Compare the Best Personal Loans of 2025
Best Personal Loan Lenders of 2025: A Closer Look
Best for Good to Excellent Credit
SoFi®
Minimum Credit Score
650
APR range
8.99% to 35.49%
Loan amounts
$5,000 to $100,000
650
8.99% to 35.49%
$5,000 to $100,000
SoFi is an online lender that offers a range of products, including large personal loans that you can use for various purposes.
Why We Like It
SoFi’s personal loans come with higher maximum amounts and longer terms than loans from other lenders.
What We Don’t Like
SoFi requires a minimum credit score of 650 and an annual income of at least $45,000, making it out of reach for some borrowers.
Who It’s Best For
If you need a large loan amount and a long loan term, a SoFi personal loan is a great option if you can meet the borrower requirements.
- No origination fee
- Discounts for using autopay
- Same-day funding possible
- Transparent eligibility requirements for self-employed workers
- Good credit is necessary
- High interest rates compared to competitors
Lender details
Eligibility
- Minimum credit score:650 620
- Co-signers/co-borrowers: Accepted
Funding Speed
Funding may occur within one business day of clearing verification.
Best for Bad Credit
Upgrade
Minimum Credit Score
580
APR range
7.74% to 35.99%
Loan amounts
$1,000 to $50,000
580
7.74% to 35.99%
$1,000 to $50,000
Upgrade is an online lender that offers personal loans along with savings and checking accounts.
Why We Like It
Upgrade offers borrowers small loan amounts with accessible borrower requirements, including a minimum credit score requirement of 580 and no income requirement.
What We Don’t Like
Although Upgrade advertises rates as low as 7.74%, some borrowers could be offered the maximum rate of 35.99%, which is high compared to other lenders.
Who It’s Best For
Upgrade personal loans are best for borrowers with bad credit histories or who may have inconsistent income.
- Fair credit may be accepted
- Discounts for using autopay or using funds to consolidate debt
- Origination fee
- High interest rates compared to competitors
Best for Low Interest Rates
LightStream
APR range
6.49% to 25.79%
with autopay
Minimum Credit Score
660
Loan amounts
$5,000 to $100,000
6.49% to 25.79%
with autopay
660
$5,000 to $100,000
LightStream is a personal loan lender that offers loans with low interest rates that you can use for a range of purposes.
Why We Like It
LightStream offers loans with interest rates as low as 6.49%, which is one of the lowest minimum interest rates among personal loan lenders. The lender also has a rate-beat program and a 0.50% rate discount for borrowers who enroll in autopay.
What We Don’t Like
Although many personal loan lenders allow borrowers to prequalify with a soft credit inquiry, LightStream doesn’t. To see if you qualify, you’ll need to submit an application and undergo a hard credit check, which temporarily impacts your credit score.
Who It’s Best For
LightStream personal loans are best for borrowers who qualify for the lowest advertised interest rates.
- Low rates backed by a rate beat guarantee
- No origination fees
- Same-day funding possible
- Discounts for using autopay
- Good credit is necessary
- No way to prequalify without a hard credit check
Lender details
Eligibility
- Minimum credit score: 660
- Co-signers/co-borrowers: Accepted
Funding Speed
Same-day funding may be available if you sign documents, provide a bank account and complete the loan verification process before 2:30 p.m. ET.
Best for Debt Consolidation
LendingClub
Minimum Credit Score
600
APR range
7.04% to 35.99%
Loan amounts
$1,000 to $60,000
600
7.04% to 35.99%
$1,000 to $60,000
LendingClub offers personal loans among other products, including checking and savings accounts and business loans. Its personal loans can be used for various purposes, including consolidating debt.
Why We Like It
LendingClub lets borrowers consolidate from $1,000 to $60,000 in debt and offers direct payoff to creditors. With APRs starting at 7.04% to 35.99%, borrowers consolidating high-interest debt who qualify for the lowest rates can save money on interest payments.
What We Don’t Like
LendingClub charges origination fees of 0% to 8%, which are typically taken out of the total loan amount.
Who It’s Best For
LendingClub’s personal loans are best for borrowers looking to consolidate high-interest debt who want to have creditors paid off directly.
