Personal loans offer loans from $100 to $100,000. Their APR varies between 5.99% to 35.99%, and it’s counted based on your credit score. Terms vary from 1 month to 10 years. Personal loans are offered by online lenders, banks, and credit unions.

People with bad credit can get a personal loan. The expected APR is between 15% to 30%. We have researched and found the best lenders for bad credit. You should NOT get payday loans, they cost you 400% on average and lead people into a debt cycle. Stay with us!

If you are looking for the best loan, go to loan comparison sites. They will show you all the offers in one place. They save a lot of time and money.

ElitePersonalFinance found the best personal loans of December 2025! Shop Around!

Best Personal Loan Rates of December 2025

Looking to cover an outstanding medical bill? What about a $12,000 wedding by next summer, or hundreds of other personal expenses on your mind?

Today’s best personal loan rates can be found from legit online aggregators like SuperMoney and MoneyMutual, which provide you with instant access to an extensive network of legit direct lenders (banks, credit unions, and/or online lenders) willing to extend competitive loan offers with only a single soft credit check, causing no damage to your credit score.

Quick Links Before We Start

Bad Credit

People with bad credit can get a personal loan! Avoid payday loans!

The expected APR on a personal loan will be higher. On average, it should be about 15% to 30%. This is still 5 – 10 times cheaper than payday loans! Here you can find the best loans for bad credit.

Review The Best Personal Loans for Bad Credit of December 2025

Really Bad Credit

If someone can’t be approved for a personal loan, payday loans should NOT be your next step!!! There are many other options. We have all of them. Stay with us!

Alternative payday loans are between personal and payday loans. They offer $100 to $5,000 for people with really bad credit. They are no credit check loans. We recommend them only in the last case when you can’t get approved for a personal loan. Their APR varies by different lenders between 30% to 400%, on average it is about 100%. They are cheaper than payday loans.

Review The Best Alternative Payday Loans for Bad Credit of December 2025

ElitePersonalFinance also created a special list of loans for people with really bad credit. There we included many options. Some of them could be more expensive, but less than payday loans. Use it only if you have no other options.

Review The Best Loans for Really Bad Credit of December 2025

Fair Credit

People with fair credit can get a personal loan. The expected ARP should be between 10% to 15%.

Review The Best Personal Loans for Fair Credit of December 2025

Good Credit

People with good credit have many options: online lenders, banks, and credit unions. People with good credit can get up to $100,000 at 3% to 10%.

Review The Best Personal Loans for Good Credit of December 2025

Debt Consolidation

If you have many loans, now it’s time to consider debt consolidation. Well-planned debt consolidation could lead to cheaper rates and better terms.

Review The Best Debt Consolidation Loans of December 2025

Review The Best Debt Consolidation Loans for Bad Credit of December 2025

Why Should I Trust ElitePersonalFinance

If you’re looking for the best personal loan rates with no promise of instant approval or guaranteed offers, then ElitePersonalFinance is the right place to be.

In our guide, we cover all top recommended lenders in the online space, including but not limited to MoneyMutual, SuperMoney, PickALender, ZippyLoan, and Upstart, as well as only the best banks, credit unions, and fintechs. All of them have been evaluated based on several key criteria, including APR ranges, repayment flexibility, funding speed, first-party reviews, and overall customer service.

Keep reading to learn more about the best personal loan rates, how personal loans work, what types of fees to expect, how to compare loan offers effectively, and ways to improve your credit before applying, and much more.

MoneyMutual

Unquestionably, MoneyMutual is one of the more popular online lending marketplaces in the United States, allowing people with good credit to secure short-term or personal loans through a trusted Network of lenders offering up to $5,000. Plus, approval and funding can occur within 24 hours, depending on your state of residence and the type of lender.

Through the MoneyMutual platform, borrowers can receive multiple offers at once for easy side-by-side comparisons before committing. Plus, checking offers doesn’t affect your credit. Even borrowers with fair or poor credit are accepted.

Plus, it is also a member of the Online Lenders Alliance (OLA), setting an example for industry best practices around transparency and fair lending. As a member of Money Mutual Insurance, only legit, ethical lenders work with it that comply with all regulations.

What We Like:

• Loans up to $5,000
• APRs up to 35.99%
• Funding within 24 hours
• Member of the Online Lenders Alliance (OLA)
• No charge to use the service
• Soft credit checks for pre-qualification

What We Don’t Like:

• Not a direct lender
• Lower loan limits up to $5,000
• Higher than average apps for bad credit
• Not available in New York and Connecticut

Eligibility & Next Steps:

• 18 years of age or older
• Minimum monthly income of $800
• Active checking account for loan deposits
• Research and compare loan offers through MoneyMutual
• Completed application through the MoneyMutual website

Terms: MoneyMutual is an online lending marketplace that connects borrowers of all credit types with short-term loans and emergency loans up to $5,000, depending on the lender. MoneyMutual is not a direct lender. Final APRs, fees, and repayment terms are determined by the lender you choose. Loan availability, funding times, and eligibility requirements vary by state and lender underwriting criteria. Always read your official loan estimate before signing the contract.

SuperMoney

One of the most robust financial marketplaces in the U.S., SuperMoney has sealed deals and earned its reputation for transparent comparisons for borrowers of all credit types. It’s a network of hundreds of banks, credit unions, and fintech lenders that offer all kinds of loans — from personal loans to Home improvement financing — allowing users to check offers from multiple lenders with a single soft credit check.

One of the best things about SuperMoney is that it is easy to compare APRs, fees, and repayment terms. Side by side, using an easy-to-use, intuitive interface, along with plenty of educational resources that explain everything about how loans work. Whether you’re looking to manage credit card debt or make a big splurge, SuperMoney gives you a zero-cost option to explore all of your loan opportunities.

What We Like:

• Robust marketplace with hundreds of legit lenders
• Soft credit check upon pre-qualification
• No hidden cost to use the service
• Smooth and easy-to-navigate interface
• Works with all credit types

What We Don’t Like:

• Not a direct lender
• No account management for large loans
• Limited live customer support
• Offers vary depending on the state

Eligibility & Next Steps:

• Must be 18 years of age or older
• US citizen or permanent resident
• Fair credit score (580+) recommended
• Prequalification through the SuperMoney portal

Terms: SuperMoney is an online financial marketplace that lets borrowers of all credit types take out loans up to $50,000 at competitive fixed rates. SuperMoney is not a direct lender. Each participating lender sets its own rates, fees, and underwriting requirements. Loan availability depends on your credit profile, income, and state regulations. Always read your official loan estimate before signing the contract.

PickALender

If you’re looking for a user-friendly personal loan comparison platform, then PickALender is a solid option. Using a simple and quick form, you can receive competing loan offers from legit lenders in minutes, allowing you to bypass having to submit individual applications at each lender’s site.

Loans on PickALender go from $1,000 to $50,000. Once you’ve submitted a pre-qualification, enjoy detailed, side-by-side comparisons to find the best personal loan offer available.

