Best Personal Loans 2026
Our Featured Personal Loan Lenders:
Best for Multiple Loan Types
- APR: 6.25% APR - 36.00% APR¹
- Borrow from $600 to $200,000
- Loan terms: 1 - 7 years
- Rated A+ by the BBB
Best for Good & Excellent Credit
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APR: 7.74%-35.49% APR with all discounts1
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Borrow from $5,000 to $100,000
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Loan Terms: 2 - 7 years
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Potential to save big by consolidating high-rate debt to one fixed payment
Powered by Credible
- APR: 6.49% - 24.89%1
- Borrow from $1,000 - $40,000
- Loan Terms: 2 - 20 years
Powered by Credible
- APR: 8.05% - 35.89%
- Borrow from $1,000 - $40,000
- Loan Terms: 3 - 5 years
Powered by Credible
- APR: 9.95% - 35.99% 1
- Borrow from $2,000 - $35,000
- Loan Terms: 2 - 5 yrs
Best for Limited Credit History
- APR: 7.80% - 35.99%¹
- Borrow from $1,000 - $50,000
- Loan terms: 3 or 5 years
Powered by Credible
- APR: 7.95% - 29.99%1
- Borrow from $5,000 - $40,000
- Loan Terms: 2 - 5 years
Best for Homeowners
- APR: 9.12% - 29.99%¹
- Borrow from $2,000 to $45,000
- Loan Terms: 3 - 5 years
Fast, Fixed Rate HELOC with expert advisors standing by
Pre-qualify in minutes, fast funding
Fixed-rate HELOC custom built for you
No refinance required, borrow up to $300k
Recommended FICO Score of 640+
Best for Multiple Loan Types
- APR: 6.25% APR - 36.00% APR¹
- Borrow from $600 to $200,000
- Loan terms: 1 - 7 years
- Rated A+ by the BBB
A Simple Guide to Personal Loans: What You Should Know
Personal loans are versatile financial tools that can be used for a wide range of purposes—from covering unexpected expenses to financing major purchases. With fixed terms and predictable payments, they provide borrowers with clarity and structure when managing their finances.
Key Features of Personal Loans
1. Fixed Interest Rates
Most personal loans have fixed rates, so your payment amount stays the same each month. This predictability makes it easier to budget with confidence.
2. Flexible Loan Terms
Repayment periods usually range from 12 to 60 months, giving you flexibility to select a loan length that works for your goals and budget.
3. Unsecured Access
Most personal loans don’t require collateral, so you don’t need to risk your house, car, or savings to qualify.
4. Fast Funding
Many lenders provide quick approvals and deposit funds within a few business days, making personal loans useful for time-sensitive needs.
What are the Risks?
Applying for a personal loan is a serious decision, and while the process may be simple, there are still important risks to be aware of. Keeping your eyes open for potential pitfalls can save you money and stress later on. Here are the main things to watch for:
- Origination fees: Some lenders charge upfront fees, often between 0.5% and 1% of the loan amount. Others may not charge at all. Reputable lenders will disclose these fees clearly from the start.
- Interest rates: Rates can vary widely, even between borrowers at the same lender. Always ask to see the total cost of the loan over its lifetime so you know exactly how much you’ll be paying.
- Early repayment penalties: Some lenders charge a fee if you pay off your loan early, since they lose interest income. Check for these clauses before signing.
- Payday loans: Extremely high interest rates make payday loans risky and difficult to escape if payments are missed. Only use them if you’re absolutely certain you can repay on time.
- Privacy concerns: Some providers share your personal details with multiple lenders, leading to marketing calls or emails. Choose providers that give you control over how your information is used.
- Affordability: Never borrow more than you can comfortably repay. Missed payments can damage your credit score and create financial strain.
Personal loans can be highly effective tools when used responsibly. Millions of borrowers rely on them each year—just be sure you understand the terms and potential risks before moving forward.
Secured vs. Unsecured Loans
There are two main types of personal loans you’ll encounter. Understanding the difference will help you choose the right fit for your needs.
Secured Loans
These loans require collateral, such as your car, savings account, or another asset. Because the lender has security, interest rates are usually lower, and borrowers with lower credit scores may find them easier to access. The risk, however, is that if you fail to make payments, you could lose the asset you pledged.
Unsecured Loans
These are the most common type of personal loan and do not require collateral. While they protect your property, they usually carry higher interest rates since the lender assumes more risk. Missing payments can also significantly hurt your credit score.
Typical Repayment Terms
Most personal loans offer repayment terms ranging from one to seven years. The length of your loan, along with your credit score and overall financial profile, will determine the interest rate you’re offered.
