Best Personal Loans
Based on In-Depth Reviews

Founded in 2002, Achieve offers debt relief and debt consolidation services using a consultative, people-first approach. The company develops personalized programs for customers who are struggling to meet their financial obligations. Services include credit counseling, consolidation loans, and filing for bankruptcy. The company has helped consumers resolve over $16 billion in debt.

Loan amounts range from $5,000 to $50,000. For loans $35,000+ must have a minimum 660 credit score. Repayment periods range from 24 to 60 months. There’s no hidden fees or prepayment penalty.

Achieve has a positive reputation among consumers. Accredited by the Better Business Bureau, the company earns an A+ rating from that organization. Consumers on Trustpilot award Achieve 4.9 out of 5 stars. That score is based on nearly 6,000 reviews. Customers praise the company's compassion and professionalism, as well as the speed and simplicity of resolving debt through Achieve's services.

Best for Debt Consolidation

Personal loans can have a wide variety of uses, consolidating your debts being one of them. AmOne operates a free online service that matches user loan requests with offers from highly rated lenders across the US. An intermediary to a network of peer-to-peer lenders, rather than a peer-to-peer lending site, the company has an entire section dedicated to strategies and solutions for dealing with different debt situations. Its debt consolidation loans range from $100 to $50,000, welcome borrowers of all credit scores and feature no collateral and low rates.

Screenshot, amone.com, March 2021

• Fast and Accessible

Getting a personal loan through AmOne is a quick and straightforward process. After users complete the company’s online form, which takes only a few minutes to fill out, experienced financial specialists will begin to search for secured and unsecured lending providers based on the criteria that they are willing to approve. Users can also call the company directly to establish their situation, instead of filling out the form. Once that’s done, lenders from AmOne’s network will contact potential borrowers to extend a personal loan offer. Some borrowers make their request and get their money disbursed on the very same day.

• Stellar Customer Feedback

Customer satisfaction with AmOne is high, based on online reviews and testimonials. The company has an excellent 4.5 score on Trustpilot based on 896 reviews. Reviews often mention the simplicity of making a loan request, the speed of the approval process, and the company’s 24/7 US-based live support.

Based on 807 reviews and complaints, AmOne also has a 4.5 rating on Trustlink, a company originally created by the Better Business Bureau that reviews home, personal and professional services. Reviews there also make positive mention of the individual lenders in the company’s network. Lastly, AmOne has an A+ rating on the BBB itself.

Credible allows consumers to search for and compare several personalized prequalified rates from a wide range of lenders on its simple web-based platform. Credible partners with 17 lenders, including Upstart, Avant, and LendingClub. Personal loan amounts start at $600 and are available up to $100,000. 

Applicants are required to be 18 years old or older. Some lenders require applicants to be US citizens, while others accept applications from Permanent Resident Aliens. Other requirements apply. To receive personalized prequalified rates, applicants are required to create an account on the Credible website and provide relevant personal information. This information includes the purpose of the loan, your name, address, employment status, and your social security number. Your social security number is used to retrieve your credit history and provide personalized rates. Credible takes pains to protect its customer’s sensitive information. Its website is secured with 256-bit encryption and an SSL certificate. 

Once your information is submitted, pre-qualified applicants will be able to select the loan offer they wish to pursue. Some lenders are able to provide the funds within 48 business hours after loan approval. Credible is free to use for consumers. The company receives a referral fee from the lenders for its services.

Requesting personalized prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you. 

Best for Fast Application and Funding

Speed is the main highlight of Figure, an online fintech company founded in 2018 that offers personal loans and lines of equity, as well as mortgage refinance and asset management services. The company prides itself on having one of the fastest applications for a personal loan — and one of the shortest gaps between the moment of approval and the disbursement of a client’s funds. The company uses blockchain technology and artificial intelligence to create an entirely digital application and funding process that is secure and takes as little as possible to complete. If you need money fast, Figure is the way to go for your personal loan.

Screenshot, Figure.com, March 2021

Application Process

Applying for a loan with Figure consists of a series of short steps starting with an online form that asks for your personal and financial information. This includes your address, financing purpose, annual gross income, and more. After filling out this one form, consumers can already take a look at the offers they prequalify for.

After selecting an offer, consumers asked to provide additional information, verify their identity, and link their income sources. Lastly, they are asked to sign documents and are assigned a Certified Senior Advisor to explain any specifics of their loan and guide them through the end of the process.