What We Like:

• Loan amounts from $1,000 to $50,000
• Easy to see multiple offers at once
• Funding as early as the next business day
• Works with all credit types

What We Don’t Like:

• Not a direct lender
• Expect a heavy volume of follow-up offers
• Every lender has different fees and terms

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Valid Social Security number
• Steady income & active checking account
• Completed online application through PickaLender

Terms: PickALender is an online lending marketplace that offers borrowers up to $5,000 with flexible repayment options. PickALender is not a direct lender. Final rates, fees, and repayment terms depend on the lender you choose. Availability may vary by state and lender underwriting standards. Always read your official loan estimate before signing the contract.

ZippyLoan

With “personal loans made simple and fast” splashed on its homepage, ZippyLoan is a reputable online platform that allows users to borrow anywhere from $100 to $15,000 by filling out a simple 5-minute online form, encrypted with 256-bit SSL and designed with consumer best practices in mind.

It offers an extensive network of lenders that operate 24 hours a day, 7 days a week, to provide competitive loan offers with no credit types accepted. Funds can be deposited into your account as early as tomorrow.

Additionally, ZippyLoan is a member of the Online Lenders Alliance (OLA), an organization that enforces ethical standards across the lending industry, with a focus on transparency and Regulatory Compliance.

What We Like:

• Loans from $100 to $15,000
• Funds to your account by the next business day
• 256-bit SSL encryption keeps your information safe
• Available for all types of credit
• Member of the Online Lenders Alliance (OLA)

What We Don’t Like:

• Not a direct lender
• Interest rates vary depending on the lender
• Every lender sets their own repayment terms
• Frequent promotional offers or follow-up messages

Eligibility & Next Steps:

• 18 years of age or older
• US citizen and permanent resident
• Valid security number and an active checking account
• Proof of regular income
• Complete a short 5-minute online form

Terms: ZippyLoan is an online lending marketplace offering personal loans between $100 and $15,000. ZippyLoan is not a direct lender. Each lending partner sets its own APRs, fees, repayment terms, and eligibility requirements. Loan availability and terms vary by state, lender underwriting practices, and individual borrower qualifications. Always read your official loan estimate before signing the contract.

NextDayPersonalLoans

Suppose you need quick access to funding. Then NextDayPersonalLoans is another excellent choice and comes highly recommended. Here you can find hundreds of personal loan providers offering loans from $100 to $40,000, with loan limits based on your credit profile, income, and other eligibility criteria.

When you match with the lender through NextDayPersonalLoans, you get a complete outline of APR ranges, repayment terms, and eligibility requirements so you can perform easy side-by-side comparisons. Keep in mind that NextDayPersonalLoans is not a direct lender that participates in underwriting, but it offers access to an extensive network of lenders that help you find competitive terms.

What We Like:

• Loans from $100 up to $40,000
• APRs up to 35.99%
• Quick and easy approval process
• Accepts all credit types
• An extensive network of lending partners

What We Don’t Like:

• Not a direct lender
• Rates and fees differ by lender
• Some lenders may offer shorter repayment terms

Eligibility & Next Steps:

• 18 years of age or older
• US citizen and permanent resident
• Valid security number and an active checking account
• Proof of regular income
• Complete a short 5-minute online form

Terms: NextDayPersonalLoans is an online lending network that connects borrowers of all credit types with lenders offering personal loans from $100 to $40,000. The platform is not a direct lender. AAPRs, fees, and repayment terms are set individually by each lending partner. Loan offers vary based on income, credit profile, financial history, and lender underwriting standards. Always read your official loan estimate before signing the contract.

Upstart

Easily the most innovative personal loan platform in the country, Upstart is different from all of our other recommended lenders in that it uses an AI-driven model that evaluates borrowers based on criteria beyond credit score, such as employment history, education, and cash flow. This allows applicants with Fair Credit or limited credit to qualify for loans from $1,000 to $50,000 with funding as soon as the next business day.

Plus, it offers complete transparency into APRs, origination fees, repayment schedules, and total loan cost before signing on the dotted line. Not to mention that time payments are reported to all major credit bureaus, which makes this an excellent choice for credit building. Not to mention it’s been included in Money.com’s “Best Personal Loans of 2024” list.

All in all, we highly recommend Upstart for an excellent AI underwriting system, fast funding, and easy qualification criteria for borrowers of all credit types.

What We Like:

• Loans for $1,000 to $50,000
• AI-driven underwriting for Fair Credit Borrowers
• Doesn’t account for only your credit score
• No prepayment penalties and clear repayment terms
• Reports on Time payments to all three major bureaus
• Recognized in Money.com’s “Best Personal Loans of 2024” list

What We Don’t Like:

• Not available in all states
• Origination fees of up to 12%
• Not the lowest APRs for lower credit score Borrowers
• Stricter approval thresholds for higher DTI. borrowers
• Not the best customer service availability during Peak periods

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Credit score of at least 580
• Proof of consistent income
• Apply directly

Terms: Upstart provides personal loans from $1,000 to $50,000 for borrowers of all credit types, using an AI-driven underwriting model that evaluates factors beyond credit score, including employment history, education, and cash flow. Loan terms depend on credit, income, DTI, and state regulations. Availability varies by state, and applicants may see origination fees up to 12%. Always read your official loan estimate before signing the contract.

Upgrade

With more than 7 million customers a day and $40 billion plus borrowed, Upgrade offers personal loans from $1,000 to $50,000 with repayment terms up to 84 months.

It even offers a Rewards Checking Preferred program that allows you to earn $200 when you open an account with a qualifying deposit. Plus, it comes with no shortage of Financial Insights tools, including a credit monitoring dashboard that lets you stay on top of your credit. If you want more than just funding, then Upgrade is undoubtedly interested in your long-term Financial Health. No wonder it’s won Motley Fool’s “2025 Personal Loan Awards” distinction.

In addition, thanks to Upgrade’s commitment to responsible borrowing, it has numerous accolades, including more than 50,000 positive reviews with an average of 4.5 stars out of 5 on Trustpilot.

What We Like:

• More than 7 million customers to date
• Personal loans from $1,000 to $50,000
• Fast funding by the next business day
• Secured and unsecured loans available
• Recipient of Motley Fool’s “2025 Personal Loan Awards”

What We Don’t Like:

• Origination fees up to 9.99%
• No in-person service at branches
• Rates depend on the state of residence
• Higher than average documentation requirements

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Minimum credit score of 580
• Apply online

Terms: Upgrade offers personal loans from $1,000 to $50,000 for borrowers of all credit types, with repayment terms up to 84 months. The platform also provides financial tools and credit monitoring to support long-term financial health. Documentation requirements and loan availability vary by state and lender guidelines. Always read your official loan estimate before signing the contract.

