Best personal loans of April 2024 (2024)

SoFi is a top choice for personal loans as it charges no fees, including no origination fees, prepayment penalties or late fees. This can help reduce your overall borrowing costs. SoFi also provides an array of benefits, such as financial planning as well as several rate discounts.

Personal loans from SoFi range up to $100,000 and come with terms from two to seven years, which can be helpful if you’re looking to borrow a large amount. Those looking for smaller loans may need to consider other lenders, as SoFi’s minimum loan amount is $5,000.

• Interest rates: 8.99% to 29.49%.
• Loan amounts: $5,000 to $100,000.
• Repayment terms: 2 to 7 years.
• Min. credit score: 680.
• Discounts: Autopay (0.25%), existing account holder (0.125%) and direct creditor payment for debt consolidation (0.25%).
• Fees: None.
• Funding time: As soon as the same day after approval.

Most personal loan lenders require good to excellent credit — usually meaning a credit score of at least 670. This could make it tricky to find a personal loan if your credit score isn’t great. But with LendingPoint, you could get approved with a credit score as low as 660. This could make it a good option for borrowers with fair credit, which is usually considered to be a score from 580 to 669.

With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to six years. Keep in mind that LendingPoint charges an origination fee of up to 8%, though there are no prepayment penalties if you want to pay off your loan ahead of schedule.

• Interest rates: 7.99% to 35.99%.
• Loan amounts: $2,000 to $36,500.
• Repayment terms: 2 to 6 years.
• Min. credit score: 660.
• Discounts: Does not disclose.
• Fees: Origination fee (0% to 8%).
• Funding time: As soon as the next business day after approval.

Upgrade is one of the few personal loan lenders that accept poor credit scores. You could qualify for an Upgrade personal loan with a credit score as low as 580. Just keep in mind that your credit score will have an impact on the interest rate you receive — in general, the lower your credit score, the higher your rate will be.

With Upgrade, you can borrow $1,000 to $50,000 with terms from two to seven years. Upgrade can also disburse loan funds as soon as one day after approval, which could make it a good choice for covering unexpected expenses.

• Interest rates: 8.49% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 2 to 7 years.
• Min. credit score: 580.
• Discounts: Autopay (amount not disclosed).
• Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment fee ($10).
• Funding time: Within 1 business day after clearing necessary verifications.

Prosper is among the first peer-to-peer lending programs available in the U.S. Since launching in 2005, it has funded over $23 billion in loans and helped over 1.4 million borrowers. This platform’s long-established history and competitive personal loan product make it our top pick for best peer-to-peer lender.

Prosper offers personal loans of up to $50,000 with repayment terms as long as 5 years. While its minimum APR is relatively low, its maximum APR is fairly high. Given this, it’s likely a better choice for borrowers with good-to-excellent credit, even though its minimum credit score requirement is fairly low.

• Interest rates: 6.99% to 35.99%.
• Loan amounts: $2,000 to $50,000.
• Repayment terms: 2 to 5 years.
• Min. credit score: 560.
• Discounts: None.
• Fees: Origination fee (1% to 5%), check payment fee ($5 or 5% of your payment or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15).
• Funding time: Within one business day.

For borrowers with excellent credit, Axos Bank provides a compelling personal loan offering. Its APRs are impressively low compared to competitors, and its loans come with repayment terms as long as six years. Many competitors have maximum repayment terms of just five years.

If you’d like to compare rates, Axos lets prospective borrowers prequalify for its personal loans without impacting their credit. Prequalifying makes it easy to determine which rates may be available to you from different lenders.

While Axos personal loans come with some perks, this lender also has a relatively high minimum loan amount and borrowers pay origination fees. Overall, though, it’s still worth considering if you have strong credit.

• Interest rates: 11.79% to 20.84%.
• Loan amounts: $5,000 to $50,000.
• Repayment terms: 3 to 6 years.
• Min. credit score: 700.
• Discounts: None.
• Fees: Origination fee (1% to 2% of total loan amount).
• Funding time: As soon as the same day.

If you need access to cash quickly — such as to cover an unexpected medical bill or auto repair — LightStream could be a good choice. With LightStream, you can borrow $5,000 to $100,000, and you could get your funds as soon as the same day as approval. Repayment terms range from two to seven years but can go up to 12 years for some loan types (such as home improvement loans).

Additionally, if you’ve already been approved for an unsecured personal loan from another lender, you can get 0.10% off your rate through LightStream’s Rate Beat Program. Plus, another 0.50% can be knocked off if you sign up for autopay before your loan is funded.

• Interest rates: 6.99% to 25.99%.
• Loan amounts:$5,000 to $100,000.
• Repayment terms: 2 to 7 years (up to 12 years for some loan types).
• Min. credit score: Does not disclose.
• Discounts: Autopay (0.50%) and Rate Beat Program (0.10%).
• Fees: None.
• Funding time: As soon as the same day as approval.

Discover offers personal loans from $2,500 to $40,000 with terms from three to seven years and APRs as low as 6.99%. This could make it a great choice for borrowers with good to excellent credit who can qualify for the lowest rates. Plus, if you’re approved, you could get your funds as soon as the next business day.

