Best for financial education benefits

LendingClub
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- Min. credit score:
- Not disclosed
- Fixed APR From:
- 8.05% –36.00%
- Loan amount:
- $1,000– $40,000
- Term lengths:
- 2 to 5 years
- Min. annual income:
- Not disclosed
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Hanneh Bareham specializes in everything related to personal and student loans and helping you finance your next endeavor. She aims to help others reach their collegiate and financial goals through making loans easier to understand.
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.
Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Bankrate’s scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience. | The annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | ||
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APR from 9.99- 25.99%* with Autopay | Loan Amount $5k–$100K* Term: 2-7 yr* | Min. Credit Not disclosed | ![]()
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. | Apply on partner site | |
APR from 8.49- 35.97% with AutoPay | Loan Amount $1k–$50K Term: 2-7 yr | Min. Credit Not disclosed | ![]()
Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. | Check rate with Bankrate | |
APR from 8.99- 35.99% | Loan Amount $2k–$50K Term: 3-5 yr | Min. Credit 600 | ![]()
GENERAL AFFILIATE DISCLOSURE UPDATE AS OF 03.2023 *Trustpilot TrustScore as of December 2022. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit sc¬ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – Operations Manager, Email: ccrt-resolution@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-82-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. | Check rate with Bankrate | |
APR from 7.99- 35.99% | Loan Amount $5k–$50K Term: 2-5 yr | Min. Credit 620 | ![]()
All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST. | Check rate with Bankrate | |
APR from 10.50- 29.99% | Loan Amount $5k–$40K Term: 2-5 yr | Min. Credit 640 | ![]()
Overview: Happy Money (formerly Payoff) offers low APRs of 10.50 percent to 29.99 percent, making it an ideal lender for borrowers trying to consolidate credit card debt at a lower interest rate. This lender also offers free monthly FICO updates and reports payments to major credit bureaus in order to help borrowers build credit. This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 23, 2023, are covered under the TruStage™ Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. | Check rate with Bankrate | |
APR from 6.99- 35.99% | Loan Amount $2k–$50K Term: 2-5 yr | Min. Credit 640 | ![]()
APRs presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at Prosper.com. The estimated APR presented does not bind Prosper. The range of APRs available through Prosper is 6.99% to 35.99%. Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper Rating, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. All personal loans made by WebBank, Member FDIC. For example, a two-year $10,000 personal loan would have an interest rate of 11.5% and a 4.00% origination fee for an annual percentage rate (APR) of 15.64% APR. You would receive $9,600 and make 24 scheduled monthly payments of $468.40. A three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A four-year $10,000 personal loan would have an interest rate of 11.50% and a 5.00% origination fee for an annual percentage rate (APR) of 14.27% APR. You would receive $9,500 and make 48 scheduled monthly payments of $260.89. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 1%-5%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. **You may receive your funds one business day after your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction. | Check rate with Bankrate | |
APR from 8.05- 36.00% | Loan Amount $1k–$40K Term: 2-5 yr | Min. Credit Not disclosed | ![]()
Overview: LendingClub allows borrowers to add co-signers to their loans, making this a good fit for those who may not be able to qualify for a loan on their own, or who haven’t had a chance to build up their credit history yet A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 6.34% to 35.89% and is determined at the time of application. Origination fee ranges from 2% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of 3/15/22 and are subject to change without notice. 1. Between July 2021 and September 2021, more than two-thirds of personal loans issued by LendingClub Bank were funded within 48 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. 2. Checking your loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A hard credit inquiry, which is visible to you and others, and which may affect your credit score, only appears on your credit report if and when a loan is issued to you. Your loan APR will depend upon your credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and your credit usage and history. Unless otherwise specified, all loans and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment. Deposit accounts are subject to approval. Only deposit products are FDIC insured. “LendingClub” and the “LC” symbol, and “Radius” and the “R” symbol, are trademarks of LendingClub Bank. © 2022 LendingClub Bank. All rights reserved. | Check rate with Bankrate | |
APR from 9.95- 35.95% | Loan Amount $2k–$35K Term: 1-5 yr | Min. Credit Not disclosed | ![]()
Overview: Avant is a popular lender for borrowers with fair to poor credit. Its minimum credit score requirement is 580 FICO and 550 Vantage, lower than many other lenders. Avant is also a good choice for borrowers who haven’t built up much credit yet. | Check rate with Bankrate |
LENDER | BEST FOR | ESTIMATED APR | LOAN AMOUNTS | TERM LENGTHS |
---|---|---|---|---|
LendingClub | Financial education benefits | 8.05%-36.00% | $1,000-$40,000 | 2-5 years |
Best Egg | Quick funding | 8.99%-35.99% | $2,000-$50,000 | 3-5 years |
Happy Money | Additional member benefits | 10.50%-29.99% | $5,000-$40,000 | 2-5 years |
PenFed | Military members | 7.74%-17.99% | $600-$50,000 | 1-5 years |
LightStream | Flexible use of loan funds | 9.99%-25.99%* (with AutoPay) | $5,000-100,000 | 2-7 years |
TD Bank | Convenience | 6.99%-21.99% | $2,000-$50,000 | 1-5 years |
Earnest | A range of loan amounts | Varies by lender | $1,000-$250,000 | 6 months to 12 years |
SoFi | Extra features | 7.99%-23.43% (with autopay) | $5,000-$100,000 | 2-7 years |
Laurel Road | No fees | 8.99%-24.50% (with autopay) | $5,000-$45,000 | 3-5 years |
PNC Bank | In-person service | Varies by zip code | $1,000-$35,000 | 6 months to 5 years |
Credit scores typically range between 300 and 850, and an excellent is in the 800 to 850 range.
