Looking for a personal loan? It’s an installment loan that doesn’t require collateral. Once approved, you’ll get a lump sum of cash to use for various purposes, like home renovations or medical bills. Repayments are made over time, usually spanning several years, with fixed monthly installments. It’s a flexible financial solution, often more cost-effective than credit cards or short-term loans.
SoFi stands out as our top choice for personal loan lenders. It offers competitive rates, high customer satisfaction, and valuable benefits. Our recommendation stems from extensive research, including surveys and interviews with recent borrowers.
Consider these factors as you explore our personal loan options:
Your credit score
Required loan amount
Affordable APR
Desired loan features and services
Once you find a suitable option, click the link to get pre-qualified.
10 Best Personal Loans for June 2024: Rates Starting at 7.80%
SoFi (Best Overall)
APR Range
8.99% – 29.49%
Loan Amount
$5,000 – $100,000
Loan Terms
24 months – 84 months
While there are personal loans available at lower rates, SoFi stands out as the most cost-effective lender, offering a diverse range of options along with valuable additional features. SoFi distinguishes itself by providing borrowers with a comprehensive benefits package, including complimentary financial planning services from advisors and career counseling and support.
SoFi’s customer satisfaction ratings reflect the popularity of this approach, with J.D. Power’s annual survey ranking SoFi as the fourth-best personal loan lender.
However, it’s worth noting that SoFi requires a minimum loan amount of $5,000, which may exclude borrowers seeking smaller loans. Additionally, while co-borrowers are accepted, the option for co-signers or collateral is not available for those who may not qualify independently.
Established in 2011 and headquartered in San Francisco, California, SoFi has facilitated over $73 billion in loans across various categories, including student loans and personal loans.
If you’re not aiming to consolidate debt from a Discover card, opting for a Discover personal loan can be a smart choice for consolidating your debts. It boasts quick funding, with deposits into your bank account as soon as the next business day, provided everything goes smoothly. Plus, its competitive rates and absence of origination fees simplify repayment. In fact, it was ranked as the third-best personal loan option in 2023 by J.D. Power. However, there are limitations to consider. Discover only allows solo applications, although you can include your household income on your application, allowing a partner or family member to contribute indirectly. Unfortunately, co-signers, co-borrowers, and collateral are not accepted for Discover loans, meaning approval hinges solely on your creditworthiness. Timely payments are crucial, especially given Discover’s high late payment fee of $39. Established in 1986 as a Sears, Roebuck & Company subsidiary specializing in credit card services, Discover is headquartered in Riverwood, Illinois. It has facilitated over $10 billion in personal loans to date.
Upgrade accepts applicants with fair credit scores and provides three backup options for those who don’t qualify or seek lower rates: using a car as collateral, applying with a co-borrower, or applying with a co-signer. If approved, you can receive your loan funds as soon as the next business day. However, there is a cost associated with this convenience: Each personal loan carries an origination fee ranging from 1.85% to 9.99%, which can be expensive compared to lenders that charge no origination fees. On a positive note, Upgrade offers rate discounts for autopay enrollment or debt consolidation loans, and a $200 sign-up bonus is available if you open and use a new Upgrade checking account alongside your loan. Headquartered in San Francisco, California, Upgrade has provided over $24 billion in loans and credit over the past five years.
For borrowers with credit scores in the “bad” or “poor” range (between 300 and 579), finding a loan can be quite challenging. The loans available to these borrowers often come with APRs in the high double or triple digits. Upstart stands out with the lowest minimum credit score requirement among lenders on our list. They even consider applicants without sufficient credit history to generate a score. For those with a score, different Upstart partners have varying minimums, making credit accessible across the full spectrum of credit profiles. You can borrow up to $50,000, and if approved, receive your funds in as little as one day, with rates capped at 35.99%. Even if you have no credit history, you may still qualify for a loan if you are enrolled in or have graduated from a degree program. Upstart has provided over $35 billion in loans of various types, including personal loans. Founded in 2012, Upstart is headquartered in San Mateo, California.
Pentagon Federal Credit Union, or PenFed, is one of the largest credit unions in the U.S., with nearly three million members. Joining is straightforward—simply deposit $5 into a savings account to start your membership. You can explore loan options without joining, but if you accept a loan offer, you’ll need to become a member to receive the funds. Good credit is essential for approval. If you don’t have sufficient credit on your own, you can apply with a co-borrower or use collateral, though PenFed doesn’t specify the details of this process. PenFed offers competitive rates across a wide range of loan amounts and has a robust discount program, providing savings on H&R Block tax preparation, college planning services, insurance, and more. Founded in 1935 and headquartered in McLean, Virginia, PenFed is one of the nation’s largest credit unions.
Borrowers with poor or no credit who struggle to qualify for personal loans from most other lenders might find success with OppLoans. Unlike many lenders, OppLoans doesn’t base its lending decisions on a borrower’s credit score or credit history. There are no origination fees, and you can access loan funds the same day. OppLoans also offers a wealth of personal finance resources on its website and has received strong reviews on sites like Trustpilot. However, it’s important to understand that this accessibility comes with a high cost. OppLoans’s interest rates are significantly higher than those of traditional personal loans, with an APR of 160%. Additionally, the repayment terms are shorter, ranging from nine to 18 months, and the maximum loan amount is $4,000. Founded in 2012 and headquartered in Chicago, Illinois, OppLoans has extended loans to over a million borrowers since its inception.
Working with a large bank offers the added advantage of being able to walk into a branch and talk to someone about your loan. U.S. Bank is the fifth-largest bank in the country, with over 2,300 branches across about half of the U.S. states. Current customers of U.S. Bank will benefit the most, with reduced credit requirements and increased maximum loan amounts. However, if you’re not a current customer, you’ll be limited to a smaller loan of $25,000 or less. U.S. Bank used to have a better reputation, ranking as the second-best option for personal loans in 2022 by J.D. Power. However, in the 2023 iteration of the survey, it was demoted to below-average status. U.S. Bank was founded in 1863 and is headquartered in Minneapolis, Minnesota.
I recently applied for a personal loan and I have to say, the experience was incredibly smooth and beneficial. From the start, the application process was straightforward and user-friendly. I was able to complete everything online without any hassle, which saved me a lot of time.
The approval process was quick, and I received the loan funds in my account the very next day. This was particularly helpful as I needed the money urgently for unexpected medical expenses. The interest rates were competitive, and there were no hidden fees, which gave me peace of mind about the repayment terms.
Another highlight was the excellent customer service. Whenever I had a question or needed assistance, the support team was responsive and provided clear, helpful answers. This level of service really stood out to me and made the whole experience positive.
Overall, I am very satisfied with my personal loan. It provided the financial support I needed quickly and efficiently, with favorable terms and great customer service. I would highly recommend this option to anyone in need of a personal loan.