Discover personal loans also come with no origination fees or prepayment penalties, which can help reduce your borrowing costs. However, keep in mind that missed payments can come with fees of $39 — higher compared to the late fees charged by some lenders.

• Interest rates: 7.99% to 24.99%.
• Loan amounts: $2,500 to $40,000.
• Repayment terms: 3 to 7 years.
• Min. credit score: Does not disclose.
• Discounts: None.
• Fees: Late fee ($39).
• Funding time: As soon as 1 business day after approval.

Many lenders have limited customer service hours, and depending on where you’re located, they aren’t necessarily the most convenient for you. Avant’s customer support team, on the other hand, is available Monday through Friday from 7 a.m. to 10 p.m. Central Standard Time (CST) as well as Saturday and Sunday from 7 a.m. to 8 p.m. CST. This means that no matter where you’re located in the U.S., you’ll likely be able to get assistance during a favorable time.

Borrowers also have several options to contact a representative, including by email, phone or mobile app or through the online dashboard.

With Avant, you can borrow $2,000 to $35,000 with terms from one to five years, and you could get approved with a credit score as low as 580. Plus, if you’re approved, you could get your loan funds as soon as the next business day.

• Interest rates: 9.95% to 35.99%.
• Loan amounts: $2,000 to $35,000.
• Repayment terms: 1 to 5 years.
• Min. credit score: 580.
• Discounts: None.
• Fees: Origination fee (4.75%), late fee ($25) and dishonored payment fee ($15).
• Funding time: As soon as the next business day after approval.

Unlike some competitors that offer limited repayment terms of only three to five years, U.S. Bank offers a wide variety of terms ranging from one to seven years. So whether you’d like to repay your loan over a short or long period of time, a personal loan from U.S. Bank could have you covered. You’ll also have the flexibility to borrow as little as $1,000 up to $50,000, and you won’t need to worry about origination fees or prepayment penalties.

Keep in mind, though, that you’ll need to have an existing U.S. Bank account to be eligible for the longest terms and highest loan amounts. If you’re not a current account holder, you’ll be limited to a maximum of $25,000 and a term only as long as five years. Non-U.S. Bank customers might also need higher credit scores than the minimum 660 accepted for those with existing accounts.

• Interest rates: 8.74% to 24.99%.
• Loan amounts:$1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
• Loan terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
• Min. credit score: 660.
• Discounts: Autopay (0.50%).
• Fees: Late fee ($29).
• Funding time: Within 1 to 4 business days (could be faster for current U.S. Bank account holders).

Oportun offers unsecured and secured personal loans for borrowers interested in building stronger credit. Its unsecured loans range from $300 to $8,000, and its secured loans are slightly larger, ranging from $2,525 to $18,500. Its secured loans require collateral in the form of your car title.

As borrowers repay their personal loans, Oportun reports their payment histories to the major credit bureaus. If you make your full payment by your due date, this could help improve your credit score over time. While Oportun doesn’t disclose a minimum credit score requirement, it indicates it may work with borrowers who have no credit history.

• Interest rates: 34.95% to 35.99%.
• Loan amounts: $300 to $8,000 (unsecured); $2,525 to $18,500 (secured).
• Repayment terms: 1 to 5.33 years.
• Min. credit score: Does not disclose.
• Discounts: None.
• Fees: Origination fee, late fees.
• Funding time: As soon as the same day.

Instead of relying heavily on your credit score during the loan approval process like most lenders, Upstart uses proprietary technology to determine if a borrower is at high risk of default. Because of this, Upstart’s minimum credit score requirement is only 300. However, you might also qualify with thin credit — meaning you don’t have enough of a credit history to generate a credit score.

With Upstart, you can borrow $1,000 to $50,000 with a three- or five-year term, and you could get your funds as soon as the next business day after approval. Keep in mind that Upstart charges origination fees as well as fees for late and returned payments. Additionally, while Upstart’s minimum APR is a competitive 7.8%, its maximum is 35.99%, which means you could also end up with a fairly high rate if you don’t have stellar credit.

• Interest rates: 7.8% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 3 or 5 years.
• Min. credit score: 300.
• Discounts: None.
• Fees: Origination fee (0% to 12%) late fee (5% of past-due amount or $15, whichever is greater) and returned payment fee ($15).
• Funding time: As fast as 1 business day after approval.

While certain competitors offer autopay discounts, Citibank offers multiple rate discounts. Borrowers can access a 0.50% autopay discount, and existing Citi customers may qualify for another rate discount of 0.25%. The latter is available to Citigold and Citi Priority checking account customers.

Overall, Citibank’s personal loans could be a good choice for those who already have an existing relationship with this lender. Not only does Citi offer rate discounts for its personal loans, borrowers don’t pay origination fees and benefit from relatively fast funding.

• Interest rates: 10.49% to 19.49%.
• Loan amounts: $2,000 to $30,000.
• Repayment terms: 1 to 5 years.
• Min. credit score: Does not disclose.
• Discounts: 0.50% autopay discount, 0.25% discount for Citigold and Citi Priority customers.
• Fees: No origination fee.
• Funding time: As soon as the same day with an existing Citi account.