Best Loan in 2024

Best Loan in 2024

Personal loans are a flexible form of financing that you can use for almost any expense, including home renovations, debt consolidation and family needs, such as a wedding or adoption. Personal loan

 rates currently range from around 7.00% to 36.00%, with the lowest rates awarded to borrowers with the strongest credit.

Comparing offers from multiple lenders can help you find the best personal loan interest rates and repayment terms that work for your budget. To help you sort through your options, we’ve collected the best personal loan lenders with competitive rates.

SoFi

Best personal loan rates

APRs

8.99% to 25.03%*

Loan amount

$5,000 to $100,000

Minimum credit score

680

SoFi

5/5

Compare Rates

On Credible’s Website

Why we picked it

SoFi offers personal loans up to $100,000 with competitive rates and repayment terms between two and seven years. This online bank doesn’t charge any fees on its personal loans, so you don’t have to worry about charges for origination, prepayment or late payments. That said, you can select a loan offer with an origination fee between 0% and 6% of your loan amount in exchange for a reduced interest rate.

SoFi offers fast funding and can disburse your loan the same day your application is approved. This lender also has an unemployment protection benefit, allowing payment modification and even assistance in finding your next job.

While SoFi personal loans are worth exploring, you may have trouble qualifying with fair credit. SoFi typically looks for a credit score of 680 or higher to qualify for one of its personal loans, but you could improve your odds of approval by applying with a co-applicant.

Pros

  • No origination, prepayment or late fees
  • Same-day funding once you’re approved
  • Unemployment protection benefit
  • Joint loans are available

Cons

  • Rates start higher than some other lenders
  • Must have a credit score of at least 680
  • May offer better rates if you pay an origination fee
  • High minimum loan amount

Who should consider it

A SoFi personal loan could be right for you if you have good credit and are looking for a no-fee loan.

*Rates as of Nov. 9, 2023, assume autopay discount

PenFed Credit Union

Best for borrowing small amounts

APRs

7.99% to 17.99%*

Loan amount

$600 to $50,000

Minimum credit score

Undisclosed

PenFed Credit Union

4.6/5

Compare Rates

On Credible’s Website

Why we picked it

PenFed is a national credit union that offers personal loan amounts as low as $600. This lender doesn’t charge origination or prepayment fees and offers repayment terms from one to five years. The minimum monthly payment on a PenFed personal loan is $50, and you can skip a payment penalty-free if you run into financial trouble.

Although PenFed was originally created for U.S. military members and services, anyone can join today, including noncitizens. To become a PenFed member (which is required to borrow a personal loan), you’ll need to open a savings account and deposit $5.

Pros

  • Competitive interest rates
  • No origination or prepayment fees
  • Small loan amounts starting at $600
  • Noncitizens are eligible
  • Joint loans available

Cons

  • Can’t borrow more than $50,000
  • Must become a PenFed member to borrow a personal loan

Who should consider it

You could benefit from a PenFed personal loan if you’re a PenFed member (or become one) and are looking for a personal loan anywhere from $600 to $50,000.

*Rates as of Nov. 9, 2023

U.S. Bank

Best for current U.S. Bank customers

APRs

8.24% to 24.99%*

Loan amount

$1,000 to $50,000 for U.S. Bank customers; $1,000 to $25,000 for non-customers

Minimum credit score

660

U.S. Bank

4.5/5

Why we picked it

U.S. Bank’s personal loans are worth checking out if you’re an existing U.S. Bank customer, as you could apply online and receive your loan in hours. You’ll also have access to higher loan amounts — up to $50,000 for banking customers, whereas non-customers can only borrow up to $25,000.

Repayment terms also depend on whether or not you’re a banking customer. Customers can access terms as long as seven years, while the maximum term for non-customers is five years.

U.S. Bank doesn’t charge origination fees or prepayment penalties and lets you use your personal loan for various expenses, including debt consolidation, home improvement and emergencies. On top of that, it offers an autopay rate discount of 0.50 percentage points, twice the industry standard.

