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Upstart
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Amount: $1,000 - $50,000
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Min. Credit Score: 300
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APR: 4.6% - 35.99%
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Approval: 1 Day
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Terms: 3 - 5 Years
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EvenFinancial
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Amount:
$1,000 - $250,000
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 Best Loan Comparison Company
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Even Financial is like ZippyLoan, NextDayPersonalLoan, and LendingTree because it’s a comparison site and not a direct lender. As a result, if you want to spend less time searching for the best personal loans for fair credit and more time enjoying your favorite hobbies, Even Financial may be the perfect match.
The loan comparison site lets you browse several offers that meet your criteria, all in one convenient place. Therefore, Even Financial does all of the hard work for you. In addition, more than 300 reputable lenders on Even Financial’s site offer personal loans of $1,000 to $250,000, with APRs of 2.49% to 35.99%. Moreover, terms of two to seven years are available, and Even Financial’s personalized results can increase your chances of obtaining a loan. And, of course, like Upstart, and the other companies on our list, inquiring won’t impact your credit score, so you have little to lose by applying.
Also, you should be able to access Even Financial’s services in all states. And since the company partners with fair and poor credit lenders like Happy Money and Upstart, you should find plenty of offers.
Pros:
- Lenders on Even Financial’s site offer personal loans of $1,000 to $250,000.
- Affordable APRs of 2.49% to 25.99% are available.
- Flexible repayment schedules of two to seven years are available.
- Even Financial saves you time and money.
- You should be able to access Even Financial’s services in all states.
- Applying won’t impact your credit score.
Cons:
- Like ZyppyLoan, lenders on the platform determine the fees.
- Several competitive offers can make it hard to decide which loan is right for you.
The impact of COVID-19:
Since Even Financial is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on Even Financial’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.
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SoFi
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Amount: $5,000 – $100,000
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Min. Credit Score:
680
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APR: 5.74% – 20.28%
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Approval: 1 – 7 Days
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Terms: 2 – 7 Years
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SoFi is a Fintech firm that offers attractive personal loans. For example, comparable products have APRs that range from 5.99% to 35.99%. However, SoFi's personal loans have APRs that range from 5.74% to 20.28%. Moreover, you can borrow as little as $5,000 and upwards of $100,000, and terms range from two to seven years.
In addition, there are no origination, closing, or prepayment fees, and SoFi doesn't charge for late payments. On top of that, you can earn a $10 bonus for applying. However, you need to have a SoFi Money account or open one within 60 days to be eligible. Furthermore, SoFi's personal loans are unsecured, so you don't have to post any collateral. And the firm only conducts a soft credit pull when you submit your application, so inquiring won't impact your credit score. However, if you're approved and agree to the terms, SoFi will conduct a hard credit pull, which may affect your credit score.
All in all, the lower APRs make SoFi personal loans better options than swiping your credit card.
Pros:
- SoFi personal loans have lower APRs than the competition.
- SoFi doesn't charge any origination, closing, prepayment, or late fees.
Cons:
- You have to wait a "few days" to receive the loan proceeds.
Who is SoFi best suited for?
- If you want a no-fee personal loan with a below-market APR, SoFi should be at the top of your list.
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Upgrade
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Amount:
$1,000 - $50,000
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Min. Credit Score: 560
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APR: 8.49% - 35.99%
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Approval: < 1 Day
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Terms: 2 - 7 Years
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Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 8.49% - 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.
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LendingPoint
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Amount: $2,000 - $36,500
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Min. Credit Score: 580
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APR: 9.99% - 35.99%
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Approval: 1 - 7 Days
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Terms: 2 - 5 Years
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LendingPoint contrasts the companies above because it’s a direct lender and not a comparison site. The difference is that LendingPoint issues loans directly, while the other companies help connect you with third-party lenders. However, the product you receive is essentially the same.
