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.
Our team has reviewed over 120 personal loan providers, including banks, credit unions, online loan providers and connection services. And we combed through all of them to find the best personal loans in 2021.
When choosing the best personal loans, we considered each lender’s rates and fees, terms and loan amounts, funding speed and borrower perks. We also looked at customer reviews on the Better Business Bureau and Trustpilot, and ran our own user testing with six borrowers to find out what was most important to them.
In January 2021, we switched out a few providers and moved around three veteran providers. GreenSky, Alliant Credit Union and Fiona were ousted, while Upstart and OneMain Financial joined the lineup. Upstart’s more flexible credit requirements earned it a spot as the best fair credit personal loan, and OneMain Financial took over as the best for borrowers with bad credit.
I need help covering bills during the coronavirus outbreak. Can I get a personal loan?
Possibly — KeyBank, US Bank, Gesa Credit Union and many others are offering low-cost emergency loans to customers impacted by the coronavirus pandemic. These typically come with low or no interest and the option to defer payments for several months.
Aside from these emergency options, other lenders are still offering personal loans as they normally were, though you might be able take advantage of deferred repayments.
Check out our guides to COVID-19 financial assistance and payday loan alternatives to explore all of the options available to you.
10 best personal loans
Best for excellent credit: SoFi personal loans
680
Min. Credit Score
5.99%
Starting APR
$100,000
Max Loan Amount
SoFi may be best known for its student loan refinancing option, but it also offers a wide range of personal loans — qualified borrowers may be approved for up to $100,000. It offers competitive rates, accepts coapplicants and has no fees. And perks like career coaching and personalized financial assistance are what really set SoFi apart from other lenders.
- Loans up to $100,000
- Rates stop at 18.85%
- No fees — not even late fees
- Funding can take up to 30 days
- High minimum amount of $5,000
- Mixed customer reviews regarding customer service
| Loan Amount | $5,000 – $100,000 |
|---|
| APR | 5.99% to 19.63% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 680 |
|---|
| Min term | 24 months |
|---|
| Max term | 84 months |
|---|
| Turnaround Time | Up to 30 days |
|---|
Disclaimer
Fixed rates from 5.99% APR to 19.63% APR (with AutoPay). SoFi rate ranges are current as of July 30, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
Best for good credit: Marcus by Goldman Sachs personal loans
660
Min. Credit Score
6.99%
Starting APR
$40,000
Max Loan Amount
Competitive rates, an autopay discount and absolutely zero fees earn Marcus by Goldman Sachs a spot on our list of best personal loans. It also comes with a reward for being on top of your payments — if you make 12 on-time payments in a row, you can skip a month without accruing extra interest.
- Reward for on-time payments
- No fees
- 0.25% autopay discount
- Self-employment income may not count
- Restricted loan uses
- Full eligibility requirements unavailable
| Loan Amount | $3,500 – $40,000 |
|---|
| APR | 6.99% to 19.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 660 |
|---|
| Min term | 36 months |
|---|
| Max term | 72 months |
|---|
Disclaimer
Marcus By Goldman Sachs® Offer Terms and Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
Best for fair credit: Upstart personal loans
600
Min. Credit Score
7.68%
Starting APR
$50,000
Max Loan Amount
Your credit score isn’t the only factor this peer-to-peer lender takes into account when evaluating your application. In fact, your work experience and level of education will make more of an impact on your potential rates and terms. And it’s fast — sometimes as soon as one business day after approval.
- Education and career considered
- Loans can be funded in a business day
- No prepayment penalty
- Origination fee up to 8%
- Only two terms available
- Low maximum DTI ratio
| Loan Amount | $1,000 – $50,000 |
|---|
| APR | 7.68% to 35.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 600 |
|---|
| Min term | 36 months |
|---|
| Max term | 60 months |
|---|
| Turnaround Time | 1 to 3 business days |
|---|
Best for bad credit: OneMain Financial personal loans
300
Min. Credit Score
18%
Starting APR
$20,000
Max Loan Amount
While OneMain Financial’s interest rates are higher than typical personal loan providers, its APR range is still less than you’d find working with a short-term lender. Same-day funding is available to eligible applicants. And you may be able to get a better interest rate by securing your loan with collateral.
