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Best Personal Loans 2024

Best personal loans offer competitive interest rates, flexible repayment terms, minimal fees, and a fast application process, making them ideal for debt consolidation, home improvement, or unexpected expenses.

Written by
Grace Lemire
Last Update on Jan 10, 2024

When it comes to borrowing money, finding the right personal loan can make all the difference. In this article, we will explore a curated selection of top personal loans, carefully evaluated for competitive interest rates, flexible repayment terms, and convenient application processes. 

Whether you are looking to consolidate debt, fund a major purchase, or cover unexpected expenses, our list of the best personal loans will help you navigate the lending landscape and make an informed decision. Get ready to discover the lenders that offer tailored solutions to meet your financial needs and empower you on your journey to financial well-being.

Loan CompanyRatingBest For…Loan AmountsInterest RatesLoan Repayment TermsFees
Discover3.6Short-term loans$2,500 to $40,0006.99% to 24.99%36 to 84 monthsLate fees
LendingPoint4Fast funding$2,000 to $36,5007.99% to 35.99%24 to 60 monthsOrigination and late fees
LightStream4Low interest rate$5,000 to $100,0007.99% to 24.99%2 to 7 yearsNone
SoFi4.2Joint applicants$5,000 to $100,0008.99% to 25.91%2 to 7 yearsNone
Universal Credit3.6Comparing several loan offers$1,000 to $50,00011.69% to 35.99%36 to 60 monthsOrigination and late fees
Upgrade3.5Borrowers with poor credit$1,000 to $50,0008.49% to 35.99%2 to 7 yearsOrigination and late fees
Upstart3.7Small balance loans$1,000 to $50,0004.6% to 35.99%3 to 5 yearsOrigination and late fees
Best for Short-Term Loans

Discover

3.6
★★★★★ ★★★★★ ★★★★★
Unique Features
No interest if the loan is repaid within the first 30 days
Credit Score Needed
660
Loan Amounts
$2,500 to $40,000
Interest Rates
6.99% to 24.99%
Show More Details

Discover is a well-known financial tech company, specializing in a wide variety of financial products like credit cards and personal loans. To qualify for their personal loan, you’ll need to have a credit score of at least 660 and a minimum household income of $25,000.

Pros

  • No origination fees
  • No prepayment penalties
  • No interest if the loan is repaid within the first 30 days

Cons

  • Maximum loan amount is lower than some competitors
  • Charges late fees
Additional Details

In most cases, applicants receive a decision from Discover on the same day. Funds can hit your bank account as soon as the following business day.

Best for Fast Funding

LendingPoint

4.0
★★★★★ ★★★★★ ★★★★★
Unique Features
Funds can hit your bank account within one business day
Credit Score Needed
600
Loan Amounts
$2,000 to $36,500
Interest Rates
7.99% to 35.99%
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To qualify for a LendingPoint personal loan, you’ll need a credit score of at least 600 and residence in one of the 48 eligible U.S. states or Washington D.C.

Pros

  • No prepayment penalties
  • Accessible to people with fair credit scores
  • Fast funding process

Cons

  • Not available in Nevada or West Virginia
  • High maximum APR
  • Charges origination fees between 0% to 6%, depending on the state you live in
  • Charges late fees
Additional Details

If approved, funds can hit your bank account as soon as the next business day. Repayment terms vary from 24 to 60 months.

Best for Low Interest Rate

LightStream

4.0
★★★★★ ★★★★★ ★★★★★
Unique Features
0.50% interest rate discount if you enroll in autopay; Interest rate matching for competing loans
Credit Score Needed
660
Loan Amounts
$5,000 to $100,000
Interest Rates
7.99% to 24.99%
Show More Details

LightStream offers unsecured personal loans of up to $100,000, although the amount you’re eligible to borrow depends on how you plan to spend it.

LightStream also offers a competitor match for eligible applicants, giving you a loan with a 0.1% lower interest rate than the best competitor offer you can find.

Pros

  • High borrowing maximum
  • Maximum interest rate is lower than most competitors
  • No prepayment or origination fees

Cons

  • Minimum interest rate is higher than some competitors
Additional Details

Repayment terms are between two to seven years, and they don’t charge a prepayment penalty if you pay the loan off faster.

