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Explore all personal loan options:

Sofi

Credit score
We recommend 600+
APR range
7.99 to 23.43%
Loan amounts
$5,000 to $100,000
Loan term
2 to 7 years
Pros
  • Flexible loan amounts and terms
  • Offers unemployment protection which freezes loan payments
  • No fees of any kind
Cons
  • Approval process takes longer than some competitors
4.8/5 based on 45,372 reviews
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Onemain Financial

Credit score
No minimum score required
APR range
18% to 35.99%
Loan amounts
$1,500 to $20,000
Loan term
2 to 5 years
Pros
  • There is no minimum credit score required to qualify
  • Offers both secured and unsecored options
  • Seven-day satisfaction commitment guarantee
  • Does not charge a late fee
Cons
  • Origination fee between 1% and 10% or $25 and $500
  • Full coverage property insurance required for collateral
  • Higher APR's and late fees

Sofi

Credit score
We recommend 600+
APR range
7.99 to 23.43%
Loan amounts
$5,000 to $100,000
Loan term
2 to 7 years
Pros
  • Flexible loan amounts and terms
  • Offers unemployment protection which freezes loan payments
  • No fees of any kind
Cons
  • Approval process takes longer than some competitors
4.9/5 based on 7,110 reviews
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LendingPoint

Credit score
We recommend 580+
APR range
9.99% - 35.99%
Loan amounts
$2,000 to $25,000
Loan term
2 to 4 years
Pros
  • Reasonable terms for borrowers with less than perfect credit
  • Flexible loan terms
  • Fast turnaround time and funding
  • Accepts sub-prime credit scores (580+)
Cons
  • May charge an origination fee up to 6%
  • Not as competitive rates for borrowers with excellent credit
4.7/5 based on 10,756 reviews
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Prosper

Credit score
We recommend 600+
APR range
7.99% to 35.99%
Loan amounts
$2,000 to $50,000
Loan term
2 to 5 years
Pros
  • Prequalify without hurting your credit score
  • Funds available in as little as 1 business day
  • Offers a wide range of loan amounts and terms
  • No prepayment penalties
Cons
  • Origination fees can be high depending on prequalification
4.7/5 based on 7,444 reviews
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Best Egg

Credit score
We recommend 600+
APR range
7.99% - 35.99%
Loan amounts
$2,000 to $50,000
Loan term
3 to 4 years
Pros
  • Get money in as little as 1 day
  • Offers competitive interest rates
  • No prepayment penalty
Cons
  • Charges a loan origination fee between 0.99% to 8.99%
4.7/5 based on 34,720 reviews
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Upgrade

Credit score
We recommend 560+
APR range
7.46% to 35.97%
Loan amounts
$1,000 to $50,000
Loan term
2 to 7 years
Pros
  • Quick online application, get pre-approved in just minutes
  • An approved loan will be funded within 1 business day
  • Offers various tools to help build your credit
Cons
  • May charge an origination fee up to 8%
  • You are required to have free cash flow of at least $1,000
4.6/5 based on 23,071 reviews
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Avant

Credit score
We recommend 580+
APR range
9.95% to 35.95%
Loan amounts
$2,000 to $35,000
Loan term
1 to 7 years
Pros
  • There are no prepayment penalties
  • Receive approval and funding within 1-3 days
  • Accepts sub-prime credit scores (580+)
Cons
  • No joint, co-signed, or secured loan option
  • Origination and administration fees
4.4/5 based on 266 reviews
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Happy Money

Credit score
We recommend 640+
APR range
7.99% to 29.99%
Loan amounts
$5,000 to $40,000
Loan term
2 to 5 years
Pros
  • Specializes in consolidating credit card debt into one manageable loan
  • If used for credit card debt, Happy Money can pay off the credit cards directly
  • Get approved with a soft credit pull, and funded within 2 business days
  • Does not charge a late fee
Cons
  • May charge an origination fee up to 5%
  • Does not offer co-signed, joint or secured loan option
  • No rate discount for autopay
1.8/5 based on 42 reviews
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LightStream

