Best Personal Loans 2023

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

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.

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

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

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

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

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

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.

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

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.

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

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.

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

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.