Comparing rates won't affect your credit.
Written by Amanda Push | Edited by Katie Lowery | Reviewed March 22, 2023
Shereen Cantu
Super quick and easy. I signed up and applied for a loan Friday and money was in my account Tuesday morning. Probably would’ve been sooner if not for the weekend. This will help me so much in consolidating a few bills while being a lower payment per month. 😊
Gary Morris
I was very apprehensive at first going online to search for a loan. But with LendingTree everything went smoothly and all the paperwork was very simple to fill out. Thank you very much for helping us out!
Jean Conroy
This was the most enjoyable loan application and finalization I have ever been exposed to. Great company. I was in a bind and they came thru with flying colors and extremely quickly. Website was easy to follow as were the instructions and emails.
Vince Hawkins
I was able to close the deal at home on my cellphone. I felt comfortable and my shopping was guided for me. So easy. Thanks
Lavone Dickson
It was quick and easy. The loan person was clear and very informative. Everything went exactly the way she said it would. THANK YOU!
| APR range | 7.99% – 35.99% |
| Loan amounts | $5,000 – $50,000 |
| Term (months) | 24 to 60 |
| Origination fee | 1.99% - 6.99% |
| Credit inquiry | Soft Pull |
| Min. credit score | 620 |
| Pros | Cons |
|---|---|
Competitive interest rates (7.99% - 35.99%) Same-day credit approval Can choose your payment due date | High minimum borrowing amount of $5,000 May take up to 72 hours to receive funds after approval Charges origination fee of 1.99% - 6.99% |
What to know
Achieve is known for its no-nonsense approach: You can expect to avoid fees while receiving relatively fast credit and funding decisions. Read our full Achieve review.
However, this lender’s high minimum borrowing amount of $5,000 may not make it the ideal option for borrowers looking for small personal loans. On the upside, Achieve is upfront about the cost of taking out personal loans and even allows users to choose their due dates.
Eligibility requirements: Other than Achieve‘s minimum credit score requirement, you’ll also have to offer this lender a government-issued identification and your bank information.
| APR range | 8.99% – 35.99% |
| Loan amounts | $2,000 – $50,000 |
| Term (months) | 36 to 60 |
| Origination fee | 0.99% - 8.99% |
| Credit inquiry | Soft Pull |
| Min. credit score | 580 |
What to know
Given the fact that it offers prequalification along with a seamless online application and competitive rates, Best Egg is worthy of being in the mix for your preferred lender. Read our full Best Egg review.
Best Egg personal loans are not available in Iowa, Vermont, West Virginia, the District of Columbia or the U.S. territories — keep availability in mind before you get too far along with any lender.
Eligibility requirements: To qualify for a loan with Best Egg, you must meet the following requirements:
| APR range | 12.99% – 22.49% |
| Loan amounts | $20,000 – $200,000 |
| Term (months) | 36 to 120 |
| Origination fee | 2.00% - 4.00% |
| Credit inquiry | Hard Pull |
| Min. credit score | 660 |
| Pros | Cons |
|---|---|
High maximum loan amount of $200,000 Flexible loan terms (36 to 120 months) Zero prepayment penalties or application fees | High minimum loan amount of $20,000 Doesn’t offer loans in Illinois or Maryland May take up to five business days to receive funds |
What to know
Because of its high minimum loan amount of $20,000, BHG Money may be best for consumers looking for larger loans. Aside from its large loan amounts, BHG Money also allows borrowers the option to choose longer loan term lengths, 36 to 120 months.
However, your loan can take up to five days to be funded. BHG Money doesn’t offer personal loans in Illinois or Maryland. Read our full BHG Money review.
Eligibility requirements: While BHG isn’t entirely clear about its eligibility requirements for a personal loan, here’s what you’ll need when you apply:
| APR range | 6.99% – 24.99% |
| Loan amounts | $2,500 – $40,000 |
| Term (months) | 36 to 84 |
| Origination fee | No origination fee |
| Credit inquiry | Soft Pull |
| Min. credit score | Not specified |
| Pros | Cons |
|---|---|
Funding within one business day after loan acceptance Competitive interest rates No origination fees | Low maximum borrowing amount Borrowers with low credit may not qualify Doesn’t offer joint applications |
What to know
If you have excellent credit and are looking to consolidate debt, you may find that Discover offers lower rates than your credit cards or other personal loan lenders. With Discover, you can get your loan within one business day of signing your agreement and can skip paying an origination fee.
However, Discover personal loans only go up to $40,000, so if you’re looking for a large personal loan, you may want to look at lenders that offer higher amounts. Read our full Discover review.
