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11 Best Personal Loans for 2020

If you’re looking for the least expensive way to consolidate your debt, refinance a credit card, cover an unexpected bill, or finally invest in a new kitchen or garage door, you’ll need the best personal loans. To help you find the option that best fits your needs, we’ve compiled a list of the most reputable online funding providers and created in-depth personal loans reviews.

Don’t worry if you have a troubled credit history - unlike traditional funding sources that ask you to prove that you already have a lot of money before they decide to give you some more, online lenders offer good deals to a much wider range of applicants.

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Top 3 Personal Loan Picks

Top 3 Picks

5kfunds

Flexible terms and low fees

Options for individuals with low credit scores

Various types of financing available

Apply Now READ REVIEW

LoansUnder36

Low credit scores accepted

One application for all lenders

Good repayment terms

Apply Now READ REVIEW

BadCreditLoans.com

No collateral required

Quick funding after approval

Available for credit scores of 500 or lower

Apply Now READ REVIEW

1. 5kfunds

Flexible terms and low fees

Options for individuals with low credit scores

Various types of financing available

Apply Now

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Owned by Sincerely LLC, 5kfunds is a Florida-based online loan comparison service. Best-known for its easy application process, lenient borrower requirements, and complete cost transparency, this platform has become a go-to solution for applicants who need a personal loan fast and can’t qualify for other options.

Read full review

LOAN AMOUNTS:

$1,000 to $35,000

LOAN TERM:

2–72 months

APR RANGE:

5.99% to 35.99%

FEES:

Additional fees depend on lenders

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

24 hours

YEARS IN BUSINESS:

Since 2015

BBB RATING:

Not rated

2. LoansUnder36

Low credit scores accepted

One application for all lenders

Good repayment terms

Apply Now

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As its name suggests, LoansUnder36 provides unsecured personal loans with APRs that don’t exceed 36%. Operating since 2012, this online lending marketplace is well-known for its wide network of lending partners, speedy loan approvals, and fast funding times.

Read full review

LOAN AMOUNTS:

$500 to $35,000

LOAN TERM:

60 days to 72 months

APR RANGE:

5.99% to 35.99%

FEES:

Some lenders charge origination fees

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

24 hours

YEARS IN BUSINESS:

Since 2012

BBB RATING:

Not rated

3. BadCreditLoans.com

No collateral required

Quick funding after approval

Available for credit scores of 500 or lower

Apply Now

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BadCreditLoans.com is an online lending marketplace that has been matching poor-credit borrowers with lenders willing to offer them the funding they need for more than two decades. Operating nationwide, the provider is best known for its fast funding times and competitive interest rates.

Read full review

LOAN AMOUNTS:

$500 to $10,000

LOAN TERM:

3 months to 3 years

APR RANGE:

5.99% to 35.99%

FEES:

No additional fees

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

1 business day

YEARS IN BUSINESS:

Since 1998

BBB RATING:

F

4. PersonalLoans.com

Ideal for short-term loans

No minimum credit score required

Speedy loan decision

Apply Now

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Operating since 2001, PersonalLoans.com is a popular loan aggregator that matches prospective borrowers looking for a good deal on personal loans with suitable individual or institutional lenders. The company offers a good range of loan amounts, a fast application process, and flexible repayment terms.

Read full review

LOAN AMOUNTS:

$500 to $35,000

LOAN TERM:

3–72 months

APR RANGE:

5.99% to 35.99%

FEES:

Depends on the lender

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

24 hours

YEARS IN BUSINESS:

Since 2001

BBB RATING:

N/A

5. Monevo

Quick loan request process

Real-time response

Good range of loan amounts

Apply Now

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Launched in 2009, Monevo is an international UK-based loan marketplace. The company collaborates with more than 30 established online lenders, banks, and peer-to-peer lending platforms and provides an excellent range of loan amounts, low starting fees, customization options, and fast funding times.

Read full review

LOAN AMOUNTS:

$500 to $100,000

LOAN TERM:

3 months to 7 years

APR RANGE:

3.49% to 35.99%

FEES:

Depends on the lender

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

Depends on the lender

AVAILABILITY:

All 50 states, UK, Australia, Poland

FUNDING TIME:

1 business day

YEARS IN BUSINESS:

Since 2009

BBB RATING:

A+

6. Prosper

Loans without collateral

Flexible payment dates

Joint loan option

Apply Now

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Established in 2005, Prosper is famous for being the company that introduced peer-to-peer lending solutions to the US market. Since its launch, this P2P lending marketplace has served more than a million consumers and managed to provide more than $17 billion in personal loans.

Read full review

LOAN AMOUNTS:

$2,000 to $40,000

LOAN TERM:

3–5 years

APR RANGE:

7.95% to 35.99%

FEES:

Origination fees, late payment fees

MIN. CREDIT SCORE:

640

MIN. REVENUE:

Depends on the lender

AVAILABILITY:

All 50 states

FUNDING TIME:

Up to 5 business days

YEARS IN BUSINESS:

Since 2005

BBB RATING:

A+

7. Upgrade

Offers Visa card tied to line of credit

Fast and simple application process

No prepayment fees

Apply Now

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Launched in 2017, Upgrade has quickly established itself as one of the most reliable online lenders. The company provides personal term loans and lines of credit. Despite being one of the industry’s youngest players, Upgrade has already provided more than $3 billion in loans to almost 10 million consumers.

Read full review

LOAN AMOUNTS:

$1,000 to $35,000 ($500 to $50,000 for lines of credit)

LOAN TERM:

3 or 5 years

APR RANGE:

7.99% to 35.97%

FEES:

Origination fees

MIN. CREDIT SCORE:

620

MIN. REVENUE:

Depends on the lender

AVAILABILITY:

46 states

FUNDING TIME:

1–4 business days

YEARS IN BUSINESS:

Since 2017

BBB RATING:

A+

8. Jora

Instant funding

No credit score requirement

Loans without collateral

Apply Now

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Offering small short-term loans and lines of credit since 2017, Jora Credit is a popular online lender. This Texas-based funding provider specializes in personal funding solutions and stands out for its quick and easy application process, same day funding, and attractive loan options even for applicants with bad credit profiles.