The entire application process can be completed in minutes. Once a borrower’s loan has been approved, funding can take as little as two to five days.

Personal Loans Details

The personal loans offered by Figure have loan amounts that start at $5,000 and go up to $50,000. Borrowers can choose from either a 3-year or 5-year fixed rate with APRs ranging from 5.99% to 15%. Figure loans have origination fees ranging from 0% to 4.99%.

Qualifying for a loan with Figure will require applicants to have average to good credit, at least. Additionally, borrowers must be employed at the time of applying, have a valid U.S. issued ID, and have a debt-to-income ratio of less than 40%, excluding household expenses.

With over $10 billion in debt resolved since 2002, Freedom Debt Relief is an excellent choice for anyone struggling with over $15,000 in debt. FDR is the largest debt negotiator in the nation and is engaged in helping people find debt relief through its debt resolution services.

The company negotiates with their client’s creditors to resolve outstanding debt. The company employs over 1,600 debt settlement professionals, and has served more than 615,000 clients across the United States.

FDR offers a variety of debt solution programs and even includes debt consolidation assistance. Its programs can be tailored to a client’s specific needs and is designed to work faster than just making minimum monthly payments. As a founding member of the American Fair Credit Council, they are one of the more reputable services in the industry today. No upfront fees makes it virtually risk free for those who like to enroll in a debt settlement program.

Best for Poor Credit Scores

Screen shot from LendingTree.com. Taken June 17, 2019.

With over 100 million customers served, LendingTree is one of the nation’s largest online lending marketplaces. Founded in 1996, the North Carolina-based company has a large network of lenders offering a variety of financial products and services, such as credit cards, home loans, small business loans, and personal loans.

Since LendingTree is an online marketplace, consumers can find personal loans for almost any purpose, including debt consolidation, home improvement, medical and moving expenses, emergencies, large purchases or special events. One of the main perks of applying for a personal loan through LendingTree is that some of its lenders accept borrowers with credit scores as low as 525, offering minimum and maximum loan amounts of $1,000 and $50,000, respectively.

To view your personalized rates, you must fill out a form with your name and contact details, the last four digits of your social security number, annual income, desired loan amount and purpose, and details about your property. Once you submit this information, the company will create a free account for you, where you’ll be able to find and compare offers from multiple lenders. It should be noted that although the company requires you to enter the last four digits of your social security number, this won’t impact your credit score since LendingTree only performs soft credit inquiries.

Financial Help Available

Screen shot from LendingTree.com. Taken June 17, 2019.

If you’re interested in improving your financial health, LendingTree can help you achieve that by connecting you to debt relief and credit repair agencies. Additionally, the website offers a free credit and debt analyzer, designed to evaluate your financial situation and identify the areas where you may need to make adjustments, to have a better financial outlook.

Online Tools

Screen shot from LendingTree.com. Taken June 17, 2019.

LendingTree’s website is full of tools and resources to help consumers make smart and informed decisions. These include a personal loan payment calculator, a debt consolidation calculator, plenty of articles about personal loans, a loan officer directory, and lender reviews by state. LendingTree offers customer support via email and over the phone.

Best for Home Improvment and Family Planning

Lightstream’s motto, “Loans for Practically Anything,” is upheld on its website by the company’s wide array of specialized loans. From Basement Remodeling to Boat Repair to Horses, Lightstream really emphasizes the versatility of its debt products. Rates vary depending on loan purpose, loan term, and your credit history, but when you visit Lightstream.com, you are able to get a general idea of the interest rate you will be offered when you specify the type of loan you are interested in applying for. Terms can be as long as 7 years, and there are no fees or prepayment penalties. However, they do perform a hard credit pull and currently don’t offer pre-approvals.

Requirements

As an online lending branch of Truist, Lightstream fills a wide array of personal loan needs in the industry, (yes, you can get a horse loan), with competitive rates. However, this does come with certain requirements. Borrowers must have a minimum of five years of good credit (minimum score of 660), but the bank also looks at credit history, assets, and savings, with the aim of establishing a solid background of capable financial management. They also perform hard credit pulls and don’t offer pre-approvals, so consumers should be aware that Lightstream is not a place to shop around.