Pros

  • No origination fees or prepayment penalties
  • Can fund a loan within hours for U.S. Bank customers
  • Accepts fair credit starting at 660
  • Industry-best autopay discount
  • Joint loans available
  • Offers disaster relief, such as payment postponements

Cons

  • Non-customers have lower loan amounts
  • Non-customers have shorter repayment terms
  • Funding may take up to four business days
  • Lowest rates only available to borrowers with credit scores over 800

Who should consider it

U.S. Bank customers would benefit most from a U.S. Bank personal loan, since they have access to larger loan amounts, longer repayment terms and faster funding.

*Rates as of Nov. 9, 2023, assume autopay discount

Upgrade

Best for noncitizen borrowers

APRs

8.49% to 35.99%*

Loan amount

$1,000 to $50,000

Minimum credit score

580

Upgrade

4.5/5

Compare Rates

On Credible’s Website

Why we picked it

While some lenders require that you’re a U.S. citizen to borrow a personal loan, Upgrade accepts applicants who are citizens, permanent residents or living in the U.S. on a valid visa. It’s also fairly flexible with its credit score requirements, accepting scores starting at 580. Joint loans are available, too, if you have a creditworthy co-borrower.

Also, Upgrade can fund your loan within one business day of verifying your application. One negative, however, is that Upgrade personal loans come with an origination fee between 1.85% and 9.99%, which will be deducted from your loan proceeds.

Pros

  • Accepts fair credit
  • Offers loans to noncitizens
  • Can fund your loan within one business day
  • Joint loans available

Cons

  • Charges an origination fee
  • Rates could be as high as 35.99%

Who should consider it

Upgrade may be a good choice for borrowers with fair credit or non-U.S. citizens who may have trouble qualifying with another lender.

*Rates as of Nov. 9, 2023, assume autopay discount

Navy Federal Credit Union

Best for military families

APRs

8.99% to 18.00%*

Loan amount

$250 to $50,000

Minimum credit score

Undisclosed

Navy Federal Credit Union

4.3/5

Why we picked it

Navy Federal Credit Union offers personal loans starting at $250, so it may be a good fit for borrowers who need a small loan amount. By contrast, some other lenders require you to borrow at least $1,000, or in some cases, $5,000.

Navy Federal also offers repayment terms as long as 15 years, depending on your loan amount and purpose for borrowing. For instance, you’ll have to borrow at least $25,000 for a loan term of five to seven years and at least $30,000 for a term of seven to 15 years. The maximum repayment term is five years if you plan to use the funds for anything but home improvement.

To borrow a Navy Federal personal loan, you must join the credit union. You may be eligible for membership if you, your family or your household members have ties to the U.S. armed forces, Department of Defense or National Guard.

Pros

  • Offers small personal loans starting at $250
  • Doesn’t charge interest rates higher than 18.00%
  • Offers loan terms as long as 15 years
  • Joint loans available

Cons

  • Must become a credit union member to borrow
  • Membership only open to people with ties to the military, Department of Defense or National Guard
  • Longer loan terms only available for higher loan amounts
  • Minimum credit score undisclosed

Who should consider it

A Navy Federal personal loan could be a good choice if you’re eligible for membership and looking to borrow a small personal loan.

*Rates as of Nov. 9, 2023

Wells Fargo

Best for borrowing large amounts

APRs

8.49% to 24.49%*

Loan amount

$3,000 to $100,000

Minimum credit score

Undisclosed

Wells Fargo

4.2/5

Why we picked it

Wells Fargo funds personal loans up to $100,000 with competitive rates. You can choose loan terms between one and seven years and may get an approval decision the same day you apply.

Wells Fargo banking customers can also score a relationship rate discount on their personal loan if they set up automatic payments from a qualifying checking account.

With that said, you must have an active Wells Fargo account for 12 months before you can apply for its personal loans. Also, this national bank has a spotty customer service record via the Consumer Financial Protection Bureau (CFPB) and isn’t as transparent as it could be about eligibility requirements and hardship programs.

Pros

  • High loan amounts
  • Possible same-day credit decision
  • Relationship discount if you set up autopay from a qualifying Wells Fargo deposit account

Cons

  • Minimum credit score undisclosed
  • Must borrow a minimum of $3,000
  • One year of banking with Wells Fargo is required before you can apply for its personal loan
  • Poor customer service track record

Who should consider it

You might choose a Wells Fargo personal loan if you’re looking for large loan amounts. It may also be a good fit if you’re already a Wells Fargo customer and can qualify for its relationship rate discount.

