Best personal loans of April 2020

These are the top 11 personal loans you can find right now.

Last updated:

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We’ve compiled the best offerings across a range of categories to help you narrow down your personal loan options. Taking the time to make an educated decision could mean the difference between just a decent personal loan, and the one that’s best for you.

11 best personal loans

SoFi Personal Loans logo
Finder Rating: 4.3 / 5

★★★★★

Check my rate
at SoFi Personal Loans's secure site

Best for doing it all: SoFi Personal Loans

680
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
SoFi may be best known for its student loan refinancing option, but it also offers a wide range of personal loans — and qualified borrowers may be approved for up to $100,000. It offers competitive rates, accepts coapplicants and has no fees. But perks like career coaching and personalized financial assistance are what really set SoFi apart from other lenders.
Pros
  • High maximum loan amount of $100,000
  • Competitive APRs from 5.99% to 18.82%
  • No fees and multiple special programs
  • Optional banking system
Cons
  • Loans start at $5,000
  • Good to excellent credit required
Loan Amount $5,000 – $100,000
APR 5.99% to 18.64%
Interest Rate Type Fixed
Min. Credit Score 680
Term range 24 – 84 months
Turnaround Time Varies
Disclaimer
Fixed rates from 5.99% APR to 18.64% APR (with AutoPay). SoFi rate ranges are current as of March 27, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, 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.
LightStream Personal Loans logo
Finder Rating: 4.83 / 5

★★★★★

Check my rate
at LightStream Personal Loans's secure site

Best for excellent credit: LightStream Personal Loans

680
Min. Credit Score
5.49%
Starting APR
$100,000
Loan Amount
LightStream offers one of the best deals around — if you have 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.
Pros
  • Highly competitive rates
  • Rate Beat Program
  • May be able to get your funds the same day
  • No origination fee
Cons
  • No customer service phone number
  • No preapproval process
  • Large minimum loan amount of $5,000
Loan Amount $5,000 – $100,000
APR Competitive
Interest Rate Type Fixed
Min. Credit Score 680
Term range 24 – 84 months
Turnaround Time Varies
Disclaimer
* Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17.

† You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.

LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.

Best for good credit: Earnest

680
Min. Credit Score
5.99 %
Starting APR
$75,000
Loan Amount
You’ll find some of the most competitive rates out there with Earnest. This online lender also favors borrowers with a solid career and high level of education, making it ideal for young professionals who are on the track to good credit but aren’t quite there yet. The downside? It has a longer turnaround than most similar lenders.
Pros
  • No late fees
  • Low starting and maximum APRs
Cons
  • Loans start at $5,000
  • Good to excellent credit required
Loan Amount $5,000 – $75,000
APR 5.99% to 17.24%
Interest Rate Type Fixed
Min. Credit Score 680
Term range 36 – 60 months

Best for fair credit: Alliant Credit Union Personal Loans

640
Min. Credit Score
6.24%
Starting APR
$50,000
Loan Amount
Alliant Credit Union is one of the top lenders for borrowers at the upper end of the fair credit range. Its minimal fees and debt protection plan set it apart from many other lenders in the personal loans sphere. And with a low maximum APR of 10.49%, you can look forward to a loan that competes with rates only offered to borrowers with excellent credit.
Pros
  • Extremely low rates
  • Fair credit OK
  • Large range of loan amounts
Cons
  • Must become a member
  • Negative customer reviews
Loan Amount $1,000 – $50,000
APR 6.24% to 10.24%
Interest Rate Type Fixed
Min. Credit Score 640
Term range – 60 months
Turnaround Time 1 business day
Monevo Personal Loans logo
Finder Rating: 4.4 / 5

★★★★★

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at Monevo Personal Loans's secure site

Best for bad credit: Monevo Personal Loans

450
Min. Credit Score
3.99%
Starting APR
$50,000
Loan Amount
While it’s a comparison service, Monevo has lenders in its network that accept borrowers with credit scores as low as 450. But don’t expect to qualify for its larger loan amounts — your loan options may be limited to smaller amounts with rates set at the high maximum APR of 35.99%. However, Monevo can be a good choice if you’re looking for a lender to help build your credit and haven’t had luck hunting down one that will work with a low score.
Pros
  • No obligation offers
  • Quick online decision
  • Award-winning service
Cons
  • High potential APR
  • Might have to field phone calls and emails from partner lenders
Loan Amount $1,000 – $50,000
APR 3.49% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 450
Term range 3 – 144 months
Turnaround Time Varies by lender
GreenSky Direct Home Improvement Loans logo
Finder Rating: 3.9 / 5

★★★★★

Check my rate
at GreenSky Direct Home Improvement Loans's secure site

Best for home improvements: GreenSky Direct Home Improvement Loans

640
Min. Credit Score
6.99%
Starting APR
$55,000
Loan Amount
GreenSky’s sole focus is on home improvement loans, which means you’ll have a lender that understands the ups and downs of home renovations. It offers a low starting APR of just 4.99%, and borrowers with credit scores as low as 640 are eligible to apply.

