Personal Loans in the US • Which One is Best?

The best personal loan helps you reach a financial goal, whether it’s paying off high-interest debt or funding a large expense. Annual percentage rates generally range from 6% to 36%; the loan with the lowest rate is the least expensive — and usually the best choice. But other features, including no fees, soft credit checks and whether lenders directly pay creditors if you’re consolidating debt, set some loans apart.

Jump To:

Best Overall LoanBest for Bad CreditBest for Debt ConsolidationBest for Home RepairsBest for Fast FundingBest for Paying Off Credit Card DebtBest for Little Credit HistoryBest for using a co-signerBest for credit union members

Why trust Scott Max?

We spent hours reviewing loans from over 30 personal loan companies to find the best online rates and loan features. We always recommend you know your credit score and compare loans from multiple lenders before making a choice.

When shopping for a personal loan, compare APRs across multiple lenders to make sure you’re getting a competitive rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The personal loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.

A Quick Overview

LENDERAPRLOAN TERMMIN. LOANMAX. LOAN
SoFi6.20% – 15.24% (with autopay)2 to 7 years$5k$100k
Lightstream4.99% – 16.79% (with autopay)2 to 12 years$5k$100k
Avant9.95% – 35.99%2 to 5 years$2k$35k
Marcus by Goldman Sachs6.99% – 28.99%3 to 6 years$3k$40k
Best Egg5.99% – 29.99%3 to 5 years$2k$35k
Upgrade5.99% – 35.89%3 or 5 years$1k$5k
Payoff5.99% – 24.99%2 to 5 years$5k$3k
Upstart6.46% – 35.99%3 and 5 years$1k$5k
LendingClub6.95% – 35.89%3 and 5 years$1k$5k
PenFed6.49% – 17.99%1 to 5 years$5k$25k
TD Bank6.99% – 18.99%1 to 5 years$2k$5k
PNC Bank5.74% – 11.24%6 months to 5 years$1k$35k

Personal loan rates in Detail

  • Best overall personal loan: SoFi
  • Best personal loan for anything: LightStream
  • Best personal loan for people with bad credit: Avant
  • Best personal loan for debt consolidation: Marcus by Goldman Sachs
  • Best personal loan for home repairs: Best Egg
  • Best personal loan for fast funding: Upgrade
  • Best personal loan for paying credit card debt: Payoff
  • Best personal loan for little credit history: Upstart
  • Best personal loan for using a cosigner: LendingClub
  • Best personal loan for credit union members: PenFed
  • Best personal loan for using a convenient bank: TD Bank
  • Best personal loan for in-person visits: PNC Bank

SoFi: Best Overall

Learn More about SoFi

Overview: SoFi, a digital lender, offers products ranging from personal loans to student loan refinancing, private student loans, home loans, investing and various types of insurance. It’s working on becoming an all-encompassing place to save, spend and manage your money.

Perks: SoFi offers a wide range of benefits that go beyond just funding your personal loan. They offer customers an autopay discount and unemployment protection in case you lose your job and can’t afford to repay your loan. They also offer career counseling and a referral bonus if a qualifying friend signs up. Members get personalized financial planning and aren’t charged any fees. Loans, which are fee-free, range from $5,000 to $100,000 and must be repaid in two to seven years. Variable interest rates on personal loans are capped at 14.95 percent, while other lenders may charge as much as 36 percent. Fixed-rate loans range from 5.99 percent APR to 20.01 percent APR.

What to watch out for: You’ll need to have a solid credit score — at least 680 — to take advantage of these perks.

LENDERSoFi
MY RATING4.1 / 5.0
MIN. CREDIT SCORE680
EST. APR6.20% – 15.24% (with autopay)
LOAN AMOUNT$5,000 – $100,000
TERM LENGTHS2 to 7 years
MIN. ANNUAL INCOMENone
FEESNone

Lightstream: A Superb Option

Learn More about Lightstream

Overview: LightStream, a division of Truist, offers loans for practically any occasion and generous repayment terms. They offer auto loans, home improvement loans, loans for a medical emergency, a family need and countless other reasons you might need to borrow money.

Perks: Repayment terms range from two to 12 years, which means you can take longer to pay off your loan and benefit from lower monthly payments. Maximum loan amounts go up to $100,000, which is good if you need to borrow more money. There are no fees, no prepayment penalties and you get a discount on your interest rate when you sign up for autopay.

What to watch out for: You’ll need to prove you have a few years’ worth of credit history with many different account types to qualify. Delinquencies, default and late payments could hurt your eligibility chances.