On the plus side, they answer applications within 24 hours, when filled out during business hours. This means that the money can be in your account in as little as one business day, if documents are completed by 2:30pm ET. And they offer some of the highest limits we’ve seen for personal loans, lending as much as $100,000. As we mentioned above, terms are also longer than the standard 60 months, extending up to 84 months. Finally, Lightstream offers unsecured loans to borrowers who’ve been able to establish their excellent credit history and financial management.

Interest Rates

Though we touched on this briefly above, it’s worth mentioning that Lighstream’s interest rates are highly competitive. When we first started looking into Personal Loans and had narrowed down our list to 23 companies, Lightstream stood out far from the rest, not just because of its lowest APR (which is low, but not unique), but because its hightest topped out its APRs at at 15 percentage points lower than some competitors (assuming you select AutoPay. Their lowest APR is only available to consumers with excellent credit profiles for certain types of auto loans. 

Best for Small Personal Loans

Not everyone is looking for a huge loan of thousands of hundreds of dollars. Some consumers just want—or need—to take out a modest amount coupled with the security and benefits that an established lender provides.

Enter the Pentagon Federal Credit Union, better known as PenFed, America's second-largest federal credit union. This Virginia-based lender was established in 1935 and provides its services to over 2.1 million members worldwide. Its personal loans start as low as $600 and have maximum amounts of $50,000. They also have no payoff penalties or origination fees.

Screenshot, penfed.org, March 2021

• Membership Benefits

Consumers must first become a member of PenFed to take out a loan with the credit union. Membership is available to current or prior servicemembers and government employees, as well as family members of both groups. People who live or work at an eligible location or are a member of one of over 50 different associations can also join PenFed.

In addition to highly competitive rates on personal loans, PenFed members benefit from industry-leading interest rates for checking accounts and money market certificates. Members also enjoy a variety of discounts on auto, financial, personal, and retail products and services. Moreover, unlike other military-affiliated financial services companies, PenFed’s high-yield online savings account only requires a $5 initial balance and has no monthly fees.

• Highly Competitive Rates

PenFed’s personal loans have some of the most favorable rates in the industry, with APRs as low as 4.99%. Naturally, this requires having a good credit score, but even those without excellent scores will find the credit union’s rates agreeable. All PenFed loans have fixed APR; individual rates are determined by the size of the loan and the borrower's creditworthiness.

Rocket Mortgage is a financial lender that focuses on providing automated personal loan services. Launched in 2015, Rocket Mortgage is especially ideal for people looking for quick, fully online transactions.

Rocket Loans offers personal loans between $2,000 and $45,000. APRs can range from 8.99% to 29.99% depending on your creditworthiness and other factors. You'll generally need a fair credit score or better (around 629+) to qualify. Qualified clients will see loan options for a 36 or 60 month term. An origination fee of up to 9% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client.

The entire application process is done online, making it convenient and efficient. Once approved, funds can be disbursed quickly. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender.

Best Overall Lender

Screen shot from SoFi.com. Taken June 17, 2019.

Founded in 2012 and headquartered in San Francisco, California, SoFi Lending Corp offers a variety of financial products, including student loan refinancing, mortgages and mortgage refinancing, private student loans, and personal loans.

Though most lenders offer loan amounts up to $45,000, SoFi’s personal loans range between $5,000 to $100,000, with 2-to-7-year terms, making it a good option for consolidating debt, making home improvements or paying for expensive medical procedures. The company’s personal loans are unsecured, with fixed or variable interest rates.

.Aside from its flexible financing options and low interest rates, SoFi’s unique lending approach is what makes it our choice for best overall. Most lenders will only consider borrowers with a certain FICO score and debt-to-income ratio. Although SoFi also considers these factors, it also takes into account the borrower’s financial history and professional experience for approval.

Since the company doesn’t have physical branches, the entire loan application process must be completed online or through SoFi’s mobile app. Customer support is available seven days a week, via email and over the phone, in case you need further assistance.

No Fees Required

Screen shot from SoFi.com. Taken June 17, 2019.

As SoFi is an online lender, the company is not only able to offer low interest rates but also doesn’t charge loan application or origination fees. Additionally, the company doesn’t charge prepayment penalties, allowing you to pay off your loan balance whenever you want and, as of April 18th, 2018, there are no late payment fees either.

Plenty of Benefits

Screen shot from SoFi.com. Taken June 17, 2019.