Eligibility requirements: To receive a personal loan from Discover, you’ll need to follow these requirements:
| APR range | 10.50% – 29.99% |
| Loan amounts | $5,000 – $40,000 |
| Term (months) | 24 to 60 |
| Origination fee | 0.00% - 5.00% |
| Credit inquiry | Soft Pull |
| Min. credit score | 640 |
| Pros | Cons |
|---|---|
Doesn’t charge application or late fees No prepayment penalties Competitive interest rates (10.50% - 29.99%) | Charges origination fee of 0.00% - 5.00% Funds can only be used for credit card refinancing Doesn’t offer joint applications |
What to know
With a good prequalification process and the promise to work with borrowers who might run into trouble during repayment, Happy Money is worth a look if you’re batting high-interest credit card debt. Read our full Happy Money review.
Happy Money was designed to help consumers with credit card debt who prefer consolidating via a lower-interest personal loan — but Happy Money’s APRs can be beat elsewhere if you’re creditworthy.
Eligibility requirements: One of the positives about Happy Money is how clear it is around its eligibility requirements.
| APR range | 8.05% – 36.00% |
| Loan amounts | $1,000 – $40,000 |
| Term (months) | 36 to 60 |
| Origination fee | 2.00% - 6.00% |
| Credit inquiry | Soft Pull |
| Min. credit score | 600 |
| Pros | Cons |
|---|---|
Option to file a joint application Small loan amounts available May use personal loans for business purposes | High maximum APR of 36.00% Charges origination fee of 2.00% - 6.00% Limited repayment terms (36 to 60 months) |
What to know
This lender’s easy prequalification process makes it worth considering, but don’t be surprised to find a lower rate or origination fee elsewhere. Read our full LendingClub review.
If you have a low credit score, however, LendingClub offers the option to apply with a co-applicant, which may make it easier to qualify for a personal loan. Keep in mind that if you’re unable to repay your loan, however, your co-applicant may also be held legally responsible for the remaining balance.
Eligibility requirements: LendingClub doesn’t outline its personal loan eligibility requirements, but to qualify, you’ll need to meet the following terms:
| APR range | 7.99% – 35.99% |
| Loan amounts | $2,000 – $36,500 |
| Term (months) | 24 to 72 |
| Origination fee | 0.00% - 8.00% |
| Credit inquiry | Soft Pull |
| Min. credit score | 620 |
| Pros | Cons |
|---|---|
May receive funds within one business day of approval Flexible loan terms (24 to 72 months) No prepayment penalties | Charges an origination fee of 0.00% - 8.00% Low maximum loan amount ($36,500) Not available in Nevada or West Virginia |
What to know
With more accessible eligibility requirements, LendingPoint may be best for borrowers with less-than-stellar credit who need small loans to be repaid on a faster timetable. Read our full LendingPoint review.
While there are no application or prepayment fees, you could be charged a hefty origination fee, depending on your home state.
Eligibility requirements: If you want to qualify for a loan with LendingPoint, you’ll need to meet the following criteria:
| APR range | 5.99% – 23.99%* with autopay |
| Loan amounts | $5,000 – $100,000 |
| Term (months) | 24 to 144* |
| Origination fee | No origination fee |
| Credit inquiry | Hard Pull |
| Min. credit score | Not specified |
| Pros | Cons |
|---|---|
Doesn’t charge any fees Large maximum loan amounts ($100,000) Competitive interest rates (5.99% - 23.99%) | Doesn’t offer prequalification services May not use funds for education or business purposes Those with low credit scores won’t qualify |
What to know
LightStream will perform a hard check on your credit when you apply, so you might delay applying until you’re ready to choose a lender; this isn’t often the case among no-fee personal loan companies. LightStream also offers a rate discount if you sign up for AutoPay, and they back their personal loans with a Loan Experience Guarantee.
Like many personal loan companies, LightStream doesn’t offer funding for higher education (student loans) or business (small business loans). Read our full LightStream review.
Eligibility requirements: LightStream doesn’t offer specifics on its personal loan requirements; however, you will need a high credit score to be eligible.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
| APR range | 7.74% – 17.99% |
| Loan amounts | $600 – $50,000 |
| Term (months) | Up to 60 |
| Origination fee | None |
| Credit inquiry | Hard Pull |
| Min. credit score | Not specified |
| Pros | Cons |
|---|---|
Doesn’t charge any fees Low borrowing amounts ($600) May apply with a co-applicant | Will need to become credit union member Charges a late payment fee Isn’t clear about some of its eligibility criteria |
What to know
PenFed Credit Union offers unsecured personal loans nationwide and stands out for its wide range of borrowing options. They offer personal loans anywhere from 7.74% – 17.99%, and offer terms up to 60 months. Read our full PenFed review.
