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Best Personal Loans of November 2021
Choose from the best loan companies offering personal loans for debt consolidation, small business, home repairs and more.
Advertising Disclosure: Some of the loan offers on this site are from companies who are advertising clients of U.S.News.Advertising considerations may impact where offers appear on the site but do not affect our editorial independence.
A personal loan allows you to borrow money to consolidate high-interest debt, finance a large purchase or cover emergency expenses.If you have strong credit and a steady income, finding the best personal loan for your needs, especially if you can secure a low interest rate, could save you thousands.Here’s what you need to know about choosing a personal lender and getting approved.
Best Personal Loan Companies of 2021
|5.24% to 19.88% APR|
|$100,000 Max.Loan Amount|
|Not disclosed Min.
Credit Score|
SoFi
4.6
|5.99% to 17.99% APR|
|$50,000 Max.
Loan Amount|
|650 Min.Credit Score|
PenFed Credit Union
4.6
|6.99% to 19.99% APR|
|$40,000 Max.Loan Amount|
|670 Min.Credit Score|
Marcus by Goldman Sachs
4.3
|2.49% to 19.99% APR|
|$100,000 Max.Loan Amount|
|670 Min.Credit Score|
LightStream
4.3
|5.99% to 24.99% APR|
|$40,000 Max.Loan Amount|
|600 Min.
Credit Score|
Payoff
4.3
|6.76% to 35.99% APR|
|$50,000 Max.Loan Amount|
|650 Min.Credit Score|
Upstart
4.3
|5.99% to 35.99% APR|
|$50,000 Max.Loan Amount|
|640 Min.Credit Score|
Best Egg
4.2
|As low as 2.49% APR|
|$250,000 Max.Loan Amount|
|Not disclosed Min.Credit Score|
Earnest
4.2
|6.99% to 21.99% APR|
|$50,000 Max.
Loan Amount|
|Not disclosed Min.Credit Score|
TD Bank
4.2
|5.99% to 18.49% APR|
|$50,000 Max.Loan Amount|
|660 Min.
Credit Score|
U.S.Bank
4.2
|Lender|
|Learn More|
|5.24% to 19.88% APR|
|$100,000 Max.Loan Amount|
|Not disclosed Min.Credit Score|
|Lender|
|Learn More|
|5.99% to 17.99% APR|
|$50,000 Max.
Loan Amount|
|650 Min.Credit Score|
|Lender|
|Learn More|
|6.99% to 19.99% APR|
|$40,000 Max.Loan Amount|
|670 Min.Credit Score|
|Lender|
|Learn More|
|2.49% to 19.99% APR|
|$100,000 Max.
Loan Amount|
|670 Min.Credit Score|
|Lender|
|Learn More|
|5.99% to 24.99% APR|
|$40,000 Max.Loan Amount|
|600 Min.Credit Score|
|Lender|
|Learn More|
|6.76% to 35.99% APR|
|$50,000 Max.Loan Amount|
|650 Min.Credit Score|
|Lender|
|Learn More|
|5.99% to 35.99% APR|
|$50,000 Max.Loan Amount|
|640 Min.Credit Score|
|Lender|
|Learn More|
|As low as 2.49% APR|
|$250,000 Max.
Loan Amount|
|Not disclosed Min.Credit Score|
|Lender|
|Learn More|
|6.99% to 21.99% APR|
|$50,000 Max.
Loan Amount|
|Not disclosed Min.Credit Score|
|Lender|
|Learn More|
|5.99% to 18.49% APR|
|$50,000 Max.
Loan Amount|
|660 Min.Credit Score|
|5.24% to 19.88%||$100,000||Not disclosed|
|5.99% to 17.99%||$50,000||650|
|6.99% to 19.99%||$40,000||670|
|2.49% to 19.99%||$100,000||670|
|5.99% to 24.99%||$40,000||600|
|6.76% to 35.99%||$50,000||650|
|5.99% to 35.99%||$50,000||640|
|As low as 2.49%||$250,000||Not disclosed|
|6.99% to 21.99%||$50,000||Not disclosed|
|5.99% to 18.49%||$50,000||660|
Lender
Learn More
APR
Max.Loan Amount
Min.Credit Score
Best for loans of up to $100,000 with no fees
Before You Apply
– Minimum FICO credit score: undisclosed
– Loan amounts: $5,000 to $100,000
– Repayment terms: up to 84 months
– Better Business Bureau rating: A+
Best Features
The lender does not charge origination, prepayment or late fees.
