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Updated12/20/2023


5 BEST PERSONAL LOAN COMPANIES


COMPARE RATES & TERMS FOR AMERICA'S TOP 10 PERSONAL LOAN COMPANIES


Fast Application Process

Secure & Trusted Lenders

Flexible Terms
Editor's Choice
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 * APR: 4.60% - 35.99%
 * Borrow up to $200,000
 * Min. Credit Score: 600
 * Loan term: 12-84 mo.
 * No early payment fees
 * Multiple offers, one application

9.8
Visit Site
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 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.5
Visit Site
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 * APR: 7.49% - 25.49%
 * Borrow up to $100,000
 * Min. Credit Score: 660
 * Loan term: 24-84 mo.
 * Powered by Credible

9.4
Visit Site
 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.8
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(71,052)  Votes
Get My Rate
Visit LendingTree
 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.5
 * 
 * 
 * 
 * 
 * 

(71,052)  Votes
Get My Rate
Visit LendingTree
 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.4
 * 
 * 
 * 
 * 
 * 

(71,052)  Votes
Get My Rate
Visit LendingTree
 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.4
 * 
 * 
 * 
 * 
 * 

(71,052)  Votes
Get My Rate
Visit LendingTree
 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

 * APR: 6.99% - 35.99%
 * Borrow up to $50,000
 * Min. Credit Score: 350
 * Loan term: 12-144 mo.
 * A variety of other loan types
 * Simple, streamlined process
 * Available in all states

9.3
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(71,052)  Votes
Get My Rate
Visit LendingTree


FREQUENTLY ASKED QUESTIONS(FAQ)

So what are third party lenders?

Put simply, they’re non-traditional lenders. Some third-party lenders will loan
you the money directly, while others act as brokers, comparing the lending
market for you and offering you a range of loans and rates before matching you
to an appropriate source. 

Third-party lenders don’t just work with personal loans, though. They can
usually offer help with mortgages, student loan debt, credit cards, and
consolidating your different debts into one single. monthly payment.

Recommended Personal loan Lending Partners

Why choose a third party lender over your bank?
There are actually a number of similarities between third party lenders and
banks. Both will carry out a credit check, assess your ability to repay loans,
and ask you questions about your current financial state before making an offer.
However, third-party lenders have quite a few advantages over banks, such as:

• They’re faster: You won’t need an appointment and can apply for a loan quickly
online. Applications are often completed in minutes and approvals can be as fast
as within 24 hours. Once approved, some lenders can get the money to you in just
one business day, but between one and seven days is the standard. Banks often
employ much stricter review procedures before they'll lend, often wanting to
examine your financial transactions going back several years. All of this takes
time and they just can’t compete with third-party lenders on speed.

• They could help you out if you have bad credit - If you’ve been turned down by
your bank due to a bad credit rating, a third party lender may be able to help.
Loan aggregators will compare loans from across a wide range of different
lenders, each of whom will have different credit score criteria. Where you may
be rejected by one, they can quickly find another that will likely accept you.

• Potentially lower interest rates - Having access to a wider range of lenders
means more offers to choose from. Healthy competition in the market means lower
interest rates too. It isn’t always a guarantee that you’ll find a lower
interest rate than with banks, but it never hurts to shop around.
What are the risks?
Some people hold the misconception that getting a loan via a third-party lender
is somehow access to easy money. This is because the lending process is often
easier and quicker than using banks. However, taking out a loan is always a big
decision and it will always come with risks associated with it.

Always remember to read the fine print, don’t rush into the first loan you’re
offered and keep your eyes open for the following risks:

• Origination fees - This is just the fancy term for any upfront fees charged by
the lender. These fees are partly to cover the admin costs of setting up the
loan but also constitute part of the lenders own income. These fees vary wildly
between providers. Some may charge between 0.5% and 1% of the entire loan value,
while others can be much higher. If you shop around you’ll be able to find
lenders that don’t charge any origination fees at all. Any reputable lender will
make these fees very clear at the outset, though.

