How MagnifyMoney Gets Paid

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Personal Loans

Where to Find the Best Personal Loan Rates Online for You

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.

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Reviewed By

If you want to refinance or consolidate debt, make a major purchase or cover another expense, a personal loan might be one of your best options as it will come with:

  • Fixed monthly payments
  • Fixed APRs
  • A set payoff period

One of the best ways to get the lowest possible personal loan rates for your financial situation is to prequalify through several lenders, so you can compare offers. As long as you shop with lenders that use a soft credit pull, you can check your rate without hurting your credit score.

How MagnifyMoney Gets Paid

Advertiser Disclosure

Company
APR
Terms
Credit Req.
LendingTree

As low as 2.49%

24 to 60

months

Minimum 500 FICO®

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclosure

Disclaimer


As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 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

2.49% - 19.99%*

with AutoPay

24 to 144*

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Lender 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 are 0.50% points 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
SoFi

4.99% - 19.63%*

24 to 84

months

680

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

For when we advertise static headline rates w/ all discount (i.e. autopay and money bundle) (NON PQ RATE):

Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 11/2/2021 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Autopay Discount: 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, checking, or other account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC https://www.sipc.org/. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank.

For API partners when we return pre-qual offers only with all discounts (i.e. autopay and money bundle) plus direct payoff discount for those borrowers who select credit card payoff:

Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 11/2/2021 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. 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, checking, or SoFi Money 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC https://www.sipc.org/. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank. If you selected credit card payoff as your loan purpose then your pre-qualified rate also includes a potential additional 0.25% Direct Pay discount. To secure this discount, you will need to select Direct Pay as an option to pay off your credit card and apply 50% or more of your loan proceeds directly to your creditors.

Marcus by Goldman Sachs®

6.99% - 19.99%

36 to 72

months

660

SEE OFFERS Secured

on LendingTree’s secure website

Lender 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% - 35.99%

36 or 60

months

700

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Lender 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.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” 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. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. 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. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be 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 APR.

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.

7.04% - 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

Lender 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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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

Lender Disclosure

Not all applicants will be approved. 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). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. 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. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. 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 $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; 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. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. 

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. 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

5.99% - 17.99%

60

months

Not specified

SEE DETAILS Secured

on PenFed Credit Union’s secure website

4.37% - 35.99%

36 or 60

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Personal loans for excellent credit

LightStream

APR

2.49%
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

Lender 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 are 0.50% points 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

At LightStream, a fee-free online lender, the starting APR for a personal loan is 2.49%, the lowest APR among the lenders listed here. Meanwhile, the maximum APR is 19.99%, if you set up automatic payments from your checking account with autopay. That rate is similar to what other lenders on this list offer for excellent credit.

LightStream offers loans for almost any purpose, except for paying post-secondary education costs or to consolidate student debt. Amounts range from $5,000 to a high $100,000. Loan terms are extremely flexible, with terms from 24 to 144 months.

Loans are issued quickly, sometimes the day they’re approved as long as it’s a banking business day. LightStream also lets you schedule extra, principal-only payments on the same day you make regular payments to help you pay down your loan more quickly and with less interest.

Marcus by Goldman Sachs®

APR

6.99%
To
19.99%

Credit Req.

660

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender 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 prefer working with a traditional bank, Marcus by Goldman Sachs® is an online brand that offers personal loans issued by Goldman Sachs Bank USA. Loans range from $3,500 to $40,000 and can be used for most purposes, except for paying off student loans or educational expenses. APRs start at 6.99%, which is slightly higher than LightStream’s starting APR, but the maximum is the same, 19.99%. Loan terms range from 36 to 72 months, and rates tend to be higher for longer-term loans.

Like LightStream, Marcus doesn’t charge fees for its personal loans, even for late payments. You will, however, be rewarded for on-time payments; the lender lets you skip a month if you meet your due date for 12 consecutive payments, a standout feature.

Applying for a loan online is easy at Marcus, but loan funding is slow compared with competitors here. If you’re approved, you might receive your funds as little as 3 days.

