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Personal Loans

Where to Get the Best Personal Loan Rates Online

Written By

Reviewed By

Where to Get the Best Personal Loan Rates Online

Updated January 01, 2020

If you want a to pay off a credit card or consolidate debt, a personal loan is going to be one of your best options. A personal loan with a set payoff period a few years from now has some of these advantages:

  • One monthly payment
  • A set rate
  • You don’t need absolutely perfect credit
  • You can check your rate without touching your score

There are more attractive deals than ever thanks to some new online lenders and lending platforms and you can see sample APRs (annual percentage rates) below for excellent credit and good credit.

Company
APR
Terms
Credit Req.
LendingTree

As low as 3.49%

24 to 60

months

Minimum 500 FICO®

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

Disclaimer


As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.49% (3.49% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136

4.99% - 19.99%*

with AutoPay

24 to 144*

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
SoFi

5.99% - 18.53%*

24 to 84

months

680

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
Marcus by Goldman Sachs®

6.99% - 19.99%

36 to 72

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

5.99% - 29.99%

36 or 60

months

640

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

10.68% - 35.89%

36 or 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

9.95% - 35.99%*

24 to 60**

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

18.00% - 35.99%

24 to 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
PenFed Credit Union

Starting at 6.49%

60

months

Not specified

SEE DETAILS Secured

on PenFed Credit Union’s secure website

8.69% - 35.99%

36 or 60

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Best personal loans for excellent credit: SoFi, Marcus by Goldman Sachs®, Best Egg, LightStream

Best personal loans for good credit: LendingClub, Best Egg, Upstart, PenFed Credit Union

Best personal loans for bad or minimal credit: Avant, OneMain Financial

Tip: Apply for several loans to check rates. Every lender and online lending platform has different approval criteria and different pricing models – and the difference in rate between lenders (even for people with excellent credit) can be significant. So long as you shop with lenders that use a soft credit pull, you can check your rate without negatively impacting your credit score.

Start Here – Multiple Lenders at Once

LendingTree

LendingTree
APR

As low as 3.49%

Credit Req.

Minimum 500 FICO®

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

LendingTree is not a lender. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. Terms Apply. NMLS #1136.



As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.49% (3.49% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136

Dozens of lenders and online lending platforms participate in LendingTree‘s personal loan shopping tool – including all of the lenders and lending platforms listed on this page. With one online form, LendingTree will perform a soft pull (with no impact to your score) and match you with multiple loan offers from up to five different lenders or lending platforms based on your creditworthiness. This is our favorite (because it is easy) way to get multiple offers from lenders and online lending platforms in minutes and consolidate debt. For people with excellent credit, you could get an APR below 6%. For people with less than perfect credit, there are many lenders and online lending platforms participating with more liberal acceptance criteria.

Why is this a good way to save?

Banks don’t care much for personal loans because the lower rates earn them less profit than credit cards.

Fortunately, some new companies believe you should be able to get a competitive rate without dealing with credit card intro offers, even if your credit isn’t perfect.

They’re doing it by lending online only without the overhead of branches.

They pass the savings on to you through better rates, and you can check up on them below.

Best Personal loans for Excellent Credit

The following providers are for you if you want the absolute lowest possible rates that reward a record of no late payments and good income, even though you have some high rate debt that you want to consolidate.

Unless you get a rate of 5% or less, you’re probably better off with introductory balance transfer deals, but the convenience of a fixed payment and walking away from credit cards makes personal loans appealing.

SoFi

SoFi
APR

5.99%
To
18.53%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi’s believes if you’ve graduated college or went to grad school you’ll be a more responsible borrower, so they may be more likely to give you a better rate, even if your credit history is limited.

For example, if you have $10,000 in credit card debt, good income, and great credit, their best rate could save you as much as 0% in an introductory balance transfer offer once you factor in the fees for each.

What we like best about SoFi is that they offer no origination fee and no prepayment penalty. If you think you may be able to pay off your loan earlier (or want the flexibility to do that), Sofi is the only lender we reviewed that charges no fee at all. Given their very low APRS, we think anyone with good credit should start with Sofi first, and then compare their offer to the rest of the providers.