PenFed also offers competitive interest rates to well-qualified applicants, and doesn’t nickel and dime its borrowers with application, origination or other types of fees. Their eligibility requirements may be unclear, but they allow customers to prequalify without affecting their credit score.
Eligibility requirements: PenFed isn’t transparent about several aspects of its personal loan eligibility requirements; however, this lender may look at credit score, repayment history and income.
| APR range | 6.99% – 35.99% |
| Loan amounts | $2,000 – $50,000 |
| Term (months) | 24 to 60 |
| Origination fee | 1.00% - 5.00% |
| Credit inquiry | Soft Pull |
| Min. credit score | 580 |
| Pros | Cons |
|---|---|
May receive funds as soon as one business day Flexible loan amounts ($2,000 - $50,000) No prepayment penalties | Charges an origination fee (1.00% - 5.00%) Limited repayment terms (24 to 60 months) Charges late fees ($15 or 5% of amount due, whichever is larger) |
What to know
With a straightforward “check your rate” option, Prosper is worth consideration among borrowers without excellent credit who want to use a co-borrower. Read our full Prosper review.
Prosper is among lenders that promises “next day funding,” but be aware that this means your loan won’t be disbursed until one business day after you’ve signed your loan agreement.
Eligibility requirements: To receive a personal loan from Prosper, you and your co-applicant (if you have one) will need to meet the following eligibility requirements:
| APR range | 8.99% – 23.43% |
| Loan amounts | $5,000 – $100,000 |
| Term (months) | 24 to 84 |
| Origination fee | No origination fee required |
| Credit inquiry | Soft Pull |
| Min. credit score | 680 |
| Pros | Cons |
|---|---|
Doesn’t charge borrowers any required fees May receive funds same day as approval Loan amounts as high as $100,000 | Those with low credit may not qualify No physical branches High minimum loan amount ($5,000) |
What to know
SoFi is a great overall option based on its wide range of borrowing amounts and repayment terms, to go along with highly competitive APRs, no fees and unique perks. Read our full SoFi review.
SoFi’s unemployment protection program helps you stay current on your debt, and can temporarily alter your payments while you search for a job. This lender also offers same-day funding.
Eligibility requirements: SoFi requires that you must have some kind of consistent income. Borrowers must be employed (or at least have a job offer to start within 90 days) or receive income from other sources. U.S. citizens, permanent residents and non-permanent residents may apply.
| APR range | 6.70% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Term (months) | 36 or 60 |
| Origination fee | 0.00% - 10.00% |
| Credit inquiry | Soft Pull |
| Min. credit score | 300 |
| Pros | Cons |
|---|---|
Competitive interest rates (6.70% - 35.99%) May receive funds in one business day May work with low-credit borrowers | High maximum interest rate (35.99%) Limited repayment terms (36 or 60 months) Charges origination fees (0.00% - 10.00%) |
What to know
Upstart is a worthwhile option for applicants with thin or not-great credit files, noting that it sometimes stamps approval for borrowers that don’t have a long enough credit history to have a credit score. Read our full Upstart review.
Like other loan companies, your lender might not be who you think it is: Upstart farms its lending operations out to banks but will still service your repayment.
Eligibility requirements: To receive a personal loan from Upstart, you’ll need to be a U.S. citizen or permanent resident living in the U.S. You’ll also need to have a full-time job (or one that starts in six months) or another source of consistent income. You can’t live in Iowa or West Virginia.
When you prequalify for a personal loan, you’re able to confirm your eligibility and check your potential interest rate, all without affecting your credit file. This is possible because many lenders perform a soft check on your credit to determine your possible loan terms.
To prequalify, lenders will ask you basic questions about your finances and loan needs. You’ll still have to verify this information if you formally apply with your selected lender, but prequalification helps you compare multiple lenders and products before you’re ready to make a final decision.
Note: Not all lenders offer prequalification, requiring a hard credit pull to determine your loan eligibility. When evaluating lenders, you may consider looking for lenders that allow prequalification. Remember that prequalified offers are not a guarantee that you’ll be approved or receive the exact rates presented.Personal loan lenders may rely heavily on your credit history to determine your eligibility as a borrower. You can get your free credit score using your LendingTree account. You’ll also get free access to credit and identity monitoring, all while finding ways to save on your current loan.
Find personalized rates on LendingTree by answering just a few simple questions (see top of this page). Lenders will want to verify your income, credit score and debt-to-income (DTI) ratio. We’ll conduct a soft credit inquiry, which will not impact your credit score.
