Money’s Main Takeaways
We found that Credible has some of the best APRs, LendingTree offers access to 300+ lenders, and Lightstream offers the widest variety of loan options.
- LightStream charges no fees for its personal loans, which range from $5,000 to $250,000
- Upstart is our choice for low credit score applicants, with a minimum credit score of 600
- The average APR for a 24-month personal loan is 11.14%, according to the Federal Reserve
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*Rates and APYs are subject to change. All information provided here is accurate as of January 2026.
Personal loans are a versatile financing solution characterized by a wide range of loan terms and relatively fast underwriting. Whether you’re consolidating debt, making large purchases or funding home improvements, a personal loan adapts to your financial goals. You can choose the loan amount, repayment terms and interest rate that best suit your needs.
Read on to learn more about the best personal loans of 2026.
Why Trust Us?
Our editors and writers review personal loans from a variety of financial institutions independently, ensuring our content is precise and guided by editorial accuracy. Read the full methodology to learn more.
- 30+ personal loan lenders evaluated
- 15+ data points used, including starting APR, loan amounts, fees, customer satisfaction and turnaround time
- Hundreds of hours of cumulative research
Our Top Picks for the Best Personal Loan Companies of 2026
The companies listed below are organized alphabetically.
- BestEgg – Best for Quick Loans (6.99% – 35.99% APR)
- Credible – Best Marketplace (6.49% – 35.99% APR)
- LendingTree – Best Marketplace Runner-Up (5.99% – 35.99% APR)
- LightStream – Best Variety of Loan Options (6.94 – 25.29% APR)
- PenFed – Best Credit Union (7.99% – 17.99% APR)
- Prosper – Best Peer-to-Peer Lender (8.99% – $35.99% APR)
- SoFi® – Best Online Lender Fixed: (8.74% – 35.49% APR with all discounts APR)
- U.S. Bank – Best Bank (8.74% – 24.49% APR)
- Upstart – Best for Low Credit Scores (7.80% – 35.99% APR)
Best Personal Loan Reviews
- Competitive APR range
- Fast funding (often within 1-3 business days)
- Fixed rates with predictable payments
- No prepayment penalties
- Origination fee applies (varies by term)
- Best rates typically require higher credit/income
- Not available in all states
HIGHLIGHTS
Lengths3-5 years (36-60 months)Loan Amounts$2,000 – $50,000Minimum Credit Score RequiredBest rates usually require a FICO score of 700+ and higher income; fair-credit borrowers (600+) may still qualifyOrigination Fee~0.99% – 9.99% (deducted from loan proceeds)
Why we chose it: Best Egg offers competitive unsecured loan rates and fast funding. Its fixed-rate loans are suitable for debt consolidation, home improvement and other major expenses. The origination fee is included in the APR, which is important to factor into the total cost. Many borrowers can receive funds within 1 to 3 business days of approval, placing Best Egg among the faster large-scale online lenders.
Another reason Best Egg stands out is its balance between accessibility and pricing. While the most competitive rates are typically reserved for borrowers with strong credit and stable income, Best Egg still serves a wide range of credit profiles, including some fair-credit borrowers. You can check your rate with a soft credit inquiry to review potential loan offers without affecting your credit score. This transparency helps compare options confidently before committing.
Finally, Best Egg’s clear fee structure and borrower-friendly policies make it a dependable choice for long-term planning. Although the lender’s origination fee is factored into the APR, it also does not impose prepayment penalties, giving borrowers the flexibility to pay off their loan early and reduce interest costs. Overall, Best Egg is well-suited for borrowers who want a reliable online lender with competitive rates, fast funding and predictable repayment terms.
- Compare rates from different lenders
- Prequalify with a soft credit pull
- Co-signers allowed
- Best Rate Guarantee incentive of $200
- Not a direct loan servicer
- Loan approval requirements vary per lender
HIGHLIGHTS
Term Lengths1 – 7 yearsLoan Amounts$600 to $200,000 APR6.49% – 35.99%Minimum Credit Score Required580 FICOOrigination FeeVaries by lender
Why we chose it: Credible is an excellent option for borrowers who want to compare multiple quotes from top-rated personal loan lenders, each offering competitive rates.
Credible’s lending platform lets you compare quotes from several different lenders in as little as two minutes — without making a dent in your credit score. The company features an excellent network of reputable lenders, including SoFi®, LightStream and Discover.
Additionally, Credible offers a $200 Best Rate Guarantee incentive. If you are offered a personal loan at a lower rate from another company within eight days of receiving a prequalified personal loan rate from Credible, the company will give you a $200 gift card. Note that you must submit proof to Credible within seven days of closing on the loan from the competing lender.