*Rates as of Nov. 9, 2023, assume relationship discount

Discover Bank

Best for hardship relief options

APRs

7.99% to 24.99%*

Loan amount

$2,500 to $40,000

Minimum credit score

660

Discover Bank

4.2/5

Why we picked it

Discover is an online bank that often ranks highly in J.D. Power’s banking satisfaction surveys, thanks to its user-friendly online and mobile banking interfaces and 24/7 U.S.-based customer service team. If you borrow a Discover personal loan, you can take out up to $40,000 with repayment terms from three to seven years.

Plus, Discover offers relief options in case you face financial hardship while in repayment, including:

  • Get a decreased monthly payment for three months before returning to your standard monthly dues.
  • Receive a permanently lower payment by extending your loan term (at the cost of accruing interest).
  • If you’re delinquent (or late) on payments, make three consecutive payments to make your loan current again.


Discover doesn’t charge origination fees, but it may charge a $39 fee for late payments. You’ll need a credit score of at least 660 and an annual income of at least $25,000 to qualify.

There are other drawbacks of Discover personal loans, including that co-applicants and cosigners aren’t accepted; that noncitizens and non-permanent residents aren’t eligible; and that it has received mixed reviews from current and former customers.

Pros

  • Competitive interest rates
  • High rankings for customer satisfaction
  • 24/7 customer service
  • Loan relief options in case you encounter financial hardship

Cons

  • May charge late fees
  • Less flexible borrowing amounts
  • Co-borrowers, cosigners not accepted
  • Noncitizens, non-permanent residents aren’t eligible

Who should consider it

Discover may be a good fit for fair- or good-credit borrowers who are looking for a user-friendly online or mobile borrowing experience.

*Rates as of Nov. 9, 2023

LightStream

Best for repayment term choices

APRs

7.99% to 25.49%*

Loan amount

$5,000 to $100,000

Minimum credit score

Undisclosed

LightStream

4.1/5

Compare Rates

On Credible’s Website

Why we picked it

LightStream is a no-fee online lender that lets you borrow up to six figures, depending on your loan purpose. Loan terms are available anywhere from two to 12 years, so you have flexibility when it comes to paying back your loan. You can also score an interest rate discount (of 0.50 percentage points) if you set up automatic payments.

LightStream’s Rate Beat program is a difference-maker: It claims to beat another lender’s rate quote (for the same term length) by 0.10 percentage points.

LightStream loans are available in all 50 states and Washington, D.C. However, there’s no option to pre-qualify, so you’ll need to submit a full application — and endure the hard credit check — to see your offers. (A hard credit check can shave your credit scores by up to five points.)

Pros

  • No fees (not even for late payments)
  • Large loan amounts (up to $100,000)
  • Offers loan terms from 2 to 12 years
  • Gives a 0.50% rate discount for autopay
  • Funding may be available the same day you apply
  • Joint loans available

Cons

  • No option to pre-qualify
  • Can’t borrow less than $5,000
  • Loan rates and terms vary by purpose
  • Several years of credit history required

Who should consider it

You could benefit from a LightStream personal loan if you’re looking for a large loan amount with flexible repayment terms.

*Rates as of Nov. 9, 2023, assume autopay discount

Rocket Loans

Best for customer service

APRs

9.12% to 29.99%*

Loan amount

$2,000 to $45,000

Minimum credit score

640

Rocket Loans

4.1/5

Why we picked it

Rocket Loans stands out for its customer service, with email, mail and phone contact points (including weekend availability). The company has also registered high marks on customer review websites, plus an A+ rating from the Better Business Bureau and relatively few complaints via the CFPB.

You can borrow up to $45,000 and check your eligibility and potential rates without a hard credit check. Rocket Loans accepts fair credit scores starting at 640 (and has a minimum annual income requirement of $24,000).

On the downside, Rocket Loans doesn’t accept co-borrower or cosigners. Also, you may have to pay an origination fee on your personal loan, which could amount to as much as 9% of your loan amount. Most lenders offer multiple options for repayment terms, but Rocket Loans only offers two choices: three or five years.

