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Best Loan


SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state except Mississippi. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.




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Eligibility: Personal loan applicants should have a minimum credit score of 650. However, many successful applicants have a score of 700 or higher. Applicants also must have an annual income of at least $45,000, though the average income of a SoFi borrower is over $100,000.


Loan uses: In general, SoFi personal loans are limited to use for personal, family and household purposes. This means a borrower can use loan funds to cover things like medical costs, credit card consolidation, home improvements and relocation costs. However, SoFi loans cannot be used to fund a new business venture, the purchase of real estate, investments and securities, post-secondary education or short-term bridge financing.


Eligibility: LightStream recommends applicants have good to excellent credit before applying for a personal loan. To increase their chances of approval, applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan.


Marcus by Goldman Sachs is a subsidiary of the investment bank Goldman Sachs and offers personal loans between $3,500 and $40,000. While Marcus may not be the ideal choice for those who need access to a large loan amount, the platform still offers rather flexible loans that are available for three- to six-year terms.


LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. Prospective borrowers in eligible states can apply online and benefit from quick funding.


Eligibility: To qualify for a LendingPoint personal loan, you must have a minimum credit score of 600 and live in one of the 48 eligible U.S. states or Washington D.C. Loans are not available to prospective borrowers in Nevada or West Virginia.


Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services in every state except Iowa, Vermont and West Virginia. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.


Eligibility: Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Furthermore, the lender does not require applicants to meet a minimum income requirement, although borrowers make $95,000 per year on average. Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.


Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.


In general, loans are available from $2,500 to $35,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.


Loan uses: Discover personal loans can be used for financial emergencies, medical bills, adoption and fertility costs, auto repairs and pet emergencies. Unlike some other personal loan providers, Discover loans can also be used to cover small-business expenses. Customers cannot use a Discover loan to pay for post-secondary education, to pay off a secured loan or for illegal activity.


Turnaround time: Upstart provides next-business day funding for borrowers whose loans are accepted before 5 p.m. Eastern time Monday through Friday. Loans that are approved after 5 p.m. are typically funded the following business day, or the day after that. That said, Upstart reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Loans for education-related expenses may take up to an additional three business days after loan acceptance.


Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.


The above personal loan rates and details are accurate as of March 2, 2023. While we update this information regularly, the annual percentage rates (APRs) and loan details may have changed since the page was last updated. Keep in mind, some lenders make specific rates and terms available only for certain loan purposes. Be sure to confirm available APR ranges and loan details, based on your desired loan purpose, with your lender before applying.


We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the 10 best lenders based on the weighting assigned to each category:


A personal loan is a type of lump-sum financing borrowers can get from a traditional bank, credit union or online lender, which they can use for a variety of expenses. Common uses include medical bills, auto repairs, home improvement projects and debt consolidation. Personal loans typically have repayment terms between two and seven years and offer interest rates as low as 3% for high-qualified borrowers.


Our survey found that 41% of respondents borrowed between $1,000 and $4,999, while 22% and 13% borrowed $5,000 to $9,999 and $10,000 to $19,999, respectively. Moreover, 25% of respondents opted for a one-year loan, 23% opted for a two-year loan and 18% opted for a three-year loan.


Here are the average estimated interest rates for personal loans based on VantageScore risk tiers, according to Experian. Please note that interest rates are determined and set by lenders. The rates provided are estimations.


You may have more than one personal loan with one specific lender or multiple loans with different lenders. However, some lenders may set a limit to how many loans you can have open through them, such as two loans. Plus, opening multiple loans can make you appear as a riskier borrower and lower your qualification chances.


As an added bonus for borrowers with low credit scores, LendingClub also offers joint personal loans. The option to add a co-borrower may make it easier for some applicants with poor credit to qualify for a personal loan.


Overview: OneMain Financial has the lowest loan amount cap ($20,000) on our bad credit loans lender list, so this company may be best for those searching for smaller-sized bad credit loans.


*The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.


Bad credit loans generally come with fixed rates and are offered by lenders willing to loan you funds despite your limiting credit rating. These types of loans can help you build credit so you can eventually become eligible for better loan terms and other financial opportunities.


Personal loans for bad credit can be found at a variety of types of institutions. At LendingTree, you can browse through our personal loan marketplace to compare eligibility requirements, interest rates, terms and loan amounts.


Payday loans are considered a more dubious type of loan, with astoundingly high fees and interest rates. These loans are typically less than $500 and are expected to be paid back within two to four weeks. Many people who take out payday loans often have to take out additional loans to pay off the original payday loan, trapping them in a cycle of debt.


Your repayment terms can make a difference in how large or small your monthly payments will be. Generally, lenders offer unsecured personal loan repayment terms between 12 to 60 months, but you can find loans with long-term repayment plans.


The AgBMP Loan Program is a water quality program that provides low-interest loans to farmers, rural landowners, and agriculture supply businesses. The purpose is to encourage agricultural Best Management Practices that prevent or reduce runoff from feedlots, farm fields, and other pollution problems identified by the county in local water plans.


The local banker evaluates the financial aspects of the project. With approval of county and local bank, the project is implemented. Once the project is complete, funds are sent from the Minnesota Department of Agriculture to the local bank and the loan is drawn up between the local bank and borrower.


Use the Loan Assistance Tool to check your eligibility for FSA Loans, discover FSA loan types, learn about FSA Loan requirements, and walk through the easy-to-understand instructions when completing the forms. 041b061a72


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