Best Personal Loans of 2025: Rates, Reviews, and How to Qualify

Personal loans connect you with cash when you need it. If you’re in the market for a loan, whether it’s for debt consolidation, emergency expenses, or another need, finding the right lender matters.

We’ve researched the best companies for personal loans based on loan limits, interest rates, fees, and eligibility requirements. Let’s explore the best personal loans together to help you understand the options.

Reviews of the best personal loan providers 2025

If you’re interested in which companies offer the best personal loan rates, or make qualifying as simple as possible, we’ve got you covered. Read on to see how the lenders we’ve profiled compare and learn why they made our list.

• Best marketplace: Credible
• Best for good credit: SoFi
• Best for fair credit: Upgrade
• Best credit union: PenFed Credit Union
• Best for excellent credit: LightStream
• Best for little to no credit: Upstart
• Best for credit card debt: Happy Money 
• Best for a secured loan: Best Egg
• Best peer-to-peer (P2P) lender: Prosper
• Best for joint loans: LendingClub
• Best for military families: Navy Federal Credit Union

Credible

Best Marketplace

5.0 _/5

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Why Credible is one of the best

Credible makes it easy to compare personal loan lenders in one place. You can check rates and get quotes without affecting your credit scores. It’s the best personal loan marketplace for borrowers who prefer simplicity and convenience.

• Compare loans from multiple curated lenders
• Get prequalified loan offers in as little as 2 minutes
• Get funded within a few business days

• Origination fee of up to 12%
• No option to apply for joint loans

Rates (APR)	6.99% – 35.99%
Loan amounts	$1,000 – $200,000
Repayment terms	1 – 10 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 580
• Minimum income: Not disclosed
• States: Loan partners may not be available in all states

Repayment terms

Credible loans have repayment terms ranging from 1 to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early.

SoFi

Best for Good Credit

5.0 _/5

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Why SoFi is one of the best

SoFi is an excellent choice for borrowers with good credit who are looking for fast funding and minimal fees. You can use SoFi personal loans for debt consolidation, home improvements, or virtually any other large expense.

• No origination fees, late payment fees, or prepayment penalties
• Check rates in as little as 60 seconds
• Some borrowers may qualify for same-day funding

• Higher minimum loan amount
• Autopay discount is lower than what some lenders offer

Fixed rates (APR)	8.99% – 29.99% with all discounts
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 7 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 660
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

SoFi personal loans feature terms from 2 to 7 years. If you enroll in autopay, you’ll receive a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early.

Upgrade

Best for Fair Credit

4.9 _/5

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Why Upgrade is one of the best

Upgrade offers fair interest rates to people with fair credit who need a personal loan. You get the benefit of flexibility since you can choose your monthly payment and loan term, and Upgrade offers multiple rate discounts to help you save on interest.

• Choose your monthly payment and loan term
• Joint applications accepted
• Loan funds may be available in as little as 1 day

• Smaller loan maximum limit
• 1.85% to 9.99% origination fee

Rates (APR)	8.49% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	2 – 7 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 580
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

Upgrade loans have repayment terms from 2 to 7 years, and your monthly due date is adjustable to fit your budget. A short-term financial hardship program is available if you’re temporarily unable to manage payments.

PenFed Credit Union

Best Credit Union

4.9 _/5

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Why PenFed is one of the best

PenFed is one of the best personal loan lenders if you’re interested in joining a credit union or just need a smaller loan amount. You can get personal loans starting at $600, and anyone is free to join PenFed and apply.

• No origination fees, prepayment penalties, or balance transfer fees
• Low rates for the most creditworthy borrowers
• Membership is open to everyone

• PenFed doesn’t disclose eligibility requirements
• No autopay discount

Rates (APR)	8.99% – 17.99%
Loan amounts	$600 – $50,000
Repayment terms	3, 4, or 5 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 700
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

PenFed offers three repayment terms of 3, 4, or 5 years, and you can choose the option that best fits your needs when you apply. There are no early pay penalties should you decide to pay off your balance before the end of your term.

LightStream

Best for Excellent Credit

4.8 _/5

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Why LightStream is one of the best

LightStream is a solid choice for borrowers with excellent credit who are looking for a longer repayment term. The rate match policy means you get the lowest rate, and loan limits are generous, topping out at $100,000. To check your rates, you’ll need to apply and complete a hard credit pull.