SoFi

With more than 12.6M members to date, SoFi is easily one of the more popular personal loan sites on the web today, offering borrowers up to $100,000 with funding same day or by the next business day. It also has a very friendly, no-fee structure, charging no origination, late, or prepayment penalties for full cost transparency, making it a go-to option for consumers looking to make large purchases or consolidate debt.

One of the best things about SoFi is its full commitment to Financial Health, with free financial planning tools that also include hardship support and unemployment protection, which most lenders on our list do not offer. No wonder it won the NerdWallet “Best Personal Loan Overall for 2024” award.

All in all, SoFi is an excellent choice if you’re looking for balance support and tons of borrowing options, with fee-free structures and plenty of low-cost loans, as long as you’re qualified.

What We Like:

• More than 12.6M members and $117B in funded loans
• Loans of up to $100,000
• Hardship support and unemployment protection
• Built-in Suite of financial tools, including credit monitoring
• “Best Personal Loan Overall for 2024” by NerdWallet

What We Don’t Like:

• Not the best option for fair- or poor-credit applicants
• $5,000 minimum loan is higher than most competitors
• The application may require more documentation
• No secured personal loans available

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Strong credit profile recommended
• Proof of income and employment
• Apply via SoFi.com or the SoFi app

Terms: SoFi offers personal loans up to $100,000 for qualified borrowers, with no origination fees, no prepayment penalties, and no late fees. Additional benefits, such as financial planning tools, member resources, and hardship support, may be offered depending on eligibility. Loan availability, APRs, and required documentation vary by state and borrower profile. Always read your official loan estimate before signing the contract.

Prosper

If you prefer a peer-to-peer lending marketplace, then you can secure personal loans from individual investors rather than banks, credit unions, and online lenders—loan amounts on the platform range from 2015,000, with only a soft credit check needed for pre-qualification.

Prosper is known for transparency and consistency. Investors fund loans quickly, though timing can vary with investor demand. APRs remain competitive for mid-tier borrowers, and the platform’s simple online application keeps the process stress-free. Although origination fees apply and the platform isn’t ideal for very low credit scores, Prosper remains a strong go-to for borrowers who want the predictability of a fixed rate with the flexibility of peer-driven lending.

What We Like:

• Loans up to $50,000
• Competitive APRs offered by individual investors
• Predictable payments with fixed terms
• Excellent choice for debt consolidation
• Soft credit check during the pre-qualification process
• Winner of the 2024 Finovate Award for Best Consumer Lending Solution

What We Don’t Like:

• Origination fees of up to 7% (depending on investor)
• Funding can depend on investor availability
• Not the best option for credit scores below 600
• Limited forbearance or hardship options

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Minimum credit score of 600
• Income and ID verification required
• Apply through the Prosper.com website

Terms: Prosper is a peer-to-peer lending marketplace connecting borrowers of all credit types with individual investors offering personal loans up to $50,000.APRs and origination fees vary based on creditworthiness, income, and investor demand. Prosper is not a direct bank lender. Loan availability and funding times depend on investor participation and platform guidelines. Minimum credit requirements, income verification, and documentation standards apply. Always read your official loan estimate before signing the contract.

HappyMoney

If you’re looking to pay off your high-interest credit card balances with trustworthy, consolidation-focused personal loans, then HappyMoney is an excellent option. Like SuperMoney, Happy Money connects you with hundreds of legit lenders, including FDIC-insured banks, credit unions, and highly vetted online lenders known for fair pricing, with loans ranging from $5,000 to $40,000. Rates also start as low as 7.95%.

Pre-qualification through the platform is very easy, using only a soft credit check. Plus, you do not pay any late fees. Not to mention it’s been noted by numerous Publications, including but not limited to the Harvard Business Review, New York Times, and CNBC.

All you have to do is apply in 2 minutes or less using its easy online platform and make a single monthly payment across all of your debts.

What We Like:

• More than 350,000 customers to date
• $6.5B in loans dispersed
• Debt consolidation loans from $5,000 to $40,000
• Rates as low as 7.95% APR
• Intuitive and easy-to-use website

What We Don’t Like:

• Not available in all states
• Only offers debt-consolidation loans
• Not suitable for lower credit score Borrowers
• No joint, co-signed, or secured loans available

Eligibility & Next Steps:

• Must be 18 years of age or older
• Must be a US citizen or permanent resident
• Recommended credit score of 640+
• Consistent income and a valid checking account
• Pre-qualification through the HappyMoney website

Terms: HappyMoney partners with FDIC-insured banks and vetted online lenders to provide debt-consolidation loans ranging from $5,000 to $40,000 for borrowers of all credit types.APRs start at competitive rates but vary depending on lender underwriting, credit history, and income. HappyMoney is not a direct lender.. Each partner lender sets its own rates, eligibility criteria, and documentation requirements. Loan availability varies by state and applicant profile. Always read your official loan estimate before signing the contract.

What Are the Pros and Cons of Personal Loans?

Here are the pros and cons of personal loans:

Pros:

Fixed Monthly Payments

Personal loans offer predictable monthly payments. It’s because you’re interested in keeping the repayment terms the same from the beginning, so you know exactly how much you owe every single month, making it easier to budget. If you’re working towards a large Financial goal, like paying for a wedding, unexpected changes should be well planned for.

Can Be Used for Almost Anything

Whether medical bills, emergency expenses, home repairs, moving costs, auto repairs, or anything in between, personal loans allow you to cover that expense. Unlike restrictive auto loans or mortgages, personal loans have far fewer limitations, making them highly versatile, especially when unexpected costs arise.

For example, if you need to cover an outstanding medical bill and an automotive repair bill, a single person can cover both. This allows you to better manage your money by avoiding having to take out different loan types with varying interest rates.

Faster Funding

Today, many lenders offer same-day approval and next-day funding to better choice agencies. Plus, you don’t need to put up collateral or face lengthy processing times. Compared to traditional bank loans, which can take several business days to process, online lenders can disperse personal loans quickly.

Plus, personal loans offer the benefit of a soft credit check for qualification, which lets you see estimated rates without affecting your credit score. It’s very easy to compare multiple lenders in a single shot using aggregators like SuperMoney and MoneyMutual, helping you secure the lowest APRs you qualify for.

Cons:

Higher APRs for Fair and Poor Credit

Although those with excellent credit scores enjoy the most competitive rates, those with fair or poor credit may face higher APRs, up to 35.99%, which is the upper threshold before a loan becomes predatory. The lower your credit score, the greater the risk you pose to the lender, which justifies charging higher interest rates.

Fees

Keep in mind that higher APRs may also be complemented by origination fees and prepayment penalties, which push the total cost even higher. Don’t end up paying more interest than you anticipate. That’s why we encourage you to always compare offers before taking out any loan.

Additionally, if you miss payments, you can expect sleep penalty charges in addition to any overage charges from your bank. Always read the fine print before committing to a loan.