Read full review

LOAN AMOUNTS:

$500 to $2,600

LOAN TERM:

4–30 months

APR RANGE:

170% to 349%

FEES:

Origination fees

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

10 states

FUNDING TIME:

Less than 24 hours

YEARS IN BUSINESS:

Since 2017

BBB RATING:

A

9. AmOne

Credit calculators on site

Quick and easy application process

Wide range of loan terms

Apply Now

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AmOne is a free loan-comparison service that employs cutting-edge technology to match borrowers of all credit scores with lenders willing to give them good deals on personal loans. Recently acquired by California-based marketing company QuinStreet, AmOne has already provided billions of dollars in loans.

Read full review

LOAN AMOUNTS:

$1,000 to $55,000

LOAN TERM:

2–5 years

APR RANGE:

3.99% to 35.99%

FEES:

Depends on the lender

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

Up to 5 business days

YEARS IN BUSINESS:

Since 1999

BBB RATING:

A+

10. GuideToLenders

All-purpose loans

Competitive rates

No hard credit pull

Apply Now

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GuideToLenders is an online lending platform that connects consumers in need of personal loans with interested investors. An excellent choice for first-time borrowers, the site offers an easy application process, fast approval, and a large network of reputable funding providers.

Read full review

LOAN AMOUNTS:

$1,000 to $50,000

LOAN TERM:

24–84 months

APR RANGE:

3.99% to 35.99%

FEES:

Depends on the lender

MIN. CREDIT SCORE:

No requirements

MIN. REVENUE:

No requirements

AVAILABILITY:

All 50 states

FUNDING TIME:

Up to 5 business days

YEARS IN BUSINESS:

Since 2005

BBB RATING:

A+

11. Fiona

Funding for personal needs exclusively

Low credit score requirements

Reputable lenders

Apply Now

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Established in New York in 2015, Fiona is one of the newest additions to the online lending industry. The company uses an advanced tech-first approach to match borrowers in need of debt consolidation, credit card refinancing, or home improvement loans with interested lenders.

Read full review

LOAN AMOUNTS:

$1,000 to $100,000

LOAN TERM:

2–7 years

APR RANGE:

4.99% to 35.99%

FEES:

Depends on the lender

MIN. CREDIT SCORE:

580

MIN. REVENUE:

Depends on the lender

AVAILABILITY:

All 50 states

FUNDING TIME:

Up to 5 business days

YEARS IN BUSINESS:

Since 2015

BBB RATING:

N/A

Choosing the Best Personal Loan Company — Our Methodology

From lending marketplaces to direct online lenders, peer-to-peer loan networks, traditional and online banks, and brick-and-mortar credit unions, there are quite a few ways to apply for a loan for personal needs.

Although it may seem like there’s an abundance of choice, good options are not that easy to find. To help you determine which funding providers deserve your attention, we’ve identified a list of the most important factors to look at and compare. This should help you get a clearer overview of the services and determine which providers offer top personal loans.

Types of Personal Loans

First of all, we suggest you look at the variety of personal loan types a certain company has to offer. These may include secured and unsecured loans, personal lines of credit, payday loans, and more.

You should also make sure that the provider you decide to go for will let you use the funding for the specific purpose you have in mind. Let’s say you need to consolidate a past debt or refinance your credit card, but the provider only lists home improvements, major purchases, or covering medical bills as eligible purposes.

That’s an inconvenience you’d want to avoid. The best personal loans offered by direct lenders or loan marketplaces are the ones that come with almost no restrictions on how the money can be spent.

Loan Terms and Fees

Different loan companies may offer you a long list of additional benefits, but chances are that you’ll still go with the option that comes with the lowest interest rates. However, keep in mind that you should always look at the bigger picture when it comes to the cost of your loan. In addition to the interest rates, some funding providers also charge origination fees, closing costs, late payment fees, and even prepayment penalties.

Given that some lenders offer the lowest-APR personal loan options to those looking for short-term funding, while others charge lower fees on longer-term loans, it’s important to take repayment terms into account when making a decision.

Eligibility Requirements

As far as borrower qualifications go, there are generally two sets of requirements. First of all, most lenders on our list won’t offer you the funding that you need unless you are a US citizen or permanent resident who is at least 18 years old and has a steady income.

Second of all, some funding providers want you to meet certain minimums regarding your credit score and annual income minimums, along with other lender-specific requirements.

Application Process and Funding Time

The best personal loans are usually provided by companies that offer a smooth online application process. Requesting a loan should be safe and transparent – we suggest you stay away from sites that don’t employ industry-standard security measures and fail to provide all the important loan information upfront.

At this point, it’s good to mention that speed is also a vital element – how quickly you can get approved for a loan and see the funds on your account is important.

10 Best Personal Loans of 2020:

  • 5kfunds

    - Consider if you are after a simple application procedure.
  • LoansUnder36

    - Consider if you need the money fast.
  • BadCreditLoans.com

    - Consider if you have a poor credit score.
  • PersonalLoans.com

    - Consider if you need a short-term loan.
  • Monevo

    - Consider if you need a large loan amount.
  • Prosper

    - Consider if you are after joint loans.
  • Upgrade

    - Consider if you’re after personal lines of credit.
  • Jora

    - Consider if you value same-day funding.
  • AmOne

    - Consider if you are after low interest rates.
  • GuideToLenders

    - Consider if you’d like to apply with a cosigner.

Personal Loans Reviews

At a Glance

  • Borrowing amount: $1,000 to $35,000
  • Term length: 2–72 months
  • Estimated APR: 5.99% to 35.99%
  • Fees: Additional fees depend on the lender
  • Funding time: 24 hours
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: Depends on the lender

Founded in 2015 by Sincerely LLC, 5kfunds is a Florida-based online loan-comparison service. The company specializes in personal loans, but it doesn’t provide the funds itself. Instead, the company helps prospective borrowers find the best options for personal loans by comparing offers from more than a hundred of its lending partners.

