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Personal Loans

Best Personal Loans: 5 Top Options to Consider

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

If your goal is to pay off a credit card or consolidate debt, a personal loan that offers you a fixed amount of money for a fixed period can be a great option. In many cases, the interest rate is also fixed so you know exactly how much money you’ll be paying back and when you’ll be debt-free. Since your debts will be combined into one loan and a single monthly payment, a personal loan also makes it easier to manage your finances.

Unlike most traditional banks, which are required to do a hard credit inquiry when checking your interest rate (and each inquiry hurting your credit score by 10 points or more), many online lenders can perform a soft credit pull during pre-approvals, allowing you to shop around for loan terms and rates before deciding on a lender. After just a couple of minutes, these lenders present personalized loan offers which can include the loan amount, monthly payment, length of loan, interest rate and APR.

With so many available personal loan options, the likelihood of finding a lender that works for you may be good depending on your financial situation. Below, we’ve highlighted the top personal loans for people with excellent, good, average and bad credit. The lenders selected were sorted by college graduated borrowers looking for $10,000 and narrowed based on lowest APR.

LendingTree

With so many lenders out there, where should you start? You may explore lenders using LendingTree’s personal loan tool. After filling out one short form, LendingTree will perform a soft pull and match you with up to five loan offers from lenders based on your creditworthiness.

Using the personal loan tool is an easy way to get multiple offers at one time. For borrowers with excellent credit, you could aim for an APR below 6%, and for people with less than perfect credit, LendingTree may match you with lenders with more liberal acceptance criteria.

LendingTree
APR

As low as 3.99%

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 our parent company. 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. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% 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).

Best personal loans for excellent credit: LightStream

LightStream is the online lending division of SunTrust Bank that offers competitive rates and terms for personal loan products. LightStream’s products are for prime borrowers with good to excellent credit. One big downside is that LightStream does not do soft pulls for pre-approvals.

APR

4.99%
To
16.79%*

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 APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay 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.

The fine print

If you have excellent credit, LightStream is a good option to choose for a personal loan. It offers competitive rates, starting at 4.99% and going up to 16.79%, with a pay period from 24 to 144 months. It also offers a 0.50% rate discount for using autopay (included in the lowest rate of 4.99%).

Although a minimum credit score isn’t listed, LightStream is candid about its personal loans being for borrowers with good credit, which is generally defined as a credit score of 700 or above. LightStream does outline some key characteristics that it thinks people with good credit share, including:

  • Having many years of credit history
  • A credit history with a variety of accounts such as credit cards, installment loans and mortgages
  • Evidence of a good payment history and being able to save

Once approved, borrowers can receive their funds in as little as one day. If you meet LightStream’s strict excellent credit requirements, you get some perks: its Rate Beat program promises to beat the APR by any other lender by 0.10% (albeit the other lender must be offering the same loan amount, loan term, loan purpose and payment method. The borrower must be able to provide sufficient evidence that they are already approved for the other lender’s APR), and its Loan Experience Guarantee program rewards borrowers with cash if they’re unsatisfied with the application process.

While you can use the loan for almost anything — adoption fees, debt consolidation, dental work, home improvements, IVF/fertility treatments, weddings — LightStream’s personal loan cannot be used to finance a post-secondary education, commercial vehicles or other business needs.

Pros

  • Competitive rates on fixed loan (as low as 4.99%)
  • No origination fee or prepayment penalties.
  • Rate Beat Program
  • A 0.50% rate discount for autopay
  • Same day funding possible

Cons

  • Hard Pull when checking rates
  • Strict approval process for only borrowers with excellent credit
  • Cannot change payment date on loan
  • Loans cannot be used for refinancing student loans or college education

While its criteria for approvals are strict, borrowers get the best deal with the Rate Beat program and customer experience with the Loan Experience Guarantee program.

Best personal loans for good credit: RocketLoans

RocketLoans is the personal loan business unit under the Quicken Loans family of companies. As the largest mortgage lender in the U.S., Quicken Loans expanded into personal loans in 2015. RocketLoans is an online lender promising short approval times and a user-friendly lending platform.

APR

7.16%
To
29.99%

Credit Req.

640

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More

The fine print

Borrower must be at least 18 years old (19 in Alabama and Nebraska), reside in the U.S., have a minimum FICO credit score of 640, and credit history of two years. The maximum debt-to-income ratio is 40% (excluding mortgage) and 70% (including mortgage) and the minimum income you have to make is $24,000 annually.

