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Best personal loans in 2019
Find the best choice for your personal needs starting at 2.99% APR.
When searching for the best personal loan, the most important factor is you. Your situation will determine what you need in a lender. Even if you have great credit, compare your options carefully before settling on a decision. It could make the difference between a decent personal loan and the best one for you.
Our top pick: Credible Personal Loans
- Free loan connection service
- Personalized rates in minutes
- Secure online application
Our top pick: Credible Personal Loans
- Min. Credit Score Required: Good to excellent credit
- Min. Loan Amount: $1,000
- Max. Loan Amount: $100,000
- APR: 5.34% to 35.99%
- Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
The 11 best personal loans in September 2019
| Lender | APR | |
|---|---|---|
SoFi | 5.99% to 17.66% | |
Prosper | 6.95% to 35.99% | |
LendingPoint | 15.49% to 35.99% | |
NetCredit | 34% to 155% (Varies by state) | |
LendingClub | 6.95% to 35.89% | |
Best Egg | 5.99% to 29.99% | |
Even Financial | 3.84% to 35.99% | |
Laurel Road | 8.01% to 16.30% | |
LightStream | Competitive | |
Discover | 6.99% to 24.99% | Read review |
CompareFirst | 2.99% to 36% | Read review |
How did we choose these products?
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.
In September 2019, we added our picks for the best debt consolidation and home improvement loans — two popular uses for personal loans. To learn more about how we rate each factor, read our personal loan ratings methodology.
How top personal loan providers stack up
Need a personal loan but not sure where to start? Take a look at how our top picks for personal loan providers. If you’re interested, you can learn more by reading our full review.
SoFi: Best for excellent credit
- Starting APR: Variable rates start at 5.74% with autopay. Fixed rates start at 5.99% with autopay.
- Loan amounts: $5,000 to $100,000
- Loan terms: 2 years to 7 years
- Eligibility: Ages 18+, US citizen or permanent resident
SoFi may be best known for its student lona refinancing option, but it also offers a wide range of personal loans — and qualified borrowers may be approved for up to $100,000. In addition, you can take advantage of its unique features, like networking events and free financial counseling.
Prosper: Best for transparent terms and fair practices
- Starting APR: 6.95%
- Loan amounts: $2,000 to $40,000
- Loan terms: 3 years to 5 years
- Eligibility requirements: Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
Prosper was one of the first peer-to-peer lenders to pop up in the US and has become a trusted name in the industry. It offers a variety of loan options, including personal loans for debt consolidation, special occasions, home improvement and small business financing.
LendingPoint: Best for fair credit
- Starting APR: 15.49%
- Loan amounts: $2,000 to $25,000
- Loan terms: 2 to 4 years
- Eligibility requirements: Must have a fair credit score of 600 or better and a minimum annual income of $20,000. Must live in a state where LendingPoint services.
LendingPoint personal loans are available even if you have fair credit — though its rates might be higher than options available to good credit borrowers. It offers personal loans deposited on debit cards, which means you can get your money as fast as the same day, rather than the next day. You can also pay off your loan using a debit card, rather than having to wait for bank transfer.
NetCredit: Best for poor credit
- Starting APR: 34%
- Loan amounts: $1,000 to $10,000
- Loan terms: 6 months to 5 years (varies by state)
- Eligibility requirements: Varies depending on your state of residence.
NetCredit might come with high rates and terms, but it can be a good option for borrowers with poor credit. Unlike many other lenders available to poor credit borrowers, it offers the opportunity to rebuild your credit and flexibility with when you repay your loan. It also offers a wide range of educational resources to help you get your credit back on track. Just make sure you live in an eligible state.
LendingClub: Best for fast, peer-funded loans
- Starting APR: 6.95%
- Loan amounts: $1,000 to $40,000
- Loan terms: 3 years to 5 years
- Eligibility requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
LendingClub is an award-winning peer-to-peer lender that connects borrowers with investors. It offers a risk-free quote of the rates you might qualify for so you can easily compare your offer with other lenders. And if you prefer dealing with one lender for all of your borrowing needs, LendingClub also offers car loans and financing for small businesses.
Best Egg: Loans with a fast turnaround
- Starting APR: 5.99%
- Loan amounts: $2,000 to $35,000
- Loan terms: 3 years to 5 years
- Eligibility: Must have a FICO® score of 640+ and be a US citizen or permanent resident. Not available in IA, WV, VT, PR, or GU.
Best Egg may have one of the lowest maximum amounts, but it makes up for it with speed. It’s one of the fastest peer-to-peer lenders out there, with turnaround in as little as one day.
Even Financial: Comparing rates from different lenders
- Starting APR: 3.84%
- Loan amounts: $1,000 to $100,000
- Loan terms: 2 years to 7 years
- Eligibility: Eligibility requirements. 550+ credit score, ages 21+, US citizen or permanent resident
While Even Financial isn’t a direct lender, it can cut down on the time you spend comparing lenders. By filling out a quick, risk-free online form, you can get potential rate quotes from up to five lenders at once. And unlike many of the other lenders on this list, you only need a score of 580 to potentially qualify for a personal loan.
Laurel Road: Doctors and other healthcare professionals
- Starting APR: 8.01%
- Loan amounts: $1,000 to $45,000
- Loan terms: 3 years to 5 years
- Eligibility: Must be a US citizen or permanent resident with a valid I-551 card. Best for people w/ 680+ credit scores and $60,000+ annual income.
Formerly known as DRB, Laurel Road lender offers no-fee personal loans at competitive rates. It also has a few other perks, namely its 0.25% discount for using autopay, $300 cash bonus for referring a friend and special terms for doctors, dentists and medical residents.
LightStream: Best for home improvements
- Starting APR: Competitive
- Loan amounts: $5,000 – $100,000
- Loan terms: 24 to 84 months
- Eligibility: You must have a good or excellent FICO and be an American citizen or a permanent resident of the US.
With a wide range of loan amounts and terms — and competitive rates to boot — this lender offers funding amounts that could fit home improvement projects of nearly all sizes. Use the calculator on its site to get an estimate of what your loan might look like before you apply.
Discover: Best for debt consolidation
- Starting APR: 6.99% to 24.99%
- Loan amounts: $2,500 to $35,000
- Loan terms: 36 to 84 months
- Eligibility: Have a household income of $25,000.
This online lender will disburse the funds directly to your creditors if you sign up for debt consolidation. And if you change your mind within the first 30 days, you can return the loan without paying interest. But its low maximum amount might not make it ideal for debts above $35,000.
CompareFirst: Best for applying with a cosigner
- Starting APR: 2.99%
- Loan amounts: $2,000 to $50,000
- Loan terms: 1 year to 5 years to 5 years
- Eligibility: Must be a US citizen or permanent resident, age 18 or older, with a credit score of 580 or higher, and have a minimum annual income of $35,000.
CompareFirst has a network of lenders that work with borrowers of all credit backgrounds, including those who want to borrower with a cosigner. It’s powered by Backed Inc. a direct lender that specializes in cosigned loans designed to help young adults build up their personal credit. And like other comparison sites, you’ll see your potential rates from several lenders when you complete its online form.
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:
Compare more personal loans
Updated September 18th, 2019
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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
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
SoFi disclaimer
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Personal Loans
Fixed rates from 5.990% APR to 17.665% APR (with AutoPay). Variable rates from 5.74% APR to 14.90% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 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. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.
SoFi unemployment protection
If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
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