Amount: $5,000 – $100,000

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
19.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

If you want to work with a traditional bank, Marcus by Goldman Sachs® can be a great option. With APRs as low as 6.99% APR and flexible terms ranging between 36 to 72 months, they offer a competitive personal loan option that is backed by the security and peace of mind that comes with using a bank that has been in business for 148 years.

While Marcus does not state a required minimum credit score, they do seek out people with prime credit, which usually falls above 660 or higher on the FICO scale. Those that meet the requirements will be able to borrow up to $40,000 for debt consolidation and credit consolidation loans.

BestEgg

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 6.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

BestEgg is an online lending platform that offers low APRs and quick funding. Best Egg is one of the fastest growing personal loan companies in the country, largely because it has been able to provide one of the best combinations of APR and loan amount in the market.

You can check to see your APR without hurting your score, and they do approve people with scores as low as 640. If you have an excellent credit score, BestEgg will be very competitive on terms.

Amount: up to $35,000

Lightstream

APR

4.99%
To
19.99%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

Lightstream is a great choice for people with excellent credit. It is actually part of a bank you might have heard of, SunTrust Bank. They were recently set up to offer some of the best personal loan APRs available, and they are delivering. The interest rate you are charged depends upon the purpose of the loan. APRs can be as low as 4.99% for a new car purchase (and LightStream does not put their name on your title. They just put the cash in your bank account, and you can shop around and pay cash for the car). Home improvement loans start at 4.99% APR with AutoPay , making them cheaper and easier than a home equity loan.

They’ll also approve and deposit your money fast, often the same day, and give extra consideration if you have money in your 401K or equity in your home.

Amount: $5,000 – $100,000

Available states: All

Best Personal Loans for Good Credit

These providers may be able to help you out if you’re not approved for your best terms or an introductory 0% balance transfer offer.

LendingClub

APR

10.68%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

2.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

You might not have heard of LendingClub yet, but they are a big player in online loans. And they offer a wide range of APRs and terms based on your credit profile and needs. LendingClub’s minimum credit requirements are not specified.

Amount: up to $40,000

Available states: All except Iowa and West Virginia

BestEgg

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 6.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

BestEgg (reviewed earlier in this post) will approve people with credit scores as low as 640. If you have good credit and are looking for a loan, you should consider BestEgg.

Upstart

APR

8.69%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart offers loans that look a lot like the ones from the bigger online lenders like LendingClub or Prosper.

They’ll let you borrow up to $50,000 for 36 or 60 months. But the key is they will take into account the schools you attended, your area of study, the grades you earned in school, and your work history to see if you can get a better rate.

So while the range of APRs Upstart offers is similar to the bigger guys, if you did well in school, you might find the rate you actually get is lower than what the others will offer you, so it’s worth trying.

You’ll need a 600 or better FICO and your monthly payments can’t be more than 55% of your monthly income.

Amount: $1,000 – $50,000

Available states: All

PenFed

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

Not specified

Terms

Up to 60

months

Origination Fee

None

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $20,000.... Read More

Previously, PenFed offers a fixed rate starting at 6.49% interest rate for 60 months. Veterans get extra special attention so it’s worth checking this online only offer. You have to be a member of the PenFed credit union, but that’s easy and anyone can do that online as part of the process.

Available states: All

Best Personal Loans for Bad or No Credit

Avant

APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

Avant‘s platform offers access to loans from $2,000 to $35,000, with terms from 24 to 60 months. The minimum credit score varies, but we have seen people with scores as low as 580 get approved.

The good thing about Avant is that these loans are amortizing. That means it is a real installment loan, and you will be reducing your principal balance with every payment.

Amount: up to $35,000

Available states: All except: Colorado, Iowa, West Virginia, and Vermont.

For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Avant branded credit products are issued by WebBank, member FDIC.