LENDERLightstream
MY RATING4.0 / 5.0
MIN. CREDIT SCORE660
EST. APR4.99%-16.79% (with autopay)
LOAN AMOUNT$5,000 – $100,000
TERM LENGTHS2 to 12 years
MIN. ANNUAL INCOMENone
FEESNone

Avant: Best for People with Bad Credit

Learn More about Avant

Overview: Avant specializes in lending to people with fair or poor credit. Not everyone has great credit, but that doesn’t mean they shouldn’t be able to have the chance to borrow a loan.

Perks: Good option for those who have a credit score of at least 580, although most customers have a score between 600 and 700. Get your money within a day after getting approved and take advantage of fixed interest rates. Loans start as low as $2,000, which is helpful if you don’t need to borrow a lot of money, but still need access to cash. Terms go as high as five years. This is helpful if you need to have low monthly payments to ensure you make them on time.

What to watch out for: Interest rates start at 9.95 percent APR and can go as high as 35.99 percent APR, which is higher compared to other lenders. Avant also charges a 4.75 percent administration fee and late fees can apply if you don’t make a payment on time.

LENDERAvant
MY RATING4.0 / 5.0
MIN. CREDIT SCORE580
EST. APR9.95% – 35.99%
LOAN AMOUNT$2,000 – $35,000
TERM LENGTHS2 to 5 years
MIN. ANNUAL INCOMENone
FEESAdministration fee, late fee

Marcus by Goldman Sachs: Best for Debt Consolidation

Overview: A debt consolidation loan is a loan that is used to pay off multiple outstanding debts. You’ll borrow money with one loan to pay off many smaller loans or credit cards that were charging much higher interest rates. Then you make one monthly payment to your new loan. Marcus offers debt consolidation loans to simplify your debt, making it easier to pay so you don’t fall behind.

Perks: Interest rates start as low as 6.99 percent and you can borrow upwards of $40,000 to pay off outstanding debt. Marcus doesn’t charge any fees, ever. You also have the chance to change your monthly due date up to three times during the life of the loan based on what works best for your finances.

What to watch out for: You’ll need a credit score of at least 660 to qualify for a Marcus personal loan. No co-signers are allowed.

LENDERMarcus by Goldman Sachs
MY RATING3.7 / 5.0
MIN. CREDIT SCORE660
EST. APR6.99% – 28.99%
LOAN AMOUNT$3,500 – $40,000
TERM LENGTHS3 to 6 years
MIN. ANNUAL INCOMENone
FEESNone

Best Egg

Overview: Best Egg offers personal loans for a variety of purposes, whether it’s debt consolidation, credit card refinancing, family needs and home improvements.

Perks: Best Egg offers loans starting as low as $2,000, and you can borrow as much as $35,000. Interest rates start as low as 5.99 percent for those with the best credit. There are no prepayment penalties for paying off your loan early.

What to watch out for: Origination fees range from 0.99 percent to 5.99 percent, and $15 late payment fees are charged within three days of a missed payment.

LENDERBest Egg
MY RATING3.7 / 5.0
MIN. CREDIT SCORE640
EST. APR5.99% – 29.99%
LOAN AMOUNT$2,000 – $35,000
TERM LENGTHS3 to 5 years
MIN. ANNUAL INCOMENone
FEES0.99 -5.99%

Upgrade

Overview: You can get your funds within a day with an Upgrade loan. Loan amounts range from $1,000 to $50,000. Use your personal loan for anything: debt consolidation, home improvement or covering a major expense.

Perks: Terms from three to six years let you pay off your loan on a schedule that’s best for your budget. Interest rates start at 5.99 percent as long as you have strong credit to qualify for it.

What to watch out for: The 1.5 to 6 percent origination fee. There’s also a $10 failed payment or late fee if you don’t pay within 15 days of your due date.

LENDERUpgrade
MY RATING4.1 / 5.0
MIN. CREDIT SCORE620
EST. APR5.99% – 35.89%
LOAN AMOUNT$1,000 – $50,000
TERM LENGTHS3 or 5 years
MIN. ANNUAL INCOMENone
FEES1- 6% of the loan amount

Payoff

Overview: Payoff loans are specifically geared toward borrowers who want to pay off high-interest credit card debt. If you’re struggling to get out of credit card debt and continue to face mounting interest rates, you can use a Payoff loan to get rid of it, and then make fixed monthly payments to your one Payoff loan.

Perks: You have access to your free FICO score, updated monthly. There’s no penalty for paying off your loan early or making additional payments whenever you want. There are no late payment fees or fees if you have a returned check.

What to watch out for: You’ll need to have a credit score of at least 640 and three years of established credit to qualify. Loans get funded between two and five business days after approval. There’s also an origination fee of 0 to 5 percent.

