The Best Personal Loans
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The Best Personal Loan Companies

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It takes money to make money, as the saying goes. So, what can you do when you are starting from scratch? The best personal loan companies can give you the necessary boost you need.

If you want to consolidate debt, start a small business, put a down payment on a car or a property, personal loans are growing in popularity. I've reviewed the top lenders and listed the best companies below.

The Best Loan Companies: Our Top Picks

With the growth of online lending, there is an abundance of excellent personal loan options available online. Here are some of the top providers:

  • Interest Rates: 4.91-14.49%
  • Loan Amounts: $5,000-100,000
  • Min Credit Score: 700

SoFi Loans Review

  • Pros
  • Transparent business practices
  • $100,000 max loan
  • No origination fee
  • No hidden fees
  • No prepayment fees
  • Cons
  • Strict approval criteria

SoFi is a premier online lender in the online market that offers personal, student and refinancing loans. Their services are focused at, "early stage professionals" and tend to gravitate towards individuals with good credit. However, if you manage to qualify, they offer a host of unique qualities and helpful features including transparent business practices and no hidden fees.

  • Interest Rates: 5.99-35.89%
  • Loan Amounts: $1,000-40,000
  • Min Credit Score: 600

Lending Club Loans Review

  • Pros
  • Highly reputable company
  • User friendly site, easy process
  • Soft inquiry doesn’t hurt your score
  • Fewer fees than banks
  • Fewer fees than other peer-to-peer lenders
  • Cons
  • Loan approvals aren’t as fast as similar services

Lending Club is one of the largest online lending marketplaces. Lending Club is a peer-to-peer lender, which means the facilitate loans between you and third-party lenders. They claim that borrowers can access lower business rates and fast online and mobile tools.

  • Interest Rates: 5.99-35.99%
  • Loan Amounts: $1,000-35,000
  • Min Credit Score: 580 Review

  • Pros
  • User-friendly website
  • Simple application process
  • Excellent credit is not required
  • Borrow up to $35,000
  • Cons
  • Potential for hard credit checks
  • Not available in every state is another online marketplace that matches borrowers with partnering lenders. Their network of lenders has a wide scope, including peer-to-peer lenders, banks and Personal installment loans.

Key Considerations When Looking for Personal Loans

The Best Personal Loans

  • SoFi – 4.91-14.49% interest rates, $5,000-100,000 loan amounts, 700 min credit score
  • Lending Club – 5.99-35.89% interest rates, $1,000-40,000 loan amounts, 600 min credit score
  • – 5.99-35.99% interest rates, $1,000-35,000 loan amounts, 580 min credit score

Before you get started, it is important to go through the three following basic steps when you are thinking about taking out a personal loan:

  1. Make sure it is absolutely necessary
  2. Make sure you have a plan to pay it back
  3. Find a lender that is trustworthy

Personal loans offer generally lower interest rates than credit cards, which have risen to 15.07% on average. Because of this, the source you are borrowing from is incredibly important.

Be sure that you have considered all options before taking out a loan and if you do choose a loan make sure it's the best personal loan available to you. When you've decided that you need a loan (and after you have come up with a realistic plan to pay it back), it's important to make sure you know how to tell the difference between a good deal from a bad one.

The loans that are available to you depend on a variety of factors, but knowing the industry standards for someone in your financial position can help you find the best deal. I considered the following things when reviewing the top companies and you should also keep them in mind when you are shopping for a lender:

Compare Personal Loan Interest Rates

Company Interest RatesLoan AmountsMin Credit Score
SoFi 4.91-14.49%$5,000-100,000700
Lending Club 5.99-35.89%$1,000-40,000600 5.99-35.99%$1,000-35,000580

Part of the reason that personal loans have been growing in popularity is that they have become more attractive than credit cards as a means to fund big expenses. Why?

Personal loans offer generally lower interest rates than credit cards, which have risen to 15.07% on average.

The reason for this is that credit cards are generally marketed and seen a way to make payments easier, not a way to borrow money. You can also use many credit cards without spending any money in interest (as long as you pay the statement balance every month). The end result: people don't pay attention to credit card interest rates, so card companies have hiked them up.