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

1.00% - 10.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial offers personal loans through its branch network to people with less than perfect credit. You can start your application online. If you qualify, you will have to visit a branch to complete the application. Once in the branch, if you have all of the required documents, you can receive you loan proceeds immediately via check.

You can borrow from $1,500 to $20,000. The APRs are not low, and can go up to 35.99%. They will also charge an up-front origination fee that is not refundable. You should definitely shop around at other lenders first, given the high cost of the loan and the need to visit a branch.

Amount: Up to $20,000

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Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

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Best of, Personal Loans

Best Home Improvement Loans to Finance Renovations and Repairs

Written By

Reviewed By

Home improvements can boost the value of your home and make it a better place to live, but coming up with the money for costly home remodels can be challenging. There are a number of ways to fund your renovation or repair project, including home improvement loans.

Learn all about home improvement loans, compare lenders and consider your alternatives to determine the best approach for your financial situation.

What is a home improvement loan?

A home improvement loan is simply a personal loan that’s used to pay for a home improvement project. Personal loans are lump-sum loans that are repaid in fixed monthly payments over a set period of time, typically lasting from 12 to 60 months.

How do home improvement loans work?

Unlike a home equity loan or home equity line of credit (HELOC), home improvement loans are unsecured, meaning that your home will not be used as collateral for the loan. So when you choose a personal loan for home improvement instead of home equity, you don’t risk losing your home. However, failure to pay a personal loan would result in a drop in your credit score and possibly court-ordered wage garnishment.

Because they’re unsecured and seen as a riskier investment by the lender, home improvement loan interest rates tend to be higher than home equity loan interest rates and HELOC interest rates. Plus, it may be difficult for consumers with little to no credit to qualify for a personal loan at all.

13 personal loans for home improvement

When determining which home improvement loans to showcase for this article, we analyzed lending platforms based on APR (annual percentage rate), loan length and loan amount, but we also weighed factors like no-fee loans and fast funding methods.

13 home improvement loans
APRLoan lengthLoan amount
Avant9.95% to 35.99% APR24 to 60 months$2,000 to $35,000
Best Egg5.99% to 29.99% APR36 or 60 months$2,000 to $35,000
Discover Bank 6.99% to 24.99% APR36 to 84 months$2,500 to $35,000
LendingClub 10.68% to 35.89% APR36 or 60 months$1,000 to $40,000
LightStream 4.99% to 19.99% APR with AutoPay discount24 to 144 months$5,000 to $100,000
Marcus by Goldman Sachs® 6.99% to 19.99% APR36 to 72 months$3,500 to $40,000
OneMain Financial 18.00% to 35.99% APR24 to 60 months$1,500 to $20,000
PenFed Credit Union 6.49% to 17.99%60 months$500 to $20,000
SoFi 5.99% to 18.53% APR with 0.25% AutoPay discount24 to 84 months$5,000 to $100,000
SunTrust Bank 4.99% to 16.49% APR with 0.5% AutoPay discount24 to 144 months$5,000 to $100,000
Upstart 8.69% to 35.99% APR36 or 60 months$1,000 to $50,000
USAA Bank Varies12 to 48 months$2,500 to $50,000
Wells Fargo Bank 5.74% to 24.49% with 0.25% relationship discount12 to 84 months$3,000 to $100,000

Best overall: SoFi

With consistently low APRs, no fees and fixed repayment terms, SoFi offers some of the best personal loan products available on the market. To qualify for the lowest APR, borrowers should have excellent credit. Borrowers with credit scores around 800 are more likely to get their best available terms.

SoFi stands apart from other lenders by offering a wide array of member benefits, such as the Unemployment Protection Program, which allows borrowers who lost their job to suspend monthly payments in three-month increments for up to 12 months. (Unpaid interest will continue to accrue during this period.) Other benefits include free financial advice, estate planning and career coaching.

