Best Personal Loans for February 2025
We compared personal loans based on APRs, funding time, and more to identify the best options for borrowers
Written by
Emily Batdorf
Written by
Meredith Mangan
Updated December 17, 2024
Top personal loan lenders
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LightStream
4.9
Credible Rating
Lender highlights:
Same-day funding available
High maximum loan amount
No origination fee
Best Egg
4.5
Credible Rating
Lender highlights:
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Compare personal loan rates of February 2025
LightStream: Best for personal loans overall
Prepayment penalty: None
Unsuccessful payment fee: None
Minimum credit score: 700
Origination fee: None
Check processing fee: None
Do they allow a cosigner: No
Late fee: None
Time to fund: As soon as the same business day
Rates from (APR)
6.99-35.99%
Loan term
2 - 5 years
Loan amount
Up to $50,000
View Details
Best Egg: Best for high close rates if pre-approved
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Prepayment penalty: None
Unsuccessful payment fee: $15
Minimum credit score: 600
Origination fee: 0.99% to 9.99%
Check processing fee: $7
Do they allow a cosigner: No
Late fee: $15
Time to fund: As soon as 1 - 3 business days after successful verification
Rates from (APR)
7.80-35.99%
Loan term
3, 5 years
Loan amount
Up to $50,000
View Details
Upstart: Best for fast personal loans for all credit types
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Prepayment penalty: None
Unsuccessful payment fee: $15
Minimum credit score: 620
Origination fee: 0% to 12%
Check processing fee: None
Do they allow a cosigner: No
Late fee: 5% of late payment or $15 (whichever is greater)
Time to fund: As soon as 1 - 3 business days
Rates from (APR)
7.99-17.97%
Loan term
3 - 6 years
Loan amount
Up to $35,000
View Details
Splash Financial: Best for quick loans for good credit
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. Splash is not an option for borrowers with bad credit.
Prepayment penalty: None
Unsuccessful payment fee: Varies by lender
Minimum credit score: 700
Origination fee: 3.99% to 7.49%
Check processing fee: None
Do they allow a cosigner: No
Late fee: Varies by lender
Time to fund: Funding in as little as one business day for eligible applicants
LendingClub: Best for online experience
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Prepayment penalty: None
Unsuccessful payment fee: $15
Minimum credit score: 660
Origination fee: 3% to 8%
Check processing fee: $7
Do they allow a cosigner: No, but co-borrowers allowed
Late fee: 5% of late payment or $15 (whichever is greater)
Time to fund: 24-hour funding upon approval
Happy Money: Best for consolidating credit card debt
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Prepayment penalty: None
Unsuccessful payment fee: None
Minimum credit score: 640
Origination fee: 2% to 5%
Check processing fee: None
Do they allow a cosigner: No
Late fee: None
Time to fund: As soon as 2 - 5 business days after verification
SoFi: Best for personal loans for excellent credit
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Prepayment penalty: None
Unsuccessful payment fee: None
Minimum credit score: Does not disclose
Origination fee: 0% - 7%
Check processing fee: None
Do they allow a cosigner: No
Late fee: None
Time to fund: Typically within a few days, given approval and bank account verification
Prosper: Best for peer-to-peer lender
Prepayment penalty: None
Unsuccessful payment fee: $15
Minimum credit score: 640
Origination fee: 1% to 9.99%
Check processing fee: $5 or 5% of the payment (whichever is lower)
Do they allow a cosigner: Yes
Late fee: 5% of late payment or $15 (whichever is greater)
Time to fund: 1 business day following acceptance of loan offer, completion of all necessary verification steps and final approval. One business day is also dependent on your bank’s ability to quickly process the transaction.
Rocket Loans: Best for fast personal loans
Prepayment penalty: None
Unsuccessful payment fee: None
Minimum credit score: 640
Origination fee: Up to 9%
Check processing fee: None
Do they allow a cosigner: No
Late fee: Yes
Time to fund: If approved, you may receive funds in your account as soon as the same business day
Avant: Best for all credit types
Prepayment penalty: None
Unsuccessful payment fee: $15
Minimum credit score: 550
Origination fee: 0.95% to 9.99%
Check processing fee: None
Do they allow a cosigner: No
Late fee: $25
Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Upgrade: Best for fair credit
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Prepayment penalty: None
Unsuccessful payment fee: $10
Minimum credit score: 600
Origination fee: 1.85% to 9.99%
Check processing fee: None
Do they allow a cosigner: No
Late fee: $10
Time to fund: Within a day of clearing necessary verifications
BHG Financial: Best for large personal loans
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.
