Best Personal Loan Rates and Companies: Compare Top Lenders

Personal loans can help you with big financial goals such as paying off high-interest credit card debt, funding home improvement projects, or paying for large medical expenses. The best personal loans offer ways to fund big expenses with lower interest rates than many credit cards and other loans.

Scoring a lower rate usually requires good credit, among other factors, but loan options are available even for people with average to poor credit. Finding the right lender can save thousands of dollars in interest and other fees.

We’ve reviewed dozens of personal loan companies and provided details of the best ones for you below.

Let’s get started!

Personal Loans Starting at 4.60% APR (with autopay)* – Compare personal loan rates from multiple lenders with Credible! Get started here.

Summary of Best Personal Loan Rates Today

Here’s a quick overview of the best personal loan rates.

Disclosure: The offers that appear below are from companies from whom Club Thrifty receives compensation. This may affect the order and manner in which they appear. Club Thrifty does not include or review all companies or available offers.

Lender	APRs From	Term	Learn More
	4.60% APR* With Autopay	2-7 Years	Learn More
	5.99% APR* With Autopay	2-7 Years	Learn More
	5.99% APR	2-5 Years	Learn More
	7.95% APR	3-5 Years	Learn More
	8.49% APR	3-5 Years	Learn More
	10.68% APR	3-5 Years	Learn More
	5.95% APR With Autopay	2-7 Years	Learn More
	6.99% APR	3-6 Years	Learn More
	9.95% APR	2-5 Years	Learn More
	7.161% APR With Autopay	3-5 Years	Learn More
	6.99% APR	3-7 Years	Learn More

Best Personal Loan Companies This Month: Our Picks

Here’s our list of the top personal loan companies this month!

1) Credible

Credible is the perfect place to compare loans from multiple lenders all in one spot. At Credible, you’ll find:

• Rates from multiple lenders starting at 4.60% APR* with autopay
• Loan terms ranging from 24-84 months (varies by lender)
• Loan amounts from $1,000 to $100,000 (varies by lender)
• Prequalified rates within 2 minutes
• $200 best rate guarantee

Currently, rates at Credible start at 4.60% APR* with autopay. Loan amounts range from as little as $1,000 all the way up to $100,000, depending on the lender. Terms range from 2 to 7 years, also depending on the lender.

Because they work with so many lenders, it’s easy for them to match you up with great rates. In fact, they’re so confident they’ll find you the best rate that Credible will give you $200 if you find better rates somewhere else! (All bonuses are paid via gift card. Terms apply.) Plus, you can get prequalified rates in minutes…and it doesn’t hurt your credit to check. Get started below!

2) SoFi

SoFi is a leader in the loan space with its no-fee personal loans and stellar student loan refinancing options. With SoFi, you’ll never pay:

• Origination fees
• Prepayment fees
• Late fees

Personal loans through SoFi are available for various amounts from $5,000 to $100,000. Terms range from two to seven years. SoFi offers fixed rates starting at 5.99% APR* (including a 0.25% Autopay discount).

SoFi also offers a way to prequalify for personal loans, which lets you see what kind of rate you qualify for without a hard credit check or making a commitment. It’s simple online application process only takes a few minutes.

SoFi personal loans are considered unsecured loans, which means customers don’t have to provide collateral.

3) Payoff

Payoff works with lending partners to provide personal loans for paying off high-interest credit card debt. Loans range from $5,000 to $35,000 with fixed interest rates starting at 5.99% APR. Loan terms are between two and five years.

Payoff does charge a one-time origination fee between 0% and 5% when the loan is issued. However, they don’t have any:

• Application fees
• Early payment fees
• Extra payment fees
• Check processing fees
• Annual fees
• Late fees

Some of the requirements to qualify for a Payoff personal loan include a credit score of 640 or higher, a debt-to-income ratio (DTI) of 50% or less, and three years of good credit.

Checking your rate through Payoff doesn’t hurt your credit and is done in minutes from through its website.

4) Prosper

Prosper is a peer-to-peer lending marketplace offering some of the best personal loan rates on the market. Loans feature a wide range of interest rates starting at 7.95% APR. Loans are approved based on creditworthiness, as well as requirements such as having a DTI of less than 50% and no bankruptcies in the last 12 months. Prosper offers individual and joint personal loans.

Loan applications through Prosper go through a review process typically completed in five business days. Prosper personal loans have an origination fee of 2.4% to 5% taken from the loan before funds are transferred to customer accounts. There are no prepayment penalties, but Prosper does charge fees for late payments, insufficient funds, and in some cases check processing.

Prosper personal loans last for three to five years. Customers can quickly check rates ahead of time by answering a few questions and entering some personal information.

5) Upgrade

Upgrade offers fixed-rate personal loans. The company boasts affordable monthly payments and no prepayment penalties. Loans are available for amounts ranging from $1,000 to $35,000. Borrowers can quickly check their rates through Upgrade’s website without affecting their credit score.

You can get a loan term of either three or five years with rates starting at 8.49% APR. The origination fee is between 2.9% and 8% and is deducted from the loan total. Approved rates are based on factors such as the borrower’s credit score, credit usage history, and loan terms.

While there’s no charge to pay off loans early, Upgrade does charge late fees of up to $10 on its personal loans.

6) LendingClub

Another popular peer-to-peer lending marketplace is LendingClub. It offers personal loans up to $40,000 — perfect for debt consolidation, credit card debt, and home improvements. The company offers some of the top personal loan rates available, and borrowers can apply for a personal loan in minutes through LendingClub’s website.

Fixed rates for LendingClub loans start at 10.68% APR, depending on how much you want to borrow, how much debt you have already, and your creditworthiness. There are no prepayment penalties, but borrowers will have to pay a one-time origination fee of 2% to 6% of the total loan amount. Borrowers have an option to automate their monthly payment for convenience. You can also check your LendingClub rate ahead of time without affecting your credit score.

7) LightStream

LightStream offers personal loans for every possible need. Loans are available from $5,000 to $100,000 with terms ranging from two to seven years. Fixed interest rates for Lightstream loans can be as low as 5.95% APR when you choose automatic payments.

When approving loans and setting interest rates, LightStream looks at:

• Credit history
• Assets
• Income
• Payment history

Customers fill out loan applications online, and most borrowers receive a swift response. If approved, you can receive loan funds as quickly as the same day you apply. LightStream is so confident in its application process that they back it with a $100 loan experience guarantee.

8) Marcus by Goldman Sachs

Marcus by Goldman Sachs is another top choice for personal loans. It offers loans up to $40,000 with no sign-up, prepayment, or late fees. Marcus has loan terms from three to six years and interest rates start at 6.99% APR.

Marcus personal loans are approved based on creditworthiness. The application process takes roughly five minutes. Loan payment dates are customizable, and borrowers can opt into automatic payments, which earns them a 0.25% APR reduction.

9) Avant

Avant partners with FDIC-backed WebBank to provide personal loans ranging from $2,000 to $35,000. Loan approval is quick, with funds available as soon as the next business day. Other details of Avant personal loans include:

• Loan terms of two to five years
• Rates starting at 9.95% APR
• Administration fees up to 4.75%
• $25 late fees

Most Avant borrowers have a credit score between 600 and 700. You’ll need access to income, banking, and personal information during the application process. Avant’s autopay options provide a convenient way for borrowers to make payments. The Avant mobile app, available on iOS and Android, allows borrowers to view their personal loans and payment history, set up notifications, and make loan payments.

10) Rocket Loans

Rocket Loans is another online lender for personal loans. It offers loans for debt consolidation, home improvements, and a multitude of other uses. You can get personal loans from $2,000 to $45,000. Terms range from three to five years. Rocket Loans interest rates range start at 7.161% APR (autopay discount included). Factors that Rocket Loans look at to determine eligibility and loan rates include:

• Credit score
• DTI
• Monthly income
• Homeownership
• Number of credit inquiries
• Loan term

Fees that the company charges include:

• Origination fee: 1% to 6% of the total loan amount
• Late fee: $15
• Returned-check fee: $15

11) Discover

Aside from its popular rewards credit cards, Discover also offers personal loans for borrowers to consolidate debt, pay for home remodeling, fund weddings and vacations, and more. Loans are available from $2,500 to $35,000.

Discover offers five term options to fit your needs: 3, 4, 5, 6, and 7 years. Personal loans have rates starting at 6.99% APR and have no origination fees. Customers can check their rates online without making a commitment or negatively affecting their credit score.

Applying for a Discover personal loan takes just minutes, and a decision typically occurs within the same day, with funds sent to you or directly to your creditor quickly.

What Can I Use a Personal Loan For?

Taking out a personal loan can be a good way to pay off existing debt, but use caution if you’re thinking of getting a loan to fund optional expenses such as a vacation or new furniture. The last thing a personal loan should do is increase your debt.

So, what is a personal loan good for? You might want to consider a personal loan for:

• Wiping out medical bills
• Consolidating debt
• Covering fertility treatments and adoption costs
• Paying for financial emergencies (though you should have an emergency savings for this)
• Home remodel

Keep in mind that some lenders only offer personal loans for specific purposes. Check lender requirements before applying for a personal loan.

What Credit Score Do I Need to Get a Personal Loan?

There’s no universal credit requirement to qualify for a personal loan. Each lender sets its own requirements. As a general rule, you should have a good credit score to qualify for the lowest possible rates. A good FICO score is one between 670 and 739. There are personal loans available for people with average or poor credit, too.

Some of the factors that lenders consider when approving loan applications include:

• Credit score
• Credit utilization
• Household income
• Debt-to-Income ratio
• Loan amount requested
• Loan terms

Most personal loans also have age and residency restrictions in place. Scoring the lowest rates possible typically requires having an excellent credit score, among other factors.

In the end, only you can decide if a personal loan is right for your situation. For the best value, be sure to compare lenders and their fee structures prior to applying.

*SoFi Disclaimers

*Read rates and terms at Credible.com