Affect to Credit

Because 35% of your FICO score is based on your on-time payment history with the credit bureaus, even a single missed payment can drop your score by as much as 100 points, making it difficult for you to obtain other lines of credit, such as Auto or mortgage loans.

At the same time, being 90 days late could result in your account being sent to collections, which can take 7 years to remove from your record. We only recommend taking out personal loans if you can comfortably handle monthly repayments, especially over a longer repayment term.

What Types of Personal Loans Are There?

Personal loans come in all shapes and sizes, each tailored to your financial profile based on your credit score, income, and other history. Whether they are online marketplaces that match you with hundreds of lenders, peer-to-peer lending platforms with investor-backed loans, or today’s low APR fintech alternatives, all of them serve a different purpose and serve a different borrower.

Here’s a complete guide on all of the personal loans out there:

Marketplace Loans

Suppose you want to take advantage of taking out a loan through a single application and reviewing dozens of banks, credit unions, and online lenders at once. In that case, you’ll be better served with platforms like MoneyMutual, SuperMoney, PickALender, and ZippyLoan.

They serve borrowers of all credit types and make it easy to compare APRs, repayment terms, fees, and funding speed. They offer an intuitive dashboard that allows you to receive competitive rates after submitting a soft inquiry application. This will enable you to increase your approval odds without having to fill out multiple applications at once.

Direct Lenders

Rather than connecting borrowers to third-party platforms, direct lenders underwrite and manage loans with their own funds. These include well-known options, such as prominent fintechs Upstart, Upgrade, SoFi, Best Egg, and Prosper, as well as alternative lenders such as OppLoans, NetCredit, and LendUp. By working directly with lenders, one can benefit from quicker underwriting and phone or email customer support.

Plus, funding can occur as early as the next business day, and you can even customize your loan terms. As well as take advantage of financial tools such as credit monitoring services and hardship assistance.

Personal loans for bad credit

If you have a credit score below 600, you can take advantage of a bad credit loan. Bad credit loans assess borrowers’ eligibility beyond credit scores, including income, banking activity, and employment. Some of our preferred bad credit providers include OppLoans, NetCredit, FigLoans, RiseCredit, Possible Finance, and LendUp, which offer alternative options to predatory payday loans, providing APRs exceeding 400%.

Plus, many of these bad-credit personal loan companies can report on-time payments to the credit bureau so that you can rebuild your credit over time.

Keep in mind that bad credit loans generally come with higher APRs. However, they do offer predictable fixed payment schedules and longer repayment terms than storefront payday lenders, with no risk of rollover debt Cycles. Same-day decisions and next-day funding are also par for the course.

Personal loans for fair credit

If you have a credit score in the 600 to 680 range, you can take advantage of Fair Credit personal loans from lenders like Upgrade, Upstart, Best Egg, HappyMoney, and NetCredit. They come with plenty of perks, including flexible repayment schedules and midsize loan amounts up to $50,000.

If you’re looking to consolidate debt or access emergency funds but prefer fixed, manageable payments, storefront payday lenders are a viable option. Plus, you can eventually bill it toward building good to excellent credit with consistent payments.

Personal loans for good credit

If you have credit scores in the 680 to 750 range, you can take advantage of good credit loans with some of the Market’s lowest APRs and higher loan limits. Some of our preferred lending options include LightStream, SoFi, American Express, Discover, Citi, Wells Fargo, Citizens Bank, and US Bank, which can offer up to $100,000 with repayment terms of up to 144 months for maximum flexibility.

Plus, one can take advantage of same-day or next-day funding, along with relationship-based APR discounts and additional tools such as financial planning support, unemployment protection, or forbearance programs, which are typically not offered with good- or Fair-Credit personal loans.

Secured Personal Loans

If you put up a vehicle, savings account, or certificate of deposit, you should consider secured loans, which help reduce the lender’s risk. Whether it’s US Bank, Wells Fargo, Regions Bank, KeyBank, Navy Federal, or any of our other types of recommendations, you can take advantage of lower APRs than unsecured loans as well as higher approval odds.

All you have to keep in mind is that you can lose your asset if you fall behind on payments, so we only encourage you to take out secured loans if you have a stable income. If you Manage Property, then secured loans can also help build credit, as many lenders report on-time payments to the free credit bureaus.

Unsecured Personal Loans

Suppose you want to qualify based on your credit, income, and debt-to-income ratio rather than putting up collateral. In that case, one option is an unsecured personal loan from top institutions like SoFi, Discover, Citi, American Express, Prosper, and Upstart. However, since you’re not putting up collateral, expect slightly higher APRs and stricter underwriting standards.

One of the biggest reasons borrowers seek unsecured personal loans is their fast funding and the fact that they don’t put up collateral at risk, making them suitable for covering all types of expenses from debt consolidation to major purchases.

Peer to Peer P2P Loans

Oftentimes, borrowing from Individual investors rather than banks or institutions can help you enjoy competitive APRs and flexible underwriting, since these are individual choices made by investors in choosing which borrowers to fund. Expect transparent pricing and easy-to-follow repayment terms, with most options being digital.

However, keep in mind that availability depends on your state of residence and individual investor terms.

Credit Union Personal Loans

Whether it’s Navy Federal, First Tech, Credit Union 1, or any of our other recommended credit unions, these member-owned institutions are known for their lower APRs and flexible underwriting. They offer all types of loans, including emergency loans and credit Builder loans, an excellent choice for borrowers who may not have qualified at Banks.

Plus, they come with plenty of perks such as Financial building tools and personalized financial assistance.

Payday Advance Apps

If you’re looking to borrow short-term cash that’s repaid with your next paycheck, consider a payday loan alternative such as Earnin, Dave, Brigit, or Possible Finance. Typically, you can borrow up to $1,000 at 0% interest and no hidden fees, with the trade-off being a monthly subscription or a voluntary tip.

Plus, these platforms offer instant transfers for a small fee or free 3- to 5-business-day transfers, making them much more viable alternatives to storefront payday lenders.

For example, Earnin is our favorite payday app. With more than 20 million downloads, it’s been featured in numerous publications, including Forbes, CNBC, and Fortune. Following in second is Dave, with 10M+ users, who also likes to take advantage of its side-hustle tool, which allows them to earn extra part-time income to help pay off debt.

As with all loans, we encourage you to use cash advance apps responsibly to avoid depleted balances or Bank overdrafts.

Buy Now, Pay Later (BNPL)

If you want to split your e-commerce purchases into equal installments with 0% interest over 6 weeks, then you can take advantage of BNPL platforms like Affirm, Klarna, Afterpay, and PayPal Pay in 4. All of them have hundreds of participating retailers, from Amazon to Target, making it easy to purchase all your favorite electronics, clothing, and more.

Of these companies, we prefer Klarna, which has more than 150 million active users worldwide. Let’s not forget about Power Player PayPal and its Pay in 4 program, backed by more than 400 million users.

All in all, if you’re looking for a 0% interest installment plan for all your everyday purchases and want to avoid using credit cards, we highly encourage you to go with BNPL services.