• Rate match guarantee ensures that you get the best rate possible
• Same-day funding may be available
• Take advantage of a longer repayment term if you need lower payments

• No option to prequalify or check rates with a soft credit pull
• Minimum loan amount is $5,000

Rates (APR)	7.49% – 25.49%
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 12 years

Eligibility requirements

• Soft credit check? No
• Minimum credit score: 660
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down.

Upstart

Best for Little to No Credit

4.8 _/5

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Why Upstart is one of the best

Upstart believes no credit or thin credit shouldn’t prevent you from getting a personal loan. It has no minimum credit score requirement, and your rates are influenced by more than just your credit profile. You can use an Upstart loan to build a positive credit history with on-time monthly payments.

• Funding is available as soon as the next business day
• Borrowers with little to no credit history can still get approved
• No prepayment penalty if you pay your loan off early

• Origination fee of up to 12%
• Limited repayment term options

Rates (APR)	7.80% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	3 or 5 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: None
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

Upstart doesn’t offer as many loan terms as other lenders; you’ll pay your loan off over 3 or 5 years. You have the option to change your monthly payment due date and prepay your loan in part or in whole at any time, with penalty fee.

Happy Money

Best for Credit Card Debt

4.8 _/5

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Why Happy Money is one of the best

Happy Money is one of the best personal loans for credit card debt consolidation. If approved, you can send payments to your creditors from the loan proceeds and watch those balances disappear. Happy Money has no late fees, returned payment fees, annual fees, or prepayment penalties.

• Send payments directly to creditors
• Choose your loan repayment term and due date
• Free monthly credit score monitoring

• Origination fee from 1.5% to 5.5%
• Not available for uses other than credit card debt

Rates (APR)	12.45% – 17.99%
Loan amounts	$5,000 – $40,000
Repayment terms	2 – 5 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 640
• Minimum income: Not disclosed
• States: Loans not offered in Nevada or Massachusetts

Repayment terms

Happy Money lets you choose personal loan terms ranging from 2 to 5 years, so you can get a payment that reflects your budget. There are no prepayment penalties, and you won’t be charged a fee if your payment is late. Happy Money doesn’t offer rate discounts at this time.

Best Egg

Best for a Secured Loan

4.8 _/5

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Why Best Egg is one of the best

Best Egg is one of the best personal loans for homeowners who need to borrow but don’t want to tap into their equity. Best Egg loans are secured by items in your home, like cabinetry and fixtures, not the home itself. Unsecured loans are also available, but secured loans feature the lowest interest rates.

• Rate discount when you use items in your home as collateral
• Funding is available in as little as 24 hours with minimal paperwork
• Use funds for home improvements, repairs, or any other expense

• Origination fee of 0.99% – 8.99%
• Must own a home to qualify

Rates (APR)	7.80% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	3 – 7 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: Not disclosed; 700 FICO score needed for lowest APR.
• Minimum income: Not disclosed; $100,000+ annual income is ideal
• States: Not available in Iowa, Vermont, West Virginia, Washington, D.C., or U.S. territories

Repayment terms

Best Egg offers extended repayment terms of up to 7 years. Since these are secured loans, you can lock in lower rates. You can enroll in automatic payments, but no autopay discount is offered.

Prosper

Best P2P Lender

4.8 _/5

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Why Prosper is one of the best

As a peer-to-peer lender, Prosper connects borrowers directly with individual investors—not traditional banks—to fund loans. It’s one of the best personal loan options for borrowers with less than perfect credit. A 560 credit score could be enough to get approved, and loan rates are competitive. However, Prosper doesn’t offer same-day funding, so you could wait a little longer to get access to funds once approved than with several other lenders.

• Lower minimum credit score requirement compared to other lenders
• No prepayment penalties
• Choose your repayment term

• No same-day funding
• 1.00% – 7.99% origination fee

Rates (APR)	8.99% – 35.99%
Loan amounts	$2,000 – $50,000
Repayment terms	2 – 5 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 560
• Minimum income: Not disclosed
• States: Not available in Iowa and West Virginia

Repayment terms

Prosper loans have repayment terms ranging from 2 to 5 years, with no prepayment penalty if you decide to pay your loan off early. It doesn’t offer rate discounts for autopay, though you may choose automatic payments to ensure you don’t miss a due date.

LendingClub

Best for Joint Loans

4.7 _/5

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Why LendingClub is one of the best

If you’re looking for a joint personal loan, LendingClub may have what you need. You can apply with a co-borrower or joint application, and the required minimum credit score is just 600. There are no prepayment penalties.