Personal loans, on the other hand, are generally scrutinized for their interest rates. If you are thinking of taking out a personal loan, this should be one of the first things you look at. Consider the current national average for personal loan interest rates. You can see below that they are on a general decline.

When you are looking at interest rates, make sure the companies you are interested in have rates that are competitive with the average.

The Top Reasons to Apply for an Online Personal Loan

There's an appeal to personal loans because they come with a fixed interest rate meaning you'll pay the same amount each month and you only borrow what you need. However, the benefits with personal loans don't stop there, as here are some excellent uses for a personal loan they can help you:

  • Pay off credit cards and, instead, make payments on a lower interest loan.
  • Pay for expensive home improvements.
  • Purchase a vehicle like cars, boats RVs and other items that you don't have enough money to pay for in full.
  • Expensive events like weddings or dream vacations.
  • Unexpected medical bills that would otherwise break the bank.

One of the most common uses for a personal loan is to consolidate credit card debt. By doing this, you can avoid high credit card interest rates that accrue more and more debt. Plus, personal loans have shorter terms than if you would just pay the minimum payment on a credit card.

By consolidating and sticking to payments you can pay off your debts in a few years rather than 30 or more. Also, if you use a personal loan to pay off your credit card debt and then you faithfully pay off your personal loan you can start to build up good credit.

The drawback is, of course, if you use a personal loan to consolidate your credit cards and then continue to use those cards. In that case, you would have both new credit card debt and a personal loan to pay off. Plus, if you fail to make personal loan payments, you can incur late fees and penalties.

Using the best loan companies to consolidate credit cards is also best for people who have been making credit card payments but you'd like to cut down on interest. If you've been struggling with your payments, you may have done some damage to your credit score.

Unsecured Loans Can Improve Your Credit

Credit scores can be confusing and many people probably aren't clear on how their scores are determined. The main component in your credit score is your credit utilization ratio. In simplest terms, it measures how reliant you are on your available credit. As an illustration, say you have a credit card with a limit of $1,000 and you charged $600.

This means you used 60% of your available credit, which is high. A good rule for you to abide by is to use no more than 30% of your available credit. When you do this, you'll maintain a good score because you are showing responsible behaviors.

1. Building Credit From Scratch

If you are looking to establish credit, a personal loan is an excellent option to consider. Unlike credit cards, a personal loan is a closed-end form of credit meaning you'll receive a flat amount that you will pay back in monthly payments.

What's nice about this is it's a great way to build responsible financial behaviors by borrowing the minimum amount you need and then making punctual payments. By doing this over time, you build a satisfactory history on your credit reports thus establishing a good score.

2. Rebuilding Your Credit

To help you rebuild your score, consider doing a secured personal loan. How this works is you put down an amount that becomes your collateral and your credit limit.

Once the bank or credit union approves the loan, that amount is what you can borrow and pay back in monthly increments. This helps you in that as you make timely payments it shows prospective lenders that you have recovered from the past and are a responsible borrower now.

Now if you have overcharged a card, a personal loan can help you with this. An installment loan is a closed-end form of credit meaning you cannot continually borrow from it like you would a credit card. The amount you borrow on a loan doesn't count in your ratio.

This means if you have charged more than 30% of your available credit on a card, rolling that balance over to a personal loan can boost your credit score because it lowers your credit utilization ratio.

3. Building Diversity in Your Credit Portfolio

Lenders want to see you balance a healthy mix of revolving and installment accounts such as credit cards and personal loans. This means that to build a great credit score you should opt to have a low-interest credit card and a personal loan.

By having both and making payments on time, you show lenders you are a responsible borrower. In turn, this helps you build your credit score because you exhibit sound financial behaviors and you rely on multiple types of credit accounts to achieve this.

How to Get the Best Personal Loan Rates

Assuming you have good credit, it's up to you to lock in the lowest personal loan rates. Credit unions typically offer lower rates than traditional, for-profit banks. If you currently bank with a credit union, check with them first as they might also offer long-term customers lower rates. Other ways to find the lowest personal loan rates include:

  • Shop around. Traditional banks, credit unions and online lenders, such as SoFi or Lending Club, all offer personal loans to shoppers. While your credit score will take a small hit due to multiple inquiries, it's worth it in order to lock in the lowest rate possible on your personal loan.
  • Put up some form of collateral. If your personal loan is backed by collateral (known as a secured loan), such as your house, your car or your jewelry, you will typically receive a lower interest rate than if you have no collateral to put up. The reason is because if you were to default on the loan, the bank or lending institution can then take possession of your collateral, making it a much less risky deal.
  • Take a look at your credit report. Before applying for a personal loan, look at your credit report to make sure there are no errors. If you do come across an error, dispute it and get it resolved before applying for the loan. Again, the better your credit score, the lower your rate and the better your chances are of qualifying for the loan.