- Fair credit may be accepted
- Low minimum APR
- Funding available within 24 hours after approval
- Origination fees range from 0% to 8%
- No discount for automatic payments
- High maximum APR
Loan details
Co-signer/co-borrower: Allows co-borrowers
*For borrower or co-borrower
Best for Credit Union Financing
PenFed
Minimum Credit Score
Not disclosed
APR range
8.99% to 17.99%
Loan amounts
$600 to $50,000
Not disclosed
8.99% to 17.99%
$600 to $50,000
PenFed is a credit union originally founded for veterans and military members but has since opened its membership to anyone.
Why We Like It
For borrowers looking for a personal loan from a credit union, PenFed stands out for its national presence, low interest rates and flexible membership requirements.
What We Don’t Like
Although PenFed online products are available in all 50 states, it only has branches in select locations.
Who It’s Best For
PenFed personal loans are best for borrowers who are looking to borrow from a credit union at low interest rates.
- Loans start at $600
- No origination fees or prepayment penalties
- Low minimum APR
- No rate discount for using autopay
- Credit union membership necessary for funding
- Loans only go up to $50,000
Lender details
Eligibility
- Minimum credit score: Not disclosed
- Co-signers/co-borrowers: Yes
Funding Speed
Next-day funding may be available. The speed of funding may be longer or shorter depending on what time of day you apply for a loan.
Best for Credit Card Debt Consolidation
Happy Money
Minimum Credit Score
640
APR range
7.95% to 29.99%
Loan amounts
$5,000 to $50,000
640
7.95% to 29.99%
$5,000 to $50,000
Happy Money is a lender designed to consolidate high-interest credit card debt into lower-interest personal loans with predictable repayment schedules.
Why We Like It
Happy Money offers credit card debt consolidation loans from $5,000 to $50,000 and sends payments directly to creditors. The lender also advertises a low maximum interest rate—lower than most credit card APRs—making it a good option to consolidate credit card debt.
What We Don’t Like
Happy Money charges an origination fee of up to 5% and may be unable to consolidate bills that aren’t credit card debt.
Who It’s Best For
Happy Money’s personal loans are best for borrowers looking to consolidate their credit card debt.
- Low APRs
- No late fees or prepayment penalties
- Specializes in credit card consolidation
- Doesn’t disclose origination fee amounts
- Loan terms limited to 24 to 60 months
- Doesn’t allow co-signers or co-borrowers
Eligibility:
- Minimum credit score. 640
- Minimum income. None
- Co-signers. Not permitted
- Co-borrowers. Not permitted
Customer service
We tested Happy Money’s customer service quality to gauge a prospective borrower’s experience. Through our research, we found that Happy Money had the longest wait time, two minutes and 15 minutes, which may be frustrating for some customers.
Once we connected with a representative, they disclosed much of the information we hoped to receive. For example, they shared loan amounts, interest rates, required documentation and turnaround times for the entire loan process, including preapproval, approval and funding. Besides the wait time to speak with a representative, the call was helpful and effective.
Best for Traditional Banking
U.S. Bank
Minimum Credit Score
720
APR range
7.99% to 24.99%
with autopay
Loan amounts
$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers
Depends on the area you live in
720
7.99% to 24.99%
with autopay
$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers
Depends on the area you live in
U.S. Bank is a traditional bank that operates branches in 26 states and is available to borrowers nationwide.
Why We Like It
For borrowers looking for a loan from a traditional bank, U.S. Bank’s personal loans stand out for having competitive interest rates and a range of loan amounts.
What We Don’t Like
U.S. Bank’s $50,000 maximum loan amount is available only to current customers.
Who It’s Best For
U.S. Bank personal loans are best for existing customers who live in one of the lender’s 26 states with branches.
- Discounts for using autopay
- No origination fees
- Good credit is necessary
- Loan funding may take longer than competitors
Best for No Credit
Upstart
Minimum Credit Score
300
APR range
6.60% to 35.99%
Loan amounts
$1,000 to $75,000
300
6.60% to 35.99%
$1,000 to $75,000
Upstart is an AI-based lending platform that evaluates loan applications using non-conventional variables, such as college education.
Why We Like It
Upstart makes personal loans available to many borrowers, including those without established credit histories. Borrowers with a credit score must have a score of at least 300, but borrowers without a credit score may also be approved if they meet other criteria.
What We Don’t Like
Upstart’s maximum advertised interest rate is higher than other lenders, and it charges an origination fee of up to 12%.