RocketLoans offers loans from $2,000 to $45,000 for 36 or 60 months with an APR starting at 7.16% (with autopay discount) and up to 29.99%. Borrowers can use their loan for anything. If you’re qualified, borrowers may receive up to $25,000 within the same business day.

Unfortunately, RocketLoans does charge fees: a one-time, non-refundable origination fee (1.00% - 6.00% of loan amount), a late fee of $15 once the payment is 10 days past due, and a fee of $15 if payment does not go through.

Pros

  • Same-day lending (up to $25,000)
  • Completely online
  • Soft pull pre-approval rate available
  • Can use the loan for anything

Cons

  • Origination fee: 1.00% - 6.00%
  • Late payment fee: $15 per occurrence
  • Payment return fee: $15 per occurrence

With its emphasis on digitization, RocketLoans is easy-to-use and can provide pre-approval loan term and rate within one to two minutes.

Best personal loans for average credit: Peerform

Founded in 2010 by Wall Street executives and acquired in 2016 by New York-based Versara Lending, Peerform is a peer-to-peer lending model that matches borrowers seeking loans with potential investors — individuals and corporations. Peerform consider borrowers who have difficulty qualifying for a personal loan through other lenders with a credit score as low as 600.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

The fine print

Applicants with poor credit (as low as 600) will need to show that their debt-to-income ratio is below 40% and that they have at least one revolving account such as a credit card. Borrowers cannot have any current delinquencies or a recent bankruptcy, court judgments, tax liens or non-medical-based collections from the past year.

Peerform offers fixed rate loans from $4,000 to $25,000 for three or five years. Loans come with APRs as low 5.99% and as high as 29.99%. It can take up to two weeks for loans to be fully funded and even so, Peerform cannot guarantee that it will be completely. If the fund is not funded by at least $4,000 and more than 60% of the requested amount within two weeks, the loan is considered incomplete and borrowers have a right to decline it.

There are certain restrictions on loans provided by Peerform, such as it cannot be used to refinance student loans. There are also fees: $15 for payments past 15 days from the due date, $15 on returned payments and an origination fee ranging from 1.00% - 5.00% that is subtracted from the loan amount.

Peerform does not lend to borrowers living in Connecticut, North Dakota, Vermont, West Virginia or Wyoming. Applicants must be at least 18 years old and a resident in the U.S. (or 19 for those living in Nebraska or Alabama).

Pros

  • Loans for borrowers with less-than-stellar credit
  • Can make a late payment up to 14 days past due date without paying a fee
  • Can accept or decline a partially-funded loan
  • No prepayment penalty

Cons

  • Soft Pull available for pre-approvals
  • Fees: origination, late payment, returned payment
  • May take up to 14 days to receive funding
  • Does not guarantee complete funding

While there are some cons, like the fact that Peerform does not guarantee complete funding within 14 days, it is still considered a viable option for those with average to poor credit.

Best personal loans for bad credit: Marcus by Goldman Sachs

Marcus by Goldman Sachs®

Marcus by Goldman Sachs is a digitized line of services that include personal loans, savings accounts and certificates of deposit.

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

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. 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. For New York residents, rates range from 6.99% to 24.99% APR.

The fine print

While there is no minimum credit score, a FICO Score higher than 660 is preferred. Marcus by Goldman Sachs performs a soft pull during the pre-approval stage.

Borrowers can qualify for up to $40,000 in debt consolidation and credit consolidation for 36 to 72 months and APRs start as low as 6.99%.

To get a loan, you must be a resident in the U.S. and at least 18 years old (19 in Alabama and Nebraska and 21 in Mississippi and Puerto Rico) and have a U.S. bank account and a Social Security number or Individual Taxpayer Identification Number.

There is no origination fee or late fees, so if you miss a payment, your loan will be extended and interest is added to the amount owed. Borrowers also have the option to defer a payment after making on-time payments for one year.

Pros

  • No origination fee
  • No late fees
  • Ability to defer a payment after a year of on-time payments
  • Wide range of repayment terms available between 36 to 72 months
  • Can see rates with a soft pull

Cons

  • Currently not available in Maryland
  • No joint applications
  • Late payments will accumulate more interest, resulting in a larger final payment

For borrowers who prefer to work with a personal lender, Marcus by Goldman Sachs is great option.