SoFi

APR

4.99%
To
19.63%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

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


For when we advertise static headline rates w/ all discount (i.e. autopay and money bundle) (NON PQ RATE):

Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 11/2/2021 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Autopay Discount: 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, checking, or other account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC https://www.sipc.org/. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank.

For API partners when we return pre-qual offers only with all discounts (i.e. autopay and money bundle) plus direct payoff discount for those borrowers who select credit card payoff:

Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 11/2/2021 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. 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, checking, or SoFi Money 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC https://www.sipc.org/. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank. If you selected credit card payoff as your loan purpose then your pre-qualified rate also includes a potential additional 0.25% Direct Pay discount. To secure this discount, you will need to select Direct Pay as an option to pay off your credit card and apply 50% or more of your loan proceeds directly to your creditors.

SoFi is another fee-free online lender that offers low-interest personal loans for creditworthy borrowers. APRs range from 4.99% to 19.63% when you set up automatic payments with autopay. If you have a responsible financial history and a strong monthly income, SoFi may be willing to offer you an especially competitive rate. Like LightStream, it also offers loans up to $100,000. Funds are generally available within a few days after approval.

In addition to attractive loan rates, SoFi offers a suite of financial resources to help you stay on top of your finances, like free career coaching, financial planning and estate planning. If you lose your job while paying back your loan — but stay up to date on payments — SoFi’s unemployment protection program may let you pause payments for up to 12 months while the company helps with your job search. This is a fantastic feature to help you weather an unforeseen financial emergency.

Personal loans for good credit

Best Egg

APR

5.99%
To
35.99%

Credit Req.

700

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Lender 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.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” 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. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. 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. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be 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 APR.

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.

Best Egg is an online lending platform where borrowers can find loans for $2,000 to $50,000, though some borrowers may qualify for up to $50,000. APRs start as low as 5.99%, with a maximum APR of 35.99%. That number is similar to what you might find with many good credit lenders, but it’s much higher than what you might pay at PenFed, a competitor on this list.

To qualify for a personal loan at Best Egg, you’ll need a minimum credit score of 700 and a debt-to-income ratio that is less than 30% to show you can afford to take on more debt. To qualify for the lowest rates, you’ll need a credit score that’s 700 or more and a minimum annual income of $100,000.

Best Egg doesn’t have a prepayment penalty, but it does charge an origination fee for processing your loan that’s 0.99% - 5.99% of the loan amount. If your loan has a term of four years or more, expect to pay an origination fee that is at least 4.99%. Best Egg issues funds quickly to approved applicants, with some borrowers receiving funds the same day upon approval.

PenFed Credit Union

PenFed Credit Union
APR

5.99%
To
17.99%

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 $50,000.... Read More

PenFed is a credit union that offers some of the lowest personal loan rates for good credit borrowers. You don’t need to be a member to apply, but if you decide to move forward with a loan from PenFed, you’ll need to sign up. The process is easy and anyone can join.

APRs range from 5.99% to 17.99%, and you can borrow up to $50,000 with a term of 60 months. Loans are free of origination fees and prepayment penalties.

At PenFed, you’ll receive your money by mail, which is an inconvenient funding option considering most other lenders will simply deposit funds in your account. For faster delivery, you can opt for expedited shipping, so your funds may arrive as soon as the next day. If you live in the area around Washington, D.C., you can also pick up a check from a PenFed branch.

Upstart

APR

4.37%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

Online lender Upstart offers personal loans with APRs ranging from 4.37% to 35.99%. That range is higher than for the other two good credit lenders on this list, though it offers flexible loan amounts from $1,000 to $50,000.

Despite a higher range of loan rates, Upstart may be easier to get approved for an Upstart loan. In addition to your credit score, the company also considers data like your income, savings, where you went to college and your major. Upstart cites 27% more approvals — and at lower rates — than with a traditional lending model.

Upstart works fast, too, with almost all approved loans receiving next-day funding. There’s no prepayment penalty at Upstart, but expect a late payment fee and origination fee. (0.00% - 8.00% of the loan amount.)