LENDERPayoff
MY RATING3.6 / 5.0
MIN. CREDIT SCORE640
EST. APR5.99% – 24.99%
LOAN AMOUNT$5,000 – $35,000
TERM LENGTHS2 to 5 years
MIN. ANNUAL INCOMENone
FEESOrigination fee

Upstart

Overiew: While Upstart has minimum credit score requirements, they evaluate more than just your credit score when you apply. The lender looks at your education, your job history and some credit score factors when determining your eligibility.

Perks: You can apply even if you don’t have a long credit history. If you’re relatively new to borrowing money, you might be eligible. There’s no prepayment penalty for paying off your loan early, and you can borrow as little as $1,000.

What to watch our for: Co-signers aren’t allowed and there’s a late fee of 5 percent or $15, whichever is less.

LENDERUpstart
MY RATING3.8 / 5.0
MIN. CREDIT SCORE620
EST. APR6.46% – 35.99%
LOAN AMOUNT$1,000 – $50,000
TERM LENGTHS3 and 5 years
MIN. ANNUAL INCOMENone
FEESLate fee of 5% or $15

LendingClub

Overview: If you’re struggling to find a lender who will let you borrow, you might need to enlist the help of a co-signer. Unfortunately, not every lender offers the option to do this. LendingClub lets you apply with a co-signer or a joint application.

Perks: Use a co-signer to qualify for a loan you wouldn’t otherwise have gotten. Or, use a co-signer to qualify for the lowest interest rate available. At LendingClub, rates start at 6.95 percent. There’s a 15-day grace period, in case you can’t pay your loan the day it’s due.

What to watch out for: It takes around four days to receive your funds. There’s also an origination fee ranging from 1 to 6 percent.

LENDER PARTNERLendingClub
MY RATING3.3 / 5.0
MIN. CREDIT SCORE580
EST. APR6.95% – 35.89%
LOAN AMOUNT$1,000 – $40,000
TERM LENGTHS3 and 5 years
MIN. ANNUAL INCOMENone
FEESOrigination fee 1% to 6%

PenFed

Overview: You don’t need to go with a traditional bank or online lender to find the best deals. Credit unions also offer personal loans. Try a credit union near you or apply through PenFed. While PenFed is geared toward military and service members, there are other ways to become a member. But you will need to make a donation to a selection of charities before getting approved.

Perks: APRs start at 6.49 percent, and you can get a loan as low as $500.

What to watch out for: You’ll need to become a member of PenFed before applying for a personal loan. You can’t see if you prequalify before applying, which means you could get denied and still have the hard inquiry go on your credit report.

LENDERPenFed
MIN. CREDIT SCOREMid-600s
EST. APR6.49% – 17.99%
LOAN AMOUNT$500 – $25,000
TERM LENGTHS1 to 5 years
MIN. ANNUAL INCOMENone
FEESNone

TD Bank

Overview: TD Bank has 1,300 locations across the East Coast, and they’re open seven days a week.

Perks: While getting an online loan is usually fast and easy, it’s not always the most convenient option for everyone. If you need to visit a branch to talk to a human about borrowing a personal loan, try TD Bank. You can apply online, over the phone or at your local branch. Their highest APR is 18.99 percent, while other lenders go as high as 35.99 percent. They also offer a 0.25 percent autopay discount if you use your TD Bank personal checking or savings account to make payments.

What to watch out for: Late fee of 5 percent or $10, whichever is less.

LENDERTD Bank
MY RATING4.2 / 5.0
MIN. CREDIT SCORE660
EST. APR6.99% – 18.99%
LOAN AMOUNT$2,000 – $50,000
TERM LENGTHS1 to 5 years
MIN. ANNUAL INCOMENone
FEESNone

PNC Bank

Overview: Sometimes you just need to see someone face to face. PNC Bank has 2,400 locations across 37 states.

Perks: There are no application, origination or prepayment fees. You can apply online, over the phone or in person. Minimum loan amounts start at $1,000 and you can have repayment terms as short as six months. You’re also allowed to apply with a co-applicant, which can help you qualify if you wouldn’t on your own.

What to watch out for: PNC products and features vary by location. When you visit PNC Bank online, you’re required to enter your ZIP code before seeing their offers. That means you might not have the same benefits or products as others that live somewhere else. APRs also vary by location, but you might get one as low as 5.74 percent. The more money you borrow, the lower your APR. There’s no prequalification option, which means you’ll face a hard inquiry when you apply, even if you’re rejected.

LENDERPNC Bank
MY RATING4.1 / 5.0
MIN. CREDIT SCORE680
EST. APR5.74% – 11.24%
LOAN AMOUNT$1,000 – $35,000
TERM LENGTHS6 months to 5 years
MIN. ANNUAL INCOMENone
FEESLate fee of $10 or 40%, whichever is higher
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