Pros

  • Strong customer satisfaction
  • Accepts fair credit
  • Lets you pre-qualify online

Cons

  • Charges origination fees up to 9%
  • Loan amounts max out at $45,000
  • Limited repayment term options
  • Joint loans unavailable
  • Not available in Iowa, Nevada and West Virginia

Who should consider it

Rocket Loans may be a good fit for fair-credit borrowers who prioritize a good customer support team throughout the loan process.

*Rates as of Nov. 9, 2023; lowest rate assumes autopay discount

Prosper

Best for borrowers with fair credit

APRs

6.99% to 35.99%*

Loan amount

$2,000 to $50,000

Minimum credit score

640

Prosper

4.1/5

Why we picked it

Peer-to-peer lender Prosper accepts credit scores starting at 640 for personal loans up to $50,000. If your credit score doesn’t measure up, you have the option of applying with a co-borrower who would share equal access to the loan funds — and equal responsibility for repayment.

With Prosper, you can choose repayment terms from two to five years and receive your funds as soon as the next business day after your application is approved. This lender doesn’t charge prepayment penalties, but you’ll have to pay an origination fee between 1% and 7.99% of your loan amount.

Just keep in mind that because Prosper is a peer-to-peer lender — whereby individual investors can choose to fund your loan — approval can take longer than it would with traditional lending institutions.

Pros

  • Competitive interest rates
  • Accepts fair credit and joint applications
  • Offers next-day funding
  • Offers disaster relief, such as payment reductions

Cons

  • Charges an origination fee
  • Requires you to borrow at least $2,000
  • Loan amounts max out at $50,000
  • Slower route to loan approval (as is common for peer-to-peer lending)

Who should consider it

Prosper could be a good fit for fair-credit borrowers who are looking for fast funding. However, it may not be the best option if you can qualify for a personal loan with a lender that offers competitive rates without charging an origination fee.

*Rates as of Nov. 9, 2023

Our picks at a glance

LenderRatingMinimum credit scoreAPRs*Repayment terms (years)
SoFi5.06808.99% to 25.81%2 to 7
PenFed Credit Union4.6Undisclosed7.99% to 17.99%1 to 5
U.S. Bank4.56608.24% to 24.99%1 to 7
Upgrade4.55808.49% to 35.99%2 to 7
Navy Federal Credit Union4.3Undisclosed8.99% to 18.00%1 to 5
Wells Fargo4.2Undisclosed8.49% to 24.49%1 to 7
Discover4.26607.99% to 24.99%3 to 7
LightStream4.1Undisclosed7.99% to 25.49%2 to 12
Rocket Loans4.16409.12% to 29.99%3 or 5
Prosper4.16406.99% to 35.99%2 to 5

*Rates as of Nov. 9, 2023, may assume discounts

How to get the best personal rates

  • Improve your credit. Your credit score plays a huge role in the personal loan interest rates you can get. Take steps like reducing your credit utilization, making on-time payments on your bills and disputing errors on your credit reports that may affect your credit scores.
  • Lower your debt-to-income (DTI) ratio. Your DTI compares your monthly debt obligations with your income. Lenders prefer a DTI ratio below 36%.
  • Stabilize your income. Lenders also look at your employment history and income when you apply for a personal loan. A steady source of verifiable income may help you qualify for better personal loan rates.
  • Shop around. Every lender is different, so compare offers from multiple institutions to find the best rate. Some lenders let you pre-qualify for a personal loan online, which won’t impact your credit score unlike an official application.
  • Apply with a cosigner. If you have poor or fair credit, applying with a creditworthy cosigner could help you access better personal loan interest rates. But if you default on the loan, it will affect the cosigner’s credit too.
  • Consider a secured personal loan. While most personal loans are unsecured, borrowers with bad credit may get better rates with a secured loan, which requires collateral. Keep in mind, though, that the lender can seize your collateral if you don’t pay back your loan.

Current personal loan rates

The post-COVID-19 pandemic economy saw some of the steepest interest rate increases in decades, causing personal loan rates to also rise. According to the Federal Reserve, the average rate on a two-year personal loan in August 2023 was 12.17%.

By November 2023, most lenders offered rates starting around 7.00% or 8.00% with a maximum rate around 36.00%, though credit unions’ rate ceilings were 18.00% (as determined by the National Credit Union Administration). According to the National Consumer Law Center, 36% is generally seen as the dividing line between an affordable loan and an unaffordable loan.

What’s a good rate on a personal loan?