Who It’s Best For
Upstart’s personal loans are best for borrowers without established credit histories.
- No prepayment penalty
- Flexible qualifying criteria
- High origination fees
- Only two repayment terms
- Co-signers and co-borrowers not accepted
Lender details
Eligibility
- Minimum credit score: 300
- Co-signers/co-borrowers: Not accepted
Funding Speed
Next-day funding may be available if you accept a loan before 5 p.m. ET on a business day.
Best for Below Average Credit
LendingPoint
Minimum Credit Score
600
APR range
7.99% to 35.99%
with autopay
Loan amounts
$2,000 to $25,000
600
7.99% to 35.99%
with autopay
$2,000 to $25,000
LendingPoint is an online lender that offers small personal loans to borrowers with damaged credit histories.
Why We Like It
With a minimum credit score requirement of 600, LendingPoint makes loans available to borrowers with fair credit at potentially low interest rates.
What We Don’t Like
LendingPoint charges an origination fee of up to 10% and interest rates from 7.99% to 35.99%.
Who It’s Best For
LendingPoint’s personal loans are best for borrowers who have fair credit and can’t qualify for loans elsewhere, or borrowers who can qualify for the lowest advertised interest rates.
- Quick funding
- Low credit score requirements
- No prepayment penalty
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada and West Virginia
Eligibility:
- Minimum credit score. 600
- Minimum annual income. $35,000
- Co-signers. Not permitted
Customer service
After testing and evaluating LendingPoint’s customer service, we found it to be one of the most helpful and transparent lenders on our list after waiting only 46 seconds to be connected to a representative. The customer service representative we spoke with shared an in-depth perspective of their loan offers, including information about loan amounts, eligibility requirements, how interest rates are determined and prequalification.
LendingPoint’s team also disclosed late fees but didn’t confirm origination fees. While customer service didn’t share this information wasn’t, the lender discloses a fee of up to 10% on its website. LendingPoint was also one of few lenders that shared how they report payments to credit bureaus, which it typically does at the start of the month.
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
How To Compare Personal Loan Lenders
As you shop for top personal loans, it can be difficult to narrow down your options. The first step of comparing top loan options is prequalifying with loan companies that may work best for you. Prequalification can give you an idea of the rates, terms and loan amounts you could be offered, and it’s usually based on a soft credit pull that won’t impact your credit score.
Once you have your prequalification offers, use these loan features to find the best personal loan options for your financial situation.
Annual Percentage Rate (APR)
Fees
Loan Amounts
Perks
Terms
What should prospective borrowers consider when choosing a personal loan?
Angela Moore
Advisory Board Member
Herman (Tommy) Thompson, Jr., CFP®, ChSNC®, ChFC®
Loans And Financial Planning Expert
Michael Merritt
Mortgage, Loans And Credit Expert
Beyond the obvious stuff like the interest rate, you’ll want to look at:
- The APR, which includes interest and fees so you get the full picture.
- Loan terms—how long you’ll be repaying and what that means for your monthly payment.
- Whether there are any prepayment penalties or restrictions if you want to pay it off early.
- Any extra fees (origination, late fees, etc.) that could catch you off guard.
- And don’t forget to check out reviews and how user-friendly their platform is. Personally, I like working with lenders that have a clean interface—if their tech is outdated or clunky, that’s usually a red flag for me.
Advisory Board Member
The repayment amount is the most important factor to consider when seeking a personal loan. A lower interest rate is preferred, but if you miss a payment, you could face penalties and fees and damage your ability to refinance the loan in the future. Pay attention to the terms, and make sure there isn’t a balloon payment you can’t handle. You also want to keep track of if and when the loan switches from interest-only to amortized.
Loans And Financial Planning Expert
The first thing to consider is the purpose of the loan. If you’re consolidating debt, one of the most common uses for a personal loan, it’s important to understand the loan terms. For example, will your monthly payment decrease, or will the term of the debt be reduced?
Secondly, consider your financial situation after taking the loan. Ensure you can afford the payment and understand its impact on your overall finances. Additionally, compare interest rates, fees and repayment options from different lenders to find the best fit for your needs.
Mortgage, Loans And Credit Expert
Calculate Your Monthly Loan Payments
Calculating your monthly loan payments is essential to effectively managing your finances and identifying the best loans. Portions of each loan payment go toward the principal amount borrowed and the interest accrued. A personal loan calculator can help you estimate these numbers to better understand how much you can afford to borrow and calculate the overall cost of borrowing. You’ll be able to see how much you’ll pay in interest over the life of a loan, plus an amortization schedule with a monthly breakdown of interest and principal payments.