Best for Joint Applicants

SoFi

4.2
★★★★★ ★★★★★ ★★★★★
Unique Features
Ability to apply for a joint loan
Credit Score Needed
650
Loan Amounts
$5,000 to $100,000
Interest Rates
8.99% to 25.91%
Show More Details

SoFi is a well-known financial tech company, offering over $50 billion in loans since their founding in 2011. To qualify for a SoFi personal loan, you’ll need a credit score of at least 650 and an annual income of at least $45,000.

Pros

  • No origination, prepayment, or late fees
  • Unemployment protection
  • Option to change your due date once per year

Cons

  • Minimum interest rate is higher than some competitors
  • Credit score requirement is higher than some competitors
  • Borrowing minimum is higher than some competitors
  • No direct payment to other creditors
Additional Details

Unlike several other lenders, SoFi allows borrowers to submit joint applications. If approved, funding can hit your bank account in as little as one to two days.

Best for Comparing Several Loan Offers

Universal Credit

3.6
★★★★★ ★★★★★ ★★★★★
Unique Features
Personal loan marketplace
Credit Score Needed
580
Loan Amounts
$1,000 to $50,000
Interest Rates
11.69% to 35.99%
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Universal Credit is an online lending marketplace that offers a variety of personal loan options through its partners. To qualify, you’ll need a credit score of at least 580. Minimum income requirements vary by the lender.

Pros

  • Accessible to people with fair credit scores
  • Fast funding of one business day
  • Option to pay directly to a creditor

Cons

  • High origination fee
  • Higher interest rates than some competitors
Additional Details

Repayment terms range from 36 to 60 months, but there is no prepayment penalty if you pay the loan off sooner. You will, however, be subject to a 5.25% to 9.99% origination fee, which is higher than most other competitors.

Best for Borrowers with Poor Credit

Upgrade

3.5
★★★★★ ★★★★★ ★★★★★
Unique Features
Low credit requirement
Credit Score Needed
580
Loan Amounts
$1,000 to $50,000
Interest Rates
8.49% to 35.99%
Show More Details

While Upgrade is one of the newer lenders, having launched in 2017, they’ve provided over $3 billion in credit since then. To qualify for an Upgrade personal loan, you’ll need a credit score of at least 580 and a maximum debt-to-income ratio of 45%, not including your mortgage.

While income requirements aren’t stated, the average Upgrade borrower makes $95,000 per year.

Pros

  • No prepayment penalty
  • Accessible to borrowers with fair credit

Cons

  • Charges an origination fee
  • Charges a $10 late fee
  • Interest rates are higher than some competitors
Additional Details

Loan terms are between two and seven years, but there are no prepayment penalties if you pay the loan off sooner. You will face a 1.85% to 9.99% origination fee, which is fairly high.

Best for Small Balance Loans

Upstart

3.7
★★★★★ ★★★★★ ★★★★★
Unique Features
AI-based qualification process
Credit Score Needed
600
Loan Amounts
$1,000 to $50,000
Interest Rates
4.6% to 35.99%
Show More Details

Upstart is an AI-based lending platform that bases qualification on a variety of factors other lenders don’t. Because of that, they claim they’ve been able to approve over 27% more borrowers than traditional lending models.

To qualify, you’ll need to have a credit score of at least 600, a full-time job or a job offer starting in six months, a regular source of income, and a minimum annual income of $12,000. Upstart also evaluates factors like whether you have a college education, your job history, residence status, debt-to-income ratio, bankruptcies, and delinquencies.

  • Pros
  • Accessible to people with fair credit
  • Low borrowing balance option
  • Prequalify with a soft credit check only

Cons

  • Repayment options are a bit stricter than some competitors
  • Charges origination fee of 0% to 12%
  • Charges late fees
Additional Details

Upstart claims that 99% of loan applicants receive their approved funds the next business day. However, if you plan to use the funds for educational expenses, it can take up to three business days.

Upstart does charge a 0% to 12% origination fee, which is the highest amongst our recommendations. They also charge a late fee of 5% or $15, whichever is higher.

Grace Lemire is a full-time content writer and part-time social media creator with a passion for helping people navigate life's toughest financial decisions – from moving out of your parents' house to buying a home.