Personal loan interest rates range from around 7.00% or 8.00% to 36.00%, so a good rate would be one on the lower end of that range. You might also consider a good rate to be one that’s below the current average, which was 12.17% for two-year personal loans in August 2023.

Ultimately, though, a good rate on a personal loan is one that’s affordable for your budget. Use a personal loan calculator (like Calculator.net’s) to estimate your monthly payments and long-term interest costs and confirm that the loan terms work for you.

How lenders determine personal loan rates

Lenders determine their personal loan rate range using risk-based pricing. They offer lower rates to borrowers they deem to be less risky, while they assign higher rates to borrowers who appear to be riskier candidates for a loan.

Specifically, lenders gauge risk and assign rates based on the following factors:

  • Credit score: Borrowers with good or excellent credit tend to get the best rates.
  • Credit history: Lenders also review your credit history to see if you have any delinquencies or a history of late payments. Negative marks on your credit report could lead to higher rates (or to not getting approved for a loan).
  • Income: Having a steady, verifiable source of income could also make you seem less risky to a lender, so you could get a better rate.
  • Debt-to-income ratio: A low DTI of 35% or less could also reduce risk for the lender, resulting in a better rate.
  • Presence of cosigner or collateral: Although not all lenders offer joint, cosigned or secured personal loans, those that do might offer better interest rates on them.

Your rate may also increase or decrease depending on your loan amount and repayment terms.

What’s the difference between interest rate and APR? APR is a more inclusive measure than interest rate, since it accounts for interest and loan fees. If your loan has no additional fees, your APR and interest rate may be equal.

Are rates lower for secured personal loans? Rates may be lower on secured personal loans, since secured loans are less risky for lenders. If you don’t pay back your loan, the lender can seize your collateral as a form of repayment.

How personal loan rates affect your monthly payment

The interest rate you get on a personal loan will impact your monthly payments and long-term costs.

For example: You take out a $15,000 personal loan with a five-year repayment term. With an interest rate of 8.00%, your monthly payment would be $304, and total interest charges (over five years) would be $3,249. For comparison, if your interest rate were, say, 12%, your monthly payments would be $334, and you’d pay $5,020 in interest overall.

Using a personal loan calculator can help you crunch the numbers and compare personal loan rates and terms.

How to apply for a personal loan

The steps to apply for a personal loan may vary by lender, but here’s the general process you’ll need to follow:

  1. Check your credit. Since your credit plays a big role in loan approval and rates, it’s worth checking your score before you start applying. You can use a free credit monitoring service, check with your credit card issuer or purchase your scores from a website like myFICO.com. You can also review a free copy of your credit reports from AnnualCreditReport.com to review your various accounts.
  2. Pre-qualify with several lenders. There are lots of lenders that provide personal loans, including banks, credit unions and online lenders. Many let you check your offers online through pre-qualification, which only takes minutes and won’t harm your credit (thanks to a “soft” credit check). This process will help you perform a personal loan rate comparison and find your best offer.
  3. Submit an official application. Once you’ve selected a loan offer and lender, you’ll fill out a more formal application with your personal and financial details. You’ll also likely need to provide verifying documentation, such as identification and pay stubs, as well as consent to a “hard” credit inquiry that can temporarily drop your credit scores.
  4. Receive your loan. If the lender approves your loan, it will send the proceeds in a lump sum to your designated bank account (although some lenders offer direct payment to your creditors if your personal loan is meant for debt consolidation). Then, you’ll start paying your loan back on your agreed-upon terms.

How to improve your chances of getting approved

  • Boost your credit scores. If you don’t need the loan right away, take steps to improve your credit before you apply, such as paying down debts and reducing your credit utilization.
  • Dispute errors on your credit reports. If you find an inaccuracy on your reports that may affect your scores (for example, a collections account that’s older than seven years), dispute it to have it removed before you apply for your loan. (Note: While it’s very worthwhile to dispute genuine errors on your reports, there are no guarantees that a dispute will result in a favorable outcome for you).
  • Research lenders. Every lender sets its own eligibility criteria, so look for a lender that would be a good match for your financial profile.
  • Read over your application before submitting it. Make sure you don’t have any errors or typos that could delay your loan processing, and double check that you’ve provided all the required documentation.
  • Don’t borrow more than you need (or can afford). The criteria for a large-amount loan can be more stringent than the criteria for a small one. You also don’t want to set yourself up for failure in repayment.
  • Apply with a co-borrower, cosigner or collateral. As mentioned, taking out a personal loan with a creditworthy co-applicant or backing it with collateral could make it easier to get approved if you have less-than-stellar credit.
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Alternatives to a personal loan