- Credit scores of 300 or higher accepted
- Secure loans for a better rate
- Same-day funding
- Higher starting APR than other personal lenders
- As much as $50 per returned payment
- Origination fee of up to 10%
| Loan Amount | $1,500 – $20,000 |
|---|
| APR | 18% to 35.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 300 |
|---|
| Min term | 24 months |
|---|
| Max term | 60 months |
|---|
| Turnaround Time | As soon as the same day |
|---|
Disclaimer
* OneMain Disclosures:
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Best for comparing rates: Monevo personal loans
None
Min. Credit Score
3.49%
Starting APR
$100,000
Max Loan Amount
This comparison service has lenders in its network that accept borrowers with credit scores as low as 450. And Monevo is upfront about all of the lenders in its network, and some have rates as low as 3.49% for borrowers with strong creditworthiness. Checking your rates also won’t affect your credit.
- Lenders that accept all credit types in network
- All partners listed on its website
- Connecting with a lender doesn’t affect credit score
- Limited network
- May receive marketing calls from partners
- Some partners use manual underwriting
| Loan Amount | $500 – $100,000 |
|---|
| APR | 3.49% to 35.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min term | 3 months |
|---|
| Max term | 144 months |
|---|
| Turnaround Time | Varies by lender |
|---|
Best for peer-funded loans: Prosper personal loans
640
Min. Credit Score
7.95%
Starting APR
$40,000
Max Loan Amount
Prosper is a pioneering peer-to-peer lender that offers loans funded by investors, instead of a bank. You can qualify with a credit score of 640 and a relatively high debt-to-income ratio, making it a solid choice if you already have loans or credit cards.
You’ll have to pay an origination fee of up to 5%, however. And it can take as long as five business days to receive your loan.
- Preapproval without affecting your credit
- Accepts high debt-to-income ratio of 50%
- 640 credit score OK
- Origination fee of 2.41% to 5%
- Can take up to 5 business days
- No loans over $40,000
| Loan Amount | $2,000 – $40,000 |
|---|
| APR | 7.95% to 35.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 640 |
|---|
| Min term | 36 months |
|---|
| Max term | 60 months |
|---|
| Turnaround Time | Up to five business days |
|---|
Best for borrowing with a cosigner: Laurel Road personal loans
680
Min. Credit Score
7.50%
Starting APR
$45,000
Max Loan Amount
Laurel Road is one of the only lenders that accepts cosigners — someone who can help you meet eligibility requirements when you can’t on your own. This can help you take advantage of its competitive APRs and perks, like its $300 referral bonus and special rates for healthcare professionals.
- Accepts cosigners
- APRs capped at 24.75%
- Discounts for doctors and dentists
- Rates start at 7.5%
- No loans over $45,000
- Higher rates for longer terms
| Loan Amount | $1,000 – $45,000 |
|---|
| APR | 7.50% to 24.75% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 680 |
|---|
| Min term | 36 months |
|---|
| Max term | 60 months |
|---|
| Turnaround Time | As little as 2 business days |
|---|
Best for debt consolidation: Discover personal loans
Varies
Min. Credit Score
6.99%
Starting APR
$35,000
Max Loan Amount
This online lender will disburse the funds directly to your creditors if you sign up for debt consolidation. But its low maximum amount might not make it ideal for debts above $35,000.
While other sites often pick Payoff as their top choice for debt consolidation, we chose Discover because it works with more than just credit card debt. Some sites also picked Marcus, but we preferred Discover’s lower rates, longer terms and perks like its 30-day return period.
- No origination fee
- 30-day return policy
- Sends debt consolidation loans directly to creditors
- No loans over $35,000
- No grace period before late fee
- No autopay discount
| Loan Amount | $2,500 – $35,000 |
|---|
| APR | 6.99% |
|---|
| Interest Rate Type | Variable |
|---|
| Min term | 36 months |
|---|
| Max term | 84 months |
|---|
| Turnaround Time | 1 to 7 days |
|---|
Best for home improvements: LightStream personal loans
Good to excellent credit
Min. Credit Score
Competitive
Starting APR
$100,000
Max Loan Amount
LightStream offers one of the best deals around — if you have good to excellent credit. It has some of the most competitive rates to begin with. And if you get a better offer from another lender, it might beat that rate by 0.1%, as long as the APR meets certain terms and conditions.
| Loan Amount | $5,000 – $100,000 |
|---|
| APR | Competitive |
|---|
| Interest Rate Type | Fixed |
|---|
| Turnaround Time | Varies |
|---|
Disclaimer
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Best for loans with a fast turnaround: Rocket Loans personal loans
640
Min. Credit Score
7.16%
Starting APR
$45,000
Max Loan Amount
This online lender is one of the few that can fund your loan as soon as the same business day. And you don’t need to have perfect credit to qualify.