Highlights:

  • No fees
  • High funding limit ($100,000)
  • Funding is slower; available in 7 days, on average
  • Low APRs, starting at 5.99% with 0.25% AutoPay discount
  • Unique member benefits like Unemployment Protection Program, no-cost financial planning and estate planning

Lowest APR: LightStream

LightStream is a completely online personal loan lender brought to you by Truist. In order to offer competitive rates and terms, LightStream is strict with approvals, making it an option for excellent-credit borrowers.

LightStream also offers a high max loan amount of $100,000, with terms from 24 to 144 months. This makes LightStream an ideal option for borrowers who want to tackle large-scale home renovation projects and need a significant amount of funding to meet their needs.

Highlights:

  • No fees
  • High funding limit ($100,000)
  • Long-term loans, 24 to 144 months
  • Fast funding, same-day funding available
  • Low APRs, starting at 4.99% with 0.5% AutoPay discount
  • Typically reserved for borrowers with good to excellent credit

Best bank loan: Wells Fargo

Current Wells Fargo banking customers could consider seeking home improvement funding through the bank to take advantage of a 0.25% APR customer relationship discount. To qualify, you must have a Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account.

Like any other lender, Wells Fargo reserves the lowest APRs for excellent-credit borrowers.

Highlights:

  • High funding limit ($100,000)
  • No origination fee or prepayment penalty
  • Fast funding, as quickly as the next business day
  • Low APRs, starting at 5.74% with 0.25% customer relationship discount
  • APR discount is limited to Wells Fargo banking customer with direct deposit

Best for low-credit borrowers: Upstart

Nobody was born with good credit. Upstart recognizes that your credit score isn’t the only factor that goes into your eligibility as a borrower, which is why the lender also analyses things like level of education, field of study and employment history.

That doesn’t mean that low-credit borrowers will get favorable terms on a personal loan for home improvement. Borrowers with low to no credit will end up paying higher APRs, which will increase the cost of borrowing.

Highlights:

  • APR can be as high as 35.99%
  • Fees can include an origination fee and late payment fee, among others
  • Fast funding, with 99% of approved applicants receiving money within one business day
  • Upstart looks at more than just your credit score, including education and job field

Best small loans: PenFed Credit Union

DIY renovators who just need a few hundred dollars to help fund their project could consider PenFed Credit Union, which offers personal loans with smaller minimum amounts. PenFed also offers low APRs for borrowers with excellent credit, and rates are capped at 17.99%.

Potential PenFed personal loan borrowers will need to join the credit union in order to borrow. Click here to learn more.

Highlights:

  • Low APRs, starting at 6.49%
  • Fast funding, as quickly as the next day
  • No origination fee or prepayment penalty
  • Loans as small as $500 to tackle small home improvement projects
  • Must join PenFed Credit Union in order to open a home improvement loan

Choosing the best home improvement lender for you

It seems like there’s a virtually endless array of online lenders out there, and choosing one may feel like a daunting prospect. But this increase in choice means that you can compare offers from multiple lenders to get the best possible personal loan for your home improvement needs and unique financial situation.

Online loan marketplaces, such as the one from our parent company, LendingTree, let borrowers compare personal loan offers from lenders in minutes (depending on eligibility). Once you have a few offers in-hand, here are three things you should look for to choose the right personal loan lender for you:

When comparing personal loan offers, you’ll generally want to choose the lender that offers you an affordable APR for your credit profile. The APR represents the total annual cost of a loan, including interest rates and fees. The lower the APR, the lower the loan will cost you in borrowing fees.

Some personal loan lenders charge a number of fees throughout the borrowing process, including:

  • Loan origination fee: A fee charged when you take out the loan, typically ranging from 1% to 8% of the total cost of the loan.
  • Prepayment penalty: A fee charged when you pay off your loan before the term reaches maturity.
  • Late payment fee: A fee charged when you miss a personal loan payment.

However, there are a few lenders out there to choose from, such as SoFi and LightStream that have little-to-no fees. Always check fee structures when comparing home improvement loans.

Before working with a lender, search for lender reviews to get feedback from current and past borrowers. Reviews can shine a light on things that may not be apparent on the lender website, such as customer service quality and the application process.