The company welcomes applicants with a variety of credit histories, but applicants with excellent credit histories tend to see more loan offers, more flexible repayment terms and lower interest rates. Credible also offers tools to check how prequalification rates change when adding different co-signers.
Read our full review of Credible personal loans >>
- Compare quotes from five lenders
- Transparent lender profiles that include eligibility requirements
- Free credit and debit analysis tool
- Prepayment penalties may apply
- Origination fees may apply
HIGHLIGHTS
Term Lengths 1 – 7 yearsLoan Amounts$600 – $50,000APR5.99% – 35.99%Minimum credit score requiredVaries by lenderOrigination FeeVaries by lender
Why we chose it: LendingTree is our best personal loans marketplace runner-up because it offers access to more than 300 lenders who provide loans for a wide range of credit situations.
Like Credible, LendingTree is an online marketplace that connects users to reputable personal loan lenders. Within minutes, you can receive multiple offers from well-known companies such as Best Egg, LendingClub, PenFed Credit Union and Discover.
LendingTree’s user-friendly website offers transparent details on its lenders’ current starting annual percentage rates, along with comprehensive information on loan terms, amounts, and minimum credit score requirements. Generally, the minimum credit score required is around 580, but some lenders accept lower credit scores.
Another plus for LendingTree is its personal loan payment calculator, which you can use to help estimate monthly payments based on loan term, estimated interest rate and loan amount. However, LendingTree didn’t secure the top position as its maximum loan amount is lower than Credible’s.
Read our full review of LendingTree personal loans >>
- No origination fees or late payment fees
- No prepayment penalties
- Online application
- Co-applicants allowed
- Requires good-to-excellent credit (670 to 800 FICO score)
- The initial application involves a hard credit check
- $5,000 minimum loan amount
- No refinancing option for LightStream loans
HIGHLIGHTS
Term Lengths2 – 12 yearsLoan amounts5,000 to 100,000APR6.94 – 25.29%Minimum credit score required670Origination FeeNone
Why we chose it: LightStream stands out for offering personal loans with no origination fee, no prepayment penalties and no late payment fees.
LightStream’s fee structure is borrower-friendly — no origination fees, late fees or prepayment penalties. However, it’s important to note that loan approval is reserved for individuals with good to excellent credit. The evaluation process considers debt-to-income ratio, payment history and assets as key factors.
LightStream offers more loan payment options than most personal loan companies. Loan repayment terms range from 2 to 12 years. Additionally, you can receive your funds the same day, so long as you complete all of the necessary paperwork by 2:30 p.m. EST on a banking business day.
As part of its customer satisfaction guarantee, LightStream will pay you $100 if you’re not satisfied with your experience post-closing — this guarantee expires 30 days from loan closing. Additionally, the Rate Beat program offers a 0.10% discount if you’re offered a lower APR by a competing loan lender (if approved for the same loan options offered by LightStream).
Read our full review of LightStream personal loans >>
- No origination fees
- No prepayment penalties
- Physical branches nationwide
- Loans as low as $600
- Membership fee
- Low maximum loan amount
HIGHLIGHTS
Term Lengths6 months – 5 yearsLoan Amounts$600 – $50,000APR7.99% – 17.99%Minimum Credit Score Required650Origination FeeNone
Why we chose it: PenFed offers a competitive starting APR and charges no origination fees. The credit union also offers brick-and-mortar locations across the U.S. and Puerto Rico for those who prefer in-person service.
PenFed Credit Union’s personal loans can be used for any purpose, including home improvement projects and debt consolidation. The credit union offers a reasonable starting APR when compared to other personal loan companies. Additionally, PenFed doesn’t charge an origination fee.
You can see several loan offers through PenFed’s personal loan prequalification application, which won’t impact your credit score.
However, if you choose to accept a loan offer, a PenFed membership is required. The credit union makes the membership process easy by opening a PenFed savings account in your name with a $5 deposit, which is added to your total loan amount. Loan funding typically occurs within one to two business days of completing your personal loan paperwork.
Third-party reviews of PenFed show high customer satisfaction, with personal loan customers noting a quick and easy online application process.
