9 Best Personal Loans: Compare Top Lenders

Editor’s Take

SoFi stands out for offering large personal loans with longer repayment terms than many competitors, making it appealing to borrowers who want more flexibility. These loans can be used for many purposes, from consolidating debt to covering major expenses, giving borrowers versatility in how they manage funds.

However, eligibility requirements are on the stricter side, generally favoring applicants with credit scores of at least fair in FICO standards and stable annual incomes. This makes SoFi less accessible to borrowers with poor or limited credit histories.

SoFi is ideal for borrowers looking for larger loan amounts and longer repayment options, especially those who meet higher eligibility criteria. For qualified applicants, its personal loans provide both flexibility and practical financing solutions.

Consumer Sentiment Index

Customer feedback often highlights SoFi’s fast application process and transparent terms. Many borrowers appreciate the lack of fees and the ability to manage loans through a clean, easy-to-use app.

Some negative reviews focus on strict eligibility requirements and occasional delays in document verification. Borrowers with borderline credit scores report mixed experiences, with some approvals and others denied despite meeting income criteria.

Overall, most users rate SoFi highly for customer service responsiveness and clear communication. The company maintains strong ratings on major review platforms, often scoring above 4 out of 5 stars.

Pros & Cons

Pros:

• No origination fees or prepayment penalties
• Competitive fixed interest rates
• Large loan amounts available (up to $100,000)
• Autopay discount on interest rate
• Extra member benefits like career coaching

Cons:

• Requires good to excellent credit
• Minimum loan amount is higher than some lenders
• Not ideal for borrowers with unstable income
• Funding can take longer if extra verification is needed

Details

To qualify for a SoFi personal loan, you’ll need a minimum credit score of 650, which makes it best suited for borrowers with good credit histories. This requirement may limit accessibility for those still building or repairing their credit.

SoFi allows co-applicants, which can help qualify or secure better terms if one applicant has better credit. This flexibility can be especially helpful for couples or family members applying together.

Another advantage is that SoFi can directly pay third-party creditors, simplifying debt consolidation. This feature ensures your loan is applied as intended and can help streamline the repayment process.

Editor’s Take

Upgrade is an online lender that provides personal loans alongside savings and checking accounts, making it a flexible option for borrowers. It stands out for its accessible requirements, allowing applicants with fair credit scores to qualify, and it does not impose income requirements.

One drawback of Upgrade is that, despite advertising competitive rates, some borrowers may receive higher rates that are more expensive than those from other lenders. This can make it less appealing for those who qualify for stronger terms elsewhere.

Overall, Upgrade works best for borrowers with fair to exceptional credit histories or inconsistent income who may struggle to qualify with traditional banks. It provides a way for these individuals to access financing even when their credit or income profile is less than ideal.

Consumer Sentiment Index

Borrowers often report satisfaction with Upgrade’s fast funding and easy application process. Many note that the ability to prequalify without a hard credit check reduces stress when shopping for loans.

Some customers express concerns about the origination fee and the impact it has on the net loan amount received. A few mention that rates for fair credit borrowers can be on the higher side. Overall, feedback points to reliable customer service and clear communication about loan terms.

Pros & Cons

Pros:

• Fast funding, often within 1–4 business days
• Prequalification with no hard credit inquiry
• Fixed interest rates and predictable payments
• No prepayment penalties
• User-friendly mobile app and online account tools

Cons:

• Origination fee of 1.85%–9.99%
• Rates can be high for fair credit borrowers
• No joint loan or co-signer option
• Limited in-person support (online-focused lender)

Loan Details

Upgrade personal loans range from $1,000 to $50,000, with APRs between 7.99% and 35.99% depending on your credit profile. Repayment terms extend from 24 to 84 months, and approved borrowers often receive funding within just a few business days. Origination and late payment fees may apply, though loan proceeds cannot be used for education or illegal purposes.

Applicants are evaluated based on credit, income, and financial history, but Upgrade does allow co-borrowers, which can improve your chances of approval or help secure better loan terms. This flexibility makes it accessible for borrowers who may not qualify on their own.

Another advantage is the absence of prepayment penalties, meaning you can pay off your loan early without added costs. This feature helps borrowers save on interest and provides greater financial flexibility over the life of the loan.

Editor’s Take

LightStream is recognized for its affordability, offering low rates and no fees, which makes it one of the most cost-effective personal loan options. Rates start as low as 6.49%, with an added discount for autopay and a rate-beat program that ensures competitive pricing. For some borrowers, same-day funding is also available, making it ideal for urgent financial needs.