Loans of up to $100,000 are available.
Co-borrowers are accepted.
Borrowers become members and get special benefits.
[See full profile]
Best for low minimum loan amounts
Before You Apply
– Minimum FICO credit score: 650
– Loan amounts: $600 to $50,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Terms extend up to 60 months.
There are no origination fees.
Borrowers can get as early as next day access to funds upon approval.
[See full profile]
Best for no origination fee
Before You Apply
– Minimum FICO credit score: 670
– Loan amounts: $3,500 to $40,000
– Repayment terms: up to 72 months
– Better Business Bureau rating: A+
Best Features
Marcus does not charge any fees on its personal loans.
Borrowers can adjust their payment due date.
[See full profile]
Before You Apply
– Minimum FICO credit score: 670
– Loan amounts: $5,000 to $100,000
– Repayment terms: up to 144 months
– Better Business Bureau rating: A+
Best Features
More than 30 different loan uses are available.
Loans of up to $100,000 are available.
LightStream has no origination, prepayment or late fees.
[See full profile]
Best for debt consolidation
Payoff is not a bank; instead, it works with lending partners that originate the loans.The company, which considers itself a financial wellness firm, is based in California.
In 2017, Payoff launched a sister company called Happy Money, which takes a psychological approach to money matters.
Today, Payoff is a service under the Happy Money umbrella.
Before You Apply
– Minimum FICO credit score: 600
– Loan amounts: $5,000 to $40,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Borrowers don’t face prepayment or late fees.
Borrowers can get preapproved with no hard credit check.
Some borrowers with fair credit may be eligible.
[See full profile]
Best for borrowers with no credit or poor credit
Before You Apply
– Minimum FICO credit score: 650
– Loan amounts: $1,000 to $50,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A
Best Features
Next-day funding: Upstart says 99% of applicants who accept their loans by 5 p.m.Eastern Time Monday through Friday will get their money in one business day.The exception is loans for education expenses, which are subject to a waiting period of three business days, according to federal law.
No credit history required: Upstart offers loans to borrowers with no credit scores, which traditional lenders may not do.
If you have little or poor credit history, your loan will likely be more expensive, however.
No prepayment penalty: You can repay all or part of your loan anytime without being charged a fee.
[See full profile]
Before You Apply
– Minimum FICO credit score: 640
– Loan amounts: $2,000 to $50,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Loan funding typically takes one to three business days.
The minimum loan amount is $2,000 in most states.
Borrowers incur no prepayment penalty.
[See full profile]
Best for large loan amounts
Before You Apply:
Minimum FICO credit score: Not disclosed
Loan amounts: $1,000 to $250,0000
Repayment terms: up to 144 months
BBB rating: A
Best Features
Prospective borrowers can match with loan options within 60 seconds.
Loans available up to $250,000.
Searching loan options on Fiona doesn’t impact your credit score.
[See full profile]
Lender Highlights:
– Minimum FICO credit score: undisclosed
– Loan amounts: $2,000 to $50,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: B+
Best Features
No origination fee.
Personal loans are issued by one of the 10 largest banks in the United States.
[See full profile]
Best for short-term loans
Before You Apply
– Minimum FICO credit score: 660
– Loan amounts: $1,000 to $50,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Pays out loan funds relatively quickly.
Offers a 0.50% rate discount if you use a U.S.Bank personal checking or savings account to make automatic payments.
Does not charge an origination fee.
[See full profile]
What Is the Best Interest Rate on a Personal Loan?
When you shop around for the best personal loan rate, you can save.Compare personal loan offers with national average personal loan trends to know whether you’ve found a competitive interest rate.
You could pay a higher interest rate or a lower one, depending on your credit score.
*Rate as of October.7, 2021
Personal Loan Finder
What Is a Personal Loan?
A personal loan is a lump sum you can borrow from a bank, a credit union or an online lender and repay over a fixed amount of time, unlike a credit card or line of credit.
Personal loans are typically unsecured , which means they are supported by your creditworthiness rather than collateral.
Collateral is an asset, such as a car or house, a lender may use to recoup its losses if you default on a secured loan.
You can get a personal loan from different types of lenders, including traditional brick-and-mortar banks and online lenders .They serve borrowers with varying credit scores, income levels and other requirements.