Current Average Personal Loan Interest Rates
Personal loan interest rates fluctuate frequently and can vary by loan term. Although you may not be offered the current average rates, they can help determine what you can expect.
Personal Loan Rates by Credit Score
Personal loan providers use your credit score to determine how risky it is to lend money to you. The lower your credit score, the higher your risk—and as a result, the more likely it is that available loan offers will have high interest rates.
Pros and Cons of Personal Loans
Before getting a personal loan, it’s important to consider the pros and cons.
| PROS | CONS |
|---|---|
| Fixed, predictable payments | High interest rates |
| Can lower interest rates with debt consolidation | Long terms can make repayment difficult |
| Can help build your credit | Fees and other charges |
| Can be used for nearly any expense | Can require collateral |
| Fast funding turnaround | Can damage your credit |
Common Reasons To Get a Personal Loan
Personal loans can provide a convenient way to access funds quickly without having to pledge collateral. Here are some common reasons you might consider getting a personal loan:
- Debt consolidation. The best personal loans can help you combine multiple high-interest debts like credit card balances into a single loan—sometimes with a lower interest rate. Consolidating debts with a personal loan also streamlines repayment.
- Large purchases. Using personal financing to purchase expensive items like furniture or appliances can help you hang on to cash while still buying what you need. Some retailers offer in-house financing or partner with loan companies to simplify borrowing.
- Unexpected expenses. Unplanned expenses like medical bills, car repairs and emergency home repairs may exceed the cash you have on hand. A personal loan—especially from an online lender—can help you access the cash you need quickly.
- Home improvements. Renovating your kitchen, adding a new room or making structural repairs to your home can all come with price tags that exceed savings. If you need a lump sum of cash, a personal loan can help you finance these costs. Keep in mind, though, that home equity lines of credit (or HELOCs) usually have lower interest rates and can be used as needed, especially for longer projects.
- Education costs. Due to strict regulatory requirements, many lenders prohibit using personal loans to cover education expenses like tuition. However, you may use a personal loan to cover living expenses while completing your degree. Keep in mind that repayment starts immediately, and interest rates are typically higher than for student loans.
- Special events. If you’re planning a wedding or other event, a personal loan can help you finance related expenses. Before taking out a loan, make sure you understand the monthly payments and how much you’ll pay in interest—as this can significantly increase the overall cost of the event.
How To Qualify for a Personal Loan
Lenders use several different factors to determine whether you’re eligible for a loan. To qualify for a loan, you’ll need to meet certain requirements for each of these categories:
- Credit score. Loan companies will look at your credit score and history to determine how you’ve handled debt in the past. To qualify for most personal loans, you’ll need a credit score of 600 or higher.
- Income. Lenders will use your income to evaluate your ability to repay a loan. In many cases, lenders don’t disclose exact income requirements but do require enough income to cover loan payments. Lenders consider traditional income along with other forms, such as alimony, government assistance and child support.
- Debt-to-income (DTI) ratio. Your DTI compares your income to your current debt payments. This shows lenders if you can afford additional debt payments with your current income. Often, lenders look for a DTI of less than 36%.
- Collateral. If you’re applying for a secured loan, you’ll need sufficient collateral to back your loan. This can be a car, your 401(k) or other assets. Keep in mind that if you fail to repay a secured loan, your lender can take possession of the collateral as loan repayment.
Best Place To Get a Personal Loan
The best personal loans are available from a wide range of financial institutions, including online lenders, banks and credit unions. Each type of lender has advantages, so compare personal loan offers and choose the option that most closely meets your needs. These are some of the best places to get a personal loan:
- Online lenders. Online lenders are a popular option for personal loans because of their convenient applications and fast funding speeds. Interest rates are often lower than those available through more traditional personal loan lenders. Additionally, some of the top personal loan companies feature a fee-free structure that further reduces overall borrowing costs. Some online lenders tailor their offerings to less-creditworthy applicants and may be a good choice if you have a low credit score.
- Banks. Banks are traditional lenders that usually offer several loan products and competitive interest rates. Banks often have more stringent qualification requirements than other top loan companies, and the application process may be longer. However, if you have an existing relationship with a bank, you may qualify for more competitive interest rates or a loyalty discount.