- Shorter terms: Often come with higher monthly payments but may cost less overall since you pay less interest.
- Longer terms: Typically mean lower monthly payments, but the total cost can be higher because interest accrues over more time.
Always review the total repayment amount over the life of the loan—not just the monthly payment. Some lenders also offer extra protections, such as unemployment clauses, which may pause or cancel payments if your financial situation changes. Be sure to read all the fine print before signing.
Steps to Applying for a Personal Loan
Getting a personal loan online is straightforward, and the process can often be completed in just a few steps. Here’s what to expect along the way:
- Set your budget: Decide on a monthly payment you can comfortably afford, and avoid offers that push you beyond that limit.
- Check your credit score: Knowing where you stand helps you understand what loan amounts and rates you may qualify for.
- Compare lenders: Research reputable online lenders and marketplaces to see who offers the best fit for your needs.
- Provide basic details: Share your personal information and desired loan amount with the lender or marketplace.
- Review your options: You’ll typically see a selection of offers with different rates, terms, and repayment lengths.
- Choose your loan: Once you pick an offer, the lender will run a hard credit check to finalize your approval.
- Finalize and fund: After approval, sign your agreement and your funds are deposited—often within just a few days.
*Tip: Start by exploring the table of our top partners above, then scroll down to read detailed reviews of each pick. Comparing features, benefits, and offers side by side makes it easy to find the personal loan that fits you best.
Credible Personal Loans Overview:
Credible's platform connects you with multiple lenders, allowing you to compare personalized rates in one convenient place—without sharing your data or impacting your credit score. SoFi's platform is completely free, with no hidden fees, and provides prequalified rates in just two minutes.
Loan Key Features:
- Loan Amounts: $600 to $200,000, depending on lender.
- Interest Rates: 6.25% to 36.00% APR, fixed rates.
- Loan Terms: 12 to 120 months, based on lender policy.
- Fees: Origination fees may apply, no platform fees.
- Best Rate Guarantee: $200 gift card if a better rate is found.
Eligibility Requirements:
- Credit Score: Minimums vary, many lenders accept 580–640.
- Residency: U.S. citizens or permanent residents, 18+.
- Income: Proof of steady income usually required.
Application Process:
- Speed and Ease: Quick online form with prequalification.
- Documents: ID, proof of income, and employment verification.
- Funding Speed: Same-day to a few days, varies by lender.
Repayment Options:
- Monthly Payments: Fixed installments for loan term.
- Flexibility: Autopay discounts and terms vary by lender.
SoFi Personal Loans Overview:
SoFi is a leading digital lender known for transparent, no fee options and strong member benefits. It offers unsecured personal loans with competitive fixed rates, same-day funding², and flexible terms. Trusted by millions of members, SoFi combines financial wellness perks with reliable, fast access to funds.
Loan Key Features:
- Loan Amounts: $5,000 to $100,000, depending on state minimums.
- Interest Rates: 7.74% to 35.49% APR, with all discounts.¹
- Loan Terms: 24 to 84 months (2 to 7 years).
- Fees: No origination fees required, no prepayment penalties, and no late fees.
Eligibility Requirements:
- Credit Score: Typically 680+ for best rates.
- Residency: U.S. citizen or permanent resident, age 18+.
- Income: Proof of stable income and financial history required.
- Prequalification: Soft credit check lets you preview rates.³
Application Process:
- Speed and Ease: Fully digital process with rate check in minutes.
- Documents: ID, proof of income, and employment verification.
- Funding Speed: Funds may be disbursed same day or within a few business days.²
Repayment Options & Benefits:
- Monthly Payments: Fixed installments over the chosen loan term.
- Flexibility: Early payoff allowed with no penalty.
- Member Perks: Access to financial and estate planning, plus member rewards.
LightStream Personal Loans Overview:
LightStream, a division of Truist Bank, is a highly trusted lender known for offering some of the largest loan amounts in the industry with very competitive rates. Its “Lending Uncomplicated” approach provides borrowers with a fast, fully digital, and paperless process. With no fees, a unique Rate Beat Program, and same-day funding available, LightStream stands out as a reliable choice for borrowers with strong credit seeking large, flexible loans.
Loan Key Features:
- Loan Amounts: $5,000 to $100,000.
- Interest Rates: Fixed APRs starting at 6.49% with AutoPay.
- Loan Terms: 24 to 144 months; up to 240 months for select purposes.
- Fees: No origination, late, or prepayment fees.
- Rate Beat: Will beat competitor rates by 0.10%.
Eligibility Requirements:
- Credit Score: Minimum around 660; best offers for 700+.