You can also consider using collateral or a co-signer to get better rates. No matter what your credit history, make sure you aren't paying exorbitant interest by checking the average rates someone like you should be able to get.

Personal Loan Calculator

There is a wide variety of financial tools available that can help you make financial decisions such as determining if you can afford a personal loan. Here is a look at how to use these calculators effectively.

Before applying for a personal loan, it's imperative that you study your budget to ensure it's viable. You can use a personal loan calculator to assist you in this because it can give you a ballpark amount of what your monthly payment will be.

With this, you enter in the estimated amounts of how much you want to borrow, the interest rate you'll think you'll receive and the term, which is how long you want to repay the loan. Using this information, the calculator will determine a monthly payment.

Unsecured Personal Loans vs. Secured Loans

The best installments are most often unsecured loans. Meaning, you offer no collateral. Though, you may be able to find some secured personal loans. Unsecured loans aren't as risky for the borrower in that you won't lose your property if you can't make a payment. However, unsecured loans typically carry higher interest rates because they are bigger risks for investors. They are the best option if you have a strong credit report, like a 680 and above.

However, if you have a credit score that is on the average to low-end of the spectrum, a secured loan option might be a viable way to get a loan without paying too much interest.

Fees to Avoid When Shopping for Online Personal Loans

Fees are a common part of many types of loans, and a few affordable fees shouldn't be too alarming. However, some of the best lenders are working on ways to cut out some of the fees that have become commonplace in the industry. Here are some fees to avoid, if possible:

  • Origination fees. Fees for opening a loan or an account with a lender, are typical and they tend to add some serious expense to what you pay for your loan. However, there are many lenders that offer loans without costly origination fees.
  • Prepayment fees. Some lenders charge large fees even for paying off your loan early, which is called an early repayment (or prepayment fee). When you pay a loan early you end up cutting out any interest you would have accrued throughout the rest of that loan from your total payment.
  • Late fees. Late fees and fees for missing payments are probably the most common. However, you should look at a lender's policy to see when these are incurred. Some lenders offer grace periods after a due date when you won't immediately incur fees. Also, look at their policy for missing payments or losing your job. Many lenders have programs designed to help people who become unable to make payments as long as you notify them before defaulting.

There are enough companies that have fair and affordable fee policies that you shouldn't take heavy fees as a given.

Variable vs. Fixed Interest

Most personal loans come with fixed interest rates. That means there is one interest rate that stays the same throughout the life of your loan. This is generally preferable to a variable interest which can fluctuate as your term goes on. With a fixed rate, you can plan your repayment more accurately.

Variable rates may start off lower but they often grow to a much larger rate before your loan is repaid. If interest is variable, ask how high and low it can possibly go.

Credit Union Option

Credit Unions are an excellent option if you can qualify, and they have a unique set of pros and cons. They tend to have excellent service aimed at providing an affordable financial option (rather being than focused drawing the most profit out of customers). Credit unions, particularly, can offer lower interest rates because they are typically a not-for-profit service. Accounts with a credit union will, also, tend to have fewer fees attached to their loans.

However, not everyone is eligible to become a member of a credit union and get a loan. Most people can usually become a member but it depends on your local credit union's specific policies.

