7 best companies for personal loans

We’ve reviewed a variety of personal loan lenders to determine which ones are best for borrowers based on their credit profile and financial goals. Plus, we share personal loan rates, terms, loan amounts, credit score requirements, and other important details.  Here are our choices:

  • Best marketplace: Credible
  • Best for excellent credit: LightStream
  • Best for good credit: SoFi
  • Best for fair credit: Upgrade
  • Best for thin credit: Upstart
  • Best for credit card debt: Happy Money 
  • Best for choosing payment date: Achieve
  • Best for a secured loan: Best Egg

Best marketplace: Credible

Image Credit : Google

LendEDU rating: 5 out of 5

  • 6.99% – 35.99% APR
  • Borrow $600 to $200,000
  • Compare real offers from multiple lenders
  • Receive your funds as soon as the same day
  • No impact on your credit

Credible is an excellent choice because of its free online marketplace, where borrowers can submit one application and compare actual offers from multiple lenders.

By comparing rates and terms in one location, borrowers can ensure they choose the best personal loan offer while avoiding having to submit one application for each lender.

Credible’s platform also caters to a diverse range of credit profiles, making it a terrific option for those with bad to excellent credit. The ability to view customized loan options based on one’s unique financial background makes Credible a standout choice in the personal loan market.

Best for excellent credit: LightStream

Image Credit : Google

LendEDU rating: 4.8 out of 5

  • 7.49% – 25.49% APR
  • Borrow $5,000 – $100,000
  • May beat a competitor’s offered rate by 0.10 percentage points
  • No fees

LightStream offers competitive APRs on its personal loans, as well as large loan amounts of up to $100,000. Depending on your loan type, you could choose a loan term of two to 12 years, a range that gives you plenty of flexibility to repay your loan.

LightStream is unique for its Rate Beat Program. If you find a better rate on an unsecured personal loan from another lender, LightStream will beat it by 0.10 percentage points. LightStream also caps its rates much lower than most other personal loan lenders.

However, you should be confident in your credit score and income before applying. Unlike most other lenders on our roundup of the best personal loans, LightStream does not allow you to get prequalified. This means you can’t find out if you’re likely to get approved—you’ll need to apply, which means a hard inquiry on your credit report.

Best for good credit: SoFi

Image Credit : Google

LendEDU rating: 5 out of 5

  • 8.99% – 29.99% APR
  • Borrow $5,000 – $100,000
  • Checking your rate doesn’t affect your credit

SoFi is an online lender that provides personal loans from $5,000 to $100,000. Along with fast approval and no fees required, you can get a 0.25% reduction on your interest rate if you sign up for automatic payments on your loan.

Best for fair credit: Upgrade

Image Credit : Google

LendEDU rating: 4.9 out of 5

  • 8.49% – 35.99% APR
  • Borrow $1,000 to $50,000
  • Choose your monthly payment and repayment schedule
  • Accepts joint applications

Upgrade is a solid choice for fair-credit borrowers. This lender will also fund personal loans starting at $1,000, which could appeal to borrowers seeking a low loan amount. Upgrade can fund your loan within one business day of verifying your application.

However, all Upgrade personal loans have a one-time origination fee between 1.85% and 9.99% of the amount borrowed, which represents the cost to underwrite the loan. This cost is factored into your overall APR, reflecting fees and interest rates.

Best for thin credit: Upstart

Image Credit : Google

LendEDU rating: 4.8 out of 5

  • 7.80% – 35.99% APR
  • Borrow $1,000 – $50,000
  • 15-day grace period on late payments
  • Credit score requirements are much more lenient than other lenders

Upstart accepts borrowers with credit scores of 300—the lowest possible. Upstart offers prequalification online, so you can check your rates with no impact on your credit score.

Rather than just credit score, Upstart uses an artificial intelligence-powered alternative lending model to determine whether you qualify for a loan. Upstart relies on a variety of factors to assess your finances and make an approval decision.

Note that Upstart may charge an origination fee for your personal loan, as much as 12% of the amount borrowed. This is a one-time fee at the start of the loan and is factored into the loan’s APR. Upstart charges other personal loan fees as well, including:

  • Late payment fees
  • ACH return and check refund fees
  • Paper copy fees

Best for credit card debt: Happy Money

Image Credit : Google

LendEDU rating: 4.8 out of 5

  • 11.72% – 17.99% APR
  • Borrow $5,000 – $40,000
  • Must use funds to pay off credit card debt
  • Option to send funds right to creditors

Happy Money offers an unsecured personal loan called the “Payoff Loan.” Happy Money’s Payoff Loans can help you consolidate and pay down credit card debt.

Depending on your preference, you can ask Happy Money to pay your creditors or deposit your loan in your checking or savings account. Happy Money designed its loans to pay off credit card debt.

Best for choosing payment date: Achieve

Image Credit : Google

LendEDU rating: 4.8 out of 5

  • 7.99% – 35.99% APR
  • Borrow $5,000 – $50,000
  • Choose from multiple repayment terms
  • Work with a dedicated loan consultant

Achieve offers personal loans between $5,000 to $50,000, but the amounts available may vary depending on where you live.

Other ways to lower your rate on an Achieve personal loan include applying with a co-borrower, using at least 85% of your loan to pay off debt, or showing proof of sufficient retirement savings.

Achieve offers repayment terms as long as 60 months and lets you choose your payment date before you enter repayment, which may appeal to borrowers who want to ensure their bills fall on a specific date each month.

Achieve’s APR ranges include an origination fee from 1.99% to 6.99%.

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