• Simple online application process
• Excellent customer reviews
• Loans can be used to fund a variety of expenses and goals

• Late fees apply if you miss your payment due date
• Origination fee of 2% to 6%

Rates (APR)	7.90% – 35.99%
Loan amounts	$1,000 – $40,000
Repayment terms	2 – 4 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: 600
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

LendingClub personal loans have repayment terms of 2 to 4 years. Rate discounts are not available, but a higher credit score could help you unlock the lowest rate. No prepayment penalties are associated with LendingClub loans.

Navy Federal Credit Union

Best for Military Families

4.6 _/5

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Why Navy Federal is one of the best

Navy Federal Credit Union offers personal loans starting at $250, which may be attractive if you only need a short-term cash infusion. You’ll need to join the credit union to apply. Active-duty and retired military members, as well as their families, are able to join to take advantage of Navy Federal Credit Union’s personal loan benefits.

• Maximum loan rate is capped at 18%
• Borrow as little as $250 or as much as $50,000
• Autopay discount of 0.25% for eligible borrowers

• Must join to apply and the field of membership is limited
• Not available in every state

Rates (APR)	8.99% – 18.00%
Loan amounts	$250 – $50,000
Repayment terms	Personal expense loan up to 5 years; Home improvement loan up to 15 years

Eligibility requirements

• Soft credit check? Yes
• Minimum credit score: Not disclosed
• Minimum income: Not disclosed
• States: All 50 states and Washington, D.C.

Repayment terms

Navy Federal Credit Union personal loans have different repayment terms, depending on how you use them. If you get a personal loan for anything other than home improvement, your loan term is capped at 5 years. You can take up to 15 years to repay what you borrow if you use the funds for home improvements.

How to get the best personal loan rates

To get a good rate for a personal loan, you’ll need to do extra legwork:

1. Improve your credit score

First, understand that your credit score is typically the largest determining factor when a lender sets your personal loan rate. Other factors, such as debt-to-income ratio and amount borrowed, may also play a role. If your credit score is in rough shape and you can wait to borrow the money, spend a few months improving your score before applying. 

Remember, improving your credit score takes time. If you are diligent, you may see small improvements in as little as 30 days, but larger changes will take months of positive changes. 

Want to get serious about improving your credit score? Consider opening a credit builder loan; though they can last years, positive impacts will start to reflect on your credit report quickly.

2. Get a cosigner

If your credit score isn’t in great shape but you need funds now, you can ask a trusted friend or family member—who has a strong credit score—to cosign the personal loan with you. This can improve your approval chances and may get you a lower interest rate.

However, consider these potential downsides before asking someone to cosign:

• Shared responsibility: If you miss a payment, your cosigner becomes legally responsible for repaying the debt.
• Credit impact: Any late or missed payments will show up on both of your credit reports, which can harm your cosigner’s score as well as yours.
• Relationship strain: Mixing finances with personal relationships can create tension or damage trust, especially if your situation changes and you’re unable to repay the loan as planned.
• Cosigner’s borrowing ability: The loan will appear on your cosigner’s credit report as their own debt, which could reduce their ability to qualify for other loans or credit in the future.

Make sure to have an honest conversation with your cosigner about repayment plans and what would happen if you can’t make payments before signing together.

3. Shop around

Don’t just go with the first personal loan you find. Use our roundup of the best personal loans, or use an online personal loan marketplace to get prequalified with multiple lenders. From there, compare offers and go with the best one.

4. Look at APRs, not interest rates

When comparing personal loans, look at the annual percentage rate (APR), not the interest rate. APRs include the loan’s interest rate and any associated fees. That means an APR is a more accurate reflection of the total cost of borrowing over the life of the loan.

Do I qualify for the best personal loans?

To qualify for the best personal loan rates, you’ll typically need an excellent credit score (800 or higher), a high income, and a low debt-to-income ratio. Each lender assesses applicants in its own way, but the more attractive you are as a borrower, the more likely you are to get that lender’s best rates.

How to prequalify for a personal loan

Many lenders allow you to find out if you’ll likely be approved for a loan—and at what rate—by getting prequalified on their websites.

Prequalifying for a personal loan means you can check your customized rates with no obligation or impact on your credit score. You’ll enter a few basic personal details, such as your name, date of birth, Social Security number, and requested loan amount.

The lender will run a soft credit check and show you which loan offers you qualify for.

How to compare personal loans

When you prequalify for a handful of loans, you’ll want to compare several factors to find the best personal loan for your needs. Here’s what you should consider.