Funding Types Offered

If you’re looking to borrow $1,000 to $35,000 for two to 72 months, we suggest you apply with 5kfunds. As far as loan types go, the company can procure debt consolidation, payday, secured, and unsecured personal loans for its users.

While the platform doesn’t impose any specific credit score- or income-related requirements, keep in mind that the individual funding providers have the final say when it comes to determining a prospective borrower’s eligibility. The APR at 5kfunds ranges between 5.99% and 35.99%, and any additional fees also depend on 5kfunds’ lending partners.

Reasons to Choose 5kfunds

As one of the best lenders for personal loans, 5kfunds offers a quick and easy application process. All you have to do is provide your personal and employment information, upload any documents that the platform may request, and wait for 5kfunds to verify your application.

The company takes less than 10 minutes to get back to a prospective borrower with an offer, and given its network of more than 100 lenders, you can rest assured that you’ll get at least a few competitive deals.

Another reason that makes 5kfunds one of the best places for personal loans is that there are almost no restrictions to how the borrowers can use the funds. The most common purposes include debt repayment, emergency funds, unexpected medical bills, major purchases, home renovations and repairs, and wedding expenses.

Reasons to Look Elsewhere

While 5kfunds claims that it offers loans to borrowers of all credit scores, there are still no guarantees that you’ll get the loan amount or the rates you’re hoping for. Low-interest personal loans are reserved for applicants with excellent FICO scores and high incomes.

When applying for funding via 5kfunds, it’s also important to keep in mind that some lenders may perform a “hard” pull of your credit, which may affect your score by a few points.

Another drawback is that the platform doesn’t offer phone or live chat support.

Reasons to Apply

Flexible terms and low fees

Options for individuals with low credit scores

Various types of financing available

READ FULL REVIEW

At a Glance

  • Borrowing amount: $500 to $35,000
  • Term length: 60 days to 72 months
  • Estimated APR: 5.99% to 35.99%
  • Fees: No additional fees
  • Funding time: 24 hours
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

LoansUnder36 has been helping prospective borrowers find good deals on personal loans since 2012. As one of the best loan companies for personal loans, this provider works with more than 100 individual lenders and promises to find funding options for any credit score with an APR under 36%.

Prospective borrowers can submit their loan requests in minutes before receiving a list of the most suitable offers to choose from.

Funding Types Offered

While some of its competitors can hook you up with multiple funding types, LoansUnder36 specializes in a single financing option: unsecured personal loans.

As far as funding features go, the company’s name couldn’t be more appropriate for the type of service it provides. Through this lending marketplace, you can apply for a loan amount between $500 and $35,000 with an APR ranging from 5.99% to 35.99%.

Loan terms start at 60 days and stop at 72 months, and payments can be made on a biweekly or monthly basis. As one of the personal loan websites worth considering, LoansUnder36 lets you set up automatic payments so that you don’t have to worry about missing a deadline.

Reasons to Choose LoansUnder36

Unlike auto loans or home mortgages that require you to use the money for a specific purchase, personal loans come with almost no restrictions in this sense. LoansUnder36’s options are no different – the company lets you take out a loan to consolidate your debts, pay off medical expenses, make home improvements, repair your vehicle, and more.

Another thing about LoansUnder36 that makes it one of the top personal loan providers is that it lets you use its platform to apply with a specific lender or fill out a general application. If you don’t find the terms on any of the offers a good fit, you’ll be able to walk away without paying a dime. Should you decide to accept one of the offers, the funds will be made available to you in less than 24 hours.

Reasons to Look Elsewhere

While LoansUnder36 may offer good options for personal loans, customers who’d like to apply for any other funding type will have to explore other options.

Also, keep in mind that while there are no credit score minimums or income thresholds imposed by the site, it’s the individual lenders that make the final decisions about an applicant’s eligibility. In other words, you can still be extended a bad offer or turned down for a personal loan altogether.

Reasons to Apply

Low credit scores accepted

One application for all lenders

Good repayment terms

READ FULL REVIEW

At a Glance

  • Borrowing amount: $500 to $5,000
  • Term length: 3 months to 3 years
  • Estimated APR: 5.99% to 35.99%
  • Fees: No additional fees
  • Funding time: 1 business day
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

As you’ve probably guessed from the company’s name, BadCreditLoans.com is an alternative funding provider that offers loans to consumers with less-than-stellar credit histories. Launched in 1998, the company doesn’t provide bad credit personal loans itself, but operates as an advocate for borrowers and matches them with a network of online lenders willing to extend no-obligation offers.

Funding Types Offered

BadCreditLoans.com operates in all 50 states and offers unsecured term loans with terms ranging between three and 36 months. The minimum loan amount is $500, while the maximum is either $5,000 or $10,000 – the information on the provider’s site is inconsistent.

As one of the best providers of loans for people with bad credit, BadCreditLoans.com doesn’t impose any minimums relating to credit score or income. Still, bear in mind that applicants with FICO scores lower than 500, and unsteady income can’t qualify for loan amounts over $1,000.

As far as fees go, the APR ranges from 5.99% to 35.99%, and there are no additional charges. Also note that repayments are made on a monthly basis.

Reasons to Choose BadCreditLoans.com

The funding solutions offered on BadCreditLoans.com’s platform may not be the most affordable, but they are definitely an excellent solution for consumers who need the money fast and can’t qualify elsewhere. An eligible applicant must be a permanent resident or a US citizen who’s at least 18 years old and has a bank account and a steady source of income.

Applying for online personal loans via BadCreditLoans.com is as easy as filling out a short online questionnaire. As soon as you do your part, the company will start looking for funding providers that match your needs and email you multiple proposals.

Once you choose the most suitable offer and sign the contract, you can expect the money to land into your bank account in less than 24 hours on a business day.

Reasons to Look Elsewhere

This lending marketplace is designed to help bad-credit consumers obtain the funding they need without having to put up their homes or vehicles as collateral. However, that doesn’t mean that anyone can apply for a high loan amount via BadCreditLoans.com.

Note that if your credit score is 500 or lower, you won’t be able to qualify for a loan of more than $1,000. Also, keep in mind that this provider’s online personal loans come with high interest rates for poor credit borrowers.