Credit score
We recommend 660+
APR range
5.73% to 19.99%
Loan amounts
$5,000 to $100,000
Loan term
2 to 7 years
Pros
  • Best for home improvement loans due to it's high limit of $100,000
  • Charges lower fees than most competitors
  • Does not charge fees to fund a loan
Cons
  • The minimum loan amount is a bit high
  • Individuals with a thin credit history may have a tough time qualifying

Average interest rates by credit score

Consumers with higher credit scores will typically qualify for a lower rate. If you don't need a personal loan urgently, it may pay off to wait a month or two if you believe your credit score will increase. The best way to increase your credit score is by making on-time payments and keeping your balances low.

Rating Credit score Average interest rate
Very poor 300-499 15.30%
Poor 500-600 15.91%
Fair 601-660 15.56%
Good 661-780 10.93%
Excellent 781-850 6.59%

Reasons to opt for a personal loan

You can use personal loans for just about any type of personal expense. Most commonly though, personal loans are good for:

  • Emergency expenses. If you need money right away for unexpected expenses like medical bills, funeral costs, car repairs, or something else that needs immediate attention, you can use a personal loan.
  • Debt consolidation. Personal loans are a great way to consolidate high-interest debt to help save money on interest and streamline your payments.
  • Home improvements and repairs. If you have an upcoming home improvement project, you can take out a personal loan to help finance the costs. You can also use personal loans for unexpected home repairs or maintenance expenses.
  • Auto financing. While auto loans are the most common way to finance a vehicle, personal loans also can help you get the job done. Personal loans have fewer restrictions on the types of cars you can purchase, but they typically charge higher interest rates than traditional auto loans.
  • Moving costs. The cost of moving can add up quickly. If you don’t have cash on hand, personal loans can help you finance the costs.

What if I have bad credit?

Many lenders can provide loans even if you have bad credit, though you will face tougher interest rates and less leeway with the loan amount and repayment terms.

Typically anything under 630 is considered a bad credit rating, and even when people in this range do get loans, they tend to have a 28.5% - 32.0% APR on average. If you have collateral to put up, this can help you secure a loan despite a low credit rating.

If you feel that a secured or co-borrower loan is a good fit, we highly recommend OneMain Financial as they specialize in such loans.

In addition, many lenders allow cosigned loans. These are loans where someone with better credit co-signs the loan with you. While this is a way for you to get a loan that you’d be shut out from otherwise, there are some caveats. Mainly, the person who cosigned for the loan is on the hook too so if you default on the payment, it could wreck their credit as well as your own.

What affects interest rates?

  • Variable vs fixed rate loan - With a variable rate loan, the interest rate can fluctuate as the market changes, and typically has lower interest rates than a fixed loan, which stays at the same rate throughout the repayment of the loan.
  • The length of the repayment - The longer the repayment term the more interest you will pay over the lifetime of the loan. If you can keep up with a higher monthly payment over a shorter period of time, then you can find loan terms that will save you money on interest. It's crucial though that you first look at your monthly budget and determine how big of a loan you can stay ahead of, so you don’t slip further into debt paying off the new loan.
  • Your credit score - A better credit score may help you get a lower interest rate, though some lenders don’t use credit scores when considering you for a loan. Lenders will also look at your past financial history to look for any delinquent loans, foreclosures, bankruptcies, and other red flags that could make you a high-risk borrower before they determine the interest to assign you. Your income - or lack thereof - will always be a central factor in determining your interest rate.

Not sure where to start?

We have compared dozens of top-rated lending programs. Our top choice overall is Sofi due to their top-notch service, wide range of options, and acceptance of credit scores of all ranges.

Best of all, you can compare options and rates without affecting your credit score.

4.9/5 based on 38,359 reviews
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Upstart

Credit score
We recommend 600+
APR range
5.6% to 35.99%
Loan amounts
$1,000 to $50,000
Loan term
3 to 5 years
Pros
  • See a potential rate in 5 minutes or less
  • There are no prepayment penalties
  • Looks beyond your credit score to make a decision
Cons
  • Terms max out at 5 years
  • Upstart may charge an origination fee up to 8%