Best overall personal loan

SoFi
4.7- Min. credit score:
- Not disclosed
- Fixed APR From:
- 7.99% –23.43%
- Loan amount:
- $5,000– $100,000
- Term lengths:
- 2 to 7 years
- Min. annual income:
- Not disclosed
Mar 28, 2023
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Personal loans allow you to borrow a lump-sum to pay for a large expense and then pay it back over time in monthly installments. They have a couple of key factors to keep in mind when comparing options.
Personal loan interest rates currently range from about 6 percent to 36 percent. The actual rate you receive depends on multiple factors, such as your credit score, annual income and debt-to-income ratio. The best rate that you can qualify for might not be the best loan you can qualify for — consider additional features offered and the other listed factors as well.
APR from 9.99- 25.99%* with Autopay | Loan Amount $5k–$100K* Term: 2-7 yr* | Min. Credit Not disclosed | Apply on partner site | ||
APR from 8.49- 35.97% with AutoPay | Loan Amount $1k–$50K Term: 2-7 yr | Min. Credit Not disclosed | Check rate with Bankrate | ||
APR from 8.99- 35.99% | Loan Amount $2k–$50K Term: 3-5 yr | Min. Credit 600 | Check rate with Bankrate | ||
APR from 7.99- 35.99% | Loan Amount $5k–$50K Term: 2-5 yr | Min. Credit 620 | Check rate with Bankrate | ||
APR from 10.50- 29.99% | Loan Amount $5k–$40K Term: 2-5 yr | Min. Credit 640 | Check rate with Bankrate | ||
APR from 6.99- 35.99% | Loan Amount $2k–$50K Term: 2-5 yr | Min. Credit 640 | Check rate with Bankrate | ||
APR from 8.05- 36.00% | Loan Amount $1k–$40K Term: 2-5 yr | Min. Credit Not disclosed | Check rate with Bankrate | ||
APR from 9.95- 35.95% | Loan Amount $2k–$35K Term: 1-5 yr | Min. Credit Not disclosed | Check rate with Bankrate |
LENDER | CURRENT APR RANGE | LOAN TERM | LOAN AMOUNT | BEST FOR |
---|---|---|---|---|
SoFi | 7.99%-23.43% (with autopay) | 2-7 years | $5,000-$100,000 | Overall personal loan |
LightStream | 7.99%-23.99% (with autopay) | 2-7 years | $5,000-$100,000 | Generous repayment terms |
Avant | 9.95%-35.95% | 1-5 years | $2,000-$35,000 | People with bad credit |
Best Egg | 8.99%-35.99% | 3-5 years | $2,000-$50,000 | Low APRs |
Upgrade | 8.49%-35.97% (with autopay) | 2-7 years | $1,000-$50,000 | Fast funding |
Happy Money | 10.50%-29.99% | 2 or 5 years | $5,000-$40,000 | Paying credit card debt |
Upstart | 6.70%-35.99% | 3 or 5 years | $1,000-$50,000 | Little credit history |
LendingClub | 8.05%-36.00% | 2-5 years | $1,000-$40,000 | Using a co-borrower |
PenFed | 7.74%-17.99% | Up to 5 years | $600-$50,000 | Small loan amounts |
TD Bank | 6.99%-21.99% | 1-5 years | $2,000-$50,000 | Few fees |
PNC Bank | Varies by ZIP code | 6 months-5 years | $1,000-$35,000 | In-person banking |
LENDER | CURRENT APR RANGE | LOAN TERM | LOAN AMOUNT | BEST FOR |
---|---|---|---|---|
LightStream | 7.99%-23.99% (with autopay) | 2-7 years | $5,000-$100,000 | Generous repayment terms |
Happy Money | 10.50%-29.99% | 2 or 5 years | $5,000-$40,000 | Paying credit card debt |
Best Egg | 8.99%-35.99% | 3-5 years | $2,000-$50,000 | Low APRs |
SoFi | 7.99%-23.43% (with autopay) | 2-7 years | $5,000-$100,000 | Unemployment protection |
Achieve | 7.99%-29.99% | 2-5 years | $5,000-$50,000 | Quick approval |
PenFed | 7.74%-17.99% | Up to 5 years | $600-$50,000 | Small loan amounts |
Upstart | 6.50%-35.99% | 3 or 5 years | $1,000-$50,000 | Little credit history |
LendingClub | 8.05%-36.00% | 2-5 years | $1,000-$40,000 | Using a co-borrower |