- Residency: Must be a U.S. citizen or permanent resident, age 18+.
- Income: Requires proof of steady income and strong financial history.
- Prequalification: Not available; requires full application with hard pull.
Application Process:
- Speed and Ease: Fully online with approvals often in minutes.
- Documents: Proof of identity, income, and financial history.
- Funding Speed: Same-day deposits available if completed before cutoff.
Repayment Options:
- Monthly Payments: Fixed installments for the loan term.
- Flexibility: Early payoff allowed with no penalties.
LendingClub Personal Loans Overview:
LendingClub is a well-established digital marketplace lender with millions of members served. It offers flexible personal loans backed by a trusted financial institution, with transparent terms, co-borrower options, and a soft-check prequalification that won’t impact your credit. Borrowers benefit from quick approvals, funding in as little as 24 hours, and flexible repayment features that make it a strong option for many consumers.
Loan Key Features:
- Loan Amounts: $1,000 to $50,000.
- Interest Rates: APR from 7.90% to 35.99%.
- Loan Terms: 24 to 84 months (2 to 7 years).
- Fees: Origination fee of 1% to 8% of loan amount; no application or brokerage fees.
- Funding Speed: Loans funded in as little as 24 hours after approval.
Eligibility Requirements:
- Credit Score: Approvals possible with fair to good credit.
- Residency: Must be a U.S. resident, age 18+, with a Social Security number.
- Co-Borrower Option: Available to help improve approval odds or rates.
Application Process:
- Speed and Ease: Online prequalification with soft credit check; fast digital application.
- Documents: Social Security number, proof of income, and employment details required.
- Funding Speed: Funds often disbursed within 24 hours post-approval.
Repayment Options:
- Monthly Payments: Fixed installments for the full term of the loan.
- Flexibility: No prepayment penalties; option to adjust payment due date.
- Customer Experience: Transparent platform with co-borrower support and direct lender payments.
Avant Personal Loans Overview:
Avant is a fintech lending platform trusted by borrowers with fair to good credit for its fast, fully online application, transparent terms, and streamlined access to funds. With backing from established banking partners and an A+ BBB rating, Avant offers a reliable borrowing experience tailored to help users bridge financial gaps quickly and clearly.
Loan Key Features:
- Loan Amounts: $2,000 to $35,000.
- Interest Rates: Fixed APRs from 9.95% to 35.99%.
- Loan Terms: 24 to 60 months (2 to 5 years).
- Fees: Administration (origination) fee up to 9.99%; no prepayment penalties.
- Funding Speed: Funds typically available next business day after approval.
Eligibility Requirements:
- Minimum Credit Score: Around 550 to qualify.
- Residency: Must be a U.S. resident, age 18+, with a Social Security Number.
- Income: Proof of stable income is required.
Application Process:
- Speed and Ease: Online soft-check prequalification followed by full application.
- Documents: ID, income and employment verification may be requested.
- Funding Speed: Often funded within one business day after approval.
Repayment Options:
- Monthly Payments: Fixed installments over the loan term.
- Flexibility: No penalties for early payoff; no co-signer or joint applications allowed.
Upstart Personal Loans Overview:
Upstart is an AI-driven lending marketplace that partners with banks and credit unions to expand access to personal loans. Unlike traditional lenders, it considers factors beyond credit scores—like education, employment history, and financial background—helping more borrowers, including those with limited credit history, qualify. With fast approvals, transparent terms, and funding often available the next business day, Upstart has become a trusted choice for borrowers seeking fair access to credit.
Loan Key Features:
- Loan Amounts: $1,000 to $75,000, with state-specific minimums.
- Interest Rates: 6.6% to 35.99% APR, fixed rates.
- Loan Terms: 36 or 60 months (3 or 5 years).
- Fees: Origination fees from 0% to 12%+; no prepayment penalties.
Eligibility Requirements:
- Credit Score: No strict minimum; approvals possible with scores as low as 300.
- Residency: U.S. citizens or residents, age 18+, Social Security number required.
- Other Factors: Education, employment, and financial history considered.
- Prequalification: Soft credit check available before formal application.
Application Process:
- Speed and Ease: Fully digital process with instant decision in many cases.
- Documents: ID, income, and employment verification may be required.
- Funding Speed: Next business day funding for approved applications.
Repayment & Customer Experience:
- Monthly Payments: Fixed installments for 3 or 5 years.
- Flexibility: No penalties for early payoff.
- Limitations: No co-signers, joint applications, or direct payoff to creditors.