Secured Credit Cards

Another credit-building alternative is a secured credit card, which allows you to deposit up to $500 as a refundable security deposit that becomes your available credit limit. By paying it off, you’re boosting your credit score, or you can expect a significant increase within 6 to 12 months of on-time payments.

Plus, they are often used as a bridge to better loans with lower APRs and more flexible repayment terms from Banks, credit unions, and even marketplaces.

Other Alternatives

If you’re loan-averse, fortunately, there are many options for you through government programs, non-profit lenders, and even employer advances that can help you out when your credit score is too low. They come with minimal fees, low interest (even 0% in some cases), and predictable fixed repayment plans that don’t require repayment, unlike predatory payday loans or high APR installment loans.

Here are some options you may want to consider:

Emergency Rental Assistance Programs (ERAP)

If you’re struggling to pay your rent, then ERAP is definitely worth considering. This form of non-repayable Aid is funded by the government and is paid out directly to landlords or utility providers to help struggling folks get back on their feet. Expect anywhere from $3,000 to $15,000 in total assistance to cover up to 18 months of past rent or up to 6 months of future rent, depending on local guidelines. It also covers the full partial utility bill.

Low Income Home Energy Assistance Program (LIHEAP)

Suppose you’re struggling to pay your utility bills; the LIHEAP Federal Support Program could help you pay your bills. These are direct grants that do not have to be repaid. If you live in a state that has severe weather issues, you may even be eligible for a free repair or replacement of unsafe heating or cooling systems.

Under this program, you can receive up to $1,500 per year toward utility bills, with emergency crisis grants of up to $3,000, depending on the state. If you want to participate in furnace repair replacement programs, it can cover up to $12,000. Next time you’re facing a disconnection notice or a power shut off, consider this: as long as you’re eligible.

Supplemental Nutrition Assistance Program (SNAP)

One of the most popular governmental programs in the country, this monthly food assistance program helps you manage your food expenses using a government-issued EBT card that works like a debit card at participating retailers. Approval thresholds vary by state, and you must meet minimum income requirements or have consistent work hours to qualify.

On this program, you can get up to $900 per month, depending on household size, with emergency allotments and exceptional cases. Never try to resort to payday loans for groceries before considering this program.

Temporary Assistance for Needy Families (TANF)

A fourth option, if you’re looking for government cash assistance for essential household expenses, is TANF. This form of cash support allows you to receive recurring payments to cover basic bills, such as utilities and transportation. Along with this cash benefit, you can also receive job training and employment services.

With it, you can get anywhere from $200 to $1,000 per month, depending on where you live and your household size, with extra cash as needed for things like child care, insurance, and transportation.

Keep in mind that this program offers ongoing cash support, not a strictly one-time loan. Depending on your eligibility, you can receive it for up to several years, depending on your state of residence and individual circumstances.

Community Development Financial Institutions (CDFIs)

The last program you may want to consider is the Community Development Financial Institutions (CDFIs), which offer low-cost personal loans to underserved Borrowers who cannot obtain traditional bank loans. They come in with all types of loan structures, including low-interest and emergency loans, that often come with personalized Financial guidance with a focus on credit improvement.

For emergency loans, expect to receive between $300 and $4,000, with generous APRs ranging from 5% to 20%. These are far below payday rates, with repayment terms of 6 to 36 months.

Can I Get a Personal Loan With Bad Credit?

Yes, it is possible to get a personal loan with bad credit. However, it does limit your options, as you’ll pay higher APRs with shorter repayment terms. That’s why we recommend comparing multiple offers from legit online marketplaces like SuperMoney and PickaLender to avoid predatory options like payday loans.

We always recommend increasing your credit score before applying for any loan. If you need to borrow now, please consider smaller loan amounts to keep your monthly payments in line.

How to Qualify for a Personal Loan?

Here are all the steps you can take to qualify for a personal loan:

Prepare Your Credit

The first step before applying for any loan is to pull your credit reports from each of the three major credit bureaus. You can use the free annual credit report at annualcreditreport.com. Experian offers an excellent service that gives you instant access to all three for a small monthly subscription, plus extra perks like subscription cancellation services.

If you dispute an accurately reported item, such as a late payment, successfully, you can see your score bump within 30 to 45 days, allowing you to enjoy lower APRs.

At the same time, you also want to work on lowering your credit utilization ratio to below 30% (for best results, aim for 10% or less). Never open new credit lines before applying, as any new accounts on your record can hurt your score. Additionally, a healthy installment and revolving account history indicate that you can use different types of credit responsibly.

Focus on Income Stability

Whether you’re salaried, hourly, or self-employed, I want to see that you earn a stable income. If you’re a traditional W2 employee with pay stubs or electronic timesheets as proof of income, then even better. Note that any employment gaps will not work in your favor, nor will a recent job switch.

If you’re a freelancer, like a DoorDash delivery driver or Uber driver, you will be required to show bank statements, tax returns, invoices, and 1099s, which are proof of your cash flow. It’s all about showing that you have a predictable income in place, which makes you less of a risk to handle monthly payments.

Lower Your Debt-to-Income Ratio (DTI)

Try to pay off as many credit cards and small-balance loans as possible to lower your debt-to-income ratio before applying for a loan. Increase reportable income by documenting side-gig earnings or other earnings that were not previously added to your record. Do not be afraid to refinance existing debt into lower payments and cut down on additional monthly subscriptions.

Shop Wisely

Once you’ve gotten your credit score to a manageable level, it’s time to shop smart and pre-qualify. Pre-qualification allows you to get estimated APR ranges and monthly payments. Choose the offer with the best total cost. We highly recommend online marketplaces like SuperMoney for this purpose.

Submit a Complete Application

After you’ve decided on the best offer, the lender will require several documents, including your government-issued photo ID, bank statements, and employer details. Try to submit all the information as accurately as possible to avoid denials and speed up the writing process.

After you are approved for a loan, be sure to carefully review all loan terms, including the APR, repayment schedule, and disbursement timeline. At this point, do not forget to set up automatic payments so you do not miss a due date, as any late payments on your record can drop your credit score by as much as 50 points.

If you’re denied a loan, we recommend requesting the reason for the denial, fixing the issue immediately, and reapplying once your profile is in order.

How to Pick the Best Personal Loan for Me?

Selecting the best personal loan can feel overwhelming, especially when you’re considering APR ranges, repayment terms, different loan types, and even the fine print.

Here’s a step-by-step guide on how to pick the best personal loan:

Compare APRs and Total Cost of Borrowing

One key criterion is your annual percentage rate, which is the actual cost of borrowing over time. Even a slight difference of 7% can mean you can save hundreds of dollars over the life of an $8,000 loan. All of our recommended lenders show a clear, up-front APR range so you know what to expect based on your credit history, income, and other qualifying factors.

Remember, higher APRs may be better than lower APR loans if there are no hidden fees involved.