But its starting APR is relatively high at 7.16%. And you might have to pay an origination fee of up to 6%.
- Funding as soon as the same day
- 640 credit score OK
- Positive customer reviews
- Origination fee of 1% to 6%
- Relatively short 10-day grace period of for payments
- No loans over $45,000
| Loan Amount | $2,000 – $45,000 |
|---|
| APR | 7.16% to 29.99% |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | 640 |
|---|
| Min term | 36 months |
|---|
| Max term | 60 months |
|---|
| Turnaround Time | As soon as the same day |
|---|
How to choose the best personal loan for you
Shopping around and comparing offers can get you a great deal. Here are a few tips as you begin your search for the best personal loan:
- Nail down your priority. Do you care the most about rates? Monthly repayments? Overall loan cost? Consider what matters the most to you and start comparing lenders based on that feature.
- Check that you’re eligible. Even if you have excellent credit and a high income, you might not be eligible for every loan. Some lenders don’t operate in every state, while others won’t work with self-employed applicants. If you’re not sure what the requirements are, reach out to the lender’s customer service team and ask.
- Use a repayment calculator to compare costs. Comparing interest rates is a good way to get a quick idea of which loan is the least expensive — as long as they have the same terms. When you’ve narrowed down your choices, use our calculator to find out how much each option might cost you in the short and long term.
- Read customer reviews. This can give you an idea of the quality of customer service you can expect with a lender. Take reviews with a grain of salt — people typically don’t go to the Better Business Bureau or Trustpilot when they’re satisfied with a product. But if you notice a pattern of complaints, that could be a red flag.
Score better rates by improving your credit
No matter where your score sits, improving your credit is a simple way to decrease the cost of borrowing. Taking the time to pay down the balances of some of your credit cards, correcting late payments and signing up for Experian Boost to list your phone and utility bills on your credit report are quick ways to improve your score. When a lender sees you have a good handle on your finances, it’s that much more likely to approve you for a lower interest rate and higher loan amount on your next personal loan.
Best personal loan rates and summary
| | | | An extensive benefits program for borrowers, including unemployment protection as well as financial and career advice. |
| | | | An autopay discount and the ability to skip a month of payments without interest when you make 12 on-time payments in a row. |
| | | | Funding in as little as one business day and an underwriting process that considers your education and career. |
| | | | Less expensive than a short-term lender but still considers credit scores as low as 300. |
| | | | An award-winning service that helps you compare multiple options, even if your credit score is as low as 450. |
| | | | Low starting rates compared to other lenders, a 0.5% rate discount and its rate beat program. |
| | | | This is one of the only lenders that accepts cosigners — not coborrowers or coapplicants. |
| | | | Consolidate multiple types of debt with a loan that gets paid directly to your creditors — and comes with a 30-day return policy. |
| | | | A high minimum debt-to-income ratio and relatively short turnaround time compared to other P2P lenders. |
| | Loans with a fast turnaround | | A turnaround as fast as the same business day with a relatively low credit score cutoff of 640. |
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Alternatives to taking out a personal loan
Taking out a personal loan isn’t always the right move — consider these alternatives before filling out that application:
- Home equity loan or line of credit. These products are ideal if you need to borrow money to make home repairs or other renovations that could increase your home’s value. Since your home is used as collateral, these tend to come with lower rates.
- Credit card. While APRs are typically higher than your traditional unsecured personal loan, their convenience can help you cover an emergency expense faster than most personal loans.
- Pay advance app. If you only need to borrow a few hundred dollars or don’t have the credit to qualify for a traditional personal loan, a pay advance app can help you gain access to your paycheck early — usually for a small membership fee or optional tip.
Read more about personal loans
Bottom line
At the end of the day, the best personal loan depends on your needs and your finances. There are a number of loan types and lenders to cover pretty much any situation, so do some careful research when you’re searching for a loan. Start by reading our guide to personal loans so you know where to look and how to tell when an offer really fits your needs.
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