Methodology

Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers looking for $10,000 with excellent, good, average and bad credit who hold a college degree. They were narrowed based on lowest APR. If a lender with the lowest APR was already highlighted in a previous category, we chose the lender with the next lowest APR.

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.

Vivian Giang
Vivian Giang |

Vivian Giang is a writer at MagnifyMoney. You can email Vivian here

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Personal Loans

Best Personal Loans for Bad Credit

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

personal loans for bad credit
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For life’s unexpected surprises that happen during already tough financial times, there are options out there that can help you get out of debt and rebuild credit.

If you have high-interest debts that are overwhelming and spiraling out of control, you might want to consider a personal loan, which you could use to consolidate your debts into a single loan and reduce the number of payments you’re making every month. With one personal loan, you could lower the total interest you’re paying, make lower monthly payments and pay less money in total.

While those with higher credit scores generally get better rates for personal loans, some lenders offer loans to people with bad credit. And the more you work at it, the more debt you’ll pay off — and the more improvement you’ll see with your credit.

Since many lenders will perform a soft credit pull, which doesn’t hurt your credit, the best way to shop for a loan is to find out the loans for which you pre-qualify. Below, we’ve highlighted the best personal loans for people with bad credit.

LendingTree

LendingTree is a great place to start. It could provide you a list of up to five lenders that offer prequalification, as well as the amount you can borrow and possible interest rates.

LendingTree
APR

As low as 3.99%

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 our parent company. 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. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% 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).

Avant

Originally launched as AvantCredit in 2012, Avant is a Chicago-based online lender that has issued loans to 600,000 borrowers. The personal loan can be used for debt consolidation, emergency expenses or home improvement costs. Also, Avant is a great option for self-employed borrowers since you can provide two years of full tax returns rather than W-2 paperwork as proof of income.

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.

The fine print

Avant will perform a soft pull so that potential borrowers can see their rate and loan options before doing a hard pull. Personal loan amounts can be anywhere from $2,000 to $35,000 with an APR as low as 9.95%. Loan terms range from 24 to 60 months, and borrowers can receive their funding as soon as the next business day. Unfortunately, a personal loan with Avant does come with some fees — an administrative fee of up to 4.75%, which is subtracted from your total loan amount; a late payment fee of $25; and a payment returned fee of $15.

Pros

  • Quick access to funds (typically the next business day)
  • Good option for self-employed borrowers
  • No prepayment penalty

Cons

  • Origination fee (administrative fee of up to 4.75%)
  • Late payment fee of $25 once payment is 10 days past due
  • A $15 fee if your payment is returned
  • Automatic payments linked to a checking or savings account are required

Avant has received numerous accolades for its financial services and offerings, including being No. 6 on Forbes’ America’s Most Promising Companies list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.

While the above lenders are good options to consider if you have bad credit and need a personal loan to get your finances in order, consider digging into consumer experience to make sure the company is the right one for you. Check out the Better Business Bureau, the Consumer Financial Protection Bureau or with your state attorney general for more information.

Marcus by Goldman Sachs®

Goldman Sachs may be widely known for its investment services, but in recent years, the firm launched Marcus by Goldman Sachs, an internet-only line of services for the masses that includes personal loans, savings accounts and certificates of deposit.

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

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. 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. For New York residents, rates range from 6.99% to 24.99% APR.

The fine print

When it comes to its line of personal loans, Marcus by Goldman Sachs offers borrowers up to $40,000 for debt consolidation and credit consolidation. APRs start as low as 6.99%.

While there is no minimum credit score to qualify for a personal loan through Marcus by Goldman Sachs, a FICO® Score higher than 660 is preferred. Potential borrowers can have a soft pull done on their credit to compare loan options.

To get a loan, applicants must be at least 18 (19 in Alabama and Nebraska and 21 in Mississippi and Puerto Rico) and have a U.S. bank account and a Social Security number or Individual Taxpayer Identification Number.

There is no origination fee, and loan terms range from 36 to 72 months. There are no late fees for borrowers, meaning if you miss a payment, your loan will be extended and more interest will be added to the total amount owed. If borrowers are having a hard time financially, they have the ability to defer a payment after making on-time payments for one year.