Read our full review of PenFed personal loans >>
- Suggested credit score minimum of 600
- Co-signers allowed
- Check your rate with a soft credit inquiry
- Next-day funding possible
- Charges origination fee
- Charges late fees for missed payments
- No discount for automatic payments
HIGHLIGHTS
Term Lengths2 – 5 yearsLoan Amounts$2,000 – $50,000APR8.99% – $35.99%Minimum Credit Score Required600Origination Fee1% – 7.99%
Why we chose it: Prosper is our pick for the best peer-to-peer lender for personal loans because of its competitive APR and fast funding.
Prosper is a peer-to-peer lending marketplace that connects borrowers with personal loans funded by investors. Borrowers can access loans ranging from $2,000 to $50,000 with terms of 2 to 5 years. Upon approval, funds could be available via direct deposit within one business day.
Check your rate using Prosper’s personal loan calculator, which includes different loan types, such as debt consolidation, home improvement and business. A credit check isn’t required until you accept an offer and formally apply.
Note that late payments result in fees of $15 or 5% of the unpaid monthly payment (whichever is greater), and insufficient funds or returned payments incur a $15 charge.
Read our full review of Prosper personal loans >>
- No origination fee for qualified borrowers
- No late payment fees
- Same-day funding possible
- Minimum to borrow is $5,000
- Good to excellent credit strongly recommended
HIGHLIGHTS
Term Lengths2 – 7 yearsLoan Amounts$5,000 – $100,000APRFixed 8.74% – 35.49% APR with all discounts Minimum Credit Score Required680Origination Fee0% – 7%
Why we chose it: SoFi offers an easy online application process, a variety of loan amounts and repayment terms and same-day funding.
SoFi offers unsecured personal loans of up to $100,000, one of the highest loan amounts among our best personal loan picks. However, its lowest loan amount is $5,000, so there are no small loans available through SoFi.
While good to excellent credit is ideal, SoFi also considers alternative credit information, including a borrower’s free cash flow, professional history and track record of financial responsibility, when evaluating loan applications. If you don’t meet SoFi’s requirements, you can add a co-borrower. However, adding a co-borrower will extend the loan review process by one to two weeks.
You can check potential rates in less than a minute via SoFi’s online application. This process doesn’t affect your credit score. If you accept a loan offer, you could get funded the same day. According to company data, this is typical for more than 80% of borrowers.
Read our full review of SoFi personal loans >>
SoFi Personal Loans Disclaimer
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Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 11/7/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2023 was around $33K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
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Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
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Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
- No origination fees or prepayment penalty
- Fast funding
- Online loan application
- Minimum 720 credit score for non-U.S. Bank customers
- Loan limit is $25,000 for non-U.S Bank customers
HIGHLIGHTS
Term Lengths1 – 7 yearsLoan Amounts$1,000 – $50,000APR8.74% – 24.49%Minimum Credit Score Required660Origination FeeNone
Why we chose it: U.S. Bank offers competitive APRs and quick funding — within hours, according to the lender — if you’re an existing customer with a credit score of 660 or higher.
U.S. Bank’s starting APR rivals the best personal loan rates in the industry. The bank offers several loan types, including personal and home improvement loans, as well as lines of credit for various purposes.
The bank’s Simple Loan, available exclusively to U.S. Bank checking account holders, ranges from $100 to $1,000 and is ideal for short-term or emergency expenses. The loan carries a fixed monthly fee of $6 for every $100 borrowed. Additionally, U.S. Bank doesn’t charge fees for missed payments on Simple Loans.
Note that if you do not have a bank account with U.S. Bank, you will be subject to stricter credit score requirements (720 FICO) and a loan limit of $25,000.
Read our full review of U.S. Bank personal loans >>
- Accepts low credit scores and borrowers with minimal credit history
- Considers alternative credit data, such as education and employment
- No prepayment penalties
- Next-day funding possible
- Offers only two repayment term options
- Additional fee for paper statements
- Origination fee could be up to 12% of total loan amount
HIGHLIGHTS
Term Lengths3 or 5 yearsLoan Amounts$1,000 to $50,000APR7.80% – 35.99%Minimum Credit Score Required300Origination Fee0% – 12%
Why we chose it: Upstart is a great choice for individuals with credit scores as low as 300. The company evaluates borrowers’ repayment capacity by considering more than 1,500 alternative creditworthiness factors.
Upstart gives borrowers with poor credit access to personal loans through its AI-powered loan application. This innovative approach considers alternative information, such as job history, education and field of study, to assess the individual’s repayment capability.
Furthermore, individuals who are currently unemployed may apply for a loan, so long as they’ve received an employment offer with a start date falling within six months of the loan application.
You can check your rate before you apply for a loan with a soft credit pull. However, like with all personal loan lenders, rates and loan terms for poor credit borrowers are less favorable than those offered to borrowers with excellent credit.
