
- Not available in Iowa, Vermont, Washington, D.C., or West Virginia
BHG Money
Best for: Large personal loans
BHG offers personal loans up to $200,000, which can be ideal for significant home improvements and renovations as well as other major purchases and expenses. Repayment terms of up to 10 years are available, which can make repayment more affordable. To qualify for a BHG personal loan, you’ll need an income of at least $100,000, but the company is more lenient with credit score requirements than some — your FICO score must be at least 660, which puts a BHG loan in the range of some fair credit borrowers.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- High loan amounts
- Can apply with a cosigner
- Long repayment terms
Cons
- Origination fees up to 4%
- No soft credit check to prequalify
- Income must be at least $100,000 to qualify
Discover
Best for: Long repayment terms
If you’re looking for a longer repayment term, Discover might be a good option for you — you can borrow $2,500 to $40,000 with terms from three to seven years. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
$2,500 - $40,000
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Repayment terms of up to seven years
- No origination fees
- If you decide you don’t want the loan, you can return the funds within 30 days interest-free
Cons
- Charges late fees
- Might be difficult to qualify if you have poor credit
- No discounts
Happy Money
Best for: Consolidating credit card debt
If you’re looking to consolidate credit card debt, Happy Money could be a good option — its personal loans can only be used for this purpose. You can borrow $3,000 to $40,000 with repayment terms from two to five years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Free FICO score updates
- If you lose your job, the lender will work with you on payments
- Offers scientific personality, stress, and cash flow assessments to help you get a better understanding of your personal finances
Cons
- Origination fees from 0% to 5%
- Can only use loans for credit card consolidation
- Not available in Massachusetts or Nevada
LendingClub
Best for: Borrowers who need a cosigner
If you need a cosigner, LendingClub could be a good choice — it’s one of the few lenders that allow cosigners on personal loans. You can borrow $1,000 to $40,000 with a three- or five-year repayment term.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts borrowers with poor or fair credit
- Allows cosigners
- Being turned down doesn’t hurt your credit score
Cons
- Origination fees from 3% to 8%
- Charges late fees
- Funding time can be longer compared to other lenders
LightStream
Best for: Large loan amounts
LightStream could be a good option if you need to borrow a large amount — you can borrow $5,000 to $100,000 and could have your funds as soon as the same business day if you’re approved.
Most LightStream loans have terms ranging from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow up to $100,000
- Fast loan funding
- 0.50% autopay discount
Cons
- Need good credit
- Not available in Vermont
- Doesn’t disclose minimum income requirements
OneMain Financial
Best for: Borrowers with below-average credit
Unlike many other lenders, OneMain Financial doesn’t have a minimum required credit score — which means you might be able to qualify with poor or even no credit. In addition to your credit, OneMain Financial will also consider your financial history, credit history, income, expenses, and loan purpose to determine your eligibility.
You can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that the lender might require collateral in some cases.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No minimum credit score
- Fast loan funding
- Previous customers might qualify for larger loans
Cons
- Rates can be higher than other lenders
- Might require collateral
- Will have to visit a branch location to discuss your options if you’re approved
PenFed
Best for: Borrowers who need a cosigner
If you only need a small loan, PenFed could be a good option — you can borrow as little as $600 up to $50,000 with terms from one to five years.