Prosper | 6.99%-35.99% | 2-5 years | $2,000-$50,000 | No prepayment penalty |
Upgrade | 8.49%-35.97% (with autopay) | 2-7 years | $1,000-$50,000 | Fast funding |
TD Bank | 6.99%-21.99% | 1-5 years | $2,000-$50,000 | Few fees |
LENDER | CURRENT APR RANGE | LOAN AMOUNT | MIN. CREDIT SCORE | BEST FOR |
---|---|---|---|---|
Upstart | 6.50%-35.99% | $1,000-$50,000 | No minimum requirements | Little credit history |
OneMain Financial | 18.00%-35.99% | $1,500-$20,000 | Not specified | Secured loans |
TD Bank | 6.99%-21.99% | $2,000-$50,000 | 700 | Low rate caps |
Avant | 9.95%-35.95% | $2,000-$35,000 | 580* | A range of repayment options |
LendingPoint | 7.99%-35.99% | $2,000-$36,500 | 600 | Small loans |
Upgrade | 8.49%-35.97% (with autopay) | $1,000-$50,000 | 560 | Fast funding |
LendingClub | 8.05%-36.00% | $1,000-$40,000 | Not specified | Online experience |
*Avant's minimum credit score is 580 FICO and 550 Vantage.
For more information on bad credit loan rates, check out our page on bad credit personal loans.
LENDER | CURRENT APR RANGE | LOAN AMOUNT | MIN. CREDIT SCORE | BEST FOR |
---|---|---|---|---|
SoFi | 7.99%-23.43% (with autopay) | $5,000-$100,000 | 680 | High borrowing limits |
LendingClub | 8.05%-36.00% | $1,000-$40,000 | Not specified | Borrowing money from other investors |
LightStream | 7.99%-23.99% (with autopay) | $5,000-$100,000 | Not specified | Borrowers who can qualify for the best rates |
Prosper | 6.99%-35.99% | $2,000-$50,000 | 600 | Joint loans |
Rocket Loans | 8.416%-29.99% (with autopay) | Not specified-$45,000 | Not specified | Fast funding |
Best Egg | 8.99%-35.99% | $2,000-$50,000 | 600 | Borrowers with “okay” credit |
Discover | 6.99%-24.99% | $2,500-$35,000 | 660 | A range of repayment terms |
Credible | 5.40% to 35.99% (with autopay) | $600-$100,000 | Varies by lender | Borrowers who want to price shop |
Earnest | Varies by lender | $1,000-$250,000 | 680 | Borrowers who want other factors considered in their application |
Happy Money | 10.50%-29.99% | $5,000-$40,000 | 640 | Borrowers who want to consolidate debt |
LENDER | CURRENT APR RANGE | LOAN TERM | LOAN AMOUNT | BEST FOR |
---|---|---|---|---|
Best Egg | 8.99%-35.99% | 3-5 years | $2,000-$50,000 | High-income earners with good credit |
Happy Money | 10.50%-29.99% | 2 or 5 years | $5,000-$40,000 | Consolidating credit card debt |
LightStream | 7.99%-23.99% (with autopay) | 2-7 years | $5,000-$100,000 | High-dollar loans and longer repayment terms |
PenFed | 7.74%-17.99% | Up to 5 years | $600-$50,000 | Smaller loans with a credit union |
OneMain Financial | 18.00%-35.99% | 2-5 years | $1,500-$20,000 | Fair to poor credit |
Discover | 6.99%-24.99% | 3-7 years | $2,500-$35,000 | Good credit and next-day funding |
Upstart | 6.50%-35.99% | 3 or 5 years | $1,000-$50,000 | Consumers with little credit history |
Overview: LightStream is ideal for borrowers who want a longer repayment term and lower monthly payments on their loan. Lightstream also lets borrowers choose when to receive the loan money, allowing for further financial planning.
Why LightStream is the best personal loan for generous repayment terms: Its loan terms can reach up to seven years, which means you can take longer to pay off your loan and benefit from lower monthly payments.
Use our calculator to find the perfect loan repayment plan for you. Enter in the loan amount, term and interest rate to get your estimated monthly payment and total interest accrual.