Reasons to Apply

No collateral required

Quick funding after approval

Available for credit scores of 500 or lower

READ FULL REVIEW

At a Glance

  • Borrowing amount: $500 to $35,000
  • Term length: 3–72 months
  • Estimated APR: 5.99% to 35.99%
  • Fees: Depends on the lender
  • Funding time: 1 business day
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

Operating since 2001, PersonalLoans.com is one of the oldest and most reliable online lending marketplaces. The platform doesn’t provide loans directly, but helps prospective borrowers secure the funding they need in an easy and convenient way by matching them with the most suitable lenders.

As one of the best personal loan companies, this provider offers a variety of loan amounts and terms that can suit almost anyone’s needs.

Funding Types Offered

PersonalLoans.com offers installment loans provided by individual lenders or financial institutions such as banks and credit unions. Loan amounts range between $500 and $35,000, loan terms start at 90 days and can go up to 72 months, while the APR can be anywhere between 5.99% and 35.99%.

As far as personal loan repayment goes, the site states that the shortest gap allowed by most lenders is two weeks, while monthly payments are much more common. Given that paying your loan off early can secure you a discount on interest rates with some lending institutions, we suggest you keep an eye out for these offers.

Reasons to Choose PersonalLoans.com

Unlike business loans, which can be used for a limited number of purposes, PersonalLoans.com’s options come with fewer restrictions on how the borrower can spend the money. This provider lets you take out a loan to consolidate debt, refinance your credit card, purchase or repair a car, cover the costs of any other emergency situation, or pay for your education, medical bills, rent, or mortgage.

You can also use the company’s low-rate personal loans to go on a vacation, make a major purchase, or finance a business idea.

Another great thing about PersonalLoans.com is that it lets you use its platform free of charge. Additionally, the company offers a huge knowledge base to help you understand everything you need to know about taking out loans and making smarter financial decisions.

Reasons to Look Elsewhere

While it’s well-known for offering some of the best small personal loans, PersonalLoans.com may not be a good choice for consumers who need to borrow more than $35,000.

Even though the application process is fairly quick and straightforward, the lending marketplace may request a bit more information about your employment than most similar platforms do. In addition to your Social Security number, the site will also ask you to verify your military service status.

Lastly, keep in mind that PersonalLoans.com and/or some of its lending partners may do a “soft” or “hard” pull on your credit score to determine whether you’re a good candidate for the loan you’ve applied for.

Reasons to Apply

Ideal for short-term loans

No minimum credit score required

Speedy loan decision

READ FULL REVIEW

At a Glance

  • Borrowing amount: $500 to $100,000
  • Term length: 3 months to 7 years
  • Estimated APR: 3.49% to 35.99%
  • Fees: Additional fees depend on the lender
  • Funding time: 1 business day
  • Minimum credit score: No requirements
  • Minimum revenue: Depends on the lender
  • Collateral and guarantees: Depends on the lender

Operating since 2009, Monevo is an award-winning loan comparison service. First established in the UK, the provider has quickly expanded to the US, Australian, and Polish markets. Nowadays, the company offers its services to consumers in all 50 states and works with more than 30 renowned funding providers, from banks to online lenders and peer-to-peer platforms.

Thanks to its solid range of loan amounts, fast and transparent application process, and easy-to-use interface, Monevo is considered one of the best personal loan companies.

Funding Types Offered

Monevo prides itself on sourcing great deals on personal, home improvement, debt consolidation, auto, and business loans. As far as personal loan terms go, you can get an amount between $500 and $100,000, with an APR ranging from 3.49% to 35.99% and repay it within three months to seven years.

Keep in mind that the duration and the interest rate may vary widely based on your credit score, pre-tax income, the amount you borrow, and the funding provider’s policies. However, the platform will let you customize the offer to better fit your needs.

Reasons to Choose Monevo

In addition to some of the best personal loan rates and a wide range of funding amounts, Monevo’s loan term flexibility makes this provider ideal for applicants looking for adjustable payback options.

This lending marketplace is also an excellent choice for poor-credit applicants, as they stand an equal chance of getting a decent loan offer, as long as they can come to an understanding on payment terms with the potential lender.

Another great thing about this loan-comparison platform is that it offers one of the fastest and most straightforward application procedures we’ve ever seen. After providing all the necessary personal information and deciding on the desired loan amount and repayment term, you won’t need to wait for more than 60 seconds to receive competitive offers.

As one of the best online personal loan companies, not only will Monevo connect you with potential lenders in no time, but it also won’t charge you a dime for its speedy service.

Reasons to Look Elsewhere

While Monevo is well-known for matching prospective borrowers with suitable lenders at lightning speed, you should keep in mind that the company doesn’t take part in the actual approval process.

Monevo isn’t a direct lender, and it’s up to the funding provider to make the final decision.

Moreover, bear in mind that while this lending marketplace works only with well-established funding providers, the list of its partners isn’t that long. While some of its competitors work with more than 100 direct lenders, Monevo’s list only mentions about 30 names.

Reasons to Apply

Quick loan request process

Real-time response

Good range of loan amounts

READ FULL REVIEW

At a Glance

  • Borrowing amount: $2,000 to $40,000
  • Term length: 3–5 years
  • Estimated APR: 7.95% to 35.99%
  • Fees: Origination fees, late payment fees
  • Funding time: Up to 5 business days
  • Minimum credit score: 640
  • Minimum revenue: Varies by lender
  • Collateral and guarantees: No requirements

Established in 2005, Prosper is well-known as one of the best places to get personal loans online. Since its launch, this US peer-to-peer lending pioneer has already helped more than a million consumers find the most suitable investors.

By bridging the gap between people who need a loan and business entities or individuals that can provide the funding, Prosper has managed to provide over $17 billion in combined loan value.

Funding Types Offered

Unlike most of its competitors that only let you request a loan individually, Prosper also allows joint applications. The company offers unsecured fixed-rate personal loans with amounts ranging between $2,000 and $40,000 and repayment periods of three to five years. APRs start at 7.95% and go up to 35.99%.