Plus, you should pay attention to how rates change depending on the loan amount and repayment term. Expect lower APRs with shorter terms, but higher monthly payments, whereas longer repayment terms charge more in interest but offer more manageable monthly payments. That’s why we recommend using a loan calculator to understand what you’ll be paying every month.

Look into Repayment Terms

Expect to have anywhere from 6 months to 60 months to pay off your loan. If you want to get out of debt quickly and minimize interest, go for shorter repayment terms. However, longer terms will cut into your monthly payments but increase the total amount of interest paid. Be sure to find the right balance based on your debt-to-income ratio and your ability to repay all of your outstanding obligations every month.

What Is APR?

APR stands for annual percentage rate, which is the actual cost of borrowing money and incorporates not only the interest rate but also all lender fees, including origination and application fees. If your loan has a low interest rate but a 9% origination fee, the total APR can be higher than a loan with a 1% bumping interest rate and no cost, so we always encourage you to avoid “low rate” marketing.

Keep in mind that not all fees appear in APR calculations. For example, late payments and insufficient funds fees are not shown.

As a best practice, you should always check how APR affects total loan costs. One of the best tools you can use is an APR calculator, which estimates the total loan cost based on the interest rate, origination fees, and other details.

All in all, minor APR differences can add up to thousands of dollars over time. Lower monthly payments don’t always mean a loan is cheaper.

What Are The Expected Rates?

The typical rates you should expect to pay depend on your credit score.

Borrowers with excellent credit can expect to pay in the 8% to 12% APR range, versus 14% to 20% for good credit and 22% to 35.99% for fair to poor credit.

Keep in mind that 35.99% APRs are representative thresholds for bad-credit borrowers. It’s the highest APR mainstream installment lenders can collect. If legit lenders exceed this limit, they may be subject to disciplinary action, such as fines and the loss of their lending license.

Of course, these numbers vary depending on the lender and loan type. However, the same rule applies: the higher the borrower’s credit score, the higher the rate. That’s why we recommend raising your score by as little as 30 points before applying, so you can enjoy lower APRs and get out of debt faster.

Loan Fees Explained

No matter where you’re looking at personal loans for marketplaces like MoneyMutual, SuperMoney, PickALender, or Upgrade, below are the most popular loan fees you may pay with your next personal loan:

Origination Fees

Origination fees are among the most common personal loan fees, especially with Upstart, Upgrade, and Prosper. Expect to pay anywhere from 1% to 12%, depending on your credit score, the lender, and the type of loan you choose.

For example, Upstart may charge an origination fee of up to 12% if you have bad credit, while Prosper’s peer-to-peer investors can charge you up to 7% depending on your quality score. Remember, a 10% origination fee on a $10,000 loan means you only get back $9,000 in proceeds (but you will owe the full $10,000 plus accrued interest).

Prepayment Penalties

Most of our recommended lenders do not charge prepayment penalties; very few do (MoneyMutual is one of them). Expect these charges on payday-style installment loans rather than standard fixed-term personal loans. Charges usually go anywhere from $20 to $50 or a percentage of your remaining interest. Be sure to review all the disclosures for prepayment penalties before accepting any loan.

Late Payment Fees

One of the most common charges with personal loans, late fees can go anywhere from $15 to $40 or a percentage of the unpaid balance. For example, you will pay $15 or 5% of the unpaid amount with Prosper loans, versus a flat fee with Upgrade. If you miss multiple payments, these fees could add up quickly.

Note that SoFi and HappyMoney do not charge any late fees. However, missing payments will continue to drop your credit score.

NSF Fees

Also known as insufficient funds or returned payment fees, these fees are incurred when your bank declines an automatic withdrawal. Whenever a payment bounces, lenders may charge between $15 and $35 to cover the failed transaction.

One of the best ways to avoid these fees is to change your payment date to a day when you know you’ll have sufficient funds in your checking account.

Check Processing Fees

In rare cases when you try to issue a paper check instead of an automatic withdrawal, your lender may charge a check-processing fee, typically $5 to $15 per mailed check. These are most common with smaller, lesser-known lenders such as MoneyMutual, PickALender, ZippyLoan, and NextDayPersonalLoans.

Do not expect any check fees with Upstart, SoFi, Upgrade, Prosper, or HappyMoney, since they rely on automatic online payments. Note: SuperMoney will also make it easy to see whether your lender accepts checks. We always recommend paying by ACH transfer.

Document Fees

Anytime lenders request copies of loan agreements, payment histories, or verification letters, you may be charged a $5 to $20 document reproduction fee. This has specific use cases, particularly in tax preparation or bankruptcy proceedings, and it’s not at all common.

Luckily, some of our top-rated lenders, like Upstart and Upgrade, provide digital document storage at no extra cost.

Loan Extension/Rollover Fees

Popular with payday loans, loan extension fees let you get extra time to make a $10 to $30 payment. Note that there’s usually a cap on the number of extensions you can take out per loan, but we recommend avoiding extensions, as they will increase your total debt.

Keep in mind that lenders like SoFi now offer ways to avoid ever taking a loan extension, with unemployment protection and hardship programs that can help borrowers without charging extension fees. Plus, you can adjust your payment as your circumstances change.

Plus, it’s essential to check that your lender offers early repayment with no prepayment penalties. If you get a bonus, tax refund, or extra income, you don’t want to be penalized for your good luck.

Fees and Fine Print

With any loan, always make sure they do not include origination fees, late payment fees, returned payment fees, paper statement fees, or loan processing charges that do not offer any material value to the loan. Some lenders charge origination fees of up to 10% on the loan amount, which can cut into your loan proceeds.

Fortunately, most of our recommendations don’t charge origination fees, and it’s easy to pick lenders on marketplaces that don’t charge them.

Funding Speed

Whether it’s a car repair, vet bill, or medical need, speed is the name of the game. Fortunately, many of our recommended options, such as MoneyMutual, now offer same-day or next-business-day funding, depending on when you submit your application. As always, never fall into the trap of “instant payday loans” or “same-day approval”.

Check Eligibility Requirements

Many factors go into determining your eligibility, including income, employment status, existing debt, and credit score. Many of our recommended lenders specialize in borrowers with bad credit and evaluate based on your income, employment level, and other criteria outside your credit score.

By aligning your profile with the right lender, you will save time and reduce headaches.

Consider Lender Reputation

One of the determining factors in choosing the right loan should be the lender’s reputation. We currently consider transparency non-negotiable, meaning the fine print should clearly outline APR ranges, repayment terms, and other borrowing conditions before applying. One of the good things about our guide is that we only recommend legit companies.

For example, MoneyMutual is a member of the Online Lenders Alliance (OLA), meaning it has agreed to strict consumer-first standards and avoids predatory lending practices.

Match Loan Purpose With Loan Type

Are you looking to consolidate high-interest debt? What about covering an emergency cash gap? For the former, take out a longer-term, lower fixed-rate installment loan rather than a paycheck advance app. Understanding the purpose of your loan will help you avoid overborrowing.