Is a home improvement loan right for you?

For some borrowers, a home improvement loan may be their best way to finance a home remodel. Before you commit to one financing tool, though, you should get to know it inside and out. Weigh the pros and cons of personal loans to determine if this is your best way to fund your renovations.

Alternatives to a home improvement personal loan

Home improvement loan benefits and drawbacks

Pros

Cons

Unsecured financing. This means you won’t have to put up your home as collateral and risk losing it if you default on the loan.High interest rates. Personal loans are backed only by your promise to repay the lender, making them riskier (and more expensive) for lenders.
Fast funding. Some online personal loan lenders can deposit funds into your account on the same day, while others may take just a few days.Potential fees and penalties. Some personal loan lenders charge origination fees, prepayment penalties and late fees.
Fixed APR and monthly payments. When you take out a personal loan, you’ll always know how much you owe every month.No tax benefits. When you borrow a home equity loan for home improvements, the interest you pay may be tax-deductible.

A personal loan may not be the best way to pay for home improvements, depending on your financial situation. Check out these alternative ways to finance your home renovation project to determine the best option for your needs.

Budgeting and paying in cash

When possible, it’s ideal to pay for home renovations without borrowing money. That may mean putting together a budget and that you don’t get to complete your home renovations on a fast timeline. But it also means that you don’t have to pay interest or other borrowing fees.

However, it may not be practical to wait around while your home improvement piggy bank fills up over months or years. If you need money for urgent home repairs, or if you’re moving soon and want to add to the value of your home, then budgeting in paying in cash may not be an option.

Home equity loans and HELOCs

If you’ve owned your home for some time and have been paying a significant amount of money into your mortgage, then you may be able to borrow from your own home equity.

Home equity loans and home equity lines of credit (HELOCs) are similar lending products that use your home as collateral. Using your home as collateral may grant you lower interest rates than your typical personal loan, but it also means that you risk losing your home if you can’t repay the loan.

Learn some of the key differences between home equity loans and HELOCs in the table below.

Quick comparison: Home equity loans vs. HELOCs

Home equity loans

HELOCs

  • Issued in a lump sum amount
  • Interest rates are typically fixed, but can be variable
  • Fixed monthly payments over the life of the loan

  • Borrower withdraws funds as needed
  • Interest rates are variable
  • Monthly payments depend on how much you borrow

You can use a home equity calculator to estimate how much equity you have in your home and how much you may be eligible to borrow.

FHA Title 1 loan

Borrowers who may not qualify for a traditional home equity loan or a personal loan for home improvement may seek out loans that are insured by the Federal Housing Administration (FHA).

These loans can only be used to make your home livable; they cannot be used for cosmetic upgrades or luxury purchases, such as a swimming pool. Common uses for an FHA Title 1 loan include installing new flooring or roof, plumbing jobs or to make the home accessible.

FHA Title 1 loans are offered through private lenders and backed by the federal government to help low- to moderate-income homeowners finance home improvements. They’re also an option for homeowners who don’t yet have equity in their home.

Here are a few quick facts about FHA Title 1 loans:

  • Interest rates: Fixed rate, based on the common market rate in the area
  • Collateral: Loans over $7,500 must be secured by a mortgage or deed
  • Prepayment penalty: No prepayment penalty for FHA Title 1 loans

You can search for FHA Title 1 loans on the US Department of Housing and Urban Development’s website.

Introductory 0% APR credit card offer

Borrowers with good to excellent credit who need fast funding for their home renovation project might consider taking advantage of a credit card with an introductory 0% APR offer, typically lasting up to 21 months. This gives homeowners the freedom to purchase the materials they want on an as-needed basis without paying interest, as long as the amount is paid in full by the time the promotional period ends. Interest will be charged on the remaining balance once the introductory offer expires.