Pros

  • No origination fee
  • No late fees
  • Ability to defer a payment after a year of on-time payments
  • Wide range of repayment terms available between 36 and 72 months
  • Can see rates with a soft pull

Cons

  • Currently not available in Maryland
  • No clear qualification information
  • Late payments will accumulate more interest, resulting in a larger final payment

Marcus by Goldman Sachs is great option if you want to work with a traditional lender and are looking for a personal loan at a lower rate.

OneMain Financial

Since starting in 1912 under the name Commercial Credit, OneMain Financial — the first chapter of Citigroup — has changed its name several times and settled on its current one in 2011. Today, the lender is a good option for borrowers looking for a more personalized experience with more than 1,600 branches in 44 states.

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. The lowest APR shown represents the 10% of loans with the most favorable APR. 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: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

The fine print

Personal loans from OneMain Financial can be used for debt consolidation as well as a number of expenses that come up in life from medical care to car repair to weddings. Funds cannot be used to refinance student loans. OneMain Financial offers $1,500 to $20,000 loans to borrowers with APRs ranging from 18.00% to 35.99% for 24 to 60 months. The fixed rate loan with fixed payments can either be secured — meaning you’ll need to provide collateral — or unsecured. The minimum credit score, length of credit history and debt-to-income ratio required for borrowers is not specified by OneMain Financial and is dependent on “various factors including loan size, term length, credit history, income, expenses, other financial obligations and the availability of collateral (such as a vehicle).”

Potential borrowers can complete the online application to see their pre-qualified offer within minutes, which does not impact your credit score. To receive funds, you must visit one of OneMain Financial’s 1,600 branches to verify your identity, income, expenses, employment and collateral (if applicable). Factors that may determine your eligibility include your financial and credit history, income and expenses, purpose for the loan, whether you have filed for bankruptcy and your state of residence (there are loan restrictions in certain states). If approved, you can receive funds as soon as the same day. OneMain Financial offers multiple ways for borrowers to make payments from visiting a branch or a Walmart service desk in person to doing so by phone, by mail, via a mobile app or through autopay. There is no prepayment fee and borrowers can request to change their payment date by notifying their local branch with a letter or an email.

Pros

  • Quick 10-minute loan application
  • No prepayment fee
  • Can receive funds as quickly as the same day
  • No minimum credit score or history required
  • Multiple options when making payments

Cons

  • Have to visit a local branch in person to complete application process
  • Higher APRs than other personal loan lenders
  • Cannot use funds to refinance student loans

While a personal loan from OneMain Financial comes with higher APRs than many other lenders, it is a good option for those who normally would be turned away by traditional lenders, yet prefer the personalized customer experience that a local branch can offer.

Apple Federal Credit Union

Apple Federal Credit Union is a great option for those with less-than-stellar credit histories: Borrowers need only to have a 580 credit score to qualify for a personal loan. The northern Virginia institution started off primarily serving teachers, but has expanded its membership to include anyone living, working, going to school, worshipping or volunteering in areas in Washington, D.C., and Virginia. You can also become a member through household ties, association memberships and employer affiliations. Apple Federal Credit Union operates 20 branches and membership costs $20 a year.

Apple Federal Credit Union
APR

9.24%
To
17.24%

Credit Req.

580

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on Apple Federal Credit Union’s secure website

Apple Federal Credit Union offers a variety of benefits that are included with their personal loans, including no early payoff penalties, lump-sum funding, fixed rate payments and maximum loans amounts of $50,000.... Read More

The fine print

Apple Federal Credit Union’s personal loans offer borrowers up to $50,000 with APRs as low as 9.24%. The payoff term is up to five years, and there are no hidden costs or early payoff penalties. Potential borrowers need the following documents during the application process: a government-issued photo ID, a recent pay stub, a W-2 and tax returns.

Pros

  • Lump-sum funding
  • Fixed-rate payments (starting at 9.24%)
  • No hidden costs or early payoff penalties

Cons

  • Must be a member
  • Membership costs
  • There is a $25 fee if you need to use its Skip-a-Payment option

Apple Federal Credit Union loans are a good option for those with lower credit scores who need help getting out of debt. If you do end up getting on top of your finances, you can pay off your debts early without penalty. The credit union allows a once-per-year Skip-a-Payment option for when money gets tight.