Read our full review of Upstart personal loans >>
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Personal Loans Guide
Personal loans serve various purposes and offer attractive features such as flexible terms and low interest rates. Our guide outlines everything you need to know, including how they work and what qualifications you need to get a personal loan.
What is a personal loan?
Personal loans are installment loans that typically have fixed interest rates and repayment terms of 12 to 72 months. These loans vary in amount, available in smaller sums starting at $100 and larger sums exceeding $50,000.
The purpose of a personal loan can include various needs, including debt consolidation, funding home improvement projects, covering medical bills or financing large purchases, events or vacations. However, it’s important to note that most personal loans cannot be used to pay for higher education.
How do personal loans work?
You can request personal loans from banks, credit unions or other financial institutions.
Lenders will consider various factors when evaluating your application. These include:
- Debt-to-Income ratio (DTI) – DTI is calculated by dividing your monthly debt obligations (such as mortgage payments, credit card debts and student loans) by your total monthly income. This shows the portion of your income used to repay existing debts, indicating whether you can afford a new loan.
- Credit score – Most lenders set a minimum credit score requirement of 660, but some consider additional factors when determining your creditworthiness. Before you apply for a loan, be sure to check your credit report at all three major credit bureaus (Experian, Equifax, and TransUnion).
- Credit card utilization ratio – Banks will review how much of your available credit you’re currently using. Most lenders favor a credit utilization ratio below 30%.
Most personal loans have fixed rates and are processed quickly – once approved, you could have money deposited into your bank account within 24 to 48 hours.
Types of personal loans
There are two basic types of personal loans: secured and unsecured.
Secured loans
Unsecured loans
Secured loans require collateral, which is a guarantee of payment in the form of an asset you own such as your house, car, stocks and bonds or a certificate of deposit (CD) account. If you default on these loans, the lender can sell these assets and use them to pay off the debt.
Unsecured personal loans don’t require collateral, and therefore, won’t lead to foreclosure or loss of assets for failure to pay. However, these loans usually carry higher interest rates, and defaulting will still significantly impact your credit score. Most personal loans are unsecured loans.
How to get a personal loan
Regardless of whether you want to get your loan from a traditional bank, a credit union, an online lender or P2P, there are steps you’ll have to follow to get your loan.
- Do the math – Take a hard look at your finances. Can you afford the new loan payment? Some banks offer fast, online prequalification with a soft credit pull so you can check potential loan terms. You can also use an online personal loan calculator to get an idea of what you’ll have to pay every month for the loan.
- Check your credit score – Personal loan companies run a credit check to determine your creditworthiness and interest rate. A credit score that falls in the good to excellent range will increase your likelihood of approval and eligibility for the lowest rates.
- Evaluate and compare lenders – Compare lender loan offerings, fees, services and benefits to find out which best fits your needs and wants. Don’t forget to look at customer reviews as well to get a sense of what other borrowers have found helpful or inconvenient.
- Apply and provide documents – Required documents typically include identification (driver’s license, passport or Social Security card), a utility bill to verify your address, employment information and a bank statement or tax return as proof of income.
- Review the loan terms – Be sure to check for additional fees, such as an origination fee or prepayment penalty.
- Start making payments – We recommend setting up automatic payments to avoid penalties or fees most lenders charge for missed payments.
Best place to get a personal loan
You can get personal loans from banks, credit unions or online and peer-to-peer lenders. It’s important to only apply to reputable lenders, since you’ll have to provide your personally identifiable information on your application, including your Social Security number and address.
Banks
Brick-and-mortar banks are ideal if you prefer in-person customer service. However, as banking becomes ever more digital, most brick-and-mortar banks are now able to offer you the best of both worlds. Note that some traditional banks may charge higher fees and penalties than online lenders and credit unions.
Online Lenders
Online lenders offer convenience and speed. You can apply and receive your money online from anywhere (we suggest using a secure Wi-Fi connection). Another perk: Some pass on their overhead cost savings to borrowers and are more likely to offer low-interest personal loans with fewer fees. Additionally, some online lenders use alternative credit data, which may be helpful for borrowers with less-than-perfect credit.
Credit Unions
Unlike traditional banks, credit unions are nonprofit financial institutions. Borrowers must become members, but this can offer some benefits, such as access to higher interest rates on savings accounts and CDs and APR discounts on personal loans. Credit union accounts are insured by the National Credit Union Administration (NCUA), which caps credit union loan interest rates at 18%.