Another drawback to consider: Consumers with poor or fair credit will not likely qualify for a credit card that has a 0% APR introductory offer. Plus, the limit on a credit card may be far lower than what’s needed to finance a large-scale home improvement project.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Personal Loans

Getting a Personal Loan With a 600 Credit Score or Less

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you have a credit score of 600 or less, you probably think it’s impossible to get a personal loan. While lenders traditionally favor borrowers with good credit scores, that doesn’t mean there are no financing options to those seeking personal loans for fair credit.

Read more to help you find loans for fair credit, and to better understand the application process.

What credit score is needed for a personal loan?

To lenders, your credit score is a reflection of your ability to repay debt on time and in full. Many lenders require a minimum 600 credit score when you apply for a personal loan.

Your FICO Score, which is a type of credit score, is the one lenders most often use when determining loan eligibility. It ranges from 300 to 850, with 800 to 850 considered exceptional and 300 to 579 very poor. A FICO Score in the 580 to 669 range is considered fair, and anyone in this range is considered a subprime borrower, meaning they’re a higher risk group and are more at risk of defaulting on a personal loan.

Your credit score is calculated using factors such as:

  • Payment history
  • Debt amounts owed
  • Credit history length
  • New credit
  • Credit mix

Because a fair credit score means you’ll likely face higher interest rates and fees, you should determine whether it is worthwhile to borrow. This personal loan calculator can help you determine monthly costs of a personal loan. You can see average APRs by credit score range:

Credit score range

Average APR

720+7.63%
680-71911.88%
660-67918.53%
640-65926.15%
620-63938.64%
580-61965.70%
560-579105.39%
Less than 560113.62%
Source: LendingTree customer data for Q4 2019.

Personal loans for borrowers with a 600 credit score or lower

Avant

APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

As an online personal loan provider, Avant will consider applications from those with less-than-perfect credit by taking into account both the borrower’s credit history and situation. A credit score of 600 to 700 is typical for borrowers who get approved for Avant loans, but you can still apply if your credit score is lower.

With Avant personal loans, you can request a loan amount of $2,000 to $35,000 and choose a loan length of 24 to 60 months. Offered rates, terms and loan amounts vary based on your state and credit determination. Some borrowers also may be charged an administration fee on issued loans.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint is another online personal loan platform offering personal loans from $2,000 up to $25,000. The online lender advertises itself as a fair credit borrower accepting applicants whose credit score is in the 585 and above range.

In addition to your credit score, LendingPoint notes other factors they take into consideration when determining loan eligibility:

  • Income
  • Job history
  • Financial history
  • Credit behavior

Personal loan amounts, terms and APR will vary, depending on your situation and history. Depending on your state of residence, you may incur origination or other fees of up to 6%, and loan terms range from 24 to 48 months.

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform is an online peer-to-peer marketplace through which borrowers can get a personal loan. To qualify, you must have a fair credit score of 600 or above and a debt-to-income (DTI) ratio below 40%.

Peerform uses a proprietary algorithm to determine your qualification. Through the marketplace, borrowers can get loans ranging from $4,000 up to $25,000 with loan terms of 36 or 60 months; APRs range from 5.99% to 29.99%. You also may incur loan origination fees from 1.00% - 5.00% of the loan amount.

Applying for a personal loan with fair or poor credit

Before submitting a formal application for a personal loan, do your homework so you can find the best personal loan for your situation.

First, identify lenders that cater to those with your fair credit score of 600. You can use a lending marketplace like LendingTree to prequalify with lenders with a soft credit check. This won’t affect your credit and allows you to see lenders you could be eligible for.

Next, compare lenders. Take note of each lender’s APR ranges, repayment terms and fees. Origination fees are commonplace when applying with subprime credit. This fee ranges from 0% to 8% and is added on top of your loan amount or deducted before funds are disbursed.

Then, apply with your No. 1 lender. Whether you’re going with a brick-and-mortar lender or you’ve selected an online option, make sure to have all your documents pulled together ahead of time. Requirements vary from lender to lender, but in general you’ll need

  • Social Security number
  • Proof of address
  • Proof of income and employment
  • Bank information
  • Driver’s license or other government-approved identification

When you submit an application, the lender will do a hard pull on your credit. Multiple hard credit pulls can negatively impact your credit score.

