Best Personal Loans in 2024

Get fast cash from top-rated lenders

Compare top lenders to get the best personal loans with the lowest rates and most flexible terms. These companies offer customized loans for almost any need, from consolidating debt to home improvement.

Which lender is right for you?

Loan Purpose
Loan Amount
Credit Score
Choose the loan that suits your needs
Updated in March 2024
Top Ranked Choice
1
1 Rank

Banks compete, you enjoy low rates

Banks compete, you enjoy low rates
  • APR: 6.99%-35.99%
  • Loan Term: 12-144 months
  • Credit Score: Poor/Fair/Good/Excellent
  • Loan Amount: $1,000 - $50,000

Banks compete, you enjoy low rates

2
2 Rank

Free to use, no hidden fees

Free to use, no hidden fees
  • APR: 6.99%-35.99%
  • Loan Term: 12-120 Months
  • Credit Score: Fair/Good/Excellent
  • Loan Amount: $600 - $200,000

Free to use, no hidden fees

3
3 Rank

No hidden fees and low APR

No hidden fees and low APR
  • APR: 8.49%-17.99%
  • Loan Term: 12 - 60 Months
  • Credit Score: Good, Excellent
  • Loan Amount: $600 - $50,000

No hidden fees and low APR

4
4 Rank

Offers available for different credit ratings

Offers available for different credit ratings
  • APR: 4.6%-35.99%
  • Loan Term: 12-120 months
  • Credit Score: Poor / Fair / Good / Excellent
  • Loan amount: $2,000-$50,000

Offers available for different credit ratings

5
5 Rank

Offers same-day funding

Offers same-day funding
  • APR: 9.116%-29.99%
  • Loan Term: 36 or 60 months
  • Credit Score: Good/Excellent
  • Loan Amount: $4,000 – $45,000

Offers same-day funding

6
6 Rank

Low rates and quick approvals

Low rates and quick approvals
  • APR: 5.20%-35.99%
  • Loan Term: 36 Months, 60 Months
  • Credit Score: Fair, Good, Excellent
  • Loan Amount: $1,000 - $50,000

Low rates and quick approvals

7
7 Rank

Get lower rates with good credit

Get lower rates with good credit
  • APR: 7.99%-25.49%
  • Loan Term: 24 - 84 Months
  • Credit Score: Good, Excellent
  • Loan Amount: $5,000 - $100,000

Get lower rates with good credit

8
8 Rank

Get funded fast after approval

Get funded fast after approval
  • APR: 9.57%-35.99%
  • Loan Term: 24 - 60 Months
  • Credit Score: Fair, Good, Excellent
  • Loan Amount: $1,000 - $40,000

Get funded fast after approval

9
9 Rank

Excellent customer service, endless customer support

Excellent customer service, endless customer support
  • APR: 11.72%-17.99%
  • Loan Term: 24-60 months
  • Credit Score: Fair / Good / Excellent
  • Loan amount: $5,000-$40,000

Excellent customer service, endless customer support

10
10 Rank

Borrow up to $50K with fixed rate

Borrow up to $50K with fixed rate
  • APR: 8.49%-35.99%
  • Loan Term: 24 - 84 Months
  • Credit Score: Fair, Good, Excellent
  • Loan Amount:$1,000 - $50,000

Borrow up to $50K with fixed rate

Looking to consolidate your debt?

Our top pick for debt consolidation loans
20 years' experience and has helped 1 million+ clients resolve unsecured debt
  • Recommended Credit Card Debt of $20,000
  • $15+ Billion in Debt Resolved
  • A+ BBB Rating, 4.5 Trustpilot Rating
  • 24/7 online dashboard to track progress
  • No Upfront Fees

Top Ranked Choice

Top Ranked Choice
1 Rank

Banks compete, you enjoy low rates

Banks compete, you enjoy low rates
  • APR: 6.99%-35.99%
  • Loan Term: 12-144 months
  • Credit Score: Poor/Fair/Good/Excellent
  • Loan Amount: $1,000 - $50,000

Banks compete, you enjoy low rates

What Is a Personal Loan?

Personal loans provide you with a lump sum of cash that you can use for almost any purpose. These loans are typically unsecured, meaning you don’t need collateral to get one. Instead, lenders will review your income, debts, and credit profile to determine whether they can offer you a loan.

Terms on personal loans can vary widely. Depending on the lender and your financial circumstances, you can get a loan for as little as $1,000 or as much as $100,000. Interest rates range from 6% to 35.99%. Loan terms vary but are usually between 12 and 60 months.

Unlike other types of loans, like mortgages or business loans, personal loans offer the flexibility of using funds on almost anything. That includes:

  • Home improvement or repairs
  • Medical debt
  • Sudden expenses, like funerals or fires
  • Debt consolidation
  • Small business costs
  • Major life events

You can get the funds from personal loans faster than other types of loans. Lenders typically deposit funds within a few days of approval. Once the money arrives in your bank account, you’ll start repaying within 30 days. You’ll have a set monthly bill for the term of the loan, though you may pay it off faster if you choose to make additional payments.

Get Your Personal Loan Quote from LendingTree Now!

