Best personal loans in January 2020

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

Best for doing it all: SoFi Personal Loans

Finder Rating: 4.3 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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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

Finder Rating: 4.88 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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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

Finder Rating: 4.27 / 5

★★★★★

Read review

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.

Loan details

• Details
• Pros and cons

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

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Best for fair credit: Alliant Credit Union Personal Loans

Finder Rating: 4.75 / 5

★★★★★

Read review

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.

Loan details

• Details
• Pros and cons

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

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Best for bad credit: Monevo Personal Loans

Finder Rating: 4.4 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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Best for home improvements: GreenSky Direct Home Improvement Loans

Finder Rating: 3.9 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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Best for debt consolidation: Discover Personal Loans

Finder Rating: 4 / 5

★★★★★

Read review

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.

Loan details

• Details
• Pros and cons

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

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Best for peer-funded loans: Prosper Personal Loans

Finder Rating: 3.42 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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

Finder Rating: 3.85 / 5

★★★★★

Read review

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%.

Loan details

• Details
• Pros and cons

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

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Best for comparing rates: Fiona Personal Loans

Finder Rating: 4.25 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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Best for applying with a cosigner: Upgrade Personal Loans

Finder Rating: 3.98 / 5

★★★★★

Read review Check my rate

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.

Loan details

• Details
• Pros and cons

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

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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.

Compare the best personal loans

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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.	Check my rate View details		loading Fetching your data...
LightStream Personal Loans			Competitive	Good to excellent credit	$100,000	Borrow up to $100,000 with low rates and no fees.	Check my rate View details		loading Fetching your data...
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.	Check my rate View details		loading Fetching your data...
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.	Check my rate View details		loading Fetching your data...
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.	Check my rate View details		loading Fetching your data...
LendingClub Personal Loan			6.95% to 35.89%	640	$40,000	A peer-to-peer lender offering fair rates based on your credit score.	Check my rate View details		loading Fetching your data...
Best Egg Personal Loans			5.99% to 29.99%	640 FICO®	$35,000	A prime online lending platform with multiple repayment methods.	Check my rate View details		loading Fetching your data...
Even Financial Personal Loans			3.84% to 35.99%	550	$100,000	Get connected to competitive loan offers instantly from top online consumer lenders.	Check my rate View details		loading Fetching your data...
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.	View details		loading Fetching your data...

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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:

• What feature do I care about the most?

  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.

• How much will it cost me?

  Comparing APR is a good way to get a quick idea of which loan is the least expensive — as long as loans have the same terms. When you’ve narrowed down your choices, use a calculator to find out how much each option might cost you in the short and long term.

• Can I borrow as much as I need?

  Different lenders have different minimum and maximum limits. Rule out any lenders that don’t offer the loan amount you’re looking for. And keep in mind that much you can borrow depends on your income, credit score and other aspects of your personal finances.

• Can I qualify?

  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. Others might have other restrictions. If you’re not sure what the requirements are, reach out to the lender’s customer service team and ask.

• What do customers say?

  Reading customer reviews 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.

Read more about personal loans

Low interest personal loans

Personal loan brokers

Personal loan calculators

Personal loan alternatives

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

• What's the difference between fixed and variable interest rates?

  Fixed interest rates stay the same throughout the entire term of the loan, while variable interest rates may change during the term of the loan. Many lenders cap their variable rate, but you’ll want to make sure you can afford a rate increase before you sign any paperwork.

• What's the maximum amount for a personal loan?

  Maximum loan amounts vary depending on the lender. You can view the comparison table above to compare lenders that may offer the amount you need.

• Am I guaranteed to be approved if I have an excellent credit score?

  No. While your likelihood of approval for a personal loan may be greater with an excellent credit score, there’s no such thing as a guaranteed personal loan. Be sure to consider the lender’s other eligibility requirements, such as income and employment status, before applying.

• How can I improve my credit score?

  There are a number of ways to improve your credit score. Top methods include monitoring your credit report and correcting errors, keeping your credit utilization low and avoiding late payments as much as possible. Read our guide to improving your credit score for more tips — including how to boost your credit score when you’re in the poor or fair credit range.