Best of
Compare the best personal loans for good and bad credit, debt consolidation, home improvement and more.
By
Last updated on April 2, 2024
Edited by
✅ Fact checked and reviewed
Edited by
✅ Fact checked and reviewed
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The best personal loans have affordable rates and monthly payments that fit your budget. Other features, including no fees, rate discounts and mobile apps set some loans apart.
We always recommend you compare personal loans from multiple lenders before making a choice. Here are our picks for the best personal loans:
LightStream: Best for home improvement loans.
SoFi: Best for good to excellent credit.
Upgrade: Best for bad to fair credit.
Upstart: Best for short credit history.
Happy Money: Best for credit card consolidation.
Discover: Best for debt consolidation.
Best Egg: Best for secured loans.
LendingClub: Best for joint loans.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Limited-Time Offer
EXCLUSIVE OFFER
AD
Don't miss out on a better rate
Get a 0.50% discount on your next loan from SoFi, NerdWallet's 2024 Best Personal Loan winner. Offer expires 4/30/24. Click on "View details" for offer terms*.
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Get a 0.50% discountLimited-time offer
Loan amount
$5K-$100K
Min. credit score
None
on SoFi's website
View details
Best Personal Loans
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
|---|---|---|---|---|---|
Limited-Time Offer SoFi Personal Loan Visit Lenderon SoFi's website on SoFi's website Read Reviewon NerdWallet on NerdWallet | 5.0 /5 Best for Personal loans for good to excellent credit Rate discount | 8.99-29.99% Get a 0.50% discountLimited-time offer | $5,000-$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Read Reviewon NerdWallet on NerdWallet |
Upgrade Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Personal loans for bad to fair credit | 8.49-35.99% | $1,000-$50,000 | 560 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet |
Discover® Personal Loans Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Debt consolidation loans | 7.99-24.99% | $2,500-$40,000 | 660 | Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet |
LightStream Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Home improvement loans | 7.99-25.49% | $5,000-$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
Upstart Visit Lenderon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans for short credit history | 7.80-35.99% | $1,000-$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet |
Happy Money Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans for credit card consolidation | 11.72-17.99% | $5,000-$40,000 | 640 | Check Rateon NerdWallet on NerdWallet |
Best Egg Visit Lenderon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Secured loans | 8.99-35.99% | $2,000-$50,000 | 600 | Visit Lenderon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet |
LendingClub Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Joint personal loans | 8.98-35.99% | $1,000-$40,000 | 600 | Check Rateon NerdWallet on NerdWallet |
Explore all of our lender picks by category
Our pick for
Home improvement loans
on LightStream's website
Check Rateon NerdWallet
on NerdWallet
LightStream
4.5
NerdWallet rating
Est. APR
7.99-25.49%
Loan amount
$5,000-$100,000
Min. credit score
660
Our pick for
Personal loans for good to excellent credit
Limited-Time Offer
EXCLUSIVE OFFER
AD
Don't miss out on a better rate
Get a 0.50% discount on your next loan from SoFi, NerdWallet's 2024 Best Personal Loan winner. Offer expires 4/30/24. Click on "View details" for offer terms*.
