12 Best Personal Loan Companies

Some of the links included in this article are from our advertisers. Read our Advertiser Disclosure.

Looking for the best personal loan companies to choose from? You’re in the right spot.

Personal loans can save you money if you’re able to secure a lower interest rate. They can also improve your credit score with every on-time payment you make.

Since personal loans are for a fixed borrowing amount, you can’t add to the balance like you can with credit cards. This makes it easier to get out of debt and stay out.

As you will find out, you may be able to refinance your debt with a personal loan andget a lower interest rate.

Note: Our team has spent hours reviewing loans from over dozens of personal loan companies to identify the “best companies” for personal loans.

We looked at each lender’s interest rates, eligibility requirements, fees, time to receive funds, and the availability of repayment terms and discounts.

Top Personal Loan Companies

We’ve researched some of the best personal loan companies out there, just for you. The companies mentioned below offer great loan options and don’t have hidden fees.

In a hurry? Here are our top picks:

  • Overall Best Personal Loans: Credible
  • Best Personal Loans For Excellent Credit: SoFi
  • Best Personal Loans For Average Credit: Upgrade

Note that with some of these personal loan companies you may have to pay origination and application fees.

However, you can still easily save thousands of dollars compared to high-interest loans and high credit card interest rates.

* Varies depending on the level of education.

1. Upstart

  • Fair & fast online loans
  • 4.9/5 rating on Trustpilot
  • Fast funds turnaround

Visit Site

Young professionals with a minimal credit history should consider Upstart. It offers personal loans of $1,000 to $50,000 in three- and five-year repayment terms.

This could help you to consolidate your credit card debt or student loans. You could also get a loan to start a business or pay for personal expenses.

Upstart takes your education, area of study, and job history into consideration when you apply for a loan. If you are approved, you can have funds in as fast as 1 business day. Since launching in 2014, Upstart has funded more than $3.2 billion in loan requests.

Here’s another cool fact about Upstart; it was founded by ex-Google employees.

They used their knowledge to build the first lending platform that uses artificial intelligence and machine learning to price credit and automate the borrowing process.

Upstart Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $50,000
  • APR: 4.37 – 35.99%
  • Minimum Credit Score: None
  • Trustpilot: 4.9/5

2. Upgrade

  • Affordable monthly rates
  • No prepayment fees
  • Quick decisions on loan applications

Learn More
Our Review

Upgrade is a newer company founded by two former executives of Lending Club. With a $1,000 borrowing minimum and a low APR, Upgrade is one of the most affordable lenders. You have the option to apply for a three- or five-year loan.

You can borrow up to $35,000 using Upgrade. If all goes well, it will work on delivering the money to your bank account the next day. Upgrade even lets you customize your payment due date. This feature makes it one of the most flexible lenders on this list.

Upgrade Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $35,000
  • APR: 5.94 – 35.47%
  • Minimum Credit Score: 560
  • Trustpilot: 4.6/5

3. LendingClub

  • Compare competitive rates in 2 minutes
  • Large selection of repayment terms
  • 4.5 average rating on Trustpilot

Visit Site

LendingClub is a P2P lender that can offer lower interest rates and possibly give you a better chance of approval than a bank would.

LendingClub offers fixed-rate personal loans of $1,000 to $40,000 for either 36 months (three years) or 60 months (five years).

When you apply, LendingClub performs a soft inquiry so your credit score will not be affected by the loan application. The entire approval process takes about seven days.

You can use LendingClub to apply for personal loans, small business loans and auto refinancing.

LendingClub Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $40,000
  • APR: 7.04 – 35.89%
  • Trustpilot: 4.8/5
  • Origination fee: 5%

4. Earnest

  • Low interest rates
  • Flexible payment system
  • 4.5/5 rating on Trustpilot

Visit Site

Some lenders rely solely on your credit report to approve or deny your loan application. However, Earnest uses “deep data” like your job history, income potential, college experience, and saving patterns to get you the lowest interest possible.

Earnest additionally offers student loan refinancing with variable rates and gives discounts for autopay. It also offers personal loans with fixed rates with three to five year terms.

Bonus: Earnest will let you get an estimated interest rate without affecting your credit score.

Earnest Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $250,000
  • Rates: As low as 2.44%
  • Trustpilot: 4.7/5

5. Best Egg

  • Low fixed APRs
  • 4.6/5 stars on Trustpilot
  • BBB Accredited and has an A+ Rating

Visit Site

Best Egg offers next-day deposit once they approve your application.