All in all, carefully comparing APRs, choosing the right repayment terms, watching for hidden fees, and verifying funding speed, along with our recommendations, will put you on the fast track to finding the best loan for you.

Where Can I Use My Personal Loan?

Here’s a quick list of 10 things you can use your personal loan for:

• Unpaid medical bills
• Consolidating high-interest credit cards
• Urgently needed plumbing, roofing, or HVAC replacement
• Home renovation projects
• Automotive repairs
• Buying a used vehicle
• Emergency expenses
• Rent or security deposits
• Funeral expenses
• Wedding costs

Note that this is not an all-inclusive list, as personal loans from our top-rated lenders like MoneyMutual can be used for virtually all types of expenses, as long as you manage a healthy repayment plan and do not take on more debt than you can afford.

Will Checking My Rates Affect My Credit Score?

When you check your rates through our recommended marketplaces and direct lenders, initial inquiries will require a soft credit check, which does not affect your credit score. It simply estimates your eligibility and provides expected APR ranges, repayment terms, and other loan details. That’s why we’re big fans of pre-qualifying and of comparing offers.

In turn, moving forward with a specific lender and applying will trigger a hard credit inquiry, which will temporarily drop your score by a few points. However, online marketplaces like SuperMoney allow you to avoid multiple hard pulls across different lenders by enabling easy comparison shopping and consolidating all loan offers into a single soft check.

In short, pre-qualification checks are soft inquiries, whereas a hard inquiry occurs only after you choose a lender and submit an application.

How to Find Legitimate Personal Loans and Avoid Scams?

Here are three of our favorite tips on how to find legit personal loans and avoid scams:

All About Clear Disclosures

The first step is always to ensure that your lender or marketplace is legit by checking to see whether they have a license to do business in your state. Online marketplaces like MoneyMutual, SuperMoney, PickALender, ZippyLoan, or NextDayPersonalLoans will always provide information about partner lenders and links to their direct terms.

Be sure to check the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau to see if any actions have been taken against the lender.

We also recommend checking third-party review sources, such as Trustpilot, Google, and fintech review sites, to ensure customers are not complaining about a recurring issue, such as unexplained fees or a promise of guaranteed approval. Legit lenders will also never demand payment before dispersing funds, nor will they ever ask you to pay a portion of the debt using gift cards or similar methods.

Compare Rates, Fees, and Prequalification Terms

Always be sure to read your loan offers in their entirety. We highly recommend pre-qualifying with a self-credit check using platforms like SuperMoney or PickALender so you can compare loan offers side by side, including APR ranges, repayment terms, origination fees, and more. Don’t just look at the APR; use APR calculators to estimate your total interest paid over the life of the loan based on the number of months. If you want to see principal versus interest over time, ask for an example amortization schedule.

Remember that reputable, legit platforms will always allow you to perform self-checks, with a hard inquiry triggered only when you apply.

Apply Safely

We recommend applying only to secure sites with HTTPS and a lock icon. Never share your personally identifiable information via unsecured email, such as pay stubs and bank statements. In rare cases, you will have to submit your full Social Security card or extra photos.

Remember to save copies of your loan disclosures before you sign, and keep a paper trail handy by downloading the loan agreement and keeping a record of all your payments.

Watch Out for Marketing

If you see commonly used scam phrases like “guaranteed approval,” “bad credit guaranteed,” “no credit check ever,” run. Always know that legit lenders will always check for your ability to repay by verifying your identity and income. Note that online marketplaces like MoneyMutual cannot guarantee approval or the maximum loan amount, because each participating direct lender makes its own underwriting decisions.

Never pay upfront fees as well. Before you receive funds, you will never have to cover application fees, processing fees, or “insurance fees” within a harsh deadline.

What Loans Should I Avoid and Why?

Unfortunately, the lending landscape is rife with scams.

Here are some red flags to watch out for:

Traditional Payday Loans With 400% APRs

One of the most dangerous types of loans out there is traditional payday loans, which often charge a 400% APR and require repayment in just 14 to 30 days, forcing borrowers to provide a lump sum. If you’re struggling to meet your monthly debt obligations, it’s almost impossible.

As a result, traditional payday loans offer rollovers, in which a second loan is taken out to pay the first, potentially extending your debt for years.

Auto Title Loans

Auto title loans require you to put your vehicle up as collateral. Charges range from 150% to $300, and APRs are typically due within 30 days. If you fail to make a payment, the lender reserves the right to repossess your vehicle without giving you notice, leaving you unable to get to work, or worse.

At least, these loans are also known for renewals or “rollovers,” which, at our new fees, keep you from ever touching your principal. What starts as a small request for emergency cash may blow up into paying hundreds of thousands of dollars on an unnecessary loan.

Loans With “Guaranteed Approval” or No Credit Requirements

If you see 100% guaranteed approval within marketing language or promises of no credit check, watch out. Often, scammers use these tactics to steal your personal information, such as your Social Security number or other identity records. Under no circumstances does a legit lender guarantee approval beforehand without verifying your complete financial profile.

Tribal Payday Loans

One of the worst types of loans to take out is tribal payday loans, which are issued by lenders that claim tribal affiliation to skirt state regulations. Skirting state regulations means they can legally charge APRs higher than what usury law requires, along with shorter repayment timelines. With these loans, there’s a lack of regulatory oversight and little borrower protection in case the lender decides to go completely scam.

Complete scam means stopping automatic withdrawals or adding undisclosed fees without notifying the borrower beforehand. Avoid these types of loans altogether.

Lines of Credit

Another loan type to avoid is open-ended lines of credit, typically marketed online by scammers as “fast approval” or “no bank needed.” These lines of credit charge interest daily, with APRs ranging from 100% to 400%. They also charge maintenance fees and other unnecessary charges.

Plus, these scam credit lenders are known for setting extremely low minimum monthly payments that don’t touch the interest, leading borrowers to believe they’re paying off their balance. These low minimum payments are only designed to trap borrowers in interest-only cycles.

How to Increase My Credit Score?

Below are six of our favorite methods for raising your credit:

Optimize Your Credit Utilization

One of the most significant factors in determining your FICO score is your credit utilization ratio, which is the percentage of your available credit relative to your total credit limit. For example, if you have a $2,000 limit and you spend $1,200, your utilization is 60%.

One of the best ways to keep your credit utilization in check is to pay off your balance two or three days before the statement closes. It’s essential to identify your card statement closing date, not the actual due date. By applying this method, you can expect a 20-40 Point increase.

Build Longer Credit History

One off, underutilized strategy for improving your credit score is increasing your average account age, which accounts for 15% of your FICO score. By having a more extended history of responsibly managed accounts, you’re demonstrating to lenders that you have long-term Financial stability.