Keep in mind that while you don’t have to be a PenFed member to apply for a loan, you’ll have to join the credit union if you’re approved and want to accept the loan.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow as little as $600
- Allows cosigners
- No fees
Cons
- Must join the credit union to accept a loan if you’re approved
- Funding time could take longer than some lenders
Reach Financial
Best for: Customizable monthly payments
Reach Financial offers personal loans from $3,500 to $40,000 with repayment terms ranging from two to five years. You can customize your monthly payment amount to make sure it fits within your budget, and the lender says that 90% of its loans are funded within one day.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts fair credit borrowers
- Free access to your credit score each month
- No prepayment penalty
Cons
- You can only use the loan for credit card refinancing or debt consolidation
- Origination fee of 0% to 8%
- Charges a late fee
SoFi
Best for: Borrower perks
With SoFi, you can borrow $5,000 to $100,000 with repayment terms from two to seven years. SoFi borrowers also have access to several perks, such as unemployment protection, career coaching, and investing advice.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow up to $100,000
- No fees required
- Borrower perks like unemployment protection and investing advice
Cons
- Only accepts good-credit applicants
- Funding can take longer compared to other lenders
Universal Credit
Best for: Borrowers who want to build their credit
Universal Credit offers a variety of tools and resources to help borrowers build their credit, such as free credit score monitoring and personalized recommendations. You can borrow $1,000 to $50,000 with Universal Credit.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Free credit score monitoring, educational tools, and personalized recommendations to help you build your credit
- If you’re using your loan to consolidate credit card debt, you might get a lower rate by allowing Universal Credit to pay off the cards directly
Cons
- Rates can be higher than other lenders
- Origination fees from 5.25% to 9.99%
- Not available in Iowa
Upgrade
Best for: Fast loan funding
Upgrade offers personal loans from $1,000 to $50,000 with three- or five-year terms. If you’re approved, you could get your funds within a day of clearing necessary verifications.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor and fair credit
- Fast loan funding
- Free credit monitoring and educational resources
Cons
- Origination fees from 1.85% to 9.99%
- Doesn’t disclose minimum income requirements
Upstart
Best for: Borrowers with little to no credit history
In addition to your credit, Upstart will consider your education and job history to determine your eligibility — which means you might qualify even if you have little to no credit history.
You can borrow $1,000 to $50,000 with Upstart.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Might be able to qualify with little to no credit history
- Accepts poor and fair credit
- No prepayment penalty
Cons
- Origination fees from 0% to 12%
- Charges late and returned check fees
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Maximum loan amount
- Loan funding time
- Fees
- Discounts
- Customer service availability
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.
Other personal loans to consider
Here are more personal loan companies we evaluated. Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can with our partner lenders listed above.
 Show details | (depending on relationship with HSBC Bank) | HSBC: Best for existing HSBC customers | |
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 Show details | PNC: Best for small loan amounts | ||
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 Show details | Rocket Loans: Best for quick loan funding | ||
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Get Personalized Prequalified Rates Now |
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How to qualify for a personal loan
While eligibility criteria can vary by lender, you’ll likely come across a few common requirements, including:
- Good credit: You’ll typically need good to excellent credit to get approved for a personal loan — a good credit score is usually considered to be 700 or higher. Several lenders offer personal loans to borrowers with poor and fair credit – for example, you might be able to get a personal loan with a 600 credit score or lower. But keep in mind that these loans generally come with higher interest rates compared to good credit loans.
- Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely have to show proof of income, such as from a traditional job, self-employment, or other source.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in debt payments each month compared to your income. Lenders typically like to see a DTI ratio of 40% or less — though some lenders might make exceptions to this.
Learn More: 6 Credit Unions Offering Personal Loans
If you don’t qualify
If you don’t qualify for a personal loan, here are a few other options to consider:
- Apply with a cosigner. If you have less-than-perfect credit, applying with a cosigner who has good credit could improve your chances of getting approved for a personal loan.
- Take on a side hustle. Another way to possibly earn some extra cash is by taking on a side hustle. For example, you could sign up to drive for Uber, perform tasks through TaskRabbit, or deliver food with DoorDash.
- Sell stuff you’re not using. See if there are items you’re no longer using in your home, such as electronics, gently used clothing and toys, or even a second vehicle. You might be able to sell them to get the cash you need.
Also be careful of personal loan scams that try to take advantage of people desperate for money. Some warning signs to look out for include lenders demanding upfront payment or pressuring to make an instant decision.
Check Out: Emergency Loans: How to Get a Personal Loan Fast
How to take out a personal loan
If you’re ready to take out a personal loan, follow these four steps:
- Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for your situation. Consider not only personal loan interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
- Pick your loan option. After comparing lenders, choose the loan option that works best for you.
- Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Before you take out a personal loan, it’s important to consider how much that loan will cost you. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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How to get the best personal loan rates
For good-credit borrowers who took out a loan through Credible during the week beginning October 1, 2023, three-year average personal loan interest rates were 15%, while rates on five-year loans averaged around 21%.
However, it’s possible to qualify for better interest rates than this. To get the best personal loan rates, you’ll typically need good to excellent credit — in general, the better your credit, the lower your rate. Choosing a shorter loan term could also get you a better rate.
If you want to get approved for better interest rates, here are a few options to consider:
- Compare your rates from multiple lenders. To find the best rate you can get, it’s critical to shop around and compare your options from as many lenders as you can. You might get a better rate from one lender over another.
- Build your credit. If you can wait to take out a personal loan, it could be worth spending some time improving your credit before applying to qualify for a better rate in the future. A few possible ways to do this include paying all your bills on time, paying down credit card balances, or becoming an authorized user on the credit card account of someone you trust.
- Find a cosigner. Even if you don’t need a cosigner to get approved for a loan, having one could qualify you for a lower interest rate than you’d get on your own. Just keep in mind that a cosigner shares responsibility for the loan, so they’ll be on the hook if you can’t make your payments.
Learn More: Direct Deposit Loans: 10 Alternative Loans With Fast Funding Times
Ways to use a personal loan
You can use a personal loan to cover almost any personal expense — though some lenders might restrict their loans for certain purposes. For example, you can only use Happy Money personal loans to consolidate credit card debt.
Here are some potential expenses you could cover with a personal loan:
Medical bills
Covering medical expenses is a common source of debt. A personal loan could help you pay for your procedures, then pay them off over a period of time.
Car repairs
If your car needs repairs, a personal loan could get you the funds you need quickly — depending on the lender you choose, you might get your funds as soon as the same or next business day.
Vacations
Vacations can come with a variety of expenses, such as travel and lodging — all of which could be covered by a personal loan.
Debt consolidation
If you use a personal loan to pay off your debt, you might qualify for a lower interest rate than you’ve been paying. This could save you money on interest and potentially help you pay off your debt faster.
Home improvements
A personal loan for home improvements could get you the money you need for home improvements, repairs, or a remodel.
Additionally, home improvement personal loans sometimes offer longer repayment terms that could help keep your monthly payments low — for example, you could have up to 12 years to repay a LightStream home improvement loan.
Major purchases
You can use a personal loan for almost any personal expense — this includes major purchases such as cars, boats, or recreational vehicles.
Moving costs
No matter if you’re moving to another state or just across town, it can be expensive. With a personal loan, you can cover various expenses that come with moving, such as renting a truck or hiring movers.
Check Out: Is Using a Personal Loan for Taxes a Good Idea?
Personal loan FAQs
Here are the answers to several commonly asked questions about personal loans:
- What is a personal loan?
- Which is better: a credit card or a personal loan?
- What interest rate can I expect?
- What is the difference between APR and interest rate on a personal loan?
- Do personal loans have fees?
- Can I get a personal loan with bad credit?
- Do personal loans hurt my credit?
- How many years can I finance a personal loan?
- How much will I qualify for?
- How can I get a quick loan online?
- Is it better to get a personal loan from my bank?
- Can I pay my loan off early?
- What happens if I can’t pay back my loan?
- What is the difference between a secured loan and an unsecured loan?
What is a personal loan?
A personal loan is a type of installment loan — meaning you borrow a specific amount of money and make payments over a set period of time. Personal loans typically range from $600 up to $100,000 or more with repayment terms from one to seven years, depending on the lender.
Most personal loans are unsecured, so you don’t have to worry about collateral. Also keep in mind that unlike revolving credit (such as credit cards), you can’t access your loan amount more than once. If you want to borrow more, you’ll have to take out another loan.
Check Out: How to Check If a Personal Loan Company Is Legitimate
Which is better: a credit card or a personal loan?
When deciding between a personal loan vs. credit card, the right option for you will ultimately depend on your needs and spending habits. Here are a few pros and cons to keep in mind as you compare the two:
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What interest rate can I expect?