• Understand your interest rate - Interest rates are another big variable. Two
people could apply for the same loan amount, from the same company, and come out
with two completely different interest rates. Lenders factor in individual
circumstances for every loan. The higher the risk they think you are, the higher
the interest you’ll pay. Always ask to see the total amount you’ll pay over the
lifetime of the loan. This will give you a good idea of how much interest you’ll
actually be paying. If it’s too high, shop around for a better rate.

• Early repayment penalties - The longer you take to pay off your loan, the more
interest a lender makes on it. Lenders don’t want you paying off your loan early
and many will have early repayment clauses written into the loan contract. You
should always try to pay down your debts as quickly as possible, so check with
your lender to see if they’ll penalize you for doing so. Again, any reputable
lender should make these charges very clear from the outset.

• Payday loan risks - These types of third-party lenders will loan you money on
the promise of a portion of your next paycheck. The interest rates are
incredibly high and if you’re unable to make the payments you can get trapped in
a cycle of debt. Only take this type of loan if you’re absolutely certain you’ll
be able to make the repayments.
How are the loans secured?
Secured loans

With a secured loan, you make a promise to give up a chosen asset in the event
you can’t repay the loan. This could include things like your car, promise of
money in a savings account or a certificate of deposit. These are a lower risk
for the lender as they’re pretty much guaranteed to get their money back one way
or another. They can be useful for borrowers as secured loans usually come with
lower interest rates. These work well for those with low credit ratings too, and
a good way for you to build credit. Many lenders will be happy to discuss
secured loan options with you. Of course, though, if you don’t pay, you’ll lose
the assets you’ve nominated.

Unsecured loans

These tend to be the more common type of personal loan you’ll see. These loans
aren’t secured against any of your assets or possessions, meaning if you default
on your payments, the lender can’t take any property from you because it wasn’t
specifically named as collateral. However, there are some downsides to using
unsecured loans. As these present a higher risk for the lender, they tend to
have higher interest rates, meaning you’ll be paying more in the long run. Also,
missing any payments has a significant impact on your credit rating, making it
very difficult to apply for other types of credit in the future.
How important is your credit score?
If you had bad credit, a patchy credit history or no credit history at all,
don’t panic. You’re not alone. About 1 in 5 Americans lack any sort of credit
history and personal loan options are still available.

While the credit score is still the go-to determiner for loan suitability, more
and more lenders are turning to alternative data to assess how likely you’ll be
to pay them back. For example, lenders may rely on your college degree as an
indicator of being more likely to have a steady job; they might check your
social media accounts to confirm your application isn’t fraudulent or view other
publicly available records to help your application.

Having a good credit score definitely helps, though. It’s a solid marker of your
ability to repay your debts. Generally, if you have a good credit score, you’ll
be paying a lower rate of interest. If you have a bad credit score, interest
rates tend to go up.

One of the benefits of using third-party lenders is that many of them will do
the shopping around for you. If the bank took one look at your credit rating and
rejected you, there will almost certainly be a third-party lender out there
willing to take you on.
How much can you borrow?
This is where it’s important to set realistic expectations. Your credit score
doesn’t just affect your interest rate, it also comes into play when determining
how much money you can borrow. Again, we’ll stress that a good credit rating
isn’t the be-all and end-all of getting a loan, but the worse your score is, the
lower the amount you’ll be eligible to borrow.

This isn’t such a bad thing, as borrowing small amounts and paying them off
quickly can really boost your credit score.

You’ll generally find that the highest amount most third-party lenders will be
willing to let you borrow for a personal loan is up to $100,000. However, it’s
very rare to see personal loans reach these figures. The average loan amount in
the US is around $15,000.

Try not to borrow more than you need to either. Go into a personal loan
application with a clear idea of what you need the money for.
What will your repayment terms be?
Most personal loans will have repayment terms between one and seven years. The
length of time you choose to repay a loan, your credit rating, and financial
circumstances all play a part in determining the interest rate, which can vary
enormously.

Generally, the shorter the repayment term, the higher the interest rate will be.
Confusingly, though, this doesn’t always mean short term loans are more
expensive. This is because the longer you take to pay off a loan, the more
you’ll generally pay overall. Even if the long term interest rate is lower.

This is why you should always check what the total repayment figure will be over
the life of the loan. And remember to watch out for any early repayment
penalties in the loan contract too.

