Best personal loans in January 2020

Find the right fit for your personal needs.

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When searching for the best personal loan, the most important factor is you. With that in mind, we’ve compiled the best offerings across a range of categories to help you narrow down your options. Taking the time to make an educated decision could mean the difference between a decent personal loan and the one that’s best for you.

11 best personal loans

  • 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
  • Upgrade: Best for applying with a cosigner

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 loans with a fast turnaround: We replaced Best Egg with Rocket Loans because Rocket Loans can offer same-day funding in some circumstances.
  • Best for peer-funded loans: We replaced LendingClub with Prosper because it offers a lower origination fee and a stronger reputation.
  • Best for comparing rates: We replaced Even with Fiona because it has a more user-friendly website.

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 career coaching and personalized financial assistance are what really set SoFi apart from other lenders.
Min. Loan Amount $5,000
Max. Loan Amount $100,000
APR 5.99% to 20.01%
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Turnaround Time Varies
Pros
  • Low interest rates
  • No fees
  • Unemployment protection
Cons
  • Requires a higher credit score
  • Slower turnaround
  • Recent action from the FTC

Disclaimer
Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% 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..

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.

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.
Min. Loan Amount $5,000
Max. Loan Amount $100,000
APR Competitive
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Turnaround Time Varies
Pros
  • No origination fee
  • Autopay discount
  • Borrow up to $100,000
  • Terms up to 7 years
  • Fast turnaround
Cons
  • Can't borrow less than $5,000
  • Higher rates for longer terms

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: Laurel Road Personal Loans

680
Min. Credit Score
8.01%
Starting APR
$45,000
Loan Amount
Formerly known as DRB, Laurel Road lender offers no-fee personal loans at competitive rates. While its APRs might start higher than some other lenders, its low maximum rate is what makes it a great deal if you have good credit. Other perks, like its 0.25% discount for using autopay, $300 cash bonus for referring a friend and special terms for doctors, dentists and medical residents.
Min. Loan Amount $1,000
Max. Loan Amount $45,000
APR 8.01% to 16.30%
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 36 months
Maximum Loan Term 60 months
Turnaround Time As little as 2 business days
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

Best for fair credit: Alliant Credit Union Personal Loans

640
Min. Credit Score
6.49%
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.
Min. Loan Amount $1,000
Max. Loan Amount $50,000
APR 6.49% to 10.49%
Interest Rate Type Fixed
Min. Credit Score 640
Maximum Loan Term 60 months
Pros
  • Wide range of loan amounts
  • Low maximum APR
  • No fees
  • Debt protection plan
Cons
  • Must become a member
  • Must call or visit a branch for more loan details
  • Few explicit eligibility requirements
  • Poor customer reviews

Best for bad credit: Monevo Personal Loans

450
Min. Credit Score
3.99%
Starting APR
$100,000
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.
Min. Loan Amount $500
Max. Loan Amount $100,000
APR 3.99%
Interest Rate Type Fixed
Min. Credit Score 450
Minimum Loan Term 3 months
Maximum Loan Term 144 months
Turnaround Time Varies by lender
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

Best for home improvements: GreenSky Direct Home Improvement Loans

640
Min. Credit Score
4.99%
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.
Min. Loan Amount $3,500
Max. Loan Amount $55,000
APR 4.99%
Interest Rate Type Fixed
Min. Credit Score 640
Minimum Loan Term 36 months
Maximum Loan Term 84 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

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.
Min. Loan Amount $2,500
Max. Loan Amount $35,000
APR 6.99%
Interest Rate Type Variable
Minimum Loan Term 36 months
Maximum Loan Term 84 months
Turnaround Time 1 to 7 days
Pros
  • Return period
  • Limited fees
  • Fast turnaround
  • Free access to credit score
Cons
  • High maximum interest rate of 24.99%
  • Steep late fee and no grace period
  • No autopay discount
  • Low maximum loan amount

Best for peer-funded loans: Prosper Personal Loans

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.
Min. Loan Amount $2,000
Max. Loan Amount $40,000
APR 6.95% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 640
Minimum Loan Term 36 months
Maximum Loan Term 60 months
Turnaround Time Up to five business days
Pros
  • Prequalify without affecting your credit
  • Long loan terms available
Cons
  • Slow turnaround
  • Origination fee
  • Low maximum amount

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%.
Min. Loan Amount $2,000
Max. Loan Amount $45,000
APR 7.16% to 29.99%
Interest Rate Type Fixed
Min. Credit Score 640
Minimum Loan Term 36 months
Maximum Loan Term 60 months
Turnaround Time As soon as the same day
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

Best for comparing rates: Fiona Personal Loans

670
Min. Credit Score
3.84%
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.
Min. Loan Amount $1,000
Max. Loan Amount $100,000
APR 3.84% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 670
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Turnaround Time Varies by lender
Pros
  • Most credit types welcome
  • Wide range of loans available
  • Easy to compare personalized offers
  • Doesn’t affect credit score
Cons
  • Must be 21 or older
  • Might receive calls from partner lenders

Best for applying with a cosigner: Upgrade Personal Loans

600
Min. Credit Score
6.98%
Starting APR
$50,000
Loan Amount
Only a handful of personal loan providers allow you to apply with another borrower. Upgrade is one of the only providers in that group that considers both you and your cosigner’s information from the very beginning — in other cases, you have to qualify on your own first. The application is also quick and simple, and doesn’t rely on your credit score as much as other lenders might.
Min. Loan Amount $1,000
Max. Loan Amount $50,000
APR 6.98% to 35.89%
Interest Rate Type Fixed
Min. Credit Score 600
Minimum Loan Term 36 months
Maximum Loan Term 60 months
Turnaround Time Up to 5 business days
Pros
  • Flexible loan options
  • No prepayment penalty
  • Quick turnaround
Cons
  • Inflexible loan terms
  • High origination fee of up to 6%
  • Must have at least $1,000 left over after monthly expenses
  • Stricter eligibility criteria for self-employed applicants

Disclaimer

Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

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 January 29th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
SoFi Personal Loans
5.99% to 20.01%
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 Personal Loans
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
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
Best Egg Personal Loans
5.99% to 29.99%
640 FICO®
$35,000
A prime online lending platform with multiple repayment methods.
Even Financial Personal Loans
3.84% 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.

Compare up to 4 providers

Best personal loan rates

LenderAPR
5.99% to 20.01%
Competitive
8.01% to 16.30%
6.49% to 10.49%
3.99% to 35.99%
4.99% to 23.99%
6.99% to 24.99%
6.95% to 35.89%
5.99% to 29.99%
3.84% to 35.99%
6.98% to 35.89%

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

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 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% 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..

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.

Read more on this topic

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