Credible’s partner lenders offer personal loan rates starting at 6.94%+ . Keep in mind that the interest rates you’ll be offered depend primarily on three factors:
- Your credit score
- The repayment term you choose
- The lender you pick
| How's your credit? | Credit score range | Average minimum rate |
|---|---|---|
| Very good / exceptional | 780 and up | 15.16% |
| Good / very good | 720 - 779 | 18.43% |
| Good | 680 - 719 | 22.18% |
| Fair / good | 640 - 679 | 27.04% |
| Fair | 600 - 639 | 29.50% |
| Poor/Fair | 599 and below | 30.97% |
Disclosure: This data is for a $10,000 loan amount.1 |
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1The average minimum rate was calculated based on Credible.com users who requested personal loan prequalified rates between September 1, 2023, and September 30, 2023, and who received rates through the Credible.com platform. The average minimum rates were calculated across all of the the users within the same credit tier. The credit scores for the users were based on Transunion soft credit pulls, not user self-reported data. If the user received more than one prequalified rate from more than one lender for multiple loan terms (e.g., loan terms between 2-7 years), the minimum prequalified rate received for the user within each data set (e.g., the $10,000 and $20,000 data set) was averaged across all users in the data set, not factoring in the term of the loan. Typically, however, shorter loan terms have lower rates. |
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What is the difference between APR and interest rate on a personal loan?
The annual percentage rate (APR) and interest rate on a personal loan both refer to borrower costs — though they’re slightly different.
- The interest rate is how much you pay each year to borrow money, expressed as a percentage. Personal loan interest rates are usually fixed, which means your rate and payments won’t ever change. However, some lenders also offer variable-rate loans — meaning your rate and payment could fluctuate over the life of the loan.
- The APR includes not only the interest rate but also other loan fees, such as origination fees. This gives you a more complete picture of your loan costs compared to just the interest rate.
Learn More: Refinancing a Personal Loan: Can It Be Done?
Do personal loans have fees?
This depends on the lender — while some lenders charge personal loan fees, others don’t. Some potential fees that could come with personal loans include:
- Origination fees, which are deducted before your loan is disbursed
- Late fees, which are charged if you miss your payment due date
- Returned payment fees, which are assessed if you don’t have the funds in your bank account to cover your loan payment
Check Out: Home Equity Loan vs. Personal Loan: Which Is Right for You?
Can I get a personal loan with bad credit?
While you typically need good to excellent credit to qualify for a personal loan, some lenders offer personal loans for bad credit. Keep in mind, though, that borrowers with poor credit generally receive higher interest rates compared to borrowers with good credit.
You could also consider applying with a cosigner to improve your chances of getting approved. Having a cosigner might also help you get a better interest rate, which can save you money on your loan.
Learn More: Comparing Credit Score Ranges
Do personal loans hurt my credit?
When you apply for a new loan, the lender will use a hard credit check to determine how likely you are to repay the loan. This could cause a temporary drop in your credit score — typically five points or less.
But this dip is usually only temporary, and your score will likely go back up in a few months. Plus, if you make on-time payments on your new personal loan, you might see further improvements to your credit.
See: How Personal Loans Impact Your Credit Score
How many years can I finance a personal loan?
Personal loan terms generally range from three to seven years. Available terms vary by lender, so be sure to consider multiple lenders to find a term that fits your needs.
Also keep in mind that the longer the term, the more interest you’ll pay — so it’s usually a good idea to choose the shortest term you can afford.
Learn More: Personal Loans for College Students
How much will I qualify for?
Personal loans can range from $600 to $100,000 or more. But the actual amount you’ll qualify for when applying for a personal loan will depend on two factors: the lender’s loan limit and how much of your available monthly income will be required to make your loan payments.
For example, while some lenders will approve $100,000 personal loans, you’ll also have to meet their debt-to-income requirements.
Check Out: How to Find a $35,000 Personal Loan Without Stressing
How can I get a quick loan online?
