Compare Personal Loans & Find the Best Rates Online
Compare personal loan offers from top lenders and find the best rates
Estimate Your Monthly Payments with Our Personal Loan Calculator
Best Personal Loan Offers from Top Lenders
SoFi
Loan Amount
$5,000 - $100,000
APR Range
7.99% - 23.43%
Term Length
24 - 84 months
Min. Credit Score
680+
Best for: Good to excellent credit borrowers
LightStream
Loan Amount
$5,000 - $100,000
APR Range
7.49% - 25.99%
Term Length
24 - 144 months
Min. Credit Score
660+
Best for: Home improvement loans
Upstart
Loan Amount
$1,000 - $50,000
APR Range
8.27% - 35.99%
Term Length
36 - 60 months
Min. Credit Score
600+
Best for: Fair credit borrowers
Marcus
Loan Amount
$3,500 - $40,000
APR Range
8.99% - 29.99%
Term Length
36 - 72 months
Min. Credit Score
660+
Best for: Debt consolidation
Discover
Loan Amount
$2,500 - $40,000
APR Range
7.99% - 24.99%
Term Length
36 - 84 months
Min. Credit Score
660+
Best for: Debt consolidation
What You Need to Qualify for a Personal Loan
Typical Eligibility Requirements for Personal Loans
| Requirement | Description | Minimum | Recommended |
|---|---|---|---|
| Credit Score | Your credit score is a key factor in loan approval and interest rate determination. | 580+ | 670+ |
| Income | Stable income helps ensure you can make regular loan payments. | Verifiable income | $30,000+ annually |
| Debt-to-Income Ratio | Your DTI ratio compares your monthly debt payments to your monthly income. | Below 50% | Below 36% |
| Employment History | Stable employment history indicates reliable income. | Currently employed | 2+ years with current employer |
| Age & Residency | Basic requirements to enter into a loan agreement. | 18+ years old, US resident | Same as minimum |
* Requirements vary by lender. Meeting minimum requirements does not guarantee approval.
Pros and Cons of Personal Loans
Pros of Personal Loans
- No collateral required for unsecured personal loans
- Fixed interest rates and predictable monthly payments
- Funds can be used for almost any purpose
- Quick application and funding process (often within days)
- Can help build credit history with on-time payments
- May offer lower interest rates than credit cards
Cons of Personal Loans
- Higher interest rates than secured loans like mortgages
- May include origination fees and prepayment penalties
- Typically requires good credit for the best rates
- Adding another payment can strain your budget
- Borrowing more than you need can lead to unnecessary debt
- Late payments can significantly damage your credit score
Step-by-Step Guide to Applying for a Personal Loan
How to Apply for a Personal Loan
- 1
Check Your Credit Score
Before applying, check your credit score to understand what rates you might qualify for. Many lenders offer pre-qualification with a soft credit check that won't affect your score.
- 2
Compare Lenders
Use our comparison tool to find lenders that match your needs. Compare interest rates, fees, loan amounts, and terms to find the best option.
- 3
Gather Required Documents
Most lenders require proof of identity, income verification (pay stubs, tax returns), proof of address, and employment information. Having these ready will speed up the process.
- 4
Complete the Application
Fill out the lender's application form with your personal and financial information. This can usually be done online in minutes.
- 5
Accept Loan Terms and Receive Funds
If approved, review the loan agreement carefully before accepting. Once accepted, funds are typically deposited into your bank account within 1-5 business days.