Customers can use Prosper’s personal loans for debt consolidation, home improvements, medical and dental bills, and major purchases such as cars and motorbikes.

As far as borrower requirements go, an eligible applicant must be at least 18 years old, a US citizen or a permanent resident, have a minimum of two years of credit history and a credit score of at least 640, have no bankruptcies within the past 12 months, and have a debt-to-income ratio below 50%.

Reasons to Choose Prosper

As the company that practically invented a new way of lending and borrowing money, Prosper has many upsides. In addition to offering some of the best personal loans for debt consolidation and big purchases, the company lets you apply for funding with a strong-credit second applicant.

If you opt for this solution, you may increase your chances of getting a loan offer, and you might even qualify for better rates. Other advantages include a quick and easy application process, fixed interest rates, and flexible payment dates.

Reasons to Look Elsewhere

Unfortunately, taking out a loan via this provider comes with a few downsides. Unlike most of its competitors, which can wire you the money within 24 hours of the loan being approved, Prosper takes up to five days to fund your request. Moreover, with APRs starting from 7.95%, Prosper’s fees and interest rates on personal loans tend to be high, especially for lower-credit applicants.

Reasons to Apply

Loans without collateral

Flexible payment dates

Joint loan option

READ FULL REVIEW

At a Glance

  • Borrowing amount: $1,000 to $35,000 ($500 to $50,000 for lines of credit)
  • Term length: 36 or 60 months
  • Estimated APR: 7.99% to 35.97%
  • Fees: Origination fee
  • Funding time: 1–4 business days
  • Minimum credit score: 620
  • Minimum revenue: None (The average applicant earns about $30,000 a year)
  • Collateral and guarantees: No requirements

Established in 2017, Upgrade is one of the newest funding providers on our list. Although a relative newcomer to the online lending scene, the company has already managed to serve more than 10 million customers. What helps Upgrade stand out from the competition and provide some of the best personal loans is the advanced tech-first approach that it employs.

Users praise its fast and transparent application process, relaxed borrower qualifications, and relatively fast funding times.

Funding Types Offered

As far as personal funding solutions go, Upgrade offers term loans and lines of credit.

The company’s term loans are unsecured and come with fixed interest rates (7.99% to 35.97% APR) and monthly repayment schedules. If you opt for this funding type, you’ll be able to take out a loan amount of $1,000 to $35,000 with a term length of 36 to 60 months.

As one of the best lending companies for personal loans, Upgrade also offers a good deal on personal lines of credit. If you choose this financing product, you’ll get access to a pool of money from which you’ll be able to withdraw money multiple times. The company will let you borrow $500 to $50,000 and define the repayment terms and the monthly payments as you withdraw funds.

The best thing about this funding solution is that you’ll receive an Upgrade Visa for easy access to your credit line.

All the basic borrower qualifications are the same for both funding types – you must have a credit score of at least 620, provide detailed information about your income, and be a US citizen or permanent resident. Note that residents of Iowa, Colorado, West Virginia, Connecticut, Maryland, and Massachusetts cannot apply for a loan via this platform.

Reasons to Choose Upgrade

One of the best things about this personal loan company is that it uses the latest fintech tools to improve the financial services it provides. Additionally, the application procedure is easy and straightforward, the funding time is relatively fast, and the borrower qualifications are pretty down-to-earth.

Overall, if you need a small amount of money to make home improvements, consolidate your past debt, or cover unexpected expenses, Upgrade is a good choice.

Reasons to Look Elsewhere

Although Upgrade offers excellent personal loans for good-credit applicants, its solutions for those with lower FICO scores are much more expensive. In addition to the potentially high fees, another drawback is that repayment options are limited – you can either opt for a three- or five-year repayment plan.

Reasons to Apply

Offers Visa card tied to line of credit

Fast and simple application process

No prepayment fees

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At a Glance

  • Borrowing amount: $500 to $2,600 (for first-time borrowers)
  • Term length: 4–30 months
  • Estimated APR: 170% to 349%
  • Fees: None
  • Funding time: Less than 24 hours (same-day funding)
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

Operational since 2017, Jora Credit Holdings is a Texas-based online lending platform that offers two financing types: personal installment loans and personal lines of credit. Although a relatively young company, Jora has quickly become well-known for offering some of the best online personal loans for bad credit.

The provider has already helped thousands of consumers solve their cash flow problems by covering their debts and paying off credit cards.

Funding Types Offered

As far as personal funding types go, Jora Credit specializes in short-term loans and personal lines of credit. Borrowing amounts, interest rates, and repayment terms can vary widely depending on the applicant’s creditworthiness and state of residence.

Loan amounts range between $500 and $2,600 (for first-time borrowers), APRs start at 170% and go up to 349%, while repayment terms can be anywhere from four to 30 months. It’s also worth mentioning that applicants can opt for monthly or fortnightly repayment schedules for loans and lines of credit.

Reasons to Choose Jora Credit

Although Jora can hardly be described as the best lender for personal loans overall, there are many advantages to using this provider’s services. Most customers praise its unsecured loans, quick and easy application process, and same-day funding.

However, the main reason why people choose to borrow money from Jora is that the company’s lenient borrower requirements are almost unmatched. Considering that the company doesn’t even make a hard inquiry with any of the credit reporting agencies, Jora is undoubtedly an excellent choice for consumers with bad FICO scores.

Reasons to Look Elsewhere

Jora specializes in high-interest short-term loans. Given its extremely high annual percentage rates and tight repayment plans, a loan from Jora could get you out of a cash-flow problem then land you in an even worse situation in the blink of an eye. Unless you are absolutely sure that you’ll be able to keep up with Jora’s repayment plan, we suggest you explore other options.

Also, keep in mind that this provider’s personal financing options are only available to customers located in Delaware, Alabama, Mississippi, Missouri, Idaho, South Carolina, New Mexico, North Dakota, Tennessee, Utah, or Wisconsin. If you’re not a resident of one of these 11 states, you won’t be able to apply for funding from Jora.