Before borrowing a personal loan, consider whether any alternative sources of financing might be a better fit for your situation. Some other options include:

  • Home equity loan or line of credit: Homeowners may be able to tap into their equity with a home equity loan or home equity line of credit (HELOC). These “second mortgages” can offer large loan amounts at competitive rates, but they use your home as collateral. If you can’t pay back your loan or HELOC, you could lose your home to foreclosure.
  • Credit card: Paying with a credit card is another option, particularly if you can qualify for a card with a 0% APR introductory period. If you have the cash flow to pay off your balance before the 0% APR period ends, you essentially get an interest-free loan. Be careful of using credit cards otherwise, though, because they come with high interest rates.
  • Buy now, pay later: If you’re looking to finance a major purchase, check if the retailer offers a BNPL option. Some BNPL providers don’t charge any interest if you pay off the amount over six weeks or so. Longer terms may also be available, but they typically come with interest and fees.
  • Cash advance: If you need a small amount to cover a cash flow gap, consider requesting a cash advance from a financial app or your bank. Some apps offer free cash advances if you pay them back on your next paycheck. Ask about fees before proceeding.
  • Savings: If you can cover costs with your own savings — or by budgeting first, then saving up over time — this would be a better option than taking out debt, which will cost you more in the long run due to interest and potential fees.

Methodology

After our editorial team established a rubric to evaluate 32 leading personal loan lenders, our data research team scored these lenders across the following five categories to elicit a five-star rating. The 10 lenders listed above received the highest scores across each of the 25 loan features under consideration.

Rates (30%)

Given that you’re seeking the best and lowest personal loan rates, we weighted this category highest. Lenders that offer pre-qualification, or the ability to check rates via a soft credit check, were rewarded. The category also accounted for each lender’s lowest and highest APRs offered, plus whether it featured a rate discount for enrolling in automatic payments.

Loan details (25%)

This category comprises four criteria. Lenders that scored best don’t charge origination fees, disburse loans in one business day or less and have low minimum and high maximum borrowing amounts.

Eligibility (10%)

Here, we’re basically asking, “How easy is it to get a loan from this lender?” Banks, credit unions and online lenders fared better if they lend nationwide; allow co-applicants and noncitizen borrowers; and set accessible minimum requirements for credit score and annual income.

Repayment (25%)

Securing the best personal loan rate might seem all-important, but it’s not the end of the road — it’s actually the beginning of repayment. With that in mind, we scored lenders on their repayment term options, hardship relief programs, credit reporting practices and late payment fees.

Customer experience (10%)

Repayment can be easier if you get some help along the way, and the most helpful and well-rated lenders earned the highest marks in this category. We considered eight factors, including the availability and accessibility of lenders’ customer support teams, and judged their performance using metrics from independent organizations like the Better Business Bureau and the CFPB.

What didn’t make the cut

Twenty-two popular lenders didn’t make our list of the best personal loan rates. Here are a few examples of name-brand financial institutions that came up short.

LenderRatingRoom for improvement
Laurel Road3.7Feature lower interest ratesLower the minimum loan amountOffer hardship reliefDecrease or eliminate late payment fee
Citi3.7Increase the maximum loan amountOffer the ability to apply with a co-borrowerOffer additional modes of customer supportImprove customer satisfaction
Axos Bank3.5Feature lower interest ratesStop charging an origination feeLower the minimum loan amountLower the minimum credit score requirementOffer the ability to apply with a cosigner
LendingClub3.2Do away with the origination feeShorten the time to loan fundingIncrease the maximum loan amountOffer a loan management mobile app

Frequently asked questions (FAQs)What factors can influence personal loan rates?

Your financial profile largely influences the personal loan rates you get, particularly your credit history, credit score, income and debt-to-income ratio. Other factors that can influence personal loan rates include loan term and amount, whether the loan is secured or unsecured and whether you apply with a cosigner or co-borrower. Personal loan rates also vary by lender.

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