By no means should you ever close an account. For example, instead of shutting off a no-annual-fee card, keep it active and put a Spotify or Netflix subscription on it, which prevents it from being closed due to inactivity. Over time, you can increase your credit score by 20 or so points. It’s not the most significant way to improve your credit score, as it takes longer to hold, but it can mean the difference between a 21% APR and an 18% APR down the line.

Add Diversified Credit Mix

Suppose Landers sees that you can comfortably handle different types of credit, such as credit cards, auto loans, and installment credit. In that case, you can add to your credit mix by applying for credit Builder loans, secured installment loans, and even Credit Union shared secured loans.

For example, a credit Builder loan allows you to pay back a small debt of $300 to $500 in an account over 6 months to a year. At the end, you get all the money back, plus a new installment account added to your file. By doing this, you’ll be diversifying your credit mix, which can boost your score.

Become an “Authorized User”

Another smart way to increase your credit score is to become an authorized user on a credit card with a good credit history (preferably 7 years or more), with no missed or late payments, and a credit utilization under 10%. Preferably, it has a high credit limit as well. This tactic improves both your credit age and overall utilization, which is a double bang for your buck.

Dispute Credit Reporting Errors

You can dispute outdated or incorrect reporting errors in each of your Equifax, Experian, and TransUnion credit reports. Even a simple mistake, such as an account being accidentally marked as open, could drop your score by 100 points.

Keep in mind that many collection accounts are removed from your record after 7 years. However, if you dispute them, they often go past their expiration date. Once you’ve successfully disputed an error, then improvements should start appearing within 30 to 45 days.

How We Picked These Lenders

Consumer Friendly APRs

When choosing the best lender for this guide, we prioritized transparent APR structures. Forget about 300% or 600% APRs and go for upfront terms, structured repayment plans, and no hidden fees or rollover traps designed to pit borrowers in a vicious cycle of debt. Most of our lenders cap their APRs at 35.9%, which is much more generous than traditional storefront payday loan rates.

At the same time, we focused on lenders that offer rate discounts and no-fee structures to help cut borrowing costs over time. Lenders such as Upstart, Upgrade, Prosper, HappyMoney, and SoFi are doing an outstanding job of this, especially for borrowers with fair to good credit.

Industry Excellence

Another thing we looked at to compile this best personal guide is International recognition. Most of our platforms have earned national-level accolades, including Upstart (Money.com’s “Best Personal Loans of 2024”), SoFi (NerdWallet’s “Best Personal Loan Overall for 2024”), and Upgrade (Motley Fool’s 2025 Personal Loan Award).

At the same time, we prioritize lenders that are members of the Online Lenders Alliance (OLA), an organization that promotes lending transparency and consumer best practices, e.g., MoneyMutual.

Suitable for All Credit Types

Our preference went to lenders that support a wide range of credit profiles. Marketplaces such as MoneyMutual, ZippyLoan, PickALender, and SuperMoney offer those with less-than-stellar credit a chance to receive competing offers without impacting their credit score.

If you have fair to excellent credit, consider Upstart, Upgrade, SoFi, Prosper, and HappyMoney, which are known for their superb APRs and more flexible repayment terms. Every borrower needs predictability in monthly budgeting, straightforward approval criteria, and same-day or next-day funding options to cover virtually any expense.

Ease of Use/Funding Speed

When determining the best personal lenders, we also considered seamless borrowing experiences that offer quick, two- to five-minute online applications with next-day funding. Plus, online aggregators like MoneyMutual, PickALender, ZippyLoan, and SuperMoney are redoing excellent side-by-side comparisons that let users avoid visiting every individual lending site and pulling out all the information themselves.

Plus, we’re big fans of extra perks like free credit monitoring and budgeting tools that go beyond the offering alone and dive into consumer education. It’s all an effort to avoid falling into unnecessary debt, making these platforms big Advocates of long-term Financial Health.

In short, the APRs come from Industry Excellence, work with all credit types, and offer ease of use/funding speed as four key criteria used when compiling our guide.

Frequently Asked Questions

What is the best personal loan for me?

The best personal loan for you depends on your own individual financial circumstances. Several factors go into assessing your eligibility, including your credit profile and the type of loan. Expect to receive the most competitive rates if you have good to excellent credit.

If you want to know who is the best person to loan from, we recommend calculating your lowest total borrowing costs, which means the weakest APRs, fewest fees, and the most predictable repayment terms possible.

What credit is expected to have before applying for a loan?

The type of credit you should expect to have before applying for a loan depends on who you’re getting it from. You need a minimum credit score of 660 to qualify for the best APRs with traditional banks, whereas online lenders are more flexible for borrowers with credit scores of 580 to 640. If your credit scores are below 580, then you should seek higher-than-average APR opportunities at sites like OppLoans, RiseCredit, NetCredit, and Possible Finance.

Are personal loans with a fixed or flat rate?

If you’re looking for a fixed interest rate, you will have to turn to banks, credit unions, and online lenders that keep it the same for the entire repayment term. Keep in mind that your payment amount will never change, regardless of market conditions.

\In turn, flat-rate loans use different ways of calculating interest and may imply more fees even when the rate looks lower. Most of our recommended options, including Discover, LightStream, Wells Fargo, Citi, US Bank, PNC, Upgrade, Upstart, and HappyMoney, do offer fixed-rate installment options.

Who is the easiest to get a personal loan from?

Online installment lenders and credit marketplaces offer the easiest ways to get a personal loan. They let you see multiple offers at once for easy side-by-side comparisons, helping you understand the total cost of borrowing, repayment terms, and other important information. Plus, they evaluate eligibility based on criteria beyond your credit score, such as income stability and cash flow patterns.

Although they may have higher-than-average APRs, they will likely be a better choice than predatory payday lenders, with predictable monthly payments.

How much will a $10,000 loan cost a month?

How much a $10,000 loan costs depends on several things, such as your APR and repayment term. For example, you can expect to pay roughly $322 per month for a 10% APR loan over 36 months, whereas you would pay closer to $400 per month with the same loan at a 24% APR.

If you extend the repayment term to 60 months, you can expect to pay much less (anywhere between $210 and $265 a month). However, you’ll pay more interest over the length of the loan.

For perspective, excellent credit will give you APRs anywhere between 8% and 12%, versus 18% to 30% for Fair Credit Borrowers. Why are you yelling at each other? What happened, yeah, please

When can I get a credit union or bank loan?

You can get a credit union or bank account anytime you meet each institution’s basic requirements, which include being 18 years of age or older, being a US citizen or permit holder, having a US address, and proof of income, along with a qualifying credit score.

Many banks will require that you be an existing customer before filling out an application, while most Credit Unions require membership through an employer or a group affiliation.

Conclusion

In short, taking advantage of the best personal loan rates comes down to understanding your credit profile, comparing APRs across at least three direct lenders, and using legit online marketplaces that let you perform side-by-side comparisons. Always read the fine print before signing on a loan, and understand the lowest total borrowing costs possible you should be paying to protect your wallet.