Reasons to Apply

Instant funding

No credit score requirement

Loans without collateral

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At a Glance

  • Borrowing amount: $1,000 to $50,000
  • Term length: 2–7 years
  • Estimated APR: 3.99% to 35.99%
  • Fees: No additional fees
  • Funding time: Up to 5 business days
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

Marketed as “an easier way to get a loan,” AmOne is a popular online lending marketplace that helps prospective borrowers find good deals on personal loans. Established in 1999, the company was acquired by California-based marketing company QuinStreet in 2018.

Nowadays, AmOne offers personal loans of up to $50,000, charges competitive rates, and processes funding requests almost instantly. The company has already managed to secure billions of dollars in loans by connecting consumers with suitable funding providers.

Funding Types Offered

As one of the best personal loan companies, AmOne specializes in unsecured loans, which means that none of its lenders require collateral. The minimum loan amount that a consumer can request is $1,000, while the maximum is $50,000. Loan duration can vary between two and seven years, while the APR ranges from 3.99% to 35.99%. With most lenders, repayments are done on a monthly basis.

Considering that AmOne isn’t a direct lender, borrower qualifications mostly depend on the individual funding providers. However, there are a few general requirements that you’ll need to meet to get pre-approved. A prospective borrower must be 18 or older, be a citizen or a permanent resident of the US, and own a bank account.

It’s also worth mentioning that AmOne lets you use its platform to apply for a personal loan completely free of charge.

Reasons to Choose AmOne

Requesting a loan through this lending marketplace is quick and easy. You start by stating the reason you need the loan for (debt consolidation, starting a business, vehicle purchase, investment opportunity, medical bills, unexpected purchases, or similar), then proceed by indicating your credit score range and desired loan amount.

The site will process your application in a matter of minutes and get back to you with an offer.

In comparison to banks and other traditional funding sources, AmOne may not provide the best rates on personal loans. However, its options are still among the best when it comes to online lenders. Also, another good thing about applying for funding through this platform is that you won’t need to go through a hard credit inquiry until you settle on an offer.

Reasons to Look Elsewhere

While this online lending marketplace comes with multiple advantages, there are also a few downsides. Given that AmOne isn’t a direct lender, loan features such as fees, rates, and terms may vary widely depending on the individual funding provider.

Also, while having multiple options to choose from sounds helpful in terms of getting the best personal loan rate possible, keep in mind that getting matched with a lender doesn’t mean that you’ll get approved. Lastly, note that the site may share your information with third parties.

Reasons to Apply

Credit calculators on site

Quick and easy application process

Wide range of loan terms

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At a Glance

  • Borrowing amount: $1,000 to $50,000
  • Term length: 24–84 months
  • Estimated APR: 3.99% to 35.99%
  • Fees: Additional fees depend on the lenders
  • Funding time: Up to 5 business days
  • Minimum credit score: No requirements
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

Operating in the online lending business since 2005, GuideToLenders is among the industry’s pioneers. Thanks to its partnership with renowned funding providers such as Avant, LendingClub, SoFi, and Marcus by Goldman Sachs, the company has already provided more than $16 billion in loans over the past decade and a half.

Considering that it offers the best personal loans with low interest rates to applicants of all credit histories, GuideToLenders is popular among bad-credit applicants.

Funding Types Offered

GuideToLenders offers personal term loans that range between $1,000 and $50,000 in value. As far as repayment terms go, the shortest loan term is 24 months, while the longest is 84 months. APRs start at 3.99% and can go up to 35.99%.

Considering that GuideToLenders isn’t a direct lender, there isn’t a specific list of eligibility requirements on its site. Still, you shouldn’t waste your time submitting a loan application if you are not an American citizen or permanent resident who’s at least 18 years old.

Reasons to Choose GuideToLenders

Personal unsecured loans are easy to apply for at GuideToLenders. The whole process is pretty straightforward – as soon as you state the reason why you need the loan and select your credit score range, the platform will get back to you with dozens of funding options ranked by the highest chance of getting approval.

From there, you’ll just need to choose the most suitable offer and wait for the lender’s approval.

Another great thing about this lending marketplace is its higher-than-average acceptance loan rate. Although GuideToLenders doesn’t make the final decision as to whether a prospective borrower is eligible for funding provided by one of its lending partners, the site is still well-known for offering good rates for most applicants.

This platform is also a good choice if you’re looking for the best personal loans with a cosigner.

Reasons to Look Elsewhere

Even though most users agree that applying for funding via GuideToLenders isn’t complicated at all, it’s still good to know that a customer support agent will be there to help should you stumble upon any issues. Unfortunately, GuideToLenders doesn’t offer this service at all, which is one reason why it sits near the bottom of our list.

GuideToLenders offers some of the best rates for personal loans, but that comes at a cost. The company may share your data with third parties, so we suggest you choose another funding source if you’d like to avoid multiple marketing calls.

Reasons to Apply

All-purpose loans

Competitive rates

No hard credit pull

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At a Glance

  • Borrowing amount: $1,000 to $100,000
  • Term length: 2–7 years
  • Estimated APR: 4.99% to 35.99%
  • Fees: Additional fees depend on the lenders
  • Funding time: Up to 5 business days
  • Minimum credit score: 580
  • Minimum revenue: No requirements
  • Collateral and guarantees: No requirements

Established in 2015, Fiona is a New York-based loan marketplace. The company works as a middleman between borrowers looking for personal loans and companies and individuals that provide this type of funding. Aiming to provide the best low-interest personal loans, Fiona works with a select network of lenders.

The platform is completely free to use, which means that you’re encouraged to browse around and check if you’re eligible for any of the offers.

Funding Types Offered

Fiona’s financing solutions are focused on personal use. Through this platform, you can take out a debt consolidation, credit card refinancing, major purchase, or home improvements loan of $1,000 to $100,000. You can opt for a loan term between two and seven years and expect the money to land into your account in less than five business days.

As far as charges go, Fiona offers some of the best interest rates for personal loans, with its APR starting at 4.99%.

To qualify for a loan via Fiona, you’ll need to have a minimum credit score of 580, be at least 21 years old, be a US citizen, and let the lender do a hard credit inquiry with one or more credit reporting agencies.