Personal loans are short- and medium-term loans that consumers can receive from banks, credit unions or private lenders like online marketplace lenders and peer-to-peer lenders. The loan funds can be used for just about any purpose, such as paying off other debt, financing a home renovation or paying for family needs, like a wedding or adoption.
A personal loan is repaid in monthly installments, similar to a car loan or home mortgage, with loan terms typically ranging from 24 months to 60 months or even longer. Personal loans are usually unsecured, meaning they are not backed by collateral such as a car, house or other assets. Approval and funding process is often faster than that of a home equity line of credit, which lets you borrow funds as you need them rather than in a lump sum.
Personal loan interest rates, like most other costs, have gone up in the past year. Currently, you can expect to pay 6 percent to 36 percent, depending on your credit score. As of March 22, 2023, the average personal loan interest rate is 10.82 percent. The better your credit score, the more likely you are to qualify for a personal loan with the lowest interest rate available. Compare personal loan offers to see what you are eligible for before applying for a personal loan.
The interest rate you're offered is based on your credit health; namely, your score. Those with less-than-stellar credit are often seen as more 'risky' to lenders and are more likely to be offered higher rates. Borrowers with good-to-excellent credit are more eligible for the lender's most competitive rates and terms.
Before applying for a loan, make sure to prequalify or look at the lender's requirements and rates, as well as your own credit score to estimate your potential interest rate.
CREDIT BAND | CREDIT SCORE RANGE | AVERAGE PERSONAL LOAN INTEREST RATE |
---|---|---|
Excellent Credit | 720-850 | 10.3%-12.5% |
Good Credit | 690-719 | 13.5%-15.5% |
Average Credit | 630-689 | 17.8%-19.9% |
Bad Credit | 300-629 | 28.5%-32% |
Excellent-credit loans are geared toward borrowers with excellent credit scores, typically between 720 and 850. Having such a high credit score can come with many benefits, including average APRs as low as 10.3 percent — though some lenders go even lower. If your credit score falls into this range, look for excellent-credit lenders with low advertised rates and few fees.
Good-credit loans offer competitive interest rates and generally low fees. You're considered to have good credit if you have a credit score between 690 and 719, and with such a high score, you may qualify for average APRs as low as 13.5 percent. However, if you have good credit and are interested in a personal loan, shop around; you may be able to qualify for an even lower interest rate.
If you have a fair or average credit score, it can be hard to find a personal loan that offers reasonable rates and fees. If your credit score falls between 630 and 689, your credit score is average. While this is considered a less-than-stellar score, you still may be able to qualify for a personal loan with an average APR as low as 17.8 percent. This list of the best personal loans for fair credit features lenders that cater to people with scores in the mid-600s.
You can get approved for a loan even with bad credit, although you won't qualify for the best APRs. If your credit score is between 300 and 629, the best interest rate available could be around 28.5 percent. However, a bad-credit loan, even one with a rate close to 30 percent, is a better financial option than a payday loan. To see what rates are available, compare offers from a few bad-credit lenders.
There are many reasons to take out a personal loan, and with the exception of a few lenders, most allow you to use the funds for any purpose. Here are some of the most common scenarios that lead borrowers to take out a personal loan and how to find the best lender if you're in a similar situation.
Effectively managing a personal loan comes down to your ability to make the monthly payments. It's imperative that you understand the full responsibility and predicted repayment timeline prior to taking out the loan. If you miss the monthly payments or are unable to make them, contact the lender as soon as possible to see if any hardship payment relief options are available.
If you need a lower monthly payment, consider a longer repayment term. While it will increase the amount you'll repay over the life of the loan in interest, a longer term can take the immediate payment responsibility off of your shoulders. Regardless of your financial situation, make sure you're aware of your lender options prior to applying so you have resources and don't risk any negative credit outcomes.
If a personal loan isn't the right option for your financial situation, there are other ways to get the funds you need. Here are a few of the most popular alternatives to a personal loan.
In order to combat inflation, the Federal Open Market Committee (FOMC) raised interest rates seven times in 2022. It has continued to raise rates in 2023 — landing at 4.75-5 percent most recently. Lenders often respond to these hikes by increasing personal loan interest rates along with the rates of other credit products.
To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Of the 32 lenders reviewed, 12 made Bankrate's list of best personal loans. Each lender has a Bankrate rating, which consists of three categories. These categories include: