There are many options for those looking for personal loans, whether your credit score is sky-high or in the dumps. One great reason to look for a loan is to use it to pay down higher-interest debt, which is a possibility even for those with poor credit. Other motivations for borrowing include paying for big-ticket items, making home repairs or covering unexpected expenses.
There are so many lenders competing for your business that you have plenty of choices no matter your credit score. A good strategy is to prequalify with various lenders that only require a soft credit pull and won’t affect your credit score.
Start with LendingTree
LendingTree will give you a good sense of the kind of loans for which you can qualify. You can fill out an online form and receive up to five different loan options from lenders based on your creditworthiness.
LendingTree, which owns Student Loan Hero, is a good jumping-off point for those who are not sure where to start.
Best personal loans for excellent credit: LightStream
LightStream makes no secret that it is interested in borrowers with excellent credit. The online consumer lending service of SunTrust Bank, LightStream wants to be as flexible as possible to help creditworthy borrowers fund “practically anything,” from airplanes to school tuition and hot tubs.
The company offers a $100 guarantee to compensate any customer who is not entirely satisfied. It also promises to beat any lender’s APR by 0.10 percentage points if terms and conditions are met. LightStream also prides itself on being quick — you may get same-day approval. And the company even plants a tree every time it funds a loan.
3.99% to 16.99%. Loan terms are 24 to 144 months, and rates are fixed. There are no fees or prepayment penalties.
Eligible borrowers will have several years of credit history on a range of account types and a solid payment history. They will also need to have a history of saving, as well as enough income and assets to cover current and prospective debt.
- Relatively low APRs
- No fees
- No prepayment penalties
- Fixed rate for the entire loan
- Terms from 24 to 144 months and amounts up to $100,000
- Rates go up 0.50 points unless you use autopay
- Rates depend in part on the purpose of the loan
- Stringent standards for borrowers
Best personal loans for good credit: RocketLoans
RocketLoans, part of the Quicken Loans company, focuses on customer satisfaction, offering a fast online application process, immediate loan offers, same-day funding and no hidden fees. The company’s almost 90% customer satisfaction rate indicates that it is doing a good job making borrowing friction-fee for its customers.
Borrowers with a range of credit scores are welcome to apply, but those with good credit are most likely to get a competitive APR and loan term here.
RocketLoans’ unsecured loans for 36 or 60 months range from $2,000 to $45,000, with APRs from 5.98% – 29.99%. An origination fee of 1.00% - 6.00% is folded into each loan. Same-day financing is possible for loans of up to $25,000 if the borrower meets its conditions.
- Fast and easy financing
- No prepayment penalties
- 1.00% - 6.00% origination fee
- Rates go up unless you use autopay
Best personal loans for average credit: Peerform
Peerform is a peer-to-peer lender that uses an online platform to connect borrowers with individuals or businesses that are interested in loaning out money. Peer lending is a booming business, and Peerform promises to help customers navigate that landscape with a fast and free application process.
An affiliate company of Versara Lending, Peerform offers unsecured personal and consolidation loans for three or five years that are available to borrowers with a range of credit scores.
Peerform loans are unsecured, range from $4,000 to $25,000, and come with fixed APRs of 5.99% to 29.99%. Personal loan terms are for three years, while consolidation loans can be three or five years. An origination fee of 1.00% - 5.00% is folded into the loan. There are no prepayment penalties, but payment by check triggers a $15 check-processing fee.
- Fast and easy online application
- No prepayment penalties
- Suitable for those with a range of credit scores
- Minimum loan of $4,000
- Origination fee of 1.00% - 5.00%
- $15 processing fee for each payment by check
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|