Reasons to Choose Fiona

Setting up an account with Fiona and requesting a loan through the platform subscribes you to a constant stream of offers. In other words, you shouldn’t worry if the best deal doesn’t come up right away. Once you pick the offer that meets your needs, Fiona will set up a direct line of communication between you and the funding provider.

That way, you’ll be able to negotiate any additional personal loan terms without the middleman.

What really makes Fiona stand out from the competition is the advanced algorithm that it employs to calculate the best possible offer for each loan applicant. This means you can be pre-approved for a loan and wait for formal approval without worrying whether you’ll get the funding.

Reasons to Look Elsewhere

Given that it accepts applicants with credit scores as low as 580, Fiona does offer some of the best personal loans for fair credit. However, keep in mind that these loans don’t come cheap – some funding providers charge high origination fees and annual percentage rates can go up to 35.99%.

Moreover, in most cases, there are no discounts for repaying the loan early. Also, keep in mind that Fiona doesn’t have a huge network of lenders, which may lower your chances of getting approved for a loan.

Reasons to Apply

Funding for personal needs exclusively

Low credit score requirements

Reputable lenders

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A Guide to Choosing the Best Personal Loans

A personal loan can help you alleviate financial hardships, cover the expenses of a large purchase, or simply supplement an expected or unexpected costly occurrence. If used and repaid in a timely and correct manner, personal loans can be very beneficial in reaching a specific financial goal.

As we reveal in the personal loan reviews on this site, interest rates can be as low as 6%, making these loans the least expensive financial solution for many borrowers. Many aspects of lending are legally regulated, so lenders often differentiate themselves by competing on features like low fees, soft credit pulls, and speedy funds availability.

With every loan, you repay the amount you borrow – the principal – along with an amount of interest defined by the interest rate. The interest rate and the annual percentage rate are not the same thing.

In addition to interest, the APR includes all the fees and other costs associated with the loan, expressed as a percentage of the amount borrowed. If you want to compare the true costs associated with potential loans, compare the APRs.

Reasons to Get a Personal Loan

The best company for a personal loan might be the one that doesn’t ask a lot of questions about why you need to borrow money. While you’re allowed to take out a personal loan for almost any reason – or no specific reason at all – borrowers typically take out loans when they need money for a particular reason such as big-ticket purchases or home improvements.

If you can qualify for funding, a personal loan could offer the best solution to cover the costs of your project.

Here are some of the most common reasons people take out personal loans:

  • Buying a house
  • Making home repairs
  • Paying for a wedding
  • Buying a car
  • Paying for higher education
  • Covering unplanned emergencies
  • Consolidating debts

Unlike credit cards, which can be fine for smaller expenses that you can repay each month, personal loans are best suited for spreading out the expense of larger purchases or projects over several years. The best personal loans typically come with fixed interest and monthly payments that save you money compared to paying with credit cards.

Overall, taking out a personal loan can be a smart decision when it’s the least expensive type of funding, when it can improve your overall financial standing, and when payments don’t stress your budget too much.

On the other hand, getting a personal loan to pay for a tropical vacation or an extravagant shopping trip can be unnecessarily expensive. If you need money for an emergency or medical expenses, you may find alternative funding sources such as community assistance or provider payment plans a better alternative.

Types of Personal Loans

This introduction to personal loan reviews focuses on unsecured loans with fixed repayments, which are quite common. Many of the lenders we cover provide additional types of loans: personal lines of credit, secured loans, mortgages, variable-rate loans, and more.

To determine what funding type works best for you, we suggest you evaluate your overall financial situation by considering factors such as the purpose of the loan, your credit score, and how much time you need for repayment.

Here’s an overview of the most common options.

Unsecured Personal Loans

Let’s start with the unsecured personal loan. “Unsecured” means that there is no collateral to provide security to the lender. This means the lender is taking a bigger risk, and you can therefore expect a higher interest rate than you would pay with a secured loan. It might take a higher credit score to qualify.

The unsecured personal loan is a type of installment loan, which means that it is repaid in a series of regularly scheduled payments, or installments.

Overall, this financing solution can be a good option if you have a good credit score, don’t mind an interest rate of 5% to 36%, and prefer a regular monthly repayment schedule.

Secured Personal Loans

A secured personal loan is an installment loan backed by collateral. A loan company may accept your house, land, vehicle, or any other valuable asset as collateral. If you default on your personal loan, the lender will resort to seizing your collateral to cover the remaining loan balance.

Considering that the lender’s risk isn’t that high with this funding type, it’s much easier to qualify for larger loan amounts and you will be offered lower rates and fees compared to an unsecured loan. The most common examples of secured financing are car loans (secured by your vehicle), and mortgages (secured by your real estate).

Fixed-Rate Loans

With fixed-rate personal loans, you get some peace of mind in knowing that both your interest rate and monthly payment won’t change for the duration of the loan. If rising rates on long-term loans concern you and you want consistent monthly payments, you should consider a fixed-rate personal loan. The only downside of this funding solution – even with the best personal loan companies – is that you won’t benefit if rates fall.

Variable-Rate Loans

Unlike fixed-rate funding, variable-rate loans come with interest rates that can fluctuate depending on the health of the national economy. Rates can’t rise and fall without a limit, as there’s usually a cap on how much they can vary over a certain period. Variable-rate loans tend to have lower personal loan interest rates and APRs compared to fixed-rate options.

Applying for a variable-rate loan makes sense if you opt for a short repayment period. Although rates may rise, it’s unlikely that they’ll surge.

Debt Consolidation Loans

A debt consolidation loan consolidates multiple debts into a single new loan. These loans can save you a lot of money if you pay off high-interest credit-card debt and other bills with a low-interest alternative. Borrowers use this type of funding to pay off medical bills, payday loans, credit card bills, loans from friends and family, and other debts.

Combining all of your debts into one affordable monthly payment, can help you reduce your total monthly costs and potentially spread out repayment over a longer term. Offered by some of the top personal loan lenders, this financing solution can be a good choice providing that it offers a lower APR than your existing loans.