Peer-to-Peer
A peer-to-peer (P2P) lender is an online lender that connects borrowers to funding from individual investors and companies. The lender serves only as a facilitator of the loan. This type of loan gives people with low credit scores or limited credit history a greater chance of approval. However, some P2P lenders charge additional fees and higher personal loan interest rates.
How to compare personal loans
When comparing personal loans, consider these important factors:
- Annual percentage rate: The APR on a personal loan reflects the interest rate plus any fees, such as an origination fee, that the lender charges. Some lenders offer rate discounts for automatic payments or for opening a bank account and setting up direct deposits.
- Loan repayment term: Longer term lengths mean lower monthly payments, but you pay more in interest overall. Shorter terms have higher monthly payments and less interest accrual.
- Monthly payment: Consider the amount and frequency (weekly or monthly).
- Fees: Look at the fine print for loan origination fees, late fees, and a fee for paying your loan in full before the loan term expires (this is called a prepayment penalty).
- Funding time: Some personal loan companies offer next-day funding, while others may take up to a week to disburse funds.
Best Personal Loans FAQs
Is a personal loan secured or unsecured?
Most personal loans are unsecured, meaning there is no collateral required to obtain the loan. However, some personal loan companies offer secured loans, which require collateral in the form of valuable assets, such as your home, vehicle or investment accounts. Unsecured loans typically have higher interest rates than secured loans.
What is a good interest rate for a personal loan?
A good interest rate for a personal loan in today’s market is about 7.94%. However, this low rate is only offered to borrowers with excellent credit. Rates for good credit borrowers are higher. Loans for borrowers with bad credit can be as high as 35.99%, if approved.
How long does it take to get a personal loan?
How long it takes to get a personal loan depends primarily on the lender. Many personal loan companies offer same-day funding, so long as your loan is processed by a certain time of day. Others fund on the next business day, while some may take up to a week to process your application and send loan funds your way.
Can you have a cosigner on a personal loan?
You can have a cosigner on a personal loan, depending on the regulations of the personal loan company. Adding a cosigner with good to excellent credit profile can improve your chances of approval as well as the rate of interest offered.
What can I use a personal loan for?
You can use a personal loan for almost any purpose, including paying off your credit cards (known as a debt consolidation loan), big purchases (e.g. home renovations) or emergency expenses. Note, however, that some personal loan companies do not permit borrowers to use funds for secondary education, such as college tuition.
How We Found the Best Personal Loans
Our methodology to find the best personal loans included an in-depth evaluation of 40 banks, credit unions, marketplaces and peer-to-peer lenders, taking into account the following:
- Loan rates and fees – We chose banks that offered the most affordable loans, that is, the lowest interest rates and fees. We also evaluated which banks offered the most benefits and unique offers.
- Loan term flexibility – We preferred banks that offered customers multiple term options and ways to pay.
- Customer satisfaction – We evaluated how banks ranked in J.D. Power’s Customer Satisfaction surveys and checked any complaints filed with the Better Business Bureau (BBB).
- Regulatory compliance – We checked the Consumer Financial Protection Bureau (CFPB) database and the Federal Trade Commission (FTC) for complaints and reports.
Personal loan companies considered for Best Personal Loans
Achieve, AmONE, Avant, Axos, Bad Credit Loans, Best Egg, BHG Money, Citi, Credible, CreditNinja, Discover, Fifth Third Bank, Fiona, GraceLoanAdvance, Happy Money, LendingClub, LendingPoint, LendingTree, LightStream, OppLoans, OneMain Financial, Navy Federal Credit Union, Pentagon Federal Credit Union (PenFed), PNC Bank, Prosper, Reach Financial, SoFi, Universal Credit, Upstart, USAA, U.S. Bank, Wells Fargo, Zable.
Summary of Money’s Best Personal Loans of 2026
The companies listed below are organized alphabetically.
- BestEgg – Best for Quick Loans (6.99% – 35.99% APR)
- Credible – Best Marketplace (6.49% – 35.99% APR)
- LendingTree – Best Marketplace Runner-Up (5.99% – 35.99% APR)
- LightStream – Best Variety of Loan Options (6.94 – 25.29% APR)
- PenFed – Best Credit Union (7.99% – 17.99% APR)
- Prosper – Best Peer-to-Peer Lender (8.99% – $35.99% APR)
- SoFi® – Best Online Lender Fixed: (8.74% – 35.49% APR with all discounts APR)
- U.S. Bank – Best Bank (8.74% – 24.49% APR)
- Upstart – Best for Low Credit Scores (7.80% – 35.99% APR)