Prepayment penalty: None
Unsuccessful payment fee: $20
Minimum credit score: 660
Origination fee: 3% to 4%
Check processing fee: None
Do they allow a cosigner: No
Late fee: Lesser of $40 or 5% of the payment.
Time to fund: Funding in as few as 5 days
Citibank: Best for no fees
Though Citi requires a relatively high credit score to qualify, its minimum income requirement is low. The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers.
Citi offers relatively small loans, as low as $2,000. But the maximum amount you can borrow is capped at $30,000, which is less than most of its competitors. Another drawback is that the minimum APR is relatively high. Just keep in mind that even with excellent credit, you may not qualify for a lender’s lowest advertised rate, which is one reason it’s good to prequalify with multiple lenders before applying.
Citi personal loans are available nationwide.
Prepayment penalty: None
Unsuccessful payment fee: None
Minimum credit score: 740
Origination fee: None
Check processing fee: None
Do they allow a cosigner: No
Late fee: None
Time to fund: Same day with an existing Citi account, or within 2 business days with a non-Citi account
Rates from (APR)
11.69-35.99%
Loan term
3, 5, or 7 years
Loan amount
Up to $50,000
View Details
Universal Credit: Best for debt consolidation loans for bad credit
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Prepayment penalty: None
Unsuccessful payment fee: $10
Minimum credit score: 560
Origination fee: 5.25% - 9.99%
Check processing fee: None
Do they allow a cosigner: No
Late fee: $10
Time to fund: As soon as 1 business day after acceptance
Rates from (APR)
13.00-29.99%
Loan term
3, 4, or 5 years
Loan amount
Up to $50,000
View Details
LendingUSA: Best for interest-free merchant financing
Just note that you may be charged an origination fee, and loans aren’t available nationwide. If applying via Credible, you should have a minimum FICO score of 660 to qualify.
Prepayment penalty: None
Unsuccessful payment fee: Yes
Minimum credit score: 640
Origination fee: 5%
Check processing fee: None
Do they allow a cosigner: No
Late fee: Yes
Time to fund: 1-3 business days
Reach Financial: Best for fast funding and fair credit
It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.
Prepayment penalty: None
Unsuccessful payment fee: $25
Minimum credit score: 640
Origination fee: 4% to 8%
Check processing fee: None
Do they allow a cosigner: No
Late fee: $15
Time to fund: 90% funded within a day
Rates from (APR)
18.00-35.99%
Loan term
2 - 5 years
Loan amount
Up to $20,000
View Details
OneMain Financial: Best for bad credit personal loans
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given. According to internal Credible data, OneMain had one of the lowest rates of loan approval after prequalification among partner lenders.
Prepayment penalty: None
Unsuccessful payment fee: $10 to $50
Minimum credit score: N/A
Origination fee: $25 to $500
Check processing fee: None
Do they allow a cosigner: Yes
Late fee: $5 - $30
Time to fund: As soon as 1 - 2 days after acceptance
A personal loan can help you consolidate debt or pay for major expenses like medical bills, car repairs, a wedding, or a family vacation. There are few restrictions on what you can use one for. And unlike a home equity loan, most are unsecured, which means you don't need collateral. As a result, personal loan interest rates can range widely, depending on your credit, from around 6% on the low end to around 36% on the high end.
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1Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% - 35.99% APR with terms from 12 to 120 months. Credible also works with network Partners like MoneyLion and AmONE, who offer loan and other products with different rates and terms than described here. 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 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.
2To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.
Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.
1Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% - 35.99% APR with terms from 12 to 120 months. Credible also works with network Partners like MoneyLion and AmONE, who offer loan and other products with different rates and terms than described here. 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 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.
2To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.
Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.