Happy Money Personal Loans Overview:
Happy Money is a trusted fintech that partners with credit unions to offer streamlined, debt-consolidation loans backed by over a decade of experience. With an A+ BBB rating, soft-check prequalification, transparent terms, and personalized funding sent directly to your creditors.
Loan Key Features:
- Loan Amounts: $5,000 to $40,000.
- Interest Rates: 7.95% to 29.99% APR, fixed rates.
- Loan Terms: 24 to 60 months (2 to 5 years).
- Fees: Origination fee of 0%–5%; no late, application, or prepayment fees.
Eligibility Requirements:
- Credit Score: Typically 640+ required.
- Residency: U.S. citizens or permanent residents, 18+.
- Purpose: Must be used for credit card debt consolidation.
- State Restrictions: Not available in IA, MA, NV (varies by state).
Application Process:
- Speed and Ease: Fully online; soft credit check for rate preview.
- Documents: ID, income and employment information.
- Funding Speed: Typically funded in 3–5 business days; direct payment to creditors speeds consolidation.
Repayment Options:
- Monthly Payments: Fixed installments over term.
- Flexibility: No penalties for early payoff; can change payment date once per year.
- Credit Impact: Payments are reported to bureaus, helping improve credit score for many borrowers.
Rocket Loans Overview:
Rocket Loans provides unsecured personal loans with fixed interest rates. It caters to individuals with fair to excellent credit score seeking quick financing. Loan options are designed for debt consolidation, home improvements, and other personal needs.
Loan Key Features:
- Loan Amounts: $2,000 to $45,000¹
- Interest Rates: 9.12% to 29.99% APR, with a 0.3% autopay discount¹.
- Loan Terms: 36 or 60 months¹
- Fees: Origination fee up to 9%; no prepayment penalties¹.
Eligibility Requirements:
- Credit Score: Applicants are considered based on the lender’s eligibility criteria, including factors such as credit score.
- Income and Employment: Stable income and employment required.
- Residency: U.S. citizenship or permanent residency is mandatory.
Application Process:
- Speed and Ease: Fully online process with prequalification using a soft credit check.
- Documents Required: ID, income proof, and bank account verification.
- Funding Speed: Funds can be disbursed the same day upon approval².
Repayment Options:
- Monthly Payments: Fixed monthly payments over the loan term:
- Flexibility: Autopay discount available; no prepayment penalties:
Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 8.01% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of up to 9.99% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 5-year $16,000 loan with a 14.55% interest rate and a 6.95% ($1,112) origination fee would have 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 for an APR of 17.90%. Borrower must be a U.S. citizen or permanent U.S. resident at least 18 years of age. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate or highest loan amount. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. To qualify for loan amounts from $45,001 to $75,000, you must be a returning Rocket Loans client in good standing or have an existing mortgage relationship in good standing with one of Rocket Loans' sister companies, Rocket Mortgage or Mr. Cooper (Mr. Cooper owned mortgages only). Rates and Terms are subject to change at any time without notice.
All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. This is not a deposit product.
Achieve Home Equity Loans Overview:
Achieve offers home equity loans designed to help homeowners consolidate debt, lower monthly payments, and keep their existing mortgage intact. With fixed-rate options, flexible repayment terms, and a focus on debt relief, Achieve provides borrowers with predictable payments and the opportunity to save thousands annually.
Loan Key Features:
- Loan Amounts: $15,000 to $300,000, depending on eligibility and state availability.
- Interest Rates: Fixed APRs range from 6.240% to 14.000%, based on credit profile and underwriting.
- Loan Terms: 10, 15, 20, or 30 years available.
- Fees: Closing fees from $750 to $6,685 may apply, including up to 3.5% origination and $725 underwriting fee (state dependent). No prepayment penalties.
Eligibility Requirements:
- Credit Score: Minimum 600 for debt consolidation; 640 for longer terms; 700+ for cash-out options.
- Residency: Must be U.S. resident and property owner; loans not available in all states.
- Property: Owner-occupied home required, with combined loan-to-value typically capped at 75%.
- Insurance: Property insurance required; flood insurance if in a flood zone.
Application Process:
- Speed and Ease: Prequalification in minutes; funding averages 15–18 business days including closing and rescission.
- Documents: Proof of income, homeownership, and identification required.
- Funding Speed: Typical funding within 2–3 weeks, depending on loan situation.
Repayment Options & Benefits:
- Monthly Payments: Fixed installments tailored to loan term.
- Debt Relief: Average member savings reported at $10,000 per year by consolidating high-interest debt.
- Flexibility: Early payoff allowed with no penalty, and solutions available if HE loan isn’t the best fit.