Types of Personal Loans

There are several types of personal loans to choose from:

  • Unsecured: An unsecured loan doesn’t have any collateral to back it, which usually means it has a higher interest rate compared to a secured loan. It can also be more difficult to get an unsecured loan as lenders require better financial circumstances to qualify.
  • Secured: This type of loan has collateral, like a car or other valuable item, to back it. If you fail to repay the loan, your lender will use the collateral to recoup their lost funds.
  • Cosigned: If you’re struggling to get a personal loan due to poor credit or finances, a cosigner could help. The cosigner, which could be a family member or friend, agrees to repay the loan if you cannot.
  • Variable and fixed rate loans: All loans have either fixed or variable interest rates. With a fixed rate, you pay the same interest rate over the life of the loan. With variable rates, your interest rate fluctuates with the market.

Get Your Personal Loan Quote from Credible Now!

When to Get a Personal Loan

Since personal loans are typically unsecured, they can sometimes be more expensive than other types of loans. That said, there are times when getting a personal loan can make the most sense.

It’s best to get this type of loan when it is the least expensive form of financing. For example, let’s say you want to open a small business and get a few quotes for a business loan. If those loans have higher interest rates than a personal loan, then it makes more sense to choose the personal loan.

You’ll also need to make sure you can afford the monthly payments. That means the payment fits into your budget without having to cut down on your essential spending, like groceries or utilities.

Additionally, it can make sense to get a personal loan when it will improve your financial circumstances. For example, using a personal loan to improve your house can add value to your home and allow you to make more when you sell it.

Personal loans can also help you consolidate debt, which could greatly improve your finances. Credit card debt can have high interest rates – up to 36%. If you carry a balance, that debt multiplies and can be impossible to pay off. Getting a personal loan allows you to pay it all off immediately and have a new set monthly payment that fits into your budget.

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How to Get the Best Personal Loans

Generally speaking, the best personal loans are those that have the lowest APRs, minimal fees, and monthly payments you can comfortably afford. Since most personal loans are unsecured, your loan terms depend largely on your personal finances.

To get the best personal loan, you’ll need a strong credit score. You can boost your credit by reviewing your history. Request your credit report from the three major credit reporting companies: TransUnion, Equifax, and Experian. Then, you can review your reports for any errors that could be lowering your credit score.

At the same time, try to pay down any outstanding debts if you can, like credit cards. This will improve your DTI (debt-to-income) ratio, which makes you a less risky investment for personal loan lenders.

On the other hand, increasing your income can also help improve your DTI ratio. If you’re able to, you might consider picking up more hours at work, looking for a part-time job, starting a side hustle, or asking for a raise at work.

Get Your Personal Loan Quote from LendingTree Now!

How to Apply for a Personal Loan

Applying for a personal loan is easy, though it’s important to spend time doing your research. There are just a few steps to complete.

1. Shop Around

Loan terms can vary greatly from lender to lender, so it’s important to compare your options before applying. You can use the table above to compare the pros and cons of the top lenders.

Once you have 3 to 5 lenders in mind, prequalify with each. This step allows you to get personalized rate estimates and terms so you can get a good idea of your loan options. Many lenders allow you to prequalify with just a soft credit pull, meaning you won’t affect your credit score.

Compare your prequalified offers to determine which is the best fit for you. Generally speaking, the offer with the lowest APR and monthly payments is usually best as it will save you the most money and fit into your budget best.

2. Submit an Application

Once you’ve selected a lender, submit a full application. Applying for a loan requires you to provide documentation about your identity and income, like W2s and pay stubs. As long as you have the documents ready, it should take under 30 minutes to complete this step.

3. Receive Your Funds and Start Repayment

Most lenders take two to five days to approve your loan and deliver your funds. That said, some of the best personal loan lenders can approve you and deliver your money in just one working day.

You’ll typically start repaying the loan within a month of receiving the funds. Many lenders allow you to set up autopay so you never miss a bill. Be sure to make full, on-time payments each month to protect your credit score and meet the terms of your loan.

Apply For a Personal Loan from Credible Now!

Choosing the Best Lender

The cost of your loan will be the most important factor of your personal loan. However, it’s also key to consider your lender. You’ll have to interact with it for months or years as you repay the loan, so be sure to compare options.

To get the best personal loans, consider doing the following:

  • Shop around and research: Don’t just take the first personal loan you come across. Compare rates, terms, fees, repayment options, and customer service channels to determine which is best for you.
  • Check for customer reviews: What are other people saying about your chosen lender? If it has a bad reputation, you might want to avoid it. Scan third-party sites, like Google and TrustPilot, for unbiased reviews.
  • Check for hidden costs: A lender may charge you origination, processing, late, and early repayment fees. Read the fine print to make sure you understand all the costs associated with your loan. The best personal loans have minimal fees. Your lender will be able to explain each fee to you, so don’t be afraid to ask.

LoansUnder36 disclosure

*lender form varies

Credible disclosure

*Credible is fully assured they can provide you with the best personal loan rate available. If you find a better rate elsewhere and take that loan, they will give you $200. See full terms and conditions.