- Credit unions. Because credit unions are member-owned financial institutions, they may offer lower interest rates than are available through banks. Likewise, credit unions may have more lenient qualification requirements and more robust customer service options, especially compared to large banks or online lenders.
How To Apply for a Personal Loan
If you’re looking to apply for a loan, follow these steps:
- Check your credit. Before applying for the best loans, request a copy of your credit report to review. Make sure there aren’t any errors in your report, and if there are, contact the three major credit bureaus to dispute any mistakes. Understanding your credit score can also help you determine which lenders may work with you.
- Determine financial need. Next, determine how much you need to borrow. This can help you identify which lenders to apply with and prevent over-borrowing. Once you know how much you need to borrow, plug the number into a loan calculator to estimate the terms and monthly payments that fit your budget.
- Shop around. Once you know your qualifications, such as credit and income, find lenders with eligibility requirements and loan options that align with your financial situation.
- Prequalify. Prequalifying with a lender can give you an idea of the rates and terms you could be offered without impacting your credit. This can help you decide which lender is the best fit before submitting a loan application.
- Submit an application. After identifying the best lender for you, gather necessary documentation, such as proof of identity, income verification and proof of address. Then, submit an application and await additional communications from your loan officer.
- Begin repayment. If a lender approves your application, review and accept the loan offer. Once you do that, you’ll receive the loan and begin repayment. Setting up autopay can help you avoid missed payments.
Alternatives to a Personal Loan
Although a personal loan can be an effective tool to cover an emergency expense, it may not be right for everyone. Before getting a personal loan, consider the alternative funding options available to you.
- Payday alternative loan. Payday alternative loans (PALs) are available from some credit unions in amounts up to $2,000. Interest rates on these loans are capped at 28%, and loan terms can reach up to six months.
- Home equity financing. If you’ve established equity in your home, a home equity loan or home equity line of credit (HELOC) can be a cheaper financing option compared to personal loans. Keep in mind, these financing options are secured by your home, so if you default, your lender can take possession of your home.
- Credit cards. If you need to cover a short-term financial emergency with a small amount of money, a credit card can be an effective tool if you have a plan to repay your debt. Since credit cards carry high APRs, if you don’t repay your debt by the end of your statement period, you can start accumulating interest and fees quickly.
- Cash advance app. Cash advance apps offer small sums of money with short repayment terms. If repaid on time, these cash advances can have minimal costs, but if you miss a payment, fees can add up quickly.
- Friends and family. If you have friends or family you can borrow money from, this can be the cheapest and most efficient way to cover a financial emergency. If you do borrow money from a loved one, be sure to write up a promissory note outlining the loan terms so you both have the same expectations on repayment.
Methodology: How We Picked the Best Personal Loan Lenders
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan costs. 35%
- Loan details. 20%
- Eligibility and accessibility. 20%
- Customer experience. 15%
- Application process. 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Personal Loans Rating Methodology.
Frequently Asked Questions (FAQs)
What is a good interest rate on a personal loan?
A good interest rate on a personal loan is one that’s lower than the national average for borrowers with excellent credit. However, the interest rate you receive depends on several factors, and lenders frequently charge other fees that can make a loan more expensive. To minimize costs, maintain a good to excellent credit score (at least 670).
How many personal loans can you have at once?
You may have more than one personal loan with one specific lender or multiple loans with different lenders. However, some lenders may set a limit to how many loans you can have open through them, such as two loans. Plus, opening multiple loans can make you appear as a riskier borrower and lower your qualification chances.
How long does it take to get a personal loan?
Typically, it doesn’t take long to get a personal loan. Some lenders offer online applications with automated approvals and same-day funding. Most lenders, however, take a few business days to a week to process your application and disburse your funds.
If the lender needs to verify any information with you, it can take longer. Once you apply for a loan, look for any communication from your lender so you can respond promptly.
What is the easiest personal loan to be approved for?
The easiest personal loan to be approved for is typically one from an online lender or credit union. These lenders may impose less demanding credit score requirements than traditional lenders and often have loans tailored to borrowers with low credit scores or thin credit. The easiest personal loans to get offer an accessible option if you struggle to qualify elsewhere, but interest rates are typically higher to compensate for the additional risk to the lender.