Personal loans can be with you for a significant chunk of your life, and many
lenders understand your circumstances can change over time. Some lenders may
offer additional benefits, such as unemployment protection clauses, to help
protect against unforeseen circumstances. This means if you lose your job during
the loan repayment period, you won’t have to pay back the loan and your credit
rating will be protected.

Make sure you read the fine print on all the clauses of your loan contract
before signing and get as many protections as you can.


INTRODUCTION TO PERSONAL LOANS

Getting a Third Party Personal Loan

Personal loans are the fastest-growing category of debt in the United States
today. In fact, more than 38 million Americans currently hold a personal loan,
and the total bill has now reached $305 billion nationwide. When used
responsibly, personal loans are a great way to purchase a new car, cover those
long overdue home improvements, and deal with emergencies when life decides to
throw a curveball your way. 

Whatever your reasons for taking out a personal loan, though, we understand just
how stressful the process can be. Many first-time borrowers turn to their banks
in the first instance but can be put off or intimidated by the mountains of
paperwork they need to complete and the long waits before the money is in their
pocket.

There has been an explosion of third-party lenders in recent years and the
personal loan market has been cracked wide open. Borrowers have more choices
than ever when looking for a personal loan, and we’re here to guide you through
the options, advantages, and risks of using a third party lender. We’ll also
answer any questions you might have about personal loans along the way.

What are the risks?

Some people hold the misconception that getting a loan via a third-party lender
is somehow access to easy money. This is because the lending process is often
easier and quicker than using banks. However, taking out a loan is always a big
decision and it will always come with risks associated with it.

Always remember to read the fine print, don’t rush into the first loan you’re
offered and keep your eyes open for the following risks:

 * Origination fees - This is just the fancy term for any upfront fees charged
   by the lender. These fees are partly to cover the admin costs of setting up
   the loan but also constitute part of the lenders own income.

These fees vary wildly between providers. Some may charge between 0.5% and 1% of
the entire loan value, while others can be much higher. If you shop around
you’ll be able to find lenders that don’t charge any origination fees at all.
Any reputable lender will make these fees very clear at the outset, though. 

 * Understand your interest rate - Interest rates are another big variable. Two
   people could apply for the same loan amount, from the same company, and come
   out with two completely different interest rates. Lenders factor in
   individual circumstances for every loan. The higher the risk they think you
   are, the higher the interest you’ll pay.

Always ask to see the total amount you’ll pay over the lifetime of the loan.
This will give you a good idea of how much interest you’ll actually be paying.
If it’s too high, shop around for a better rate.

 * Early repayment penalties - The longer you take to pay off your loan, the
   more interest a lender makes on it. Lenders don’t want you paying off your
   loan early and many will have early repayment clauses written into the loan
   contract.

You should always try to pay down your debts as quickly as possible, so check
with your lender to see if they’ll penalize you for doing so. Again, any
reputable lender should make these charges very clear from the outset.

 * Payday loan risks - These types of third-party lenders will loan you money on
   the promise of a portion of your next paycheck. The interest rates are
   incredibly high and if you’re unable to make the payments you can get trapped
   in a cycle of debt. Only take this type of loan if you’re absolutely
   certain you’ll be able to make the repayments.
 * Be careful in giving your personal details away - When a loan company is
   comparing your best loan options it might be necessary for them to give out
   your personal details to different providers. This can lead to many unwanted
   marketing calls and emails from loan companies, each trying to pressure you
   into signing on the dotted line.

Make sure you’re clear on the marketing practices of the provider you’re going
with. Any decent provider will let you choose your marketing options so you
don’t drown in spam.

 * Make sure you can make the payments - Of course, always plan ahead and ensure
   you can actually pay off the amount you borrow. While the lender will check
   your circumstances, never be dishonest in the amount you can pay back. 

Any missed payments can affect your credit rating and risk trapping you into a
cycle of debt you’ll be unable to repay.

Personal loans are still incredibly useful when used the right way, something
that millions of Americans can attest to. Just make sure your eyes are open and
you’re aware of the risks going in.

How are the loans secured?