This might be the first time you’ve ever heard about Best Egg. It’s important to know they have an A+ Better Business Bureau rating.

With a $2,000 minimum borrowing requirement, it can be really easy to qualify for a loan if you only have a small balance.

Best Egg Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $35,000
  • Rates: 5.9 – 35.99%
  • Trustpilot: 4.6/5

6. PersonalLoans.com

  • Free to use service
  • Competitive rates from different lenders
  • Simple and straightforward

Visit Site

PersonalLoans.com is not a lender but is a search engine for personal loan companies. This search engine can help you find loans as small as $1,000. You can also specify your loan term to be as short as 90 days or up to six years.

Lenders in PersonalLoans.com’s network offer loans up to $35,000.

To begin finding your loan offer, all you have to do is submit a request with some basic information. You’ll need to share your bank account information, for instance. You’ll also need to share your income and credit score.

Lenders will review your information quickly. You could be presented with a great loan offer within just a few minutes!

PersonalLoans.com Highlights:

  • Loan Terms: 90 days – 6 years
  • Max Loan: $35,000
  • Rates: 5.99 – 35.99%
  • Trustpilot: 4.6/5

7. Marcus by Goldman Sachs

  • Compare custom rates from different lenders in 2 minutes
  • Wide range of lenders
  • 4.5 average rating on Trustpilot

Visit Site

Financial powerhouse Goldman Sachs created Marcus to “help people achieve financial well-being”, according to their website. They offer personal loans from $3,500 up to $40,000.

Their website says there are never any fees with a Marcus loan. That means no application fee, no origination fee or no prepayment fees.

There aren’t even any late fees with Marcus, although you should still pay your loan on time to protect your credit rating.

Marcus offers loan terms from 36 months up to 72 months. It’s important to note that interest rates with Marcus are generally higher if you stretch out your term.

Also, the better your credit, the lower the interest rate you’ll qualify for.

Marcus Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $40,000
  • Rates: 6.99% – 19.99%
  • Minimum Credit Score: 660
  • Trustpilot: 2.8/5

8. SoFi

  • Low rates
  • No hidden fees, only interest
  • Live customer support 7 days a week

Learn More
Our Review

SoFi is another top pick because of its low-interest rates and generous lending terms. With SoFi’s personal loans, you can borrow between $5,000 and $100,000 for up seven years.

It also offers low fixed interest rates if you set your payment up on autopay.

SoFi has other benefits, too. Hopefully, you will never need to use this benefit, but SoFi does offer unemployment protection.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period.

However, interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law.

Benefits are offered in three-month increments, and capped at 12 months, in aggregate, over the life of the loan.

To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment.

If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

This benefit is unheard of for private loans. Other lenders require you to continue making the minimum monthly payment regardless of your employment status.

In fact, the only other similar benefit offered is a federal student loan forbearance request that allows you to pause payments penalty-free.

SoFi lets you borrow money for:

  • Student loan refinancing
  • Medical resident student loan refinancing
  • Home mortgages
  • Personal loans

And, you will never pay an origination fee or prepayment penalty.

Sofi Highlights:

  • Loan Terms: 2-7 years
  • Max Loan: $100,000
  • Rates: 4.99% – 19.63%
  • Minimum Credit Score: 680
  • Trustpilot: 3.1/5

9. Wells Fargo

  • Competitive rates
  • Fast access to funds
  • Long standing and well-known bank

Visit Site

Do you prefer a well-established national bank with physical branch locations? Wells Fargo offers personal loans without an application fee or origination fee when you apply for a fixed-rate loan.

Since Wells Fargo is a brick-and-mortar lender, their starting interest rate is a little higher than the online-only lenders.

In addition to the option of in-person service, current Wells Fargo members can enjoy relationship discounts. You can get discounts by opening a checking account, for instance.

Wells Fargo has a fast processing time for loans, too. You can even receive next-day funds if you are in a financial bind and need the money ASAP.

Wells Fargo Highlights:

  • Loan Terms: 2-5 years
  • Max Loan: $200,000
  • Rates: 5.74 – 19.99%
  • Trustpilot: 2.3/5 (most bad reviews were related to checking and savings accounts and not loans)

10. Payoff

  • Easy and quick to apply.
  • Rated 5/5 stars on Lending Tree and 4.7/5 on Credit Karma
  • Psychological approach to money to reduce stress and improve loan usage

Learn More
Our Review

Payoff specializes in credit card debt consolidation and has refinanced more than $100 million so far.