On LendingTree, you can get comparable personal loan offers from up to five lenders (results may vary based on credit and financial profile). See rates, monthly payments and real customer reviews conveniently online. When you’re ready, make your choice and apply!
A personal loan is a flexible form of credit that can be used to pay for almost anything, such as a kitchen renovation or large purchase, or consolidate debts to a single payment. Because personal loans typically have lower interest rates than other forms of credit, it’s a useful financial product to refinance high-interest debt to a lower-cost payment.
Personal loans can be secured or unsecured. Secured personal loans may require collateral, such as your car, but may also have lower APRs. Unsecured personal loans are backed by only your promise to repay the lender, but may have slightly higher rates. Lender offers will vary based on their requirements, but eligibility is often determined by factors such as your credit score, income and other debts.
Reasons to get a personal loan:
Debt consolidation – If you’re struggling to manage your debt, unable to make on-time, consistent payments or just want to group various accounts.
Credit card refinancing – Pay off your credit card with a lower-rate personal loan, you could save hundreds or even thousands of dollars in repayment.
Home improvement – Homeowners have a wide variety of expenses. A personal loan could give you the funding you need in the short term without harming your finances in the long term.
Large purchase loan – Personal loans can be used for a variety of expected and unexpected expenses, from wedding planning, moving costs, car repairs, medical bills, and other bigger purchases.
With a personal loan, most lenders will allow you to use your money to pay for almost anything. So whether you need to consolidate your debt, pay off unexpected medical expenses or make repairs at home, a personal loan may help you meet your financial goals.
Though most personal loans are tagged with fixed rates, some lenders do offer variable-rate products. Variable rates typically start lower than fixed rates, but they can also rise over time according to market conditions.
Choose a fixed or variable rate depending on whether you like the idea of a consistent monthly payment amount or have the stomach — and budget flexibility — for a fluctuating amount due.
Once you’ve decided on either a fixed or variable rate, make apples-to-apples comparisons among lenders by pitting fixed or variable APRs against each other. Unlike a base rate, the APR accounts for each lender’s fees, such as for loan origination.
To determine your risk as a borrower, lenders will analyze your credit score, your income and any other debts you have out in your name.
To make sure you get the best personal loan for your needs, you should also come prepared with the following information: the purpose of your loan, how much money you want to borrow and your preferred repayment schedule.
Many lenders use a soft credit pull to give you estimated interest rates and loan terms that are available to you based on your credit, income and other factors. If you decide to move forward with the loan, the lender will do a hard credit inquiry. Too many hard inquiries in a given period could hurt your credit score; a soft credit pull won’t.
If you have less-than-ideal credit, you may still qualify for a personal loan. The interest rates you’re offered will likely be higher, however, and the loan would cost more. Alternatively, you may be able to add a cosigner with good credit to your application to access more attractive rates.
Yes, but you may be subject to a prepayment penalty, which could be equal to several months’ interest or a percentage of the remaining loan amount.
The lender relies heavily on your past financial history to make sure you are capable of repaying the loan. Documents that prove someone is capable of meeting loan agreements include proof of income and employment (such as pay stubs), bank account information and statements and proof of other debt (such as mortgage or auto loan forms).
If you have to miss a payment, take responsibility and speak to your lender about options. If you have a good payment track record with the lender, they may be willing to work with you to come up with a favorable solution.
However, if you default on your loan, lenders can take action that can hurt your credit and finances for years to come. This includes sending your loan to collections, reporting your default to credit bureaus and taking you to court, which could make getting new credit costly or impossible in the future.
Large and additional payments can be directly applied to your principal balance, decreasing the total cost and interest you pay. But you should always ask lenders about prepayment penalties, which are fees that could be applied if a loan is paid off ahead of the agreed-upon payment schedule.
There are a variety of alternatives to personal loans, from credit cards and lines of credit to peer-to-peer loans and 401(k) loans. One product could be a better fit over another in specific situations.
If you’re looking to refinance credit card debt, for example, a personal loan could help you gradually repay your outstanding balances at a lower interest rate. If you’ll have the cash to repay the debt on a faster timeline, though, you might consider opting for a balance transfer card that features an introductory 0% APR.
A personal loan for urgent or unplanned expenses in which the funds are disbursed quickly, taking care of unexpected events.
Getting a loan can be challenging with bad credit. Find bad credit loans you may qualify for, and read about what to expect before you apply.
If you need help estimating your potential loan payments each month and over the long haul, leave the math to us.
As with any form of borrowing, it’s important to do your research and make sure you’re able to successfully manage repayment.
