Best Personal Loans

If you have a high credit score, LightStream may be an excellent choice for a personal loan. It charges relatively low rates and no origination fees.

You can take as long as 144 months (12 years) to repay loans of $25,000 or more, which may keep monthly payments low. However, the longer you stretch out a loan, the more interest you pay. If you have the cash flow, it may be best to pay down your debt quickly.

LightStream offers a unique loan experience guarantee, too: If you’re not completely satisfied with your borrowing experience, Lightstream will give you $100.

• Loan amounts: $5,000 to $100,000
• Fixed APR range: 5.95% to 16.79% with autopay
• Variable APR range: Does not offer variable interest rates
• Loan terms: 24 to 144 months
• Origination fee: Does not charge an origination fee
• Late fee: Does not charge a late fee
• Time to receive funds: Same day or 1 business day
• Recommended credit score: Good or better

Rocket Loans offers quick funding for personal loans. If you’re facing an unexpected expense like a broken water heater or a dog needing surgery, you don’t have much time to wait for loan approval and disbursal. With Rocket Loans, you can get up to $25,000 on the same day you apply.

Rocket Loans charges origination fees ranging from 1% to 6% of your loan, which the lender deducts from your balance before sending the loan proceeds to you. For example, let’s say you borrow $10,000 to pay for home improvements. With a 6% origination fee, you’d owe $600. Rocket Loans would deduct that fee from the $10,000 you borrowed, so you’d actually receive $9,400 in your account.

You can potentially pay high interest rates with Rocket Loans, too. Depending on your credit score, income, and other criteria, the rate could be as low as 7.16% when you sign up for autopay, or as high as 29.99%.

• Loan amounts: $2,000 to $45,000
• Fixed APR range: 7.16% to 29.99%
• Variable APR range: Does not offer variable interest rates
• Loan terms: 36 or 60 months
• Origination fee: Between 1% and 6%
• Late fee: $15 
• Time to receive funds: Same day funding available
• Recommended credit score: Good or better

Not everyone has excellent credit. With Upstart, you may be able to qualify for a loan with a credit score as low as 620. That score would put you in the “fair” range of a FICO score. So for borrowers struggling to find a loan, Upstart might be a smart solution.

The company allows you to borrow $1,000 to $50,000 with repayment terms of three or five years, though loan minimums vary by state. Upstart charges an origination fee for some borrowers, and you might pay as much as 8% of your loan amount. Rates range from 6.53% to 35.99% APR.

• Loan amounts: $1,000 to $50,000
• Fixed APR range: 6.53% to 35.99%
• Variable APR range: Does not offer variable interest rates
• Loan terms: 36 or 60 months
• Origination fee: Between 0% and 8%
• Late fee: $15 or 5%
• Time to receive funds: At least 1 business day
• Recommended credit score: 620 or better

SoFi offers fixed- and variable-rate personal loans from $5,000 to $100,000. Loan terms can be as long as seven years, and SoFi offers you a lower APR if you set up automatic payments (rates range from 5.99% to 18.82% with autopay). Variable rates are capped at 14.95%. However, SoFi may be (relatively) slow to disburse your loan. Whereas other lenders offer same-day or next-day funding, SoFi usually disburses funds within a few days.

SoFi personal loans have a unique perk: unemployment protection. If you lose your job through no fault of your own, you can apply for loan forbearance. If approved, you can postpone making payments in three-month increments, for up to 12 months total. While interest continues to accrue on the loan during that period, having the ability to postpone payments can give you the time you need to get back on your feet.

• Loan amounts: $5,000 to $100,000
• Fixed APR range: 5.99% to 18.82% with autopay
• Variable APR range: 6.99% to 14.70% with autopay
• Loan terms: 36 to 72 months
• Origination fee: Does not charge an origination fee
• Late fee: Does not charge a late fee
• Time to receive funds: Typically within a week
• Recommended credit score: Good or better

Some lenders have fairly high minimums, requiring you to borrow several thousand dollars. If you need a smaller amount, it may be difficult to find a lender willing to work with you, and you may feel like you have to borrow extra just to get the cash you need. 

With LendingClub, you can borrow as little as $1,000 to pay for almost anything you want—car repairs, debt consolidation, and more. If you have less-than-perfect credit and need to shop among lenders, LendingClub may be worth a look. However, it’s important to know that LendingClub does not currently offer loans to residents of Iowa or U.S. territories.

LendingClub charges an origination fee that ranges from 1% to 6% of your loan amount. That fee comes out of the total loan balance and reduces the amount that goes into your bank account, so be sure to borrow enough to cover the fee and still have enough for whatever you need the loan for. Rates range from 6.95% to 35.89% APR.

• Loan amounts: $1,000 to $40,000
• Fixed APR range: 6.95% to 35.89%
• Variable APR range: Does not offer variable interest rates
• Loan terms: 36 or 60 months
• Origination fee: Between 1% and 6%
• Late fee: $15 or 5%
• Time to receive funds: At least 4 business days
• Recommended credit score: Fair or better

If you need a small cash injection to tide you over until your next payday, you may be tempted to use a payday loan or car title loan. But these types of debt can be extremely expensive and put you into a dangerous debt spiral. 

Earnin might be a reasonable alternative. With Earnin, you can access funds based on hours you’ve worked at your job, but haven’t yet been paid for. There are no fees, interest charges, or hidden costs, and you can cash out up to $100 per day. After your employer deposits funds into your account on payday, Earnin subtracts the amount you cashed out earlier. Then, you simply pay Earnin what you think is fair as a “tip”—it’s not required, and you could pay $0 if you wanted. Earnin asks you to pay what you can for the service to help cover the other borrowers who may not be able to pay anything for it. It’s a sort of community-driven fee system.

While Earnin can be helpful, you can only access small sums of money at a time. If you’re facing a bigger emergency—like an expensive car repair—you may need to find another source of money to pay for it.

• Loan amounts: Up to $100 per day
• Fixed APR range: Does not charge interest
• Variable APR range: Does not charge interest
• Loan terms: Until your scheduled payday
• Origination fee: Does not charge an origination fee
• Late fee: Does not charge a late fee 
• Time to receive funds: Same day funding available
• Recommended credit score: Does not require a credit check