The only fee you will pay is an origination fee. You won’t pay typical fees with Payoff.

For instance, other lenders might charge more if you make a payment by paper check. However, with Payoff payments made by snail mail never cost extra.

Payoff Highlights:

  • Loan Terms: 2-5 years
  • Max Loan: $40,000
  • Rates: 5.99 – 24.99%
  • Minimum Credit Score: 600
  • Trustpilot: 2.1/5

Payoff also offers job loss support to restructure your monthly payments if you lose your job. This benefit is becoming more common, but it is still a rarity among private lenders.

11. LightStream

  • Low fixed rates
  • 2.49 – 19.99% APR
  • Fast funds turnaround

Visit Site

If you’re in the market for a personal loan with a super-low interest rate, check out LightStream. You can get a lower rate if you sign up for AutoPay.

This offshoot of SunTrust Bank is offering a fixed APR to borrowers with good to excellent credit (as of 12/30/19). You need to borrow between $10,000 and $25,000 for a loan term of 24 months to 36 months to qualify.

Note: Rates may vary depending on what the loan funds are to be used for.

If you want to consolidate your debt, LightStream is also offering debt consolidation loans with low rates on loans with a term between 24 and 36 months. By signing up for autopay instead of paying manually, you’ll save 0.50% APR.

LightStream Highlights:

  • Loan Terms: 2-7 years* (Home Improvement loans may extend up to 12 years)
  • Max Loan: $100,000
  • Rates: 4.49 – 20.49%
  • Minimum Credit Score: 660
  • Trustpilot: 2.1/5

12. Peerform

  • Fast and free application for loans
  • Competitive APRs on all loans
  • Quick funds disbursement

Visit Site

Peerform is one of the few P2P platforms that lend to borrowers who have a credit score as low as 600. If you have average credit, you may not qualify for their top category APR, but you can still potentially get a lower interest rate than at a bank.

P2P lenders like Peerform have been so successful in recent years because they have made loan consolidation easier. Borrowers can more easily responsibly refinance their current debt and avoid the bank for new financing too.

With Peerform, you can borrow from $4,000 up to $25,000 per loan.

Peerform Highlights:

  • Loan Terms: 3-5 years
  • Max Loan: $25,000
  • Rates 5.99 – 29.99%
  • Trustpilot: Listed but no score


Many people think their only option to save money on high-interest debt is to use a debt consolidation agency. In reality, that’s one of the most expensive ways to refinance your debt. Consider applying for a personal loan.

You can easily reduce your interest rate by 15 percentage points and save thousands of dollars.

Until now, personal loans might have been the best-kept secret that high-interest lenders didn’t want you to know.


All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history.

The APR ranges from 6.95% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64.

Your APR will be determined based on your credit at time of application. *The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD).* There is no down payment and there is never a prepayment penalty.

Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

Upstart range of available rates varies by state. Rates range from 6.53% – 35.99%. The average 3-year loan on Upstart will have an APR of X% and 36 monthly payments of $Y per $1,000 borrowed. There is no down payment and no prepayment penalty.

The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. For Upstart loan ranging from $1,000-$50,000; your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount.

Loans are not available in West Virginia or Iowa. (IF LOAN AMOUNT ISN’T ALREADY VARIED BY STATE: The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.)

Upstart Trustpilot rated 5 out of 5 based on 5,686 reviews and ranked 3 out of 172 in the category Non-Bank Financial Service on Trustpilot as of 2/10/20.

Upstart full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of X% and 36 monthly payments of $Y per $1,000 borrowed. There is no down payment and no prepayment penalty.

The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed.

Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months.

The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13.

To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $14,000.00, and with a term equal to 24 months.  Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you qualify.

Fixed rates from 5.99% APR to 17.53% APR (with AutoPay). SoFi rate ranges are current as of June 4, 2020 and are subject to change without notice. Not all rates and amounts available in all states.

See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions.

Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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 obtain a loan.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding.

Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 6.89% APR with a term of 12 years would result in 144 monthly payments of $255.63.

Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Categories Pay Off Debt


Leave a Reply

Your email address will not be published.