Several online lenders offer simple online application processes to get a personal loan. Additionally, many of these lenders offer approval decisions within just a few minutes.
The time to fund an online personal loan is usually about five business days — but some lenders can fund your loan as soon as the same or next business day after approval.
Learn More: Swimming Pool Loans: Finance with a Personal Loan
Is it better to get a personal loan from my bank?
This depends on your bank. With some banks, borrowers who already have accounts could qualify for loyalty discounts if they take out a personal loan with them. If your bank offers these discounts or other perks, you might be able to reduce your overall loan costs.
However, it’s still important to compare as many lenders as you can in addition to your bank. This way, you can be sure you’re getting the right loan for your needs.
Check Out: Personal Loans From Banks: Where to Get Loans
Can I pay my loan off early?
If you can afford it, paying off your loan early can be a great way to save money on interest charges. Many personal loan lenders don’t charge prepayment penalties (fees assessed if you pay off your loan ahead of schedule), but some do.
What happens if I can’t pay back my loan?
Most personal loans are unsecured and don’t require collateral, so your assets aren’t at risk if you default on your loan. However, that doesn’t mean there aren’t consequences.
If you fall behind on your loan payments, the lender will report it to the credit bureaus, which could severely damage your credit score. A loan default can remain on your credit report for up to seven years, which could affect your eligibility for other types of credit later on.
What is the difference between a secured loan and an unsecured loan?
While most personal loans are unsecured, some lenders also offer secured personal loans. Here’s how they compare:
- Secured loans require collateral, such as a vehicle or other item of value. Because these loans are less risky to the lender, they tend to come with lower interest rates compared to unsecured loans. You might also have an easier time getting approved for a secured loan if you have bad credit. However, if you can’t keep up with your payments, the lender could seize your property.
- Unsecured loans don’t require collateral. These loans are riskier for lenders, so they often come with stricter requirements as well as smaller loan amounts. You’ll likely need good to excellent credit to qualify for an unsecured loan.
Credible’s partner lenders
If you’re ready to find your personal loan, Credible can help: You can compare your prequalified rates from our partner lenders in the table below in two minutes.
| Lender | Min. credit score | Best for | Time to fund |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Not disclosed by lender | Consolidating high-interest debt | If approved, funds sent within 24-72 hours† |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 550 | Borrowers with poor credit | As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 730 | Borrowers with excellent credit | Next business day |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 600 | Borrowers with good credit | As soon as 1 to 3 business days after successful verification |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 660 | Long repayment terms | As soon as the next business day after acceptance |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 640 | Consolidating credit card debt | As soon as 2 to 5 business days after verification |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 660 | Borrowers who need a cosigner | Usually takes about 2 days† |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 660 | Borrowers with near-prime credit | As soon as the next business day |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 700 | Large loan amounts | As soon as the same business day |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 540 | Borrowers with below-average credit | As soon as 1 to 2 business days after approval |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 760 | Small loan amounts | 2 to 4 business days after verification |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 640 | Customizable monthly payments | 90% funded within a day13 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Does not disclose | Borrower perks | 3 business days |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 560 | Borrowers who want to build their credit | Within one day, once approved9 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 600 | Fast loan funding | Within a day of clearing necessary verifications |
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 620 | Borrowers with little to no credit history | As soon as 1 - 3 business days6 |
Kat Tretina contributed to the reporting for this article.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 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 October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates disclosure: 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. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Methodology: Credible evaluated over 700 points of data on two dozen lenders to determine which are the best overall, and which are the best for specific uses and needs, such as personal loans for debt consolidation and personal loans for bad credit and fair credit. To identify the “best” companies for personal loans, we looked at interest rates; repayment terms; repayment options; loan amounts; fees; discounts; customer service availability; state availability; whether cosigners are allowed; whether secured loans are available; minimum credit score and income requirements; third-party rankings; excluded loan purposes; how likely loans are to close; whether prequalification is offered; and if a Social Security number is required to prequalify. Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender. Read the full Credible rating lender methodology. Learn about Credible’s mission and promise to our readers.Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