A key drawback is that LightStream does not allow prequalification with a soft credit check. Instead, applicants must go through a hard credit inquiry to view potential rates, which can temporarily impact their credit score. It also requires at least a fair credit score, which may exclude borrowers with weaker histories.

Overall, LightStream is best suited for those with fair to exceptional credit who can secure the lowest advertised rates. It’s especially appealing if you need a large loan with flexible use and want to avoid extra costs or hidden fees.

Pros & Cons

Pros

• No origination, late payment, or prepayment fees
• Competitive interest rates for qualified borrowers
• Rate discount for autopay enrollment
• Same-day funding available in some cases
• Wide range of loan purposes allowed

Cons

• Requires good to excellent credit for approval
• No prequalification with a soft credit check
• Not available to residents of all states
• Minimum loan amount may be higher than some competitors

Details

LightStream offers unsecured personal loans ranging from $5,000 to $100,000, with terms that extend from 24 to 144 months depending on the loan’s purpose. Rates are fixed and influenced by credit, income, and repayment length, providing borrowers with flexibility to meet different financial goals.

To qualify, applicants need a minimum credit score in the mid-600s, proof of reliable income, and a strong credit history. Co-applicants are allowed, but LightStream does not pay third-party creditors directly; funds are deposited into your account for you to handle repayment.

The application process is fully online, and same-day funding may be possible if approval is secured early in the day. With high loan limits and fast disbursement, LightStream is a practical choice for borrowers who meet the credit and income requirements.

Editor’s Take

LendingClub provides personal loans that can be used for various purposes, including debt consolidation. Borrowers can access loans that can be sent directly to creditors, making it easier to manage and pay off high-interest debt. With APRs ranging from the high single digits to the mid-30s, qualifying for the lowest rates can help save significantly on interest.

One drawback is LendingClub’s origination fee, which ranges from 0% to 8% and is deducted from the loan amount. This can reduce the funds you actually receive, so it’s important to factor that in when considering the loan.

Overall, LendingClub works best for borrowers who want to consolidate multiple high-interest balances into one loan. The option for direct creditor payoff provides convenience and helps ensure debt payments are handled efficiently.

Consumer Sentiment Index

Borrowers often report satisfaction with LendingClub’s transparent process and easy-to-use online tools. Many appreciate the clear breakdown of fees and interest before accepting an offer.

Some customers note that while approval is straightforward, the funding process can take a few days compared to faster online lenders. Others mention that the origination fee feels high compared to competitors.

Customer service reviews are mixed. You can reach support by phone or email, but response times may vary. Overall, feedback trends are positive for borrowers with good credit who qualify for lower rates.

Pros & Cons

Pros:

• Fixed interest rates for predictable payments
• Loan amounts from $1,000 to $60,000
• No prepayment penalties
• Fully online application and account management
• Accepts a wider credit range than some lenders

Cons:

• Origination fee deducted from loan amount
• Limited term options (3 or 5 years only)
• Rates can be high for fair or poor credit
• Funding may take several days
• No co-signer option

Loan Details

LendingClub offers personal loans from $1,000 to $60,000, with repayment terms of 36 or 60 months. The loans feature fixed APRs based on credit and income, giving borrowers predictable monthly payments that make budgeting easier.

Origination fees between 0% and 8% are deducted from the loan balance, but there are no prepayment penalties, so you can pay off your loan early and save on interest. Funding is usually available within a few business days after approval, making it a convenient option for quick access to cash.

While co-signers aren’t permitted, LendingClub does allow co-borrowers. This feature can help applicants qualify more easily by combining incomes or improve eligibility for a lower interest rate, though both borrowers share equal responsibility for repayment.

Editor’s Take

PenFed is a credit union that began with a focus on veterans and military members but now welcomes all borrowers. It stands out for its competitive interest rates, nationwide availability, and flexible membership requirements, making it a strong choice for those seeking affordable credit union loans.

One drawback is that while PenFed’s online products are available across all 50 states, its physical branches are located only in select areas. This may be a limitation for borrowers who prefer in-person banking and loan support.

Overall, PenFed personal loans work best for borrowers who want the low rates of a credit union combined with the convenience of national online access. It’s an appealing option if you’re looking for a balance of affordability and flexibility.