Last, wait for the lender’s decision. Once your personal loan application is submitted, the lender will review it along with your credit history and any other criteria by which that particular lender determines personal loan worthiness.

Many personal lenders approve loans quickly – sometimes within a matter of minutes, depending on the institution. Once you receive loan approval, carefully review the terms of the loan, noting the APR, loan amount, repayment schedule and any additional fees.

If you’re satisfied with the information presented, you’ll be asked to accept the terms and finalize any additional loan paperwork. Many lenders will deposit funds in your account as soon as the following business day. Make sure to set up reminders or automatic payments to pay off your personal loan in a timely manner so you don’t incur late-payment fees or other penalties that will impact your fair credit score even further.

How to improve your odds for loan approval

1. Improve your credit score first, if you can

Trying to get a personal loan even with a fair credit score in the 580 to 600 range isn’t ideal. In some cases, you might need the extra cash immediately, so delaying your application isn’t an option. However, if you can wait to apply for the loan, this will give you time to work toward improving your credit score.

Some of the biggest ways to improve your credit score include making all payments in full and on time each month and avoiding debt altogether. As your credit score rises, so will your ability to get both a personal loan with attractive terms and a competitive interest rate.

2. Find a cosigner

If a family member or friend with a good credit score and a solid financial standing is willing to cosign your personal loan, this can be monumentally helpful. A cosigner agrees to assume financial responsibility for the loan if you don’t keep up with payments, which provides peace of mind to lenders. Consequently, this can help you qualify for a loan you might not get on your own merit and score a lower interest rate.

Just keep in mind that your missed or late payments will have a negative impact on your cosigner’s credit score in addition to your own.

3. Shop around

While it may be tempting to go with the first loan offer you receive, make sure to do your homework. Research lenders in your area as well as online – you may find that online lenders are a cheaper option, as they don’t have the overhead costs of a brick-and-mortar bank.

Peer-to-peer loans, which can be accessed through an online marketplace, may be another viable option. These unsecured personal loans for fair credit get funded either by groups of individuals or institutions and come with fixed terms and interest rates.

4. Consider secured loans

If you’re looking for a personal loan with a 600 credit score or lower, using collateral can help your case. Secured loans include collateral that you own outright, like your car or house. If you back your loan with assets a lender can seize if you default – i.e., your home or savings account – you’re considered a lower risk. This can help you qualify for a loan you otherwise wouldn’t get or secure a more competitive interest rate.

Types of secured loans include:

  • Secured personal loans
  • Home equity loans
  • Car title loans
  • Pawnshop loans

Make sure you can afford a new debt before taking out a secured loan. If you default, you’ll lose your collateral, on top of taking a credit hit.

Beware predatory lenders as you shop

1. Take note of added fees

A predatory lender could tack on several additional charges to the loan that you don’t actually need. For instance, you might be told services like credit insurance are mandatory. Stay alert by carefully reviewing any added fees, researching what those fees are and speaking up when something doesn’t seem right.

2. Read the fine print on the interest rate

It’s not uncommon for predatory lenders to advertise one interest rate and produce another at closing. Honest lenders are always upfront about interest rates, so if you’re informed at the last minute that a loan you thought was fixed-rate is actually variable-rate or comes with a hidden balloon payment, do not proceed with this arrangement.

3. Pay attention to the size of the loan

At first glance, being offered a secured loan that’s larger than the amount you expected might seem like a positive. However, some of the bad lenders out there use this approach (called “equity stripping”) to get you to default on a loan, thus entitling them to your collateral. Avoid falling into this trap by carefully calculating the amount you can afford to borrow.

4. See what other customers have to say

Be sure to seek out differing opinions about a particular lender. Take note of any patterns among positive and negative reviews. If there are red flags, you’ll likely see them again and again in the online reviews of the lender. Our personal loan comparison tool allows you to read customer testimonials in addition to viewing a variety of lenders’ terms.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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