There are two types of personal loans you can apply for, secured and unsecured.
Before deciding on which s right for you, it’ll help to understand these in more
detail:

Secured loans

With a secured loan, you make a promise to give up a chosen asset in the event
you can’t repay the loan. This could include things like your car, promise of
money in a savings account or a certificate of deposit.

These are a lower risk for the lender as they’re pretty much guaranteed to get
their money back one way or another. They can be useful for borrowers as secured
loans usually come with lower interest rates.

These work well for those with low credit ratings too, and a good way for you to
build credit. Many lenders will be happy to discuss secured loan options with
you. Of course, though, if you don’t pay, you’ll lose the assets you’ve
nominated.

Unsecured loans

These tend to be the more common type of personal loan you’ll see. These loans
aren’t secured against any of your assets or possessions, meaning if you default
on your payments, the lender can’t take any property from you because it wasn’t
specifically named as collateral.

However, there are some downsides to using unsecured loans. As these present a
higher risk for the lender, they tend to have higher interest rates, meaning
you’ll be paying more in the long run. Also, missing any payments has a
significant impact on your credit rating, making it very difficult to apply for
other types of credit in the future.

How much can you borrow? 

This is where it’s important to set realistic expectations. Your credit score
doesn’t just affect your interest rate, it also comes into play when determining
how much money you can borrow. Again, we’ll stress that a good credit rating
isn’t the be-all and end-all of getting a loan, but the worse your score is, the
lower the amount you’ll be eligible to borrow.

This isn’t such a bad thing, as borrowing small amounts and paying them off
quickly can really boost your credit score.

You’ll generally find that the highest amount most third-party lenders will be
willing to let you borrow for a personal loan is up to $100,000. However, it’s
very rare to see personal loans reach these figures. The average loan amount in
the US is around $15,000.

Try not to borrow more than you need to either. Go into a personal loan
application with a clear idea of what you need the money for. 

What will your repayment terms be?

Most personal loans will have repayment terms between one and seven years. The
length of time you choose to repay a loan, your credit rating, and financial
circumstances all play a part in determining the interest rate, which can vary
enormously.

Generally, the shorter the repayment term, the higher the interest rate will be.
Confusingly, though, this doesn’t always mean short term loans are more
expensive. This is because the longer you take to pay off a loan, the more
you’ll generally pay overall. Even if the long term interest rate is lower.

This is why you should always check what the total repayment figure will be over
the life of the loan. And remember to watch out for any early repayment
penalties in the loan contract too.

Personal loans can be with you for a significant chunk of your life, and many
lenders understand your circumstances can change over time. Some lenders may
offer additional benefits, such as unemployment protection clauses, to help
protect against unforeseen circumstances. This means if you lose your job during
the loan repayment period, you won’t have to pay back the loan and your credit
rating will be protected.

Make sure you read the fine print on all the clauses of your loan contract
before signing and get as many protections as you can.

Stages for Applying for a Personal Loan

Applying for a loan online couldn’t be easier these days, and can usually be
completed in just a few steps:

 1. Plan a budget and come up with a monthly payment you feel is affordable;
    make sure not to accept offers over this amount
 2. Check your credit score on FICO to get an idea of what you can borrow
 3. Research the best online lenders and marketplaces
 4. Provide basic personal details to the lender or connection service,
    including your desired loan amount
 5. The provider or marketplace will show you a range of options with varying
    rates and terms
 6. Select the one you like and the lender will run a hard check on your credit
    score
 7. Once approved, sign your loan agreement and receive your funding

How to Choose a Lender

With a huge range of choice these days, it can be difficult to know where to
start. You might want to take a lot of the work out of your decision by going to
a loan marketplace, where you’ll be presented with offers from dozens of
different lenders. Or, you can do your own independent research. Either way,
we’d recommend looking into the following before you sign any agreement:

 * Eligibility requirements - Check you’re eligible before you apply, making
   sure you meet the age, credit score, and income requirements. Otherwise,
   you’ll be hit with a hard check to your credit rating for nothing
 * Research the lender’s reputation - Almost all lenders will have ratings
   across a number of aggregate review sites like TrustPilot. Plus, a lot of
   loan marketplaces will have customer reviews built into the website, so it’s
   easier than ever to check a company’s reputation
 * Compare interest rates and fees - To make sure you get the best deal
   possible, always compare the fees and interest rates among your top choices
 * Read the fine print - This is the best way to not get stung and can be used
   to double-check that you’re able to keep up with the repayment schedule

Fast, Instant and Quick Personal Loans

It can sometimes be the case that the faster you get your loan, the higher your
interest will be. Usually found at the likes of payday lenders, these can be a
risky option, but might be a borrower’s only choice in certain circumstances. 