• APR: The annual percentage rate represents the cost of your personal loan. The lower the rate, the less you’ll spend to borrow money over the life of the loan.
• Loan amounts: One lender may offer you a lower rate than another, but it may also not be willing to lend you as much money as the other. Make sure the loan offer you go with will be enough to cover your expenses, such as a home renovation or medical bill.
• Repayment flexibility: Some lenders may have shorter repayment windows than others. A shorter repayment term results in higher monthly payments since you’ve got to pay off the full amount faster. Review your budget to determine how much you can afford to pay back each month; if the loan with the short repayment term results in high monthly payments you’ll struggle to afford, you should go with a different option.

Is a personal loan my best option?

Whether a personal loan is your best option depends on your circumstances. A personal loan could make sense if you need to pay for a large expense or consolidate debt and qualify for a reasonable interest rate. 

Personal loans are also ideal if you need money fast; many offer same- or next-day funding.

On the other hand, a personal loan might not be the wisest choice if you get stuck with a high interest rate. It’s worth considering other financing options, which could include: 

• Credit card 
• Home equity loan or line of credit (HELOC)
• Loan from a friend or family member
• Cash from your own savings 

If you have a solid emergency fund and the ability to easily replenish your savings, I’d recommend using savings over a personal loan.
If you have significant equity in your home and are using the funds to make home improvements or repairs, I recommend a home equity or HELOC.
Personal loans could be a good option for a short-term cash need that you’re confident you can pay off. Consider the amount you need, loan rates, and how much of a payment you can comfortably afford when deciding on a repayment term.
For debt consolidation, I suggest comparing the fees for a 0% balance transfer to a personal loan. The credit card option works best when you can pay off the debt before the promotional period ends.

The table below breaks down when these options might make more sense than a personal loan:

Borrowing option	When it makes sense	What to know
Credit card	If you qualify for a card with a 0% intro APR	Make sure you pay off the debt before the promo period ends
Home equity loan or HELOC	If you’re a homeowner with significant equity	You risk losing your house if you don’t repay your loan, and funding times are longer
Loan from a friend or family	You have bad credit and can’t qualify for alternatives	Make a plan to repay the loan promptly to avoid a strain on your relationship
Cash from savings	If you’ve built an emergency fund	Focus on rebuilding your savings before the next emergency occurs

How to apply with the best personal loan providers

If you’re looking to get a personal loan, here are the steps to apply: 

1. Check your credit. Start by checking your credit score and reviewing your credit report so you know what you’re working with as you go into the loan process. If you spot errors on your credit report, dispute them to have them removed. 
2. Determine your loan amount. Figure out how much you need to borrow and can afford to pay back. If the lender subtracts an origination fee from your loan proceeds, take that into account when you make your request. 
3. Prequalify with several lenders. Shop around with multiple lenders so you can find a loan with the best rates and terms. Often, you can get prequalified for a personal loan in a matter of minutes.
4. Select your loan offer. Compare features such as APR, fees, and repayment terms to determine which loan offers the lowest borrowing costs. 
5. Submit a full application. Once you choose a loan, you’ll complete an official application with your personal details and required documentation, such as pay stubs or tax returns. At this point, the lender will run a hard inquiry on your credit. Some lenders may approve you within a few hours, but others may take a couple of business days.
6. Get your funds, and start paying your loan back. Your final steps will be to sign your loan agreement and receive your funds. Check when your first payment is due, and consider setting up automatic payments so you don’t miss any bills. While some online lenders can offer same- or next-day funding to your bank account, others may require a few days to get the money. Online lenders are your best bet for faster loan funding.

You could get a personal loan the same day you start researching them, especially if you have all the information you need on hand and go with an online lender. That said, getting approved for a personal loan—and having it funded—could take a week or more, depending on the lender and your circumstances.

FAQ

How does a personal loan work?

A personal loan is an installment loan you pay monthly over a set period, often between three and seven years. You might get a lump sum as a direct deposit into your account when you borrow a personal loan. Some lenders will also send direct payments to your creditors if you use the loan for debt consolidation. 

Most personal loans are unsecured, so you must meet a lender’s underwriting requirements for credit and income to qualify. However, some lenders also offer secured loans backed with collateral. Secured loans may have more lenient qualification requirements, but you risk losing your assets if you can’t repay them. 

Can I take out a personal loan online?

Yes, you can take out a personal loan online. In fact, you can often find better deals (lower APRs and higher loan amounts) when shopping for online lenders, and the funding process is often faster. 