Tips & Advice

Before you make your final personal loan decision, be sure to explore our advice guides to learn more about personal loans. Get answers to a variety of questions and take a look at different options before you choose a personal lender. Here are a few examples:

  • What are the advantages and disadvantages of a personal loan? There are plenty of good loan options out there but there are also some bad ones. Knowing the pitfalls of borrowing can help you avoid bad loans while shopping.
  • Are personal loans a good way to pay off credit cards? Credit card debt is a significant problem for many people, but is a personal loan a good way to eliminate it?
  • What is APR and how should it affect which lender you choose? Annual Percentage Rates are an important determining factor when choosing a loan. You'll want to get the lowest possible APR, but there are a variety of factors that go into how a lender will determine your rate. While you're shopping, consider these ways you can find the best possible APR.
  • How should you apply for a loan? Applying for a loan doesn't just determine whether or not you get the loan, it may also determine the rates and perks they offer you. Therefore, it's good to know what you will need to apply and what the ideal loan application should look like in order to give you the best chance at securing the best possible loan.
  • What type of personal loan do you need? Before you look for a personal loan, you should figure out the specific type of loan that is best for you. Secured, unsecured, short term, long term. Each has their advantages and disadvantages and different needs call for different types. Read this guide for more on each type of personal loan.
  • The two basic types of loans are secured and unsecured, but which one is best for you. Secured loans typically come with lower interest rates but require some form of collateral. Unsecured loans are a safer option but you may pay more in interest. Know all the options for both by reading this comparison of secured and unsecured personal loans.

Customer service, legitimacy, and company reputation are three important factors to consider when doing business with any of the companies reviewed in this article. Head over to the American Customer Satisfaction Index for a numerical analysis of customer satisfaction within the personal loans industry.


After all my research, my tips are to check all of your options and explore all your options with personal loans. You should also know the market well enough to be able to spot poor interest rates for someone in your position. Don't rush into any decision that involves your money. Don't let lenders talk you into an unfair deal, because it does happen.

If you do have less than stellar credit, you still have a few options to get lower interest rates. The best thing to do is to build credit before applying for a loan. If you can wait, establish a better credit history to get more affordable rates. Some online lenders have credit building course and information to help you improve before applying.

Other companies lend to people who don't have excellent credit scores. Take a look at our review of the best bad credit loan companies.

If you want to use a loan for a specific purpose like buying a car, there may be other options to explore like best auto loans that are specifically tailored for they type of purchase. For the same reason, if you're looking for a loan for a business, our review of the best business loans may provide more options.

Know the industry, know your options. Explore the personal loan section of Money Saving Pro to get a complete picture of what your ideal loan should look like.

Personal Loans FAQs

Q How do you get a loan with bad credit?


You can get a loan with bad credit if you can provide proof of income. Look for lenders with flexible terms who discloses interest rates and fees. Peer-to-peer online lenders provide loans to borrowers with bad credit but interest rates may be high. Credit unions are nonprofit lenders with low fees and good customer service.

Q How do you get a loan?


Look at lenders like community banks and credit unions for the best rates and terms. Include peer-to-peer lenders such as Prosper and Lending Club in your research. Find out the total cost of the loan, including interest and fees. Apply for the best option. Pay the fee if approved. Some loans include the fee in the loan proceeds.

Q What is credit card consolidation?


For those carrying debt on high interest credit cards, a debt consolidation loan can improve their financial life. A single personal loan from a private lender is used to pay off balances on cards and other debts. This simplifies the debtors financial life, allowing them to budget for one monthly debt payment.

Q What is a debt consolidation loan?


Debt consolidation is a step towards financial health for those carrying high-interest credit card debt and other forms of debt such as medical debt. A new personal loan is taken and used to pay off the older debts. Ideally, the new loan is at a lower interest rate than the credit card debt.

Q Where can I get a personal loan?


Banks used to be the only place to get a personal loan and even they would prefer to focus on credit cards, which tend to yield higher profits. However, a recent surge of online lenders has popped up that offer borrowers some competitive options. And, as a response, banks have also begun to renew their interest in the personal loan industry. Borrowers now have the option to seek loans from banks, online lenders and peer-to-peer platforms.

Q How can I Get a Personal Loan?


The first step in getting a personal loan is to choose a lender that offers you the best rates with as few fees as possible. Banks offer personal loans with competitive rates but they tend to be more selective than alternative lenders and require more paperwork. Before committing to a bank loan, it is advisable to shop around for the best rate. It can often be more cost effective and easier to go with an online lender or a peer-to-peer platform.

When you find a loan that offers fair rates and accepts your credit score, be sure to take a closer look before signing up. Read the fine print and take a look at their specific policies. What fees do they charge? What if you miss a payment? Do they have early repayment penalties? Before applying make sure that you meet their minimum criteria.