Pros & Cons

Pros:

• No origination fees on any personal loan
• Competitive fixed interest rates starting at 8.99% APR
• Flexible repayment terms from 12 to 60 months
• Nationwide membership available with simple eligibility requirements
• Fast online application and approval process

Cons:

• Highest rates can reach 17.99% APR for lower credit scores
• Membership required before loan funding
• No rate discounts for autopay
• Limited loan term options compared to some online lenders

Loan Details

PenFed offers personal loans from $600 to $50,000 that can be used for debt consolidation, home improvement, medical bills, or other personal expenses. Borrowers can choose repayment terms of 12, 24, 36, 48, or 60 months, and membership is required, which you can obtain by opening a savings account with just a $5 deposit.

While PenFed does not allow co-signers, it does permit co-borrowers. Applying with a co-borrower who has strong credit and income can help you qualify for better rates or higher loan amounts. Fixed monthly payments also make it easier to plan your budget over time.

There are no prepayment penalties, giving you the option to pay off your loan early and save on interest. This flexibility makes PenFed a solid choice for borrowers looking to manage debt efficiently while avoiding extra fees.

Editor’s Take

Happy Money specializes in consolidating high-interest credit card debt into lower-interest personal loans with fixed repayment schedules. Loan amounts range from $5,000 to $40,000, and payments are sent directly to creditors for added convenience. Its relatively low maximum APR makes it a strong option compared to typical credit card rates.

On the downside, Happy Money charges an origination fee of up to 5%. It also limits its services to credit card debt, meaning you can’t use it to consolidate other types of bills.

This lender is best for borrowers focused on managing and paying off credit card balances. With predictable terms and lower rates, it’s a practical choice for those looking to save on interest while simplifying repayment.

Consumer Sentiment Index

Customer feedback often highlights the ease of the online application and responsive support. Many borrowers report that the fixed monthly payments make budgeting simpler. Some users note that rates may still be high if your credit score is on the lower end of the approval range.

Others mention that funds are sent directly to credit card companies rather than to you, which limits flexibility but ensures the loan is used for debt payoff. Borrowers focused on paying down credit card debt generally rate the service positively, while those looking for general loans have mixed opinions.

Pros & Cons

Pros:

• No late fees
• Fixed interest rates
• Direct payment to creditors for debt payoff
• Soft credit check for rate quotes
• Simple online application

Cons:

• Funds cannot be used for all purposes
• Minimum loan amount of $5,000
• Not available in all states
• Higher rates possible for lower credit scores
• No co-signer option

Details

Happy Money requires a minimum credit score of 640, but it does not set a minimum income requirement. However, co-signers and co-borrowers are not permitted, so applicants must qualify on their own. This makes it more suitable for borrowers with stable credit histories with at least a fair credit score, who don’t need additional support to meet requirements.

Customer service testing showed that Happy Money had one of the longer wait times, with calls averaging just over two minutes before connecting to a representative. While the wait could frustrate some borrowers, the representatives were thorough and provided detailed information about loan terms, required documents, and timelines.

Overall, once connected, customer service was found to be helpful and effective. Borrowers can expect clear guidance on preapproval, approval, and funding, even if the initial wait takes slightly longer than with other lenders.

Editor’s Take

U.S. Bank is a traditional lender with branches in 26 states, offering personal loans nationwide. Borrowers enjoy competitive interest rates and flexible loan amounts, which attract those who like traditional banks.

One drawback is that the maximum loan amount of $50,000 is reserved only for existing customers. This limits access for new borrowers who may be seeking larger funding options.

Overall, U.S. Bank loans work best for current customers who live in states where branches are available. It’s an ideal choice if you want the reassurance of in-person banking combined with flexible loan options.

Pros & Cons

Pros:

• No origination fees
• Fast funding for eligible applicants, sometimes within one business day
• Wide loan amount range for existing customers ($1,000–$50,000)
• Multiple term lengths available
• No prepayment penalties

Cons:

• Lower maximum loan amount for new customers ($25,000)
• Rates may be higher for fair credit borrowers
• Limited availability based on state of residence
• Must apply directly through U.S. Bank channels

Loan Details

U.S. Bank personal loans are unsecured, meaning you don’t need collateral, and they can be tailored to suit a variety of financial needs with flexible repayment terms. This makes them a versatile choice for both short- and long-term borrowing.

Rates are fixed and depend on factors such as credit history, loan size, and repayment length. Existing customers may also benefit from relationship pricing, making loans more affordable. Although co-signers aren’t accepted, co-borrowers are allowed.