Personal loans for fair or bad 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

Lender 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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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 is an online lender that issues both unsecured and secured personal loans to fair credit borrowers. Most customers have credit scores between 600 and 700, and loan amounts range from $2,000 and $35,000. Personal loan APRs range from 9.95% to 35.99%, which is similar to other fair credit lenders.

Avant may charge you a loan origination fee that’s Up to 4.75% of your loan amount. The fee is deducted from loan proceeds before disbursement. Avant also charges late fees, and the amount and timing of the late fee varies by state. In general, if your payment is 10 days past due, you’ll pay $25 as a fee. There’s no prepayment penalty if you pay off your loan early.

Avant’s secured personal loan comes with a 2.5% administration fee and also a smaller maximum loan amount, $35,000. It uses your car as collateral, which means it might be easier to qualify for than Avant’s unsecured loan. However, if you default, you risk losing your vehicle. With both loan types, borrowers often receive funds the day after they’ve been approved.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

0.00% - 6.00%

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on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $36,500.... Read More

LendingPoint is an online lender that targets fair credit borrowers with loans up to $36,500. Besides looking at your credit score, LendingPoint considers factors like your income (a minimum of $35,000 a year), job history and financial history. APRs range from 9.99% to 35.99% for loans of 24 to 60 months. LendingPoint charges an origination fee that’s between 0.00% - 6.00% of the loan amount, depending on the state where you live.

In some cases, you may be able to take on a second loan at LendingPoint even with an existing loan. LendingPoint offers same-day approvals, which means you might have your funds as early as the next business day.

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

Lender Disclosure

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


Not all applicants will be approved. 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). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. 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. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. 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 $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; 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. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. 

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial has more than 1,500 branches in 44 states, and could be a good option for borrowers who’d prefer a loan experience that is, in part, conducted in-person. This lender has high APRs, from 18.00% to 35.99%, meaning it may only be a viable option for fair or poor credit borrowers. Loan terms range from 24 to 60 months and amounts are small, ranging from $1,500 to $20,000, though the range varies in some states.

What’s nice about OneMain Financial is that if you don’t qualify for an unsecured loan, they may extend you a loan secured by collateral, like your car, RV or boat. OneMain Financial doesn’t charge a prepayment penalty, but you will find some other relatively high fees:

  • An origination fee, which is either a flat fee between $25 and $400, or 1.00% - 10.00% of the principal on your loan, depending on the state where you live
  • A late payment fee, which is either a flat fee between $5 and $30 or a percentage of the delinquent amount between 1.5% and 15%

OneMain Financial has a different loan application process from the other lenders found here. You’ll need to fill out a loan application online to see if you prequalify and then visit a branch to provide proof of identity and income. Once you sign your loan agreement, you can opt to take a check then, have funds deposited into a bank account connected to your debit card or opt for ACH processing, for access to your funds in likely one to two business days.

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Personal Loans

How to Get 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.

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Getting approved for a personal loan with a fair credit score of 600 or less can be difficult. As personal loans are typically unsecured — meaning they are not backed by collateral — lenders rely more heavily on your credit to determine loan eligibility.

If you have a credit score of 600 or less but need a personal loan, you may still have options. Below we’ll cover how to find and apply for personal loans for fair credit, how much you might expect to spend, plus some alternatives to consider.

Personal loans for borrowers with a 600 credit score or lower

APR, or annual percentage rate, is a measure of your cost of borrowing over the course of a year. It takes the interest rate plus fees into account.

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

Lender 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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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 is an online lender that considers personal loan applications from those with a 600 credit score. Repayment terms are flexible, ranging from 24 to 60 months, and loan amounts top off at a middling $35,000.