Q What is an unsecured loan?


An unsecured loan is money lent to a borrower that doesn't require collateral. Instead, the loan is given based on the creditworthiness, or the likelihood borrowers will repay their debts. Unsecured loans are risky for lenders, so they charge higher interest rates than secured loans. However, the higher your credit rating, the lower your interest rate.

A personal loan is a common example of an unsecured loan. The borrower receives a set amount and pays back the loan on a monthly basis over an agreed period of time at a fixed or variable interest rate.

The most common use for a personal loan is to pay back credit card debt, so that you ultimately pay less in interest over the life of the loan.

Q What is a personal loan?


A personal loan is money borrowed from a bank or an online lender that you can use for a number of different purposes. Different lenders offer loans for different purposes. Some allow loans for specific purposes like credit card consolidation while others allow more open-ended loans.

Q Should I take out a personal loan?


When you need some extra money to consolidate a debt or fund a project, there are several options. The first is the good old fashioned way. Budget your money and save up for whatever purchase you are looking to make. That is always the safest option to choose but it is not always the fastest. However, when time is of the essence it may make sense to consider something like a personal loan.

A personal loan will put money in your pocket without having to put your house or your car up for collateral. If you find a quality lender, a personal loan can be much better than other options like payday loans. However, you still have other options like 0% APR credit cards to consider.

If a personal loan is what you are leaning towards there are a few factors to think about.

  • What does your credit score look like? Personal lenders typically look for scores in the midrange or above.
  • Make sure you are not borrowing from a shady lender. Many lenders are looking to take advantage of you by charging you unreasonable fees or charging high interest.
  • What is the standard interest rate for a person in your financial situation? Don't let a lender tell you what is typical for a borrower like you. Find out on your own, so you can recognize a bad deal.

If all of this is done correctly, a personal loan may be beneficial to you. Just make sure you have an explicit plan to pay it off.

Q What are the pitfalls of a personal loan?


Borrowing money, in any context, is often a complicated enterprise and rarely comes without any pitfalls. Personal loans are definitely a money borrowing method that has rampant drawbacks, especially if you don't know what to watch out for. There are several dangerous elements that make personal loans a financial minefield. However, if you can recognize a poor deal, a personal loan can be a great benefit to you. Here are some red flags to look for when are shopping for a personal loan:

  • Scammers are frequently found in the world of personal loans. Money lending is an area that commonly has untrustworthy characters, make sure you check user reviews and BBB ratings for any lender you consider.
  • Fees and penalties are also something that you need to pay attention to, particularly, penalties for prepayment. A lender may want to charge you interest for the whole length of your term and if you want to pay it off early they will charge you a fee.
  • Watch out for interest that is too high for your income and credit score. Your financial profile will define what kind of interest you get and this can include your credit score and your income. However, some lenders try to charge extra interest for arbitrary reasons like the type of home you own. Be aware of the standard interest rates you should receive.

Q What can I use a personal loan for?


Some personal loans can be used for the full range of loan possibilities like debt consolidations, home improvement projects, student costs, large purchase, etc. Most lenders allow loans to be used for home, family and personal purposes but not educational or business expenses. Some lenders (like Payoff) are for specific purposes like paying off credit card debt.

Q How much can I borrow?


Different lenders offer different maximum loan amounts ranging anywhere between $10,000 and $100,000. Banks typically offer the highest loan amounts but they are very selective in their approval process. The amount you can borrow will also be determined by a number of qualification factors like the purpose of the loan, your credit history and the length of your term. Most lenders also have minimum amounts as well, typically around $1,000 to $5,000.

Q Will my credit score be impacted if I view my rates?


Lenders will sometimes pull a full credit check which can affect your credit score temporarily, especially if you have too many checks all at once. Many lenders initially pull a soft credit check (that doesn't hurt your credit) and only pull full reports when you've chosen a specific loan package.

Q What will my rates be?


Interest rates and APR vary based on a number of factors. Lenders report their range of available interest rates but keep in mind the lowest rates usually assume you have excellent credit, you are taking out a longer term loan and you meet any other criteria they might have. Depending on these factors and more, rates can be anywhere between 4% and 150% (very high rates are for short term loans).

Q Should I choose simple interest or compound interest?