Affinity Federal Credit Union

If you feel like you’re in a deep financial pit, a personal loan from Affinity Federal Credit Union might be the best solution. Borrowers only need a credit score of 525 to qualify for a personal loan. You must be a member to access Affinity Federal Credit Union’s services and offerings. Membership is offered to those who live, work, go to school or worship in certain areas in New Jersey and Connecticut. You may also become a member if you’re affiliated with clubs and organizations that have been approved by Affinity Federal Credit Union or if you make a $5 donation to either the New Jersey Coalition for Financial Education or Connecticut Jump$tart Coalition.

Affinity Federal Credit Union
APR

As low as 8.75%

Credit Req.

525

Minimum Credit Score

Terms

Up to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on Affinity Federal Credit Union’s secure website

Affinity Federal Credit Union offers personal loans that come with no origination fees, no prepayment penalties, and low fixed rates. ... Read More

The fine print

Borrowers only need a credit score of 525 to qualify for a personal loan with Affinity Federal Credit Union. Once approved, the credit union offers up to $15,000 in funds, so the option is best for those with smaller amount of debts. Loan terms go up to five years and rates start at 8.75%. Borrowers don’t have to worry about origination fees or prepayment or early payoff penalties. If you’re able to set up automatic payments on your loan, you’ll get a 0.25% reduction in your rate.

Pros

  • Only need a credit score of 525
  • Rates start as low as 8.75%
  • A 0.25% reduction in rate with automatic payments
  • No origination fee
  • No prepayment or early payoff penalties

Cons

  • Membership is required
  • Only good for borrowers who need a smaller amount of funds (loans max out at $15,000)

As far as credit unions go, Affinity Federal Credit Union is a respected and trustworthy choice: It’s one of the oldest and largest, and is ranked the best. In a 2018 ranking of best credit unions in New Jersey by Forbes magazine and market research firm Statista, Affinity Federal Credit Union ended up at the top based on overall recommendations and satisfaction by current and former banking relationships. The credit union is also one of the largest with more than 140,000 members and more than 20 branches across New Jersey, New York and Connecticut.

Methodology

Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers looking for $10,000 with bad credit who hold a college degree.

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.

Vivian Giang
Vivian Giang |

Vivian Giang is a writer at MagnifyMoney. You can email Vivian here

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When life happens, debt can quickly spiral out of control. From medical bills to unexpected moving expenses, finances can get overwhelming if you don’t manage them. In fact, the worst thing you can do is not do anything about your debt.

A personal loan is one way to get a handle on your finances. Before online lenders came onto the scene, it was more difficult to shop around for personal loans, as traditional banks typically perform only hard inquiries when checking your interest rate. Each inquiry hurts your credit score by 10 points or more, so the stakes are high when shopping for a lender. But without the overhead costs of branches, online lending companies are able to pass on the savings to borrowers. Many online lending companies will perform a soft credit pull during the pre-approval process, which means you can get a preview of what loan terms you may qualify for.

If you’ve determined that a personal loan is the right decision, and you have a good credit score, below are a few options to consider.

Company
APR
Terms
Credit Req.
LendingTree

As low as 3.99%

24 to 60

months

Minimum 500 FICO®

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure.

Disclaimer

A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% 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).

4.99% - 16.79%*

with AutoPay

24 to 144*

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay 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.

7.16% - 29.99%

36 or 60

months

640

SEE OFFERS Secured

on LendingTree’s secure website

5.99% - 24.99%

24 to 60

months

640

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

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% - 5.99% 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 for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. 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.
Peerform

5.99% - 29.99%

36 or 60

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree

LendingTree’s personal loan tool is a great place to start if you’re looking to compare loan terms and rates from multiple lenders. After filling out one short form, LendingTree will perform a soft pull so your score is not affected, and match you with up to five loan offers from different lenders.

LendingTree
APR

As low as 3.99%

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 our parent company. 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. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% 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).

LightStream

As the online lending division of SunTrust Bank, LightStream offers some of the best rates and terms on personal loans. The caveat: you have to have a good to excellent credit score. The other downside is that LightStream does not perform soft credit pulls.
While its application process and criteria for approvals are strict, LightStream guarantees to beat rates from other lending companies with its Rate Beat program and rewards customers with cash through its Loan Experience Guarantee program.

APR

4.99%
To
16.79%*

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 APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay 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.