Expect an origination fee (Up to 4.75%) with Avant. This is a low maximum compared to competing lenders in the fair credit space. However, their maximum APR is on the higher end among unsecured lenders.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 60

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 $36,500.... Read More

LendingPoint is an online lender that advertises itself as a fair credit lender that accepts applicants with a minimum credit score of 585. What makes LendingPoint unique is that they consider other factors when determining loan eligibility, including:

  • Income
  • Job history
  • Financial history
  • Credit behavior

LendingPoint repayment periods cap out at 60 months. Like Avant, LendingPoint has a high maximum APR. Keep an eye out for LendingPoint origination fee, too. It ranges from 0.00% - 6.00% of your loan amount.

Peerform

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 limited loan term options of either 36 or 60 months. The maximum APR of 29.99% is lower than the other loan options in this list. Loan origination fees range from 1.00% - 5.00% of the loan amount.

Upstart

APR

4.37%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

Upstart is an online lender with flexible loan amounts from $1,000 to $50,000, though repayment terms are limited to just 36 or 60 months. Like Avant and LendingPoint, you’ll find a high maximum APR.

There’s one notable perk to applying with Upstart, however. The company considers your credit, income, and other information when determining your loan eligibility.

Applying for a personal loan with fair or poor credit

You can use a lending marketplace like MagnifyMoney 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.

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% of your loan amount and is added on top of your borrowed amount or deducted before funds are disbursed.

Make sure to have all your documents pulled together before applying. 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 which will result in a small but temporary ding on your score.

Many personal lenders approve loans quickly — sometimes within a matter of minutes, depending on the institution. If you are approved, 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.

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 much a fair credit personal loan costs

A personal loan for anyone with a 600 credit score or less can be quite expensive. While many lenders make a show of low APRs, those rates are generally only available to people with excellent credit scores. You can see average APRs by credit score range:

Average APR by credit band
Credit score rangeAPR
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.

To give you a more concrete idea about how much a personal loan for a credit score under 600 can cost you, check out these estimates using average APRs:

Cost for a 3-year, $5,000 fair or bad credit personal loan
Credit score640-659620-639580-619
APR26.15%38.64%65.70%
Monthly payment$201.85$236.60$320.84
Total interest charges$2,266.70$3,517.55$6,550.13
Total amount repaid$7,266.70$8,517.55$11,550.13

The lower your credit score, the more lenders will worry about your ability to pay. If you happen to have a credit score below 600, you’re looking at potentially extremely expensive loans. As a result, if you can wait to borrow funds, you can take action now to improve your credit to reduce future borrowing costs.

Ways to make your loan more affordable

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 loans are funded either by groups of individuals or institutions and come with fixed terms and interest rates.

  • Make all payments in full and on time each month: Lenders typically look at your FICO credit score when helping determine your loan eligibility. As your payment history accounts for 35% of your FICO Score, ensuring all your bills are paid on time and in full each month can help boost your credit and make you a more attractive borrower.
  • Reduce your debt-to-income ratio: Your debt-to-income (DTI) ratio is a measure of how much overall debt you have compared to your income. Ideally, you want your ratio to be 35% or less. Anything higher and lenders may question your ability to afford a new debt.
  • Check your credit report for errors: Check your credit report at least once per year to make sure there are no inaccuracies. Errors on your report could hurt your credit score. To access your credit report for free, visit AnnualCreditReport.com.
  • Keep credit card balances low: You should be paying your credit card’s full balance each month. However, if you absolutely must have a balance, keep it as low as possible. The more debt you have, the worse it is for your credit score.
  • Limit how many new accounts you open: While opening multiple credit cards will increase your overall credit, thus decreasing your DTI, resist this tactic. New credit accounts for 10% of your credit score and can give lenders pause as you’d have new lines of credit to rack up debt with. Further, the application process for new credit accounts results in hard inquiries, which can reduce your credit score slightly but temporarily.

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.

You can make your fair credit personal loan more affordable by setting up automatic payments (autopay). Ask your lender about interest rate discounts in exchange for setting up this service. Most lenders will knock off 0.25% on your personal loan’s APR when you sign up for autopay.

Alternative fair credit loan options

Secured personal loan

A secured personal loan is backed by assets that you put up as collateral, such as your car or savings. This may be a good choice if you have a credit score below 600 as your collateral reduces the lender’s risk and can help you nab lower interest rates and a larger loan amount.