Simple interest means interest paid on the principal borrowed amount. If your interest rate is 5% and you borrow $1,000, you pay 5% interest on that $1,000. Compound interest is interest charge on the total amount owed (including fees and interest that has already been accrued). You will pay more with a compound interest rate.

Q How fast will my loan be funded?


Lenders will deliver funding at different speeds with online lenders general being faster than banks. The quickest lenders offer funding on the same day that you are approved but most take between one and five business days.

Q Should I take out a loan or just pay more than the minimum payment on my credit cards?


If you are able to pay off your credit cards on your own without accruing too much interest, that is a safer route. Using a loan to pay off credit cards is for people who have more than $10,000 in debt and have multiple lines of credit. Make sure your payments and rates under the personal loan are ultimately better than the combined cost of paying off your credit card debt.

Q What's the difference between APR and interest rate?


An interest rate is simply the cost you pay to borrow money until the loan is paid off. Annual Percentage Rates (APR) is your interest for a whole year. Sometimes APRs will include fees and other costs associated with the loan. APRs are generally more accurate representations of what you will pay for your loan.

Q Am I eligible for a personal loan?


Your personal loan eligibility is one of the biggest determining factors when shopping for a loan. Generally you will at least need a fair credit score at 500 or above, but the best rates from the best lenders will require excellent scores in the 720 range. Different lenders may also have qualifications beyond your credit score. In the U.S., you generally need to be a U.S. citizen and at least 18 years old. You may also need to be a resident of the specific lender's states of operation. There may be other determining factors like income, whether or not you've declared bankruptcy in the last few years and recently opened lines of credit. You also generally have to be currently employed.

Q Am I a good candidate for a personal loan?


Even if you qualify for a loan, you may not be a lender's ideal candidate, which may result in higher interest rates. Lenders are looking for a solid investment, which means they are looking for someone with a good credit history that is able to make payments. They will want someone with a steady income, and excellent credit score and no recent bankruptcies or recently opened lines of credit.

Q Will applying for a loan hurt my credit score?


Applying for a loan can hurt your credit score (at least temporarily) for several reasons. When you shop around and apply for several different loans, lenders may be pulling hard credit inquiries, which negatively affect your credit score. Then, when you open a new line of credit, you may also hurt your credit score. Usually, these effects are temporary, especially if you are faithful with your loan payments.

Q How can I make loan payments?


Most lenders today will encourage using online payment methods. Some may even require it. You might find lenders that will offer you discounted interest rates if you set up automated electronic payments. Traditional lenders like banks will sometimes have mail-in payment options but most online lenders are moving away from that payment method.

Q Do I need a co-signer?


In some cases, lenders will give you better rates if you have a co-signer with a good credit history and, if you have poor credit, you may need one. However, many lenders do not allow a co-signer and prefer to avoid those with poor credit altogether.

Q What if I am late or I miss a payment?


Lenders have different policies when it comes to missed and late payments. Some have grace periods, some charge no fee for late payments but most charge some kind of fee. Check a lender's individual policy for details.

Q What if I can't make a payment?


If your payment is approaching and you don't think you are able to pay, contact your lender before the due date passes. May lenders are willing to work with you if you aren't able to make a payment but you are more likely to avoid penalties if you notify them ahead of time.

Q What if I lose my job?


If you lose your job while repaying a loan, contact the lender immediately. Some lenders have resources and programs available that will help you. Most lenders are willing to work with you so that you are able to make payments rather than burry you in debt you could never pay. However, lenders are more likely to help you if you contact them before accruing late fees.

Q What kind of fees are there?


Lenders can charge origination fees (or an activation fee) that are basically a fee just for opening a line of credit. They may also charge annual fees, late fees or prepayment fees. The trend with online lenders is to limit fees.

Q Why was my loan denied?


Being denied a loan could happen for a number of different reasons. You may not have met some of the lender's qualification criteria. The most common reason a low credit score but you may also be denied for something as simple as a discrepancy in your application. If you are denied a loan, ask the lender why. The information my help you in applying for future loans.

Q How can I apply for a loan?


Online lenders typically have online applications and many companies work to make their application process as simple and easy as possible. Larger lenders and banks may have alternative application methods but online lender will most likely require online applications.

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