Compare cheap personal loans

Want to get a loan without overspending on rates and fees? Find out what cheap personal loans are available.

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If you’re in the market for a personal loan, one of the most important features consider is the cost of the loan. In this guide, we take you through what to look for when it comes to cheap personal loans and what to consider before you apply.

Our top pick: LendingClub Personal Loan

  • Min. Credit Score Required: 640
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • APR: 6.95% to 35.89%
  • Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
  • Available in 48 states
  • Checking rate won't affect your credit
  • Can apply with a cosigner

Our top pick: LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

  • Min. Credit Score Required: 640
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • APR: 6.95% to 35.89%
  • Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

How cheap is a “cheap” personal loan?

This depends on the type of loan you’re looking to apply for. For example, a secured car loan will usually have lower rates than an unsecured personal loan with no collateral. Interest rates as low as 5% aren’t unheard of in the personal loans market.

Compare cheap personal loans

Updated January 23rd, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How to find out if a personal loan is competitive

You need to compare more than the interest rate to make sure a loan is competitive. You can look at:

  • Upfront and ongoing fees. These fees will be added onto your principal loan amount and will therefore affect your repayments and the interest you have to pay.
  • APR. The annual percentage rate (APR) incorporates the fees as well as the interest rate to show you the true cost of the loan.

What else should you consider besides the cost of the loan?

Besides the interest rate, fees and APR, you can consider the following:

  • Repayment flexibility. Check whether you’ll be able to make additional repayments or pay off the entire loan amount early without penalty.
  • Loan terms. Some lenders offer shorter loan terms than others. This affects the monthly repayment amount.
  • Type of interest rate. Your loan can either be fixed or variable, and both of these rates will come with different features.
  • Loan amount. Check what the minimum and maximum borrowing amounts are and if they meet your needs.

Are you eligible for a personal loan?

Lenders have different criteria to determine your eligibility for loans. Generally, to be eligible for a personal loan you’ll need to be 18 years old or older, a US citizen or permanent resident and earning a regular income.

You’ll then need to prove your ability to manage the loan repayments by providing income, asset and employment information. Secured personal loans will also require details of what you’re using as security, and this secured asset will also need to meet certain eligibility criteria.

If you find you don’t meet all the eligibility criteria on your own, you could consider a joint application personal loan to increase your chances of approval.

How to apply for a cheap personal loan

After you’ve found a personal loan using our comparison table above, you can follow the secure link to the lender’s online application form. The specific information you’ll be required to submit will differ between lenders, but it’ll usually be something along the lines of:

  • Personal details including your name, contact details and proof of your identity
  • Details of your employment including your income and type of employment
  • Financial details including your assets and debts

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2 Responses

  1. Default Gravatar
    BenJune 12, 2017

    I was diagnosed with cancer in march I have my disability approval verification letter. My SSA payment will be 1281 per month beginning July 2017. My SSI and my VA benefits are still processing. Am I able to get a 2000 loan, pledging a portion of my back pay which has an approval date of January 12, 2017. These funds will be released shortly. They will cover January 2017 thru June 2017. Can my disability verification letter be my security pledge for a 3 to 6 month loan for 2000? Thank you, Ben F

    • Avatarfinder Customer Care
      MayJune 15, 2017Staff

      Hi Ben,

      Thanks for reaching out.

      The lenders that you can contact with to discuss your loan options and eligibility are listed on this page. Each lender has their own set of requirements and criteria, so best to confirm with them any financial documents needed. Just in case you’d like to check the lender’s website, please click on the green ‘Go to site’ button on that page.

      Hope this helps.


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