From a lender’s point of view, higher credit scores represent a strong credit history, which gives creditors more confidence that you’ll repay your debts. A good credit score often reflects many years of on-time payments, a good ratio of debts to income and a good mix of credit accounts — like credit cards, car loans and mortgages.
CATEGORY | CREDIT SCORE | PERCENTAGE OF PEOPLE IN THIS CATEGORY | ESTIMATED APR |
---|---|---|---|
Excellent | 800-850 | 21% | 10.30%-12.50% |
Very good | 740-799 | 25% | 10.30%-12.50% |
Good | 670-739 | 21% | 13.50%-15.50% |
Fair | 580-669 | 17% | 17.80%-19.90% |
Very poor | 300-579 | 16% | 28.50%-32.00% |
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Who it's for: Borrowers who need a co-borrower.
Time to receive funds: As soon as two business days.
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Who it's for: Borrowers who need a smaller loan.
Time to receive funds: One to three business days.
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Who it's for: People who want to consolidate credit card debt.
Fees: Up to 5% origination fee.
Time to receive funds: Same day as approval.
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Who its for: Borrowers who want to join a credit union.
Requirements: Must maintain PenFed savings account.
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Fees: None.
Time to receive funds: Same day if approved before 2:30pm EST, Mon-Fri.
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Who its for: Borrowers with excellent credit.
Time to receive funds: As soon as one business day.
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Who it's for: Borrowers who need a larger loan.
Fees: None.
Time to receive funds: In a few days; larger loans may take longer.
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Who it's for: Those who already have a relationship with the bank.
Fees: late fee, amount not specified.
Time to receive funds: Not specified.
Because most personal loans are unsecured, your credit score is the most important part of your application. The better your credit score, the more likely you are to get approved for a personal loan at the lowest interest rate offered.
That also means the lower your credit score, the less likely you are to qualify for a personal loan. And if you do qualify, you won’t get the lowest interest rate available. The best personal loans for excellent credit will give you the lowest interest rate, fewest fees and best repayment term for your budget. If you don’t have excellent credit, there are still personal loans available, but they might not have all these features.
Having a personal loan won’t hurt your credit score, but applying for one will temporarily cause a dip. That’s because applying for a personal loan causes a hard credit check — when you give a lender approval to check your credit score. Hard credit checks tend to cause a small drop, but it’s not for long, and these checks don’t have a huge impact on your overall score. The weight of hard credit checks also goes down with time.
If you keep up on-time payments every month and pay off your loan, your credit score could see a jump. The opposite is also true: Missing payments will lower your credit score over time.
Personal loan costs vary by lender. For excellent credit, there are some lenders that don’t charge any fees. You’re only responsible for paying back the principal (or the amount you borrowed) plus interest. The lower your interest charges, the less you’ll pay back over the life of the loan.
Calculate your potential loan payments to help you decide whether you can afford the personal loan you’re considering.
When it comes to shopping for personal loans, the better your credit score, the more options you have. Generally speaking, there are three main places to get a personal loan:
How your personal loan can be used is open as long as it’s for a legal purpose. The most common uses for a personal loan are debt consolidation, home renovations and emergency expenses. However, you can't use personal loan funds to pay for your education costs, and some lenders may restrict usage further. Payoff, for instance, limits its personal loans to credit card debt consolidation.
The exact loan amounts available often depend on your credit score. The good news is that with excellent credit, you'll likely have access to the full range of loan amounts that a lender offers. Most lenders have minimum loan amounts from $1,000 to $5,000, and maximums can stretch from $50,000 to $100,000.