Pros and Cons of Personal Loans
Pros
– Depending on the lender, borrowers can potentially receive funds for personal loans in as little as one business day.
– Personal loans can help borrowers consolidate high-interest credit card debt and pay it off faster at a lower interest rate.
– Personal loans are delivered as a lump sum.
– Personal loans are typically unsecured, so the borrower doesn’t have to use collateral.
Cons
– Depending on the lender, borrowers may have to pay origination fees, or even prepayment fees.
– A personal loan may have a higher APR than other options, such as a 0% credit card or a home equity loan, depending on creditworthiness and other factors.
– Personal loans may be difficult for consumers with fair credit or below to obtain.
Who Can Get a Personal Loan?
Lenders often set minimum requirements that borrowers must meet.When you apply, the lender will likely look at your credit score, payment history, income and debt-to-income ratio .
If you’re furloughed or unemployed , the lender may ask you for documentation that indicates when you’ll return to work, such as your furlough letter or a job offer.
Age eligibility requirements can vary by lender or by state and territory laws.Generally, consumers must be 18 to apply, but some states may require borrowers to be 19 or 21.
If you’re applying for a secured loan, the lender will also consider your collateral.
Should You Get a Personal Loan?
There are smart ways to use personal loans, although these loans won’t work for everyone.
A personal loan might make sense if:
– You need to refinance a credit card to lower your interest rate.
[Credit card refinancing] is one of the best personal loan options.You could consider a [debt consolidation loan] if you have high-interest credit card debt.If you qualify for a personal loan with a low interest rate, you can pay off your debt faster and spend less on interest.
– You have emergency expenses.Rather than taking out a high-interest payday loan to cover unforeseen bills, you might be able to get a personal loan fairly quickly, since many lenders disburse funds as soon as 24 hours after approval.
– You need to make a large purchase, such as an appliance.
Before taking out a loan, first check whether the retailer or manufacturer offers financing at a better rate.
A personal loan might not be the right choice if:
– You want to update or repair your home.
Personal loans also can be used as [home improvement loans] , but you may find better options.
Consider a [home equity loan] that taps the equity built up in your home.Home equity lines usually have lower rates than personal loans.If you don’t want to use your home as collateral, it may still make sense to use a personal loan if the upgrade adds value to your property.
– You want to take a vacation or make another type of special purchase.For some expenses, saving is better than taking out a personal loan.If you’re struggling to save for an expense such as a [wedding] or vacation, postponing until you can pay in cash is best.
Where to Get a Personal Loan
Personal loans are available from brick-and-mortar banks and credit unions, as well as online lenders.
A bank or credit union could offer personal service, especially if a location is nearby.But online lenders sometimes offer more convenience, especially for consumers who prefer to apply, manage and close personal loans online.
You can prequalify for loan offers by providing some basic information so the lender can run a soft credit check.After you’ve compared loan terms, amounts, fees, interest rates and other factors from multiple online lenders, you can formally apply for a loan, which requires a hard credit check.If you’re approved, you may receive your personal loan quickly from an online lender – in some cases, as soon as the following business day after approval.
Strive to obtain preapprovals from a variety of lenders so you can compare rates, terms and other factors for different types of personal loans.
What Are the Best Personal Loan Companies?
The best personal loan companies offer low interest rates, favorable loan terms and flexible payment options.Because each lender has distinct terms and conditions, you should know what you want in a personal loan before you start comparison shopping.
“Consumers can choose the best personal loan by doing their research, shopping around between multiple lenders, reading the fine print and only selecting a loan that they know they can afford to repay,” says Jared Kaplan, CEO of OppLoans, an online lender for bad credit loans.
An easy place to begin is to check that a lender is licensed in your state.Make sure each lender can offer personal loans where you live.Then, you can compare these other key factors to help you choose the right lender.
Loan Terms
Each lender sets its own terms, such as loan amounts, term lengths and use restrictions.
– Minimum and maximum loan amounts.
Every lender has a minimum and maximum loan amount.If you’re looking for a small personal loan of less than $2,000, you’ll need to find a lender offering loans at that amount.
– Minimum and maximum term lengths.