If you'd prefer to go to a more reputable lender, you can speed up the process
significantly by having the relevant documentation ready, such as proof of
income and identity. The time it takes to get your funding is often dependent on
how quickly you respond to the lender’s queries.

Luckily, the industry has recognized the need for speed when it comes to
borrowing and many lenders are doing everything possible to make the process
easier and faster. Most now offer pre-qualification with a soft credit check,
which will give you estimated rates without impacting your credit score.

Excellent Credit, Good Credit and Fair Credit Loans

Before you’ll be approved for a loan, you’ll first need to pass a credit check.
Your credit score is a measure of your financial health and is represented by a
three-digit number, usually landing between 300 at the bad end and 850 at the
excellent end. Borrowers can build up their score by consistently paying off
debts and by having a long history of repayments.

The higher your credit score, the lower your rates will be, and those with
excellent credit can expect the lowest rates and most favorable terms. However,
the vast majority of borrowers will fall into the fair credit rating, and you’ll
find many providers specializing in this type of loan.

Be careful you don’t apply for too many loans, though, as each one could result
in a hard check on your score, which in turn will negatively impact it. Check
out the best personal loan companies and try to limit your applications. 

Terms And Conditions for Example:

* Upgrade Terms and Conditions:

Personal loans made through Upgrade feature APRs of 6.94% - 35.97%. All personal
loans have a 2.9% to 8% origination fee, which is deducted from the loan
proceeds. Lowest rates require Autopay and paying off a portion of existing debt
directly. For example, if you receive a $10,000 loan with a 36-month term and a
17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time
origination fee), you would receive $9,500 in your account and would have a
required monthly payment of $343.33. Over the life of the loan, your payments
would total $12,359.97. The APR on your loan may be higher or lower and your
loan offers may not have multiple term lengths available. Actual rate depends on
credit score, credit usage history, loan term, and other factors. Late payments
or subsequent charges and fees may increase the cost of your fixed rate loan.
There is no fee or penalty for repaying a loan early. Personal loans issued by
Upgrade's lending partners. Information on Upgrade's lending partners can be
found at https://www.upgrade.com/lending-partners/.

* SoFi Limited Offer Terms and Conditions: 

Terms and conditions apply. Limited time offer, for applications started before
1/1/2021 and funded before 1/16/2021. Not available to residents of Ohio and
cannot be combined with any other offer, bonus or discount. To receive the $350
holiday bonus offer, you must: (1) click the link in the promotion; (2) start
your loan application before 1/1/21; (3) fund your loan before 1/16/21; (4) have
and provide a valid US bank account to receive the bonus; Once conditions are
met, you will receive your $350 welcome bonus via automated clearing house (ACH)
into your checking account within 30 calendar days. Bonuses that are not
redeemed within 180 calendar days of the date they were made available to the
recipient may be subject to forfeit. Bonus amounts of $600 or greater in a
single calendar year may be reported to the Internal Revenue Service (IRS) as
miscellaneous income to the recipient on Form 1099-MISC in the year received as
required by applicable law. Recipient is responsible for any applicable federal,
state or local taxes associated with receiving the bonus offer; consult your tax
advisor to determine applicable tax consequences. SoFi reserves the right to
change or terminate the offer at any time with or without notice.

Conclusion

We get it. Loans can be complicated, and this is a lot of information to digest!
But, when you’re armed with the right knowledge and understanding, you’ll have
the confidence to find a loan that works well for you.

There’s no need to be intimidated when applying for a personal loan. Just
remember to be clear on what you can afford to repay, research the risks,
understand the contract clauses, and agree to repayment terms that suit your
income.

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