When it comes to borrower benefits, SoFi is definitely ahead of its competitors. The company offers a 0.125% rate discount on its loan products just for being a member and there is also a 0.25% discount for borrowers who choose AutoPay when they fill out their loan application form.

SoFi’s loan products also come with unemployment protection, which is designed to pause any upcoming payments temporarily until the borrower becomes employed again. Career coaching is also available for all members, as well as financial advisory services and community events to encourage networking.

SoFi is the second largest marketplace lender around today, providing student loan refinancing, mortgages, and personal loans. With over $14 billion in loans issued to date, SoFi offers some of the most attractive rates in the industry. They can do this given their nontraditional underwriting approach that takes into account merit and employment history, among other factors.

SoFi allows customers to borrow between $5,000 and $100,000 in terms from 24 to 84 months, and you can use the money for just about anything. The minimum loan amounts for residents of the state of California is $10,000.

SoFi borrowers often use their personal loan to pay off credit card debt, invest in home improvements, or make a major purchase. It takes approximately 2 minutes and a soft credit pull to check rates. However, if you decide to continue with the full application process, they will need to do a hard pull. Unique among online lenders, SoFi's Unemployment Protection program will actually assist you with job placement while also suspending payments for up to 12 months.

Best for Alternative Credit Data

Screen shot Upstart.com. June 15, 2019.

Incorporated in 2012, Upstart was founded on the premise that FICO-based lending models are outdated and limited because they don’t quantify risk correctly. According to a joint Upstart and Transunion retro study, 83% of Americans have never defaulted on a loan, yet don’t have access to prime credit.

To that end, the team at Upstart decided to use Artificial Intelligence and Machine Learning to expand the way the company makes its risk assessments, incorporating non-conventional variables and optimizing the system according to daily loan-level repayment and delinquency data. What this means in practical terms is that Upstart considers more than just credit scores when deciding whether to lend to consumers--they also look into education, employment, and annual income.

Flexible Requirements

Since Upstart’s lending model is so unique, we thought it was important to delve into it a little more. Though the company relies on more than just credit score, potential borrowers should know that they must have a minimum score of 620, though Upstart may accept applicants with insufficient history to have a score at all. They must also have a minimum annual income of $12,000--which can come from a full- or part-time job, disability or retirement income, or even just a job offer letter. You must also have a maximum debt-to-income ratio of 45%.

Screen shot Upstart.com. June 15, 2019.

Further, applicants cannot have any recent bankruptcies or delinquent loans, or more than six hard pulls on their credit within the last six months--except for inquiries related to student loans, car loans, or mortgages. While borrowers were originally required to also have a college degree, this requirement was recently dropped.

Loans can be used for a wide variety of reasons, including personal expenses, education, large expenses, or for starting a business. However, according to the company, the average borrower is a college graduate between 28 and 35 years old, with around $12,000 in credit card debt.

Easy Application

Upstart has stated that it has fully automated around two-thirds of its approved loans, meaning that those borrowers haven’t had to go through a phone screening, or a manual underwriting process (which has an average closing time of 50 hours).

Screen shot Upstart.com. June 15, 2019.

The application process is streamlined and completely online, as the company guides you through a quick and easy process which they state takes less than five minutes. After entering information such as what the loan is for (important, as different purposes may have varying rates), credit score, your level of education achieved, how much you have in savings, and your primary source of income, the company gives you an initial approval or denial. If the former, you’ll then obtain an estimated rate which should give you an idea whether you’d like to continue the process.

Interest Rates and Loan Terms

Since Upstart caters to consumers with average or even non-existent credit, it should be no surprise that its APRs are on the higher end for the industry, between 7.69 and 35.99. Loan amounts are also mid-range, starting at $1,000 and maxing out at just $50,000. Finally, though there aren’t any prepayment fees, origination fees can reach 8.0%, and there is a late fee of 5% of past due amount or $15, whichever is greater. Loans terms are between 3 to 5 years, paid monthly.

In short, Upstart’s terms are not the most generous in the industry--but neither are they the most onerous. And consumers with average credit scores may find that the company can offer some of the best options for their situation. And they wouldn’t be alone. With over 3.3 billion dollars in loans originated and a recent investment of $50 million (with attendant partnerships with banks for expansion purposes), Upstart’s model is growing rapidly.