Co-Signed Loans

You should consider applying for a joint or co-signed personal loan if you have a thin credit history and can’t qualify on your own. The second borrower will share the responsibility for repaying the loan and act as insurance for the lender. Adding a co-signer who has an excellent credit score can improve your chances of qualifying for affordable rates and favorable terms on personal loans.

Personal Lines of Credit

Given that it works as revolving credit, a personal credit line is more like a credit card than a loan. With this funding type, you get access to a line of credit that you can withdraw from multiple times, whenever you need the money. You pay interest only on the outstanding balance – the amount you’ve borrowed and haven’t yet repaid. A line of credit can be the best personal loan type for covering on-going and emergency expenses.

Payday Loans

Payday loans are short-term unsecured loans that come with high interest rates and APRs. Loans are limited to just a few hundred dollars, and repayment is due in full on the borrower’s next payday.

Unless you’re absolutely sure that you won’t need to take out additional loans to pay the first, we suggest you explore other options.

How to Qualify for a Personal Loan

Once you decide what kind of loan you want, take some time to shop around and compare lenders’ rates and fees. Make sure you read all the fine print to find out whether you’re eligible for discounts or if something in your history might disqualify you.

The many personal loan reviews we have conducted show that no two loan providers weigh the prospective borrower’s credit and non-credit factors in the same way. Although lenders have the final say on eligibility, there are a few things you can do to strengthen your credit profile and increase your chances of qualifying for a loan.

Here’s an overview of factors that lenders may take into account when assessing your loan eligibility.

Credit Factors

With some lenders, you can get approved for a personal loan with a credit score as low as 500. However, it’s highly likely that you won’t qualify without collateral – and even in the best-case scenario, you’ll pay much higher personal loan rates.

For Americans, FICO is the standard credit scoring model. According to this model, a consumer’s personal credit score is calculated using a few different pieces of financial data such as length of credit history, amounts owed, repayment history, credit mix (different types of credit), and new credit (information about recent credit inquiries).

Non-Credit Factors

When deciding whether to fund your application, many lenders go beyond checking your credit score and take additional factors into consideration. Lenders may evaluate your age, location, employment, citizenship status, education, and assets.

The age threshold can vary from state to state. However, a prospective borrower applying for a personal loan in the USA must be at least 18 years old to qualify.

Given that not all loan providers offer their services nationwide, you’ll need to be sure the lender you pick operates in your state of residence.

Depending on the lender’s policy, you may be asked to demonstrate that your income is stable by providing bank records and employment details.

Most American lenders require that loan applicants be citizens or permanent residents of the United States.

If you’re planning to apply for an education-related loan, remember that you’ll need to meet minimum education standards imposed by the lender.

Finally, keep in mind that personal loan companies may also factor in both your liquid and non-liquid assets when assessing your application. Liquid assets are cash and other assets that can quickly be sold and converted to cash – mutual funds or treasury bills, for instance. Non-liquid assets include real estate, heavy machinery, and other belongings that may take longer to convert into cash.

FAQ

Can I get a personal loan with bad credit?

Yes, you can - but you should be prepared to shop around and compare the terms offered by different lenders. Fortunately, many lenders look beyond your personal credit score and take other factors into account when assessing loan applications. However, if your credit score is below 550, you’ll probably have a hard time finding a lender that will offer a large loan. Keep in mind that even the best personal loan for bad credit may come with a high interest rate.

Do personal loans hurt credit?

It’s hard to give a simple answer to this question. During the process of pre-approval, most lenders perform a “soft” credit inquiry to give you an estimate of rates that you’ve qualified for. As this type of credit check won’t affect your score, it makes sense to apply with multiple personal loan providers and compare their preliminary offers. After you’ve made your choice on the best place to get a personal loan and settled on a particular lender’s rates and terms, you’ll proceed with a formal loan application. At this stage, you may be required to submit additional personal information and authorize a hard credit check, which may affect your score by a few points. If you make payments in a timely way and retire your loan, it will contribute to your good credit score. If you make late payments or default, a personal loan will hurt your score. During the period of the loan, the borrowed amount is added to your overall indebtedness. A high level of debt can harm your score.

How fast can I get a personal loan?

Depending on the lender, loan approval can take anywhere from five minutes to several weeks. If you apply for a personal loan online or from a peer-to-peer lender, you can expect your loan to be approved in just a few minutes and funded the same day. Unlike most online loan companies and lending marketplaces, financial institutions such as banks and credit unions can take a few weeks to process loan applications. So if you need the money fast, online lenders are the way to go.

What happens if you pay off a personal loan early?

With some lenders, you may be hit with a prepayment penalty, while others may give you a discount on the remaining interest. Considering that this depends on the loan terms imposed by your funding provider, we suggest you take the time to read your loan contract closely.

What is a good loan rate?

According to our research, the lowest interest rate on personal loans starts at an APR of 3.99%. However, very few consumers can qualify for a rate this low. Debt-to-income ratio, credit score, annual revenue, and other factors dictate how good a deal you can expect on a personal loan. Generally, a good interest rate on a personal loan should be below 9.41%, the national average according to recent data provided by Experian.

Is it a good idea to get a personal loan?

We have learned during the research we have conducted for personal loans reviews that this type of funding can be a good idea for consumers who have excellent credit and a specific loan purpose in mind. If you have a low credit score and a thin credit history, you’ll probably have to settle with small loan amounts with high interest rates and fees. Paying off one of those loans promptly and reliably can help you qualify for a better loan next time.

What is the best company to borrow money from?

When shopping for personal loans, you should keep in mind that there are quite a few different factors to take into account. From rates and fees to loan types and purposes, repayment terms, prepayment incentives, and the lender’s reputation, there is a lot to think about. Note that you should stay away from loan companies that aren’t completely transparent about everything they may and may not provide. Based on our research, the best personal loans are provided by 5kfunds, LoansUnder36, BadCreditLoans.com, PersonalLoans.com, Monevo, Prosper, Upgrade, Jora, AmOne, GuideToLenders, and Fiona.