Editor’s Take

Upstart is an AI-driven lending platform that looks beyond credit scores, considering factors like education and job history. This makes it accessible to borrowers with limited or no credit history, as long as they meet other eligibility requirements. Applicants with scores as low as 300 may qualify, and those without a score may still be approved.

One drawback is the high potential cost; interest rates can reach higher levels than many competitors, and origination fees can be up to 12%. Loan terms are capped at five years, which may feel restrictive for those seeking longer repayment flexibility.

Upstart is best suited for borrowers with limited credit histories who need smaller loan amounts and quick funding. Its streamlined, fully online process also appeals to those who prefer fast applications without branch visits.

Consumer Sentiment Index

Many borrowers appreciate Upstart’s transparent application and quick funding. Reviews often note that the platform clearly shows rates and terms before finalizing a loan, which helps them make informed decisions.

Some consumers report higher-than-expected interest rates after prequalification. Others mention that origination fees can be significant depending on their profile.

Customer service receives mixed feedback. Some users find responses prompt and helpful, while others experience delays in resolving issues. Overall, sentiment trends are positive among borrowers who prioritize speed and convenience over the lowest possible rates.

Pros & Cons

Pros:

• Accepts applicants with fair or limited credit history
• Fast funding, often within 1 business day after approval
• Considers education and work history in approval process
• Clear display of rates and terms before commitment

Cons:

• Interest rates can be high for weaker credit profiles
• Origination fees may apply and reduce loan proceeds
• Maximum loan term is only 5 years
• No joint applications allowed

Details

Upstart provides personal loans with fixed terms from $1,000 to $75,000, making it a straightforward option for borrowers who want predictable payments. Rates are determined by factors such as credit history, income, and job stability, and while some borrowers may face higher APRs, the process is entirely online and quick to complete. Origination fees may apply, which are deducted from the loan amount.

Eligibility is flexible, as applicants need only a low minimum credit score, and those with little or no credit history may still qualify. Upstart also reviews education and employment background, alongside proof of steady income. However, co-signers and co-borrowers are not allowed, so applicants must qualify on their own.

Funding is typically fast, with approved loans often funded within one business day. For education-related loans, a short waiting period applies before funds are released. Borrowers must also meet basic requirements such as being a U.S. citizen or permanent resident and having a valid bank account.

Editor’s Take

LendingPoint is an online lender that specializes in personal loans for borrowers with fair or less-than-perfect credit. By setting more flexible credit score requirements, it opens up loan opportunities to people who may struggle to qualify elsewhere. This makes it a practical choice for those rebuilding credit or seeking manageable repayment terms.

The downside is that LendingPoint charges an origination fee of up to 10%, which can reduce the actual loan amount you receive. Interest rates also vary from 7.99% to 35.99%, meaning borrowers with weaker credit may face higher costs. This makes it important to compare offers before committing.

LendingPoint is best suited for borrowers who fall in the fair credit range and want access to financing despite past credit challenges. It’s also a good option for those who qualify for the lender’s lower advertised rates, offering an affordable way to consolidate debt or cover unexpected expenses.

Consumer Sentiment Index

Borrowers often rate LendingPoint highly for its speed and ease of application. Many appreciate the clear terms and lack of prepayment penalties. Customer service receives positive feedback for being responsive and helpful during the application process.

Some customers find that interest rates can be unexpectedly high, particularly if their credit score is low. A few also mention that approval amounts may be lower than requested. Satisfaction is higher among those who understand borrowing costs before taking a loan and use it for short-term needs instead of long-term financing.

Pros & Cons

Pros:

• Accepts applicants with credit scores as low as 600
• Fast funding, often by the next business day
• No prepayment penalties
• Flexible repayment terms from 24 to 72 months
• 100% online application process

Cons:

• Higher rates for lower-credit borrowers
• Maximum loan amount of about $36,500
• No joint applications or co-signers allowed
• Not available in all states

Details

LendingPoint requires a fair credit score and proof of steady income to qualify, though co-signers are not allowed. Customer service is a highlight, with quick response times and detailed explanations about loan terms, eligibility, and prequalification.

Representatives provide clear information on how interest rates are determined and what fees may apply, helping borrowers to better understand the process. While the lender discloses late fees and reports payments to credit bureaus, origination fees are not always explained upfront during calls, though they are listed on the website.