Plus, you can use online personal loan marketplaces to compare multiple lenders in one spot to ensure you get the best deal.

To take out a personal loan online:

1. Research multiple lenders. This will help you understand their rates, credit score requirements, loan amounts, and processing times.
2. Get prequalified. When you’ve narrowed your list to a few lenders, get prequalified to see customized rates without impacting your credit score. You’ll need to complete a form online with basic info such as your name, Social Security number, and requested loan amount.
3. Apply. Choose a lender and submit a formal application online based on your prequalification offers. Many online lenders approve you within minutes and can fund your bank account within a business day.

Online personal loans offer several pros:

• Fast approval and funding.
• Competitive rates.
• Lower credit score requirements, in some cases.

But they also have some downsides. For instance, there’s no in-person help. If you want that personal touch while you navigate a personal loan, you’re better off choosing a brick-and-mortar lender with a location near you.

How can I know if a personal loan lender is reputable? 

To determine whether a lender is legitimate and reputable, turn to customer reviews. You can find reviews on sites like Better Business Bureau and Trustpilot, as well as on Google and the lenders’ social media profiles. This is especially useful when analyzing online personal loan lenders.

Look for positive reviews on third-party websites, as well, and survey friends, family, colleagues, and neighbors to see if they’ve gotten a personal loan—and if they had a positive experience. Relying on loved ones in the community is a great way to assess local brick-and-mortar lenders.

	BBB	Trustpilot
Credible	A+*	4.8/5 (8K reviews)
SoFi	A+	4.3/5 (9K reviews)
Upgrade	A+*	4.4/5 (43K reviews)
PenFed	A+	3.4/5 (1K reviews)
LightStream	A*	1.3/5 (<100 reviews)
Upstart	A+*	4.9/5 (53K reviews)
Happy Money	A+*	4.6/5 stars (<500 reviews)
Best Egg	A+*	2.8/5 (<10 reviews)
Prosper	A*	4.6/5 (13K reviews)
LendingClub	A+*	4.6/5 (7K reviews)
Navy Federal	F	4.5/5 (42K reviews)

What’s the average personal loan rate today?

According to the latest data from the Federal Reserve, the average personal loan rate for a two-year loan is 11.66%, but this varies by credit score.

What can I use a personal loan for?

You can use a personal loan for almost any purpose, as long as it’s legal. Common uses include debt consolidation, home improvements, and medical bills.

Some lenders set certain restrictions on personal loan uses, so check with your lender for any guidelines. For instance, some lenders say you can’t use a personal loan for investing, gambling, a down payment on a home, or postsecondary education expenses. 

How do personal loan rates compare to credit cards?

Personal loan rates may be lower than credit card rates, so some consumers take out a personal loan to consolidate credit card debt. However, your personal rate depends on your credit profile and other factors. 

Borrowers with excellent credit may qualify for the lowest rates, but borrowers with bad credit might end up with rates as high as 36%.

According to the most recent Consumer Financial Protection Bureau data, the average credit card rate hit a record high of 22.8% in 2023. It’s also important to note that personal loans are usually fixed interest, while credit cards are a form of revolving credit, typically with variable interest rates.

How many personal loans can you have at a time?

There’s no limit to the number of personal loans you can have at one time as long as your lender approves it. Owing significant debt, however, may make it difficult to meet a lender’s underwriting requirements for a debt-to-income ratio. 

Can you refinance a personal loan?

Depending on the lender’s guidelines, you may qualify to refinance your personal loan with another personal loan. If your credit has improved since you borrowed the original loan, you might qualify for a new loan with a better rate. Then, you can use your new loan to pay off your old one. 

How does a personal loan affect my credit score?

A personal loan can affect your credit score for better or worse, depending on how you pay it back. If you make on-time payments, a personal loan can increase your credit score, and late payments will drag it down.

When you borrow your personal loan, you may also see your credit score fall by a few points after your lender runs a hard credit inquiry. However, your credit score should bounce back within a few months if you pay your bills on time.

How we selected the best personal loans

Since 2017, LendEDU has evaluated personal loan companies to help readers find the best personal loans. Our latest analysis reviewed 1,029 data points from 49 lenders and financial institutions, with 21 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Higher star ratings are ultimately awarded to companies that create an excellent borrower experience with affordable financing solutions. This includes offering online eligibility checks, cost transparency, little to no fees, and other unique benefits to support borrowers in repayment.

Recap of the best personal loans