The fine print

Prime borrowers have a great option in LightStream, which offers rates starting at 4.99% and going up to 16.79%. The lender promises to beat the APR of other lenders by 0.10%, granted the competitor is offering the same loan amount, term, purpose and payment method.

For borrowers who link their bank account with their loan for auto payment, LightStream also offers a 0.50% rate discount (included in the lowest rate of 4.99%). Loans are offered from 24 to 144 months and there is no origination fee or prepayment penalties.

While there is no listed minimum score to work with LightStream, the lender is upfront about requiring borrowers to have many years of good credit history that includes a variety of accounts (credit cards, installment loans and mortgages), a pattern of on-time payments and contributions to savings.

A personal loan from LightStream can be used for almost anything, such as adoption fees, debt consolidation, dental work, IVF/fertility treatments and weddings. The exceptions are post-secondary education and anything business-related, like a commercial vehicle.

Pros

  • Rates as low as 4.99% on fixed loan
  • No origination fee or prepayment penalties.
  • Promises to offer the best rate (loan terms must be identical)
  • A 0.50% rate discount for autopay
  • Same day funding available

Cons

  • No soft pull to check rates
  • Strict approval process
  • Unable to change payment date
  • Loans cannot be used for refinancing student loans or college education

LightStream is a good option for those looking for the convenience of an online lender but also want the assurance of a traditional bank. The lender guarantees a satisfactory customer experience with its Loan Experience Guarantee program.

RocketLoans

When Quicken Loans, the largest mortgage lender in the U.S., expanded into personal loans in 2015, RocketLoans was launched as its personal loan business arm. The online lender prides itself on short approval times and a user-friendly lending platform.

APR

7.16%
To
29.99%

Credit Req.

640

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More

The fine print

Borrowers must have a minimum FICO credit score of 640, a credit history of two years, have a maximum debt-to-income ratio of 40% (excluding mortgage) and 70% (including mortgage), and make at least $24,000 per year. You must be at least 18 years old (19 in Alabama and Nebraska) and reside in the U.S.

A personal loan from RocketLoans is between $2,000 to $45,000 with an APR as low as 7.16% (with autopay discount) and as high as 29.99%. Borrowers can use their loan for anything and must pay it back in 36 or 60 months. Once approved, borrowers can get up to $25,000 during the same business day.

The caveat: RocketLoans charges a few fees: a one-time, non-refundable origination fee (1.00% - 6.00% of loan amount), a late fee of $15 if the payment is more than 10 days late and a fee of $15 if the payment is returned for insufficient funds.

Pros

  • Same-day lending (up to $25,000)
  • Soft credit pull available during pre-qualifications
  • Loan can be used for anything

Cons

  • Origination fee: 1.00% - 6.00%
  • Late payment fee: $15 per occurrence
  • Payment return fee: $15 per occurrence

RocketLoans is a digitized, easy-to-use option. Borrowers can get their loan term and rate in just a couple of minutes.

Payoff

Payoff is a financial wellness company that develops products and services using science, psychology and technology. As such, customers have access to tools that assess their personality, stress level and cash flow to help them better understand their financial habits and health. Launched in 2011, the company works with financial institution lending partners and is designed for borrowers who want to consolidate and pay off credit card debt. Payoff’s team is made up of financial services professionals, research and clinical psychologists, data scientists and neuroscientists.

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

up to 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.... Read More


All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

The fine print

A personal loan acquired through Payoff is between $5,000 to $35,000 and has an APR starting at 5.99% and goes up to 24.99%. Borrowers have 24 to 60 months to pay the loan back and a support team checks in every quarter during the first year to make sure new customers have what they need to succeed.

Borrowers must have a minimum credit score of 640, a maximum debt-to-income ratio of 50% and three years of good credit history which includes at least two open lines of credit showing on-time payments. There must not be any current delinquencies and applicants cannot have opened a personal installment loan within the past 12 months. Payoff loans are not available to borrowers residing in Massachusetts, Mississippi, Nebraska, Nevada, Ohio and West Virginia. There are minimum loan amounts for borrowers living in New Mexico ($5,100) and Maryland ($6,100).

Payoff does a soft credit pull during the pre-approval process. If applicants want to move forward, there is a one-time origination fee (up to 5.00%). Otherwise, Payoff does not charge any late or prepayment fees.
Since its aim is financial wellness, Payoff provides free FICO score updates to borrowers every month. If you lose your job, Payoff promises to work with you on monthly payments.