The downside of a secured loan is that if you fail to make payments, you will lose your assets. 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.

Salary advance loan

A salary advance loan is a loan in which you borrow funds from your future paychecks. These small loans can come with zero interest and do not require a credit check. Funds are available quickly, as well.

The main drawback of a salary advance loan is that your future paychecks will be lower until you pay back the debt. Also, not all employers offer these loans. If your company doesn’t make these loans available, you’ll have to search for a third party lender and those loans will come with fees.

Payday alternative loan

Payday alternative loans (PALs) are personal loans available to members of federal credit unions. You’ll need to have been a member for at least one month to qualify.

PAL amounts are small, from $200 to $1,000 with a PAL I and up to $2,000 with a PAL II. Repayment periods also range from one to six months for a PAL I and from one to 12 months with a PAL II. So, be prepared to repay your debt quickly. On the plus side, PAL fees are low; credit unions are barred from charging anything over $20.

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No Credit, or Poor Credit? Explore These Loan Options

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

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Getting loans for poor credit may be challenging, but it isn’t impossible. You could find a cosigner for your loan or apply for a secured loan. Some lenders even issue bad credit loans to borrowers with thin credit files.

Read below for more information on reputable personal loan companies who may lend to you, and what to do if you still don’t qualify.

What is a bad credit personal loan?

A bad credit loan often refers to a personal loan with fixed rates that may be available to borrowers with low credit scores. As personal loans are often unsecured, meaning they aren’t backed by collateral, lenders with low credit requirements can be hard to find.

However, some loan companies, such as Upstart, take your job history and educational performance into account when assessing your loan application. If you have bad credit, these types of companies may be easier to qualify for.

If approved for a bad credit personal loan, be prepared for high rates. A low or unestablished credit score can signal to lenders that you could be a risky candidate for a loan. Higher rates will follow as a result. The average APR for a bad credit personal loan ranges from 28% to 32%, according to ValuePenguin. (APR, or annual percentage rate, is the annualized cost of taking out a loan.)

Which loan company is best for bad credit?

A low credit score doesn’t always reflect how responsible you are with credit. If you don’t often use a credit card or have never taken out a loan before, your low score could be the result of a thin credit history. The good news is that as long as you have a clean history with no late payments and a low credit utilization ratio, you may still qualify for a loan.

Each personal loan lender has its own set of requirements, but many lenders will give you an idea of your eligibility without hurting your credit score. Here are five personal loan companies for bad credit borrowers that let you prequalify with a soft credit pull:

How MagnifyMoney Gets Paid

Advertiser Disclosure

Company
APR
Terms
Credit Req.

7.04% - 35.89%

36 or 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

4.37% - 35.99%

36 or 60

months

600

Minimum Credit Score

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

Lender 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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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.

7.95% - 35.99%

36 or 60*

months

640

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

99.00% - 199.00%

36

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

1. LendingClub

Good for: Personal loans with a co-borrower

LendingClub is a peer-to-peer loan marketplace; it matches borrowers with potential investors. Although you have limited repayment options, you have the flexibility to borrow between $1,000 and $40,000.

Expect an origination fee of 3.00% - 6.00% to be deducted from your loan amount. For borrowers who want to potentially snag better loan terms, it’s best to apply with a co-borrower.

APR

7.04%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

3.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.

2. Upstart

Good for: Borrowers with education and job history

Upstart assesses your creditworthiness not just by your credit score, but through a combination of other factors such as your job and career history, education and even your standardized test scores. You could receive your funds as quickly as the next business day, but be ready for an origination fee of 0.00% - 8.00% to be deducted upfront from the total amount of your loan. Loan amounts range from $1,000 to $50,000

APR

4.37%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

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

3. Avant

Good for: Fast funding and secured loans

If you need cash in a pinch and can qualify for a loan from Avant, you could get the funds in your bank account by the next business day after you’re approved. Loan amounts start at reasonably low $2,000 and cap out at $35,000, though these amounts differ if you opt for a secured personal loan.

