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Best personal loans of April 2020
These are the top 11 personal loans you can find right now.
Last updated:
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: Best overall
- LightStream: Best for excellent credit
- Earnest: Best for good credit
- Alliant Credit Union: Best for fair credit
- Monevo: Best for bad credit
- GreenSky: Best for home improvements
- Discover: Best for debt consolidation
- Prosper: Best for peer-funded loans
- Rocket Loans: Best for loans with a fast turnaround
- Fiona: Best for comparing rates
- Laurel Road: Best for applying with a cosigner
Best for doing it all: SoFi Personal Loans
680
Min. Credit Score
Min. Credit Score
5.99%
Starting APR
Starting APR
$100,000
Loan Amount
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.
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.
Best for excellent credit: LightStream Personal Loans
680
Min. Credit Score
Min. Credit Score
5.49%
Starting APR
Starting APR
$100,000
Loan Amount
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.
* 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
Min. Credit Score
5.99 %
Starting APR
Starting APR
$75,000
Loan Amount
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
Min. Credit Score
6.24%
Starting APR
Starting APR
$50,000
Loan Amount
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 |
Best for bad credit: Monevo Personal Loans
450
Min. Credit Score
Min. Credit Score
3.99%
Starting APR
Starting APR
$50,000
Loan Amount
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 |
Best for home improvements: GreenSky Direct Home Improvement Loans
640
Min. Credit Score
Min. Credit Score
6.99%
Starting APR
Starting APR
$55,000
Loan Amount
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.
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
Min. Credit Score
6.99%
Starting APR
Starting APR
$35,000
Loan Amount
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.
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 |
Best for peer-funded loans: Prosper
640
Min. Credit Score
Min. Credit Score
6.95%
Starting APR
Starting APR
$40,000
Loan Amount
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.
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
Min. Credit Score
7.16%
Starting APR
Starting APR
$45,000
Loan Amount
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%.
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 |
Best for comparing rates: Fiona Personal Loans
670
Min. Credit Score
Min. Credit Score
4.99%
Starting APR
Starting APR
$100,000
Loan Amount
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
Min. Credit Score
8.01%
Starting APR
Starting APR
$45,000
Loan Amount
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
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Best personal loan rates
| Lender | APR |
|---|---|
SoFi | 5.99% to 18.64% |
LightStream | Competitive |
Laurel Road | 8.01% to 16.30% |
Alliant Credit Union | 6.24% to 10.24% |
Monevo | 3.49% to 35.99% |
GreenSky | 6.99% to 23.99% |
Discover | 6.99% to 24.99% |
LendingClub | 6.95% to 35.89% |
Best Egg | 5.99% to 29.99% |
Even Financial | 4.99% to 35.99% |
Upgrade | 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
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.
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