Lenders also have minimum and maximum term lengths, which vary among lenders.It’s not uncommon for borrowers to have 60 months to pay off their personal loans, but some lenders offer term lengths of up to 144 months.The longer your loan period is, the lower your payments will be, but you might pay more in interest.If you can afford a higher monthly payment, go with the shorter loan period to save on interest.
– Loan use restrictions.
Some lenders have restrictions on how you can use your loan.These vary by lender.Don’t lie about how you’re going to use the money.Lying on your loan application can be deemed loan fraud and result in extra charges.
– Disbursement times.
Lenders also have their own time frames for how quickly you’ll receive your personal loan funds.Some lenders offer funding as soon as the next business day after approval.Usually, funds are distributed within a few business days, and most lenders will disburse them electronically.
Lender Loan Fees and Penalties
One of the most important aspects to compare before choosing the best personal loan is what each lender charges in fees.
Fees can significantly increase the cost of a personal loan.
Lenders commonly charge origination fees to cover the costs of processing your loan, though not always.These fees are typically between 1% and 8% of the loan amount.
Because most lenders enforce late fees, always pay your loan on time.Some lenders waive late fees, including Marcus by Goldman Sachs and SoFi , but you should still expect interest to accrue if you pay late.
If you don’t have enough money in your account, most lenders will charge a minimal fee for returned payments.
Though rare, prepayment penalties may apply when you repay your loan ahead of schedule.
Repayment Options
Choices vary by lender, so make sure your lender has options that work best for you.
Most lenders offer flexible payment options, including autopay, check by mail or online, and even a chance to change your payment date.
Some lenders, such as Upgrade and U.S.Bank , provide an autopay discount, which can reduce your rate if you enroll.
Researching Personal Loan Companies
Before you move forward with a lender, be sure to read personal loan reviews so you know what to expect – or when to avoid a lender.
Kaplan recommends researching lenders on the Better Business Bureau website to check for negative marks or complaints.
You can also research lenders using the Consumer Financial Protection Bureau’s Consumer Complaint Database .
Additional Lender Offers
Some lenders offer loans with additional features that make them a better fit for certain borrowers.
Discover , for example, lets you return personal loan funds within 30 days, with no interest or other charges, if you change your mind after the loan has been finalized.
And SoFi has an unemployment protection program that allows you to temporarily suspend payments and receive personalized help with finding a job if you lose yours through no fault of your own.
Can a Personal Loan Hurt My Credit Score?
In the long run, a personal loan can help improve your credit, especially if you’re using a debt consolidation loan to refinance credit card debt.
The short-term cost may be a few dings to your credit score when you apply for the loan.When you submit a loan application, the lender will check your credit.The lender can check it in two ways: with a soft credit inquiry or a hard credit inquiry .
If you are approved for a personal loan, the new loan can drop the average age of your credit history.Although the length of your credit history accounts for only 15% of your FICO credit score , it is still an important factor for lenders and can affect your chances of getting a loan.Payment history is the most important factor in your credit score at 35%, which means that you must pay your personal loan on time.If you stop making payments on a personal loan, you risk defaulting on the loan and damaging your credit.
“If you’re taking out an unsecured personal loan, you don’t have to risk losing your home or your car, but that doesn’t mean they’re risk-free,” Kaplan says.“Failing to pay the loan back, also known as defaulting, could do some pretty serious damage to your FICO score.That will make it harder and more expensive to borrow money in the future.”
What Is the Best Personal Loan Rate?
Personal loan APR ranges are typically from about 6% to 36%, depending on creditworthiness and other factors.
Generally, the higher your credit score, the better your personal loan interest rate.
Also, the higher your credit score, the greater choice of personal loans you’ll have with favorable terms.Companies want to work with people who have good or excellent credit scores and are more likely to offer personal loans with better terms to these consumers.
“Realistically, you probably need a credit score of 680 to 700 or higher” to qualify for a personal loan, says Joseph A.Carbone Jr., certified financial planner and founder of financial planning firm Focus Planning Group.“If you are in a range of 620 to 680, you might need a co-signer to secure the line.”
But your credit score is not the only factor that determines either approval for a personal loan or where interest rates start.Companies will request information about your job, your minimum annual income, how stable your income is, your savings and more.Your answers can determine your eligibility.
How to Apply for a Personal Loan
Follow these steps to apply for a personal loan:
1.Get preapproved rates.Make sure the lenders you’re requesting rates from will obtain them using a soft credit inquiry.