But what we like best is its financing process. You get six months to spend up to your credit limit on your GreenSky payment card, which means you’ll only pay interest on the amount you end up using. And if you decide to use a professional from GreenSky’s network, you won’t pay interest on your purchases for 12 months.
Pros
  • No down payment required
  • Coapplicants welcome
  • Not a credit card
  • 0% interest promotional offer
Cons
  • High potential APR
  • Spending limited to a six-month period
  • Immediate repayments
Loan Amount $3,500 – $55,000
APR 6.99% to 23.99%
Interest Rate Type Fixed
Min. Credit Score 640
Term range 36 – 84 months

Best for debt consolidation: Discover Personal Loans

Varies
Min. Credit Score
6.99%
Starting APR
$35,000
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.
Pros
  • 30-day return policy
  • Free credit score reports
  • Pays creditors directly
  • Fast turnaround
Cons
  • Low maximum amount of $35,000
  • Hefty late fee of $39 and no grace period
  • No autopay discount
Loan Amount $2,500 – $35,000
APR 6.99%
Interest Rate Type Variable
Term range 36 – 84 months
Turnaround Time 1 to 7 days
Prosper logo
Finder Rating: 3.42 / 5

★★★★★

Check my rate
at Prosper's secure site

Best for peer-funded loans: Prosper

640
Min. Credit Score
6.95%
Starting APR
$40,000
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.
Pros
  • Accepts DTI rates up to 50%
  • Fair credit OK
  • Check your rate with soft credit check
Cons
  • Origination fee starts at 2.41% to 5%
  • Takes up to five business days
  • You must have at least three open credit accounts to qualify
  • High maximum APR of 35.99%
Loan Amount $2,000 – $40,000
APR 6.95% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 640
Term range 36 – 60 months
Turnaround Time Up to five business days

Best for loans with a fast turnaround: Rocket Loans personal loans

640
Min. Credit Score
7.16%
Starting APR
$45,000
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%.
Pros
  • Receive a free quote
  • Fast access to funds
  • No prepayment fees
  • Friendly customer service
Cons
  • Origination fee of 1% to 6%
  • Semi-strict credit and income requirements
  • Potentially high APR
Loan Amount $2,000 – $45,000
APR 7.16% to 29.99%
Interest Rate Type Fixed
Min. Credit Score 640
Term range 36 – 60 months
Turnaround Time As soon as the same day
Fiona Personal Loans logo
Finder Rating: 4.25 / 5

★★★★★

Check my rate
at Fiona Personal Loans's secure site

Best for comparing rates: Fiona Personal Loans

670
Min. Credit Score
4.99%
Starting APR
$100,000
Loan Amount
While Fiona isn’t a direct lender, it can cut down on the time you spend comparing lenders. By filling out a quick online form, you can get personalized rate quotes from multiple lenders at once — without affecting your credit score. But you’ll need to be over 21 to use this service.
Pros
  • Large network of lenders
  • APR starting at 4.99%
  • Loans up to $100,000
Cons
  • Good to excellent credit required
  • High maximum APR of 35.99%
Loan Amount $1,000 – $100,000
APR 4.99% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 670
Term range 24 – 84 months
Turnaround Time Varies by lender

Best for borrowing with a cosigner: Laurel Road

680
Min. Credit Score
8.01%
Starting APR
$45,000
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.
Pros
  • No origination fee
  • Available in all 50 states
  • Autopay discount
  • More competitive loans for doctors and dentists
Cons
  • High starting rate
  • Maximum amount varies by loan purpose
  • Higher rates for longer terms
Loan Amount $1,000 – $45,000
APR 8.01% to 16.30%
Interest Rate Type Fixed
Min. Credit Score 680
Term range 36 – 60 months
Turnaround Time As little as 2 business days

How we selected these top lenders

When choosing the best personal loans, we considered each lender’s rates, fees, terms, borrowing amounts, funding speed and borrower perks. We also looked at customer reviews on the Better Business Bureau and Trustpilot, as well as running user research with six borrowers to find out what was most important to them.

What’s changed in 2020

In January 2020, we updated our scoring methodology to be more comprehensive — giving you a better idea of how providers stack up. We also switched out a few providers:

  • Best for applying with a cosigner: We swapped out Upgrade for Laurel Road, which is one of a few lenders that accepts cosigners — not coapplicants.
  • Best for good credit: We replaced Laurel Road with Earnest, thanks to its lower starting APR and slightly more forgiving credit requirements.

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 rate on your next personal loan.

Compare the best personal loans

Updated April 3rd, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
SoFi Personal Loans
5.99% to 18.64%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LightStream Personal Loans
Competitive
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Prosper
6.95% to 35.99%
640
$40,000
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
LendingPoint Personal Loans
9.99% to 35.99%
600
$25,000
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
NetCredit Personal Loans
36% to 38% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
LendingClub
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
Even Financial Personal Loans
4.99% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
Discover Personal Loans
6.99%
Varies
$35,000
Apply with this big-name provider for personal loans to consolidate debt, fund your vacation or wedding and more.
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Compare up to 4 providers

Best personal loan rates

LenderAPR
5.99% to 18.64%
Competitive
8.01% to 16.30%
6.24% to 10.24%
3.49% to 35.99%
6.99% to 23.99%
6.99% to 24.99%
6.95% to 35.89%
5.99% to 29.99%
4.99% to 35.99%
7.99% to 35.97%

Personal loans by lender type

How much will my loan cost?

How much your loan costs depends on the rates, terms and how much you borrow. Use this calculator to get an estimate of your monthly repayment and the total cost of your loan by entering the APR, loan amount and term.

Ask these questions to find the best personal loan

Comparing lenders is the best way to get a good deal. Ask yourself these questions if you’re not sure where to start:

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.

Frequently asked questions

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