Editor's choice: Credible personal loans

- Loan range: $1,000 to $100,000
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- Funds as soon as 1 day
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Editor's choice: Credible personal loans
We reviewed over 130 personal loan providers to help you find the right for loan for debt consolidation or a large expense — with options for every credit score.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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This article was reviewed by Brad Stevens, a member of the Finder Editorial Review Board and 30-year veteran of the credit industry who specializes in rehabilitating struggling banks.
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Personal loan annual percentage rates (APR) — the loan’s interest rate, plus fees — can range from 4% to 36%. The average personal loan APR is around 9.5%, according to a 2019 Experian study.
The rate you get depends on the following factors:
Your monthly payment depends on the loan term and your rate. You can figure out the monthly cost of a loan by using our payment calculator.
The APR tells you how much you’ll pay in interest and fees on your personal loan over one year. This makes it the easiest way to compare the cost of loans with the same term.
It often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties.
Crunch some numbers to figure out how much you need to borrow and how much you can afford to pay back each month. Also, compare different types of loans to find the one that suits your needs best.
Look for lenders that offer the type of loan you need and eligibility requirements you can meet. Then compare factors like rates, fees and terms.
After you narrow down your choices, fill out a quick preapplication with a few different lenders to learn which rates and terms you might get. This usually doesn’t affect your credit score.
After you decide on a lender, follow the steps to complete the full application and submit documents like pay stubs to verify your income.
You have a variety of personal loan providers to pick from. However, you’ll typically have more loan options if you have a stronger credit score. Depending on the type of provider you choose, you can apply for a personal loan in person, online or over the phone.
U.S. Bank, Gesa Credit Union, KeyBank and many others are offering low-cost emergency loans to customers affected by COVID-19. These typically come with low or no interest rate and the option to defer payments for several months. You can often qualify with a low credit score or no credit history.
Read our guides to COVID-19 financial assistance, payday loan alternatives and loans to cover rent in a pinch to learn about all of the options available to you.
Watch our short video where we sit down with OneMain Financial to discuss how a personal loan may be able to ease your financial burden during the COVID-19 pandemic. Learn how to decide if a personal loan is right for you.
There’s a personal loan for almost any type of borrower. But you have to meet the following criteria to qualify with most lenders:
Read more about personal loans with these answers to common questions.
The best place to borrow depends on your priorities. If you need money fast, an online lender can get you funds as soon as the next business day. But if you’re looking for a low interest rate or origination fee, banks tend to offer the least expensive option.
You can qualify for personal loan with a credit score of 550. But your options are limited if you have bad credit — or a credit score under 580. If you need money quickly, you might consider a bad-credit lender, which often offers funding as soon as the next business day.
But you could end up paying a higher interest rate and origination fee than you would with a bank or online lender that offers personal loans to those with good credit scores. If you have the time, you might be eligible for personal loans from a credit union or local bank. These which often have lower credit requirements than big national banks and offer relatively low interest rates.
While most lenders offer funding between $2,000 and $50,000, it’s possible to find a $100,000 personal loan. But not everybody can qualify. Generally, you’ll need to have a credit score of at least 760, a debt-to-income ratio under 20% and enough income to support monthly payments for the loan term you choose.
Online lenders tend to have higher approval rates than other providers and often offer some of the easiest personal loans to get approved for. But going for a lender with a high approval rate often means you’ll land a higher interest rate and origination fee than you might pay with another provider. Consider prequalifying with a few lenders with minimum credit score, debt-to-income ratio and other requirements that you meet.
When should I use a credit card instead?
Credit cards can be a better choice if you can repay the amount you need to borrow within a month or two. While your credit card likely has a higher interest rate than a personal loan, you could end up paying no interest at all if you can pay it back over a short period of time. A personal loan is helpful when you want to pay off a large purchase or refinance credit card debt with a low monthly payment.
Most lenders offer personal loan terms that range from three to seven years. However, it’s possible to find a loan term as short as one year. Your loan term determines your monthly payment and total loan cost. To strike a balance between monthly payments and total loan cost, go for the shortest term you can afford.
Personal loans can improve your credit score by adding to your history of on-time payments and diversifying the types of credit in your name.
When you apply, it can temporarily hurt your credit, however, since lenders run a hard credit check which dings your score. And if you miss a payment or default, it can damage your credit.
You can, but it might not end well. Investing itself is incredibly risky and taking out a personal loan increases that risk even more.
Some experienced investors take out personal loans after they’ve gotten the hang of weighing the risks, but it takes a while to get to their level. And even they don’t always win.
Prime borrowers typically have credit scores above 720, no delinquencies on their credit report and a minimum six-year credit history.
Yes, many lenders offer loans with no origination fee — and several offer loans with no fees at all. Compare no-fee personal loans and find the best option for your needs.
Unsecured loans, or otherwise known as signature loans, are loans that don’t require any collateral. They are based on your creditworthiness. Keeping your credit score at good or excellent and a clean credit history will get you a better rate. Usually you need to have proof of income, be a resident of the US and have a Social Security number to apply for an unsecured loan.
Often, nothing will happen — unless the lender finds out. But if you violate the contract of your loan, your loan goes into default.
Your lender could also take legal action if it finds out that you used the money for something other than what you agreed to. This would be on the grounds that you falsified information on your application.
No. To purchase a home you’ll need a mortgage. Mortgages work differently than personal loans and are a bit complicated. To learn more about how home loans work, read our guide to mortgages.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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Are there fees you must pay before you get a loan? My partner is approved for a loan, but he must send $259.00 dollars before he can get the loan. Is this correct?
Hello Theresa,
Thank you for your comment.
If a lender asks you to provide an upfront fee for any reason, then you must put the brakes on your application. There is no legitimate lender that will ask you to provide money at any point before it processes your application. Some lenders charge an origination fee for their loans, but these fees are typically deducted from your total loan amount. You may read our article about personal loan scams here.
Regards,
Jhezelyn
Can I use my car title as collateral. For a short term loan
Hello Kortney,
Thank you for your interest in applying for a short term loan.
Yes, you may use your car title as collateral with lenders that offer title loans. Doing this helps you qualify for a loan because by putting up a collateral, you assume more risk for the loan o lenders may also offer you lower rates in exchange.
Hope this helps.
Cheers,
Gru
Is there any possible way of getting a personal loan if you are expecting payment from back pay from SSI and can prove the amount going to you from SSI
Hi Deanna,
It may be dependent on each individual lender and their requirements. Your best bet is to compare your options and find a lender you’d like to apply with, and then give them a call to make sure this is possible.
Best,
Adrienne