When you request a rate quote, you’ll provide your personal information, such as your address, income and Social Security number, on the lender’s secure website.You’ll indicate the amount you want to borrow, the reason for borrowing and the repayment term length you prefer.
Once you give these details, you’ll be informed of rates and how to formally apply for a loan.
2.Compare offers.Research different lenders to find the best personal loan interest rate.
3.
Choose your top one or two lenders.Then formally complete your loan application, which will trigger a hard credit inquiry on your credit report.Keep in mind that even with good credit, you won’t be guaranteed approval or a particular interest rate.
Best for digital customer care
Before You Apply
– Minimum FICO credit score: Not disclosed
– Loan amounts: $2,000 to $45,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Same-day loan funding may be available.
No prepayment penalties apply.
An online application process is available.
[See full profile]
Before You Apply
– Minimum FICO credit score: 660
– Loan amounts: $2,500 to $35,000
– Repayment terms: up to 84 months
– Better Business Bureau rating: A+
Best Features
Discover has no closing costs or origination fees.
The lender offers loan terms from 36 to 84 months.
Borrowers get free access to a credit scorecard that includes their FICO credit score.
[See full profile]
Best for loan amounts of up to $50,000
Lender Highlights
– Minimum FICO credit score: 600
– Loan amounts: $1,000 to $50,000
– Repayment terms: up to 84 months
– Better Business Bureau rating: A
Best Features
Loans and lines of credit are available up to $50,000 and $25,000, respectively.
Borrowers can complete the entire loan process online.
[See full profile]
Best for FICO scores between 580 and 669
Before You Apply
– Minimum FICO credit score: 580
– Loan amounts: From $2,000 to $36,500
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Receive loan funds as soon as the next business day after approval.
Qualify for a personal loan with fair credit.
Prequalify with a soft pull that won’t harm credit.
Prepay your loan with no penalties and change your payment due date.
[See full profile]
Best for low fees and discounts
Before You Apply
– Minimum FICO credit score: undisclosed
– Loan amounts: $1,000 to $35,000
– Repayment terms: up to 36 months
– Better Business Bureau rating: A+
Best Features
A range of loan amounts and repayment terms.
No prepayment penalty and no origination or application fee.
Get a 0.25-percentage-point discount if you set up autopay using a PNC checking account.
Applicants can secure a loan with a co-signer.
[See full profile]
Before You Apply
– Minimum FICO credit score: Not disclosed
– Loan amounts: $1,000 to $40,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: not rated
Best Features
Loans of $1,000 or more are available.
Joint applications are accepted.
Borrowers can qualify with fair to excellent credit.
[See full profile]
Best for small loan amounts
Before You Apply
– Minimum FICO credit score: 580
– Loan amounts: $1,500 to $20,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Secured and unsecured options are available.
Co-signers are accepted.
Borrowers can get prequalified with a soft credit check.
OneMain approves loans for borrowers with lower credit scores.
[See full profile]
Best for below-average credit
Before You Apply
– Minimum FICO credit score: 670
– Loan amounts: $7,500 to $50,000
– Repayment terms: up to 144 months
– Better Business Bureau rating: A+
Best Features
Qualify with a fair credit score of 670.
Access personal loans up to $50,000.
Prepay loans without fees.
Receive loan funds in as little as 48 hours.
[See full profile]
Best for flexible loan terms
Before You Apply
– Minimum FICO credit score: 720
– Loan amounts: $5,000 to $50,000
– Repayment terms: up to 72 months
– Better Business Bureau rating: A+
Best Features
The loan application process is completely digital because Axos Bank is online only.
Flexible loan terms are three to six years.
You can borrow between $5,000 and $50,000.
No collateral is required.
[See full profile]
Best for peer-to-peer loans of up to $40,000
Lender Highlights
– Minimum FICO credit score: 640
– Loan amounts: $2,000 to $40,000
– Repayment terms: up to 60 months
– Better Business Bureau rating: A+
Best Features
Prosper offers preapproval with a soft credit check.
Small-dollar loans of $2,000 or more are available.
Joint personal loans are available.
[See full profile]
View More Best Personal Loans
Advertising Disclosure: Some of the loan offers on this site are from companies who are advertising clients of U.S.News.
Advertising considerations may impact where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how we evaluate them.This site does not include all loan companies or all loan offers available in the marketplace..