Visit Lenderon SoFi's website
on SoFi's website
on NerdWallet
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Get a 0.50% discountLimited-time offer
Loan amount
$5,000-$100,000
Min. credit score
None
Our pick for
Personal loans for bad to fair credit
Visit Lenderon Upgrade's website
on Upgrade's website
Check Rateon NerdWallet
on NerdWallet
Upgrade
5.0
NerdWallet rating
Est. APR
8.49-35.99%
Loan amount
$1,000-$50,000
Min. credit score
560
Our pick for
Personal loans for short credit history
Visit Lenderon Upstart's website
on Upstart's website
Check Rateon NerdWallet
on NerdWallet
Upstart
4.5
NerdWallet rating
Est. APR
7.80-35.99%
Loan amount
$1,000-$50,000
Min. credit score
None
Our pick for
Personal loans for credit card consolidation
Check Rateon NerdWallet
on NerdWallet
Happy Money
4.5
NerdWallet rating
Est. APR
11.72-17.99%
Loan amount
$5,000-$40,000
Min. credit score
640
Our pick for
Debt consolidation loans
Visit Lenderon Discover's website
on Discover's website
Check Rateon NerdWallet
on NerdWallet
Discover® Personal Loans
5.0
NerdWallet rating
Est. APR
7.99-24.99%
Loan amount
$2,500-$40,000
Min. credit score
660
Our pick for
Secured loans
Visit Lenderon Best Egg's website
on Best Egg's website
Check Rateon NerdWallet
on NerdWallet
Best Egg
4.5
NerdWallet rating
Est. APR
8.99-35.99%
Loan amount
$2,000-$50,000
Min. credit score
600
Our pick for
Joint personal loans
Check Rateon NerdWallet
on NerdWallet
LendingClub
4.5
NerdWallet rating
Est. APR
8.98-35.99%
Loan amount
$1,000-$40,000
Min. credit score
600
Best place to get a personal loan
You can get a personal loan from online lenders, banks and credit unions. The best option is one where you can get the rate, terms and features that fit your financial situation.
For example, if a fast and convenient loan application is important to you, then consider an online lender. On the other hand, if lower rates and in-person support matter, then a bank loan or credit union loan could be the better option.
» MORE: Online vs. in person loan: How to choose
How to choose the best personal loan
Here are things to consider as you shop around and compare personal loans.
Pre-qualification. Most online lenders let you pre-qualify and check your estimated interest rate. This process involves a soft credit check, which won’t affect your credit score. It pays to take steps to pre-qualify for a loan and compare multiple lenders and loan features.
Annual percentage rates. Because APRs include interest rates and fees, they offer an apples-to-apples cost comparison for borrowers deciding between personal loan offers. Use our personal loan calculator to see monthly payments and total costs on personal loans.
Funding time. The time it takes to get a personal loan can depend on the type of lender. Many online lenders will approve your application and send funds the same or next day after you apply. Banks and credit unions may take up to a week.
Repayment terms. Having a wide variety of repayment terms gives you the option to get a shorter-term loan and pay less interest or a longer term and have a low monthly payment. Based on your budget, one may make more financial sense than the other.
Loan amount. Depending on how much money you need, certain lenders could be a better fit than others. Some lenders offer small to midsize loan amounts, like $2,000 to $50,000, while a few provide up to $100,000. Determining the amount you need will help you compare and decide.
Special features. See if the lender you’re considering offers any perks that could help you reach your financial goals. You may benefit from features like autopay rate discounts, financial planning or hardship assistance programs.
» MORE: Compare personal loan features
Personal loan interest rates and fees
Personal loan interest rates differ by lender, and the rate you receive depends on factors like your credit score, income and debt-to-income ratio. Here’s what interest rates on personal loans look like, on average:
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 12.64% |
Good | 690-719. | 14.84% |
Fair | 630-689. | 18.69%. |
Bad | 300-629. | 21.74%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from March 1, 2024, through March 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
» MORE: Current average personal loan interest rates
Some lenders charge origination fees to cover the cost of processing the loan. Lenders typically deduct the fee before sending you the funds. This one-time upfront fee is included in the loan’s annual percentage rate, so consider this when comparing costs between lenders.
Other fees to watch out for include late fees and charges for insufficient funds, which is when you don’t have enough in your bank account to cover the loan’s monthly payment.
How to get a personal loan
Check your credit. Your credit score is a primary factor in whether you qualify for a personal loan and the rate you receive. Resolve any errors that might be hurting your score and, if you can, pay down debts to reduce your DTI ratio. Get a free credit report with NerdWallet or at AnnualCreditReport.com.
Pre-qualify with multiple lenders. Pre-qualifying gives you an idea of the rate and terms you can expect. Compare pre-qualified offers to find the lowest APR and monthly payments that fit your budget.
Apply. The formal application process requires documents to verify your identity and income. Once approved, you’ll typically receive your loan funds within a week.
» MORE: Can non-U.S. citizens get a personal loan?
Pros and cons of personal loans
Depending on your financial situation and the loan’s purpose, a personal loan can be the right move or one you should sidestep.