Avant may be a good option for self-employed borrowers. The lender will consider your application as long as you can provide two years’ of tax returns to verify your income. While Avant doesn’t charge any prepayment fees, you could be charged for late or incomplete payments as well as an administrative fee (also known as an origination fee) of Up to 4.75%.

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

Lender 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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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.

4. Prosper

Good for: Comparing multiple lenders

Prosper works similarly to LendingClub; the peer-to-peer marketplace helps match borrowers with investors who may fund their personal loan. Loan amounts are from $2,000 to $40,000, with limited repayment options of 36 or 60 months and a slightly higher APR cap compared to LendingClub.

Note that it could take up to 14 days to get funded for your loan and residents of Iowa or West Virginia are not eligible.

APR

7.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60*

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

5. Opploans

Good for: Borrowers with no credit

If you have an extremely low or unestablished credit score, you could be eligible for financing from OppLoans at an extremely high cost. APR rates range from 99.00% to 199.00% and are significantly higher than any of the other loan companies in this list. Still, if your only other option is a payday loan, this lender would be preferable as their rates are still lower. It also offers borrowers free educational courses on budgeting, saving and boosting credit scores.

APR

99.00%
To
199.00%

Credit Req.

Not specified

Terms

to 36

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

How to get a personal loan with bad credit

If you or a family member are members of a federal credit union, it may be worthwhile to pursue financing with them. Federal credit unions may offer payday alternative loans (PALs), an affordable alternative to payday loans with longer repayment periods.

PALs I/II loan terms

PALs I
  • Loan amount: $200 to $1,000
  • Loan length: 1 to 6 months
  • Max APR: 28%
  • Fees: Maximum $20 application fee
Waiting period: Must be a credit union member for at least one month to qualify
PALs II
  • Loan amount: Up to $2,000
  • Loan length: 1 to 12 months
Waiting period: No monthlong regulatory period for borrowers

To increase your chances of getting a loan at reasonable rates, consider asking someone to cosign the loan. A cosigner lets you benefit from their higher credit score and income by agreeing to be legally responsible for the debt’s repayment. This decreases the risk to the lender, which makes them more willing to extend you a loan.

Note that unlike a co-borrower who would share and repay the debt together with you, the intent of getting a cosigner is for you to repay the debt on your own. However, your missed payments will negatively impact your cosigner’s credit, in addition to your own. The lender can also go after them for these missed payments.

If you own a vehicle, home, jewelry or other valuable assets, you could consider using them to secure your loan. However, you risk losing the asset if you miss a payment or are unable to pay off the loan.

What to do if you don’t qualify for a personal loan

Try to avoid payday loans and title loans

If you’re not familiar with payday loans or title loans, you might be wondering what’s so bad about them. After all, they seem convenient — most offer fast cash, and if you live in a populated area, you’ll probably find a payday loan or title loan shop nearby.

However, both come with exceptionally high rates and short repayment periods of just a few weeks. So while they may be convenient options, you should only consider them an option if you know that you can pay off the debt in full and on schedule. Otherwise, you risk falling into a debt trap.

Seek out ways to build your credit

If you don’t qualify for a personal loan, and you can wait to apply, there are a few steps you can take to increase your credit score. For example, you can potentially pay down debt to improve your credit utilization ratio, or you could open a secured credit card and pay it off every month. These methods won’t boost your score immediately, but over time, you’ll see an improvement.

Also, if you haven’t started budgeting and tracking your spending, you should make it a priority — doing so can help you spot problem areas with managing your money.

Enroll in nonprofit credit counseling

You want to make every effort to improve your credit score, even after you’re approved for a loan, because having a good credit score will benefit you in other areas of life. For that reason, you might want to consider teaming up with a nonprofit credit counseling service.

Credit counselors can provide you with personalized advice on your specific situation so you can work on rebuilding your credit score. They can also work with your creditors and negotiate on your behalf to possibly lower interest rates or get better terms on your existing debt.

Visit the U.S. Department of Justice website for a list of accredited credit counseling agencies by state.

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Up to $50,000

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