LendingPoint provides personal loans that range from $2,000 to $36,500, with APRs of 9.99% to 35.99%. Moreover, terms range from two to five years. To qualify, you need to have an annual income of at least $25,000. For context, this includes employment, self-employment, and government benefits. However, like Avant, Uprova, and PersonaLoans, LendingPoint has a minimum credit score requirement of 580. Therefore, it’s a great option if you fall between fair and bad credit.
However, like OneMain Financial and Upstart, LendingPoint requires borrowers in Georgia ($3,500) to take out higher loan minimums. And like Avant, financing is unavailable in both Nevada and West Virginia. As a result, borrowers in these regions should consult the other lenders on our list.
Pros:
- LendingPoint can help you land a personal loan of $2,000 to $36,500.
- Flexible repayment schedules of two to five years are available.
- Applying won’t impact your credit score.
Cons:
- LendingPoint’s loan origination fee is 0% to 6%.
- LendingPoint’s loan origination fee is 0% to 6%.
- LendingPoint’s insufficient funds fee is $20.
- Like Avant, LendingPoint does not issue loans in Nevada or West Virginia.
The impact of COVID-19:
LendingPoint doesn’t reference any specific hardship policies. However, you can call the lender at 1-888-969-0959 or send an email to customerservice@lendingpoint.com to learn more about your options.
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SuperMoney
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Amount: $1,000 - $100,000
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Min. Credit Score:
0 620 is Recommended
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APR: 5.94% - 35.99%
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Approval: < 1 Day
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Terms: 1 - 10 Years
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SuperMoney is another loan comparison site that can help you find the best personal loans for good credit. And with metrics similar to Credible, platform lenders offer loans that range from $600 to $100,000 with APRs of 4.99% to 35.99%. Moreover, terms of one to seven years are available, and loan origination fees range from 1% to 8%. In addition, SuperMoney notes that most lenders require a credit score of at least 600 and that borrowers near the low-end will likely incur higher APRs.
But SuperMoney’s website is easy to navigate, and you can obtain a personalized quote with a few clicks. Likewise, you also have access to private student loans and personal lines of credit. And while you can shop for auto title and payday loans at SuperMoney, we strongly recommend that you avoid them.
Thus, SuperMoney is a great place to start your search. With curated options and detailed data helping filter out the noise, you can find the best personal loans for good credit with minimal effort. Furthermore, there are no fees to use SuperMoney, since the lenders compensate loan comparison sites. As a result, since they only get paid if you agree to the terms, it’s in their best interest to find you the most suitable options. In addition, borrowers in all states should be able to apply.
Pros:
- SuperMoney connects you with lenders that offer personal loans that range from $600 to $100,000.
- SuperMoney can help you obtain an APR as low as 4.99%.
- Terms of one to seven years offer repayment flexibility.
- Borrowers in all states should be able to apply.
- Applying does not impact your credit score.
Cons:
- Lenders on SuperMoney’s platform typically have loan origination fees that range from 1% to 8%.
- Lenders’ late payment fees vary.
The impact of COVID-19:
Since SuperMoney is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on SuperMoney’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.
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SuperMoney
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Amount: $1,000 - $100,000
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Min. Credit Score:
0 620 is Recommended
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APR: 5.94% - 35.99%
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Approval: < 1 Day
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Terms: 1 - 10 Years
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There are plenty of services in the marketplace. SuperMoney is the best! This company works with thousands of loan companies, lenders, credit unions, and so on, so finding you a loan will be easy. And they work differently. Instead of getting your personal details and sending them to a list of their lenders, as other companies do, SuperMoney will ask you to complete their form one time and directly list the offers that are available to you. There is a big difference because you directly get personalized offers based on your financial situation. Your personal information is not sent to a list of lenders like other sites do. After that, you can pick the best for you. Click offer details below each, and you will find all of the information you need to know regarding APRs, repayment terms, and fees. Best of all, the service is completely free and requires no obligation.
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FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we’ve compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such name, address, contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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