Pros
Lower starting APRs than credit cards. For consumers with strong credit, personal loans typically have lower APRs than credit cards. While some credit cards offer 0% interest during an introductory period, the rates are generally higher after the period ends.
» MORE: Personal loans vs. credit cards: What’s the difference?
Fixed rates and monthly payments. Personal loans have fixed rates and monthly payments over a set term, so you always know what you owe and for how long. Other financing options like home equity lines of credit have variable rates that can mean fluctuating monthly payments.
Flexible loan amounts. Depending on the lender and your creditworthiness, you may have access to personal loan amounts of $1,000 to $100,000. This range meets a wide variety of expenses, from small emergencies to large home improvement projects.
No collateral. Unlike home equity loans that require you to secure the loan with your house, unsecured personal loans don’t require collateral. You risk hurting your credit if you can’t repay, but you won't lose any assets.
Cons
Maximum APRs can be high. If you have a low credit score, APRs on personal loans can be higher than credit card APRs.
Possible fees. Borrowers may have to pay fees — like origination or late fees — along with their loan payments.
Increase in debt. Taking a personal loan adds debt to your budget, so it's important to factor in the additional obligation and feel comfortable about paying it off.
Summary of personal loan pros and cons
Pros | Cons |
|---|---|
|
|
» MORE: Pros and cons of personal loans
Next step: Pre-qualify for a personal loan
You can pre-qualify on NerdWallet and see rates from lenders that partner with us. Pre-qualifying triggers a soft credit check, which doesn't impact your score.
PRE-QUALIFY ON NERDWALLET
Explore personal loans and lenders in each of these categories:
Personal loans for good credit.
Bad credit loans.
Best debt consolidation loans.
Fast personal loans.
Small personal loans.
Last updated on April 2, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Personal Loans of April 2024
- LightStream: Best for Home improvement loans
- SoFi Personal Loan: Best for Personal loans for good to excellent credit
- Upgrade: Best for Personal loans for bad to fair credit
- Upstart: Best for Personal loans for short credit history
- Happy Money: Best for Personal loans for credit card consolidation
- Discover® Personal Loans: Best for Debt consolidation loans
- Best Egg: Best for Secured loans
- LendingClub: Best for Joint personal loans
Frequently asked questions
What is a personal loan?
A personal loan is money borrowed from a bank, a credit union or an online lender that you repay in equal monthly installments, usually over two to seven years.
Lenders have different requirements but generally consider your credit profile, income and debts during the loan approval process. If you fail to repay the loan, your credit can take a hit.
» MORE: How do personal loans affect credit?
How do personal loans work?
After you’re approved for a personal loan, a lender will deposit the funds, minus any origination fee, in a lump sum into your bank account within a few days. Once you have the money, you can use it for nearly any purpose.
Repayment typically starts 30 days after receiving the money. You can pay the fixed monthly amount directly, or some lenders let you set up auto-pay from your bank account. The monthly payments continue until the loan term ends, or earlier if you make additional payments toward your loan.
Should I get a personal loan?
Getting a personal loan makes the most sense when:
It’s the least expensive form of financing.
It’s used to potentially increase your financial standing, like debt consolidation or home improvements.
You can manage the monthly payments without stressing your budget.
Using a personal loan for a wedding or discretionary expenses like a vacation can be expensive. NerdWallet recommends using savings for nonessentials to avoid finance charges.
If you're borrowing for emergency or medical expenses, consider less-expensive alternatives, such as community assistance or payment plans.
How long does it take to get a personal loan?
Once you’ve submitted your application, lenders can let you know if you qualify usually within one to two days. You can receive your funds the same day or within a week, depending on the lender.
Can I get a personal loan with bad credit?
Credit score requirements vary among personal loan lenders. Some lenders accept borrowers with good or better credit only; others will loan to bad-credit borrowers. Learn how to get a loan with bad credit.
Can I get a personal loan with low income?
Borrowers with low income may qualify for a personal loan offered by lenders with softer income requirements. Some lenders require proof of steady income, rather than a minimum income amount. Including all sources of income — child support, alimony or Social Security payments — on your application can help you qualify for a loan.
» MORE: Low-income loans: What they are and where to get one