Pros

  • Tools that assess habits and health for overall financial wellness
  • No late or prepayment fees
  • Soft Pull
  • Free FICO score updates monthly
  • Job loss support

Cons

  • Origination fee (up to 5.00%)
  • Must have at least a 640 credit score

For those looking to pay off credit card debt and want to understand their spending habits for a healthier financial future, Payoff offers a lot of tools to make this possible.

Best Egg

The leadership team at Best Egg reads like an All-Star roster from big financial institutions like Barclays, CitiGroup and Merrill Lynch. Backed by Marlette Funding, LLC, Best Egg was launched in 2014 and has since funded over $6 billion in personal loans.

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

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% - 5.99% 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 for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. 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.

The fine print

If you’re a high-earner, have a credit score of at least 660, and need a small amount of money quickly, Best Egg may be a good option for you.

What makes the company different from other lenders offering personal loans is that you can take two loans out at once with Best Egg as long as the first is at least six months old, in good standing and both loan amounts do not exceed $50,000. Best Egg offers loans between $2,000 to $35,000 with an APR starting at 5.99% and up to 29.99% for fixed terms of 36 or 60 months. However, you need to have a FICO score of at least 640 and have an annual income of $100,000 to get the lowest rate.

For borrowers who are interested in a loan with Best Egg, a soft pull will be performed which does not hurt your credit. If you go forward with the loan process, you may be asked to submit proof of income and a utility bill to confirm residence. Best Egg’s customers are asked for no more than two documents, on average, during the application process. If approved, borrowers can receive their funds as soon as one business day. In fact, about 50% of Best Egg borrowers get their loans the next business day. Best Egg charges an origination fee (0.99% - 5.99%) that is taken out of the total loan amount, a late fee of $15 once you’re three days past the due date, a $15 returned payment fee and a $7 payment process fee for each payment to borrowers not enrolled in autopay. There is no prepayment penalty.

Pros

  • Access to funds quickly
  • Borrowers can take out a second loan
  • No prepayment fee

Cons

  • Origination fees (0.99% - 5.99%)
  • Late payment fee
  • Income requirement of at least $50,000
  • No co-borrowers.It does not allow for joint applications

Best Egg is a good option for middle-to-high-income earners who need access to a small amount of money quickly.

Peerform

Peerform is a peer-to-peer lending model founded by Wall Street executives in 2010 and acquired by New York-based Versara Lending in 2016. The platform matches borrowers with loans issued by individuals and corporations.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

The fine print

Borrowers must have a debt-to-income ratio below 40%, have at least one revolving account such as a credit card, and no current delinquency or a bankruptcy, court judgment, tax lien or non-medical-based collections from the past year.

Peerform offers loans from $4,000 to $25,000 for three or five years. Loans come with APRs as low 5.99% and as high as 29.99%. The caveat here is that Peerform does not guarantee that loans will be fully funded and even so, it may take up to two weeks for borrowers to get their funds. Borrowers have the option of declining the loan if it is not funded by at least $4,000 and more than 60% of the requested amount within two weeks.

Borrowers cannot use funds to refinance student loans. There are fees associated with a Peerform loan, including $15 for payments past 15 days from the due date, $15 on returned payments and a one-time origination fee (1.00% - 5.00% of loan) that is subtracted from the total loan amount. A personal loan from Peerform is not available for borrowers living in Connecticut, North Dakota, Vermont, West Virginia or Wyoming. Applicants must be at least 18 years old and a resident in the U.S. (or 19 for those living in Nebraska or Alabama).

Pros

  • Loans for borrowers with less-than-stellar credit
  • Can make a late payment up to 14 days past due date without paying a fee
  • Can accept or decline a partially-funded loan
  • No prepayment penalty

Cons

  • Soft Pull available for pre-approvals
  • Fees: origination, late payment, returned payment
  • May take up to 14 days to receive funding
  • Does not guarantee complete funding

Peerform is a good option for those who prefer a peer-to-peer lending model where they can choose to borrow from individuals and corporations.

Methodology

Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers looking for $10,000 with good credit who hold a college degree. They were narrowed to the top five picks based on lowest APR.

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.

Vivian Giang
Vivian Giang |

Vivian Giang is a writer at MagnifyMoney. You can email Vivian here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score