Personal Loans
A personal loan is a great financial tool. It can help you consolidate debt, renovate your home, or even pay for college. Ready to explore if it's right for you? We've got everything you need, right here.

Check your personal loan rates
Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.
Our loan provider picks
Personal loans
Best for large loans and flexible repayment terms

LightStream
- Loan amount
- $5k– $100k
- Min credit score
- 695
on Bankrate
-
Pros
- Same-day funding
- No fees
- High maximum loan amount
Cons
- No prequalification available
- Requires good-to-excellent credit
- High minimum loan amount
-
Who it's for
- Borrowers with good-to-excellent credit
- Borrowers looking for larger loans
Why we like it:
LightStream caps its loans at $100,000, making them ideal for multiple purposes. The lender also features long repayment terms of up to seven years — or 12 years, depending on the loan — which can make your monthly bill more manageable.
Lender perks:- Autopay discount of 0.50%
- Mobile app
- Borrowers can choose disbursement date
Fees:None
Time to receive funds:Same day if approved by 2:30 p.m. ET.
Requirements:- Borrowers must have good-to-excellent credit
- Demonstrate ability to repay the loan
- Have an established credit history
Personal loans
Best for borrowers with less-than-perfect credit

Upstart
- Loan amount
- $1k– $50k
- Min credit score
- Not specified
on Bankrate
-
Pros
- Low starting APR
- No minimum credit score requirement
- Wide range of loan amounts
Cons
- High APR rate caps
- High origination fee
- No co-signers allowed
-
Who it's for
- Borrowers with less-than-perfect credit
- Borrowers with limited credit history
Why we like it:
Upstart looks at your whole financial picture — not just your credit score — to approve you for a loan. This makes it easier for those with limited credit history or less-than-stellar credit to access the company’s personal loans.
Lender perks:- No credit history needed to apply
- Prequalification available
- Speedy application process
- Fast funding
- Borrowers can change their due date
Fees:- Up to 10% origination fee
- Late payment fee of 5% of the past due or $15, whichever is greater
- $15 check refund fee
- $10 paper copy fee
Time to receive funds:Next business day after approval.
Requirements:- Not live in Iowa or West Virginia
- Be at least 18 years old
- Have verifiable income
- Be current on all existing accounts
- Meet minimum debt-to-income ratio requirements (45% or 50%, depending on the state)
- Have a U.S. bank account
Personal loans
Best for emergency loans

PenFed
- Loan amount
- $600– $50k
- Min credit score
- 700
on Bankrate
-
Pros
- Low minimum loan amount
- Low starting APR
- No origination fee
Cons
- High credit score required
- Must become a member to apply
- High late fee
-
Who it’s for
- Borrowers with good-to-excellent credit
- Borrowers looking for a small or midsize loan
Why we like it
While most lenders have a minimum loan requirement of $1,000, PenFed allows borrowers to take out loans as small as $600. The credit union also has one of the most competitive APR ranges in the market and doesn’t charge origination fees.Lender perks- Mobile app
- Small loan amounts
- Physical branches available
- Wide range of customer service hours
Fees- $30 returned payment fee
- $29 late payment fee
- Time to receive funds
- 1 to 2 business days after verification.
Requirements- Minimum credit score of 700
- Need to join the credit union to apply
Personal loans basics
Personal loans have a variety of uses and applying for one is fairly easy. What’s more, if properly handled, they could help you boost your credit score. That said, you need to be aware of other factors when applying for one, such as the loan’s interest rate, to ensure you end up with a payment you can afford.
Types of personal loans
Personal loans are unsecured installment loans that come with fixed interest rates and monthly payments. However, there are several types of personal loans. The personal loan that will work best for you depends on a variety of factors, including your credit score, financial health and the purpose of your loan.Editor's Picks
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Featured Authors
Hannah has been editing for Bankrate since late 2022. They aim to provide the most up-to-date information to help people navigate the complexities of loans and make the best financial decisions.
Heidi Rivera is a personal finance writer and reporter for Bankrate. Her areas of expertise include personal loans, student loans and debt consolidation, in addition to data collection and analysis.
Hanneh Bareham has been a personal finance writer with Bankrate since 2020. She started out as a credit cards reporter before transitioning into the role of student loans reporter. She is now a writer on the loans team, further widening her scope across multiple forms of consumer lending.
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about loans products for every part of life.