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Get FundedA personal loan can come in handy if you want to remodel your kitchen, pay for a wedding, or consolidate high-interest debt. It’s a versatile financial product you can use to cover virtually any expenses. With so many personal loans on the market, it can be difficult to find the right one for your unique needs. To make your life a bit easier, we’ve done the heavy lifting and compiled this list of the best personal loans of 2024.
Compare Best Personal Loans
What we researchedThe Best Personal Loan Companies
Avant: Best for Fair or Bad Credit
Avant is an online lender that focuses on personal loans for people with less-than-stellar credit. While most of its customers have a credit score between 600 and 700, the lender says its loans “fit a wide variety of customers.” If you have a fair or bad credit score, you can still get approved for an Avant loan and receive the funding you need.
Avant Pros and Cons
Pros
- Funding as soon as the next business day
- Prequalification option with soft credit check
- Convenient, robust mobile app
Cons
- High maximum APR
- No grace period for late fees
Loan Amount: $2,000-$35,000
Availability and Restrictions: Not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, or Nevada
SoFi: Best for Flexible Payback Terms
SoFi’s mission is to “help people reach financial independence to realize their ambition.” If you need some extra time to repay your personal loan, it’s a great option. SoFi’s terms range from two to seven years. Just keep in mind that if you do choose a longer term, you’ll pay more in interest over the life of the loan.
SoFi Pros and Cons
Pros
- Unemployment protection
- Access to member-only career coaching and events
- Automatic payment discount
Cons
- No next-day funding
- High minimum loan amount
- Can be difficult to qualify for if you have bad credit
Loan Amount: $5,000-$100,000
Availability and Restrictions: Not available in Mississippi
Happy Money: Best for Credit Card Consolidation
Happy Money personal loans are designed to help you consolidate high-interest credit card debt into one manageable monthly payment. Depending on your situation, you may be able to lock in a low rate and favorable terms. If you take out a debt consolidation loan, Happy Money will provide you with a free FICO score report every month so you know exactly where you stand with your credit.
Happy Money Pros and Cons
Pros
- Competitive interest rates
- No prepayment penalties or late fees
- May get approved with a low credit score
Cons
- Loans can only be used for credit card debt consolidation
- Joint applicants not accepted
- $40,000 loan limit
Loan Amount: $5,000-$40,000
Availability and Restrictions: Not available in Massachusetts, Mississippi, Nebraska, or Nevada
LendingPoint: Best for Low Income
LendingPoint offers personal loans to various borrowers, including those with low incomes. You can get approved for a loan with a minimum annual income of $25,000. This income can come from your job, retirement benefits, or other sources. A LendingPoint personal loan can make sense if you start your career or live on a fixed retirement income.
LendingPoint Pros and Cons
Pros
- Prequalification option
- Funding as soon as the next business day
- No prepayment penalty
Cons
- No option for cosigners
- Higher APRs than other lenders
- Borrowers pay an origination fee
Loan Amount: $2,000-$36,500
Availability and Restrictions: Not available in Nevada or West Virginia
Upstart: Best for Short Credit History
Upstart looks beyond credit scores when reviewing personal loan applications through its artificial intelligence platform. It considers factors like your occupation and employer, degrees you may have earned, and the college or university you attended. If you have limited credit or no credit, an Upstart personal loan can be a good fit.
Upstart Pros and Cons
Pros
- Prequalification option
- No prepayment penalties
- Can receive funding within one business day
Cons
- Only 3- or 5-year terms available
- No cosigned accounts offered
- No autopay discount
Loan amount: $1,000-$50,000
Availability and Restrictions: Not available to residents of West Virginia or Iowa
Lending Club: Best for Small Loans
Lending Club is a peer-to-peer lender with an online personal loan marketplace. Its loan amounts range from $1,000 to $40,000. A Lending Club personal loan is worth considering if you only need a small amount of money to cover a relatively minor expense. You can borrow as little as $1,000.
Lending Club Pros and Cons
Pros
- Prequalification offered
- Coborrowers accepted
- No prepayment penalty
Cons
- Only 2 repayment terms: 36 months and 60 months
- Can take anywhere from 48 hours to a few days to receive funds
- Borrowers pay origination fees
Loan Amount: $1,000-$40,000
Availability and Restrictions: Not available in Iowa or the U.S. territories
Achieve: Best for Large Loans
Achieve Personal Loans offers fairly large personal loans. With an Achieve personal loan, you might be able to secure up to $50,000 in funding. This is excellent news if you need to consolidate large amounts of credit card or other unsecured debt.
Achieve Pros and Cons
Pros
- Direct payment to creditors for debt consolidation
- Personalized service
- Can receive funding within 48 hours
Cons
- Loans for small amounts not offered
- Charges origination fee
Loan Amount: $7,500-$50,000
Availability and Restrictions: Not available in Colorado, Connecticut, Hawaii, Maine, Kansas, North Dakota, Vermont, West Virginia, or Wyoming.
Upgrade: Best for Home Improvement
Upgrade offers home improvement loans that can help you cover the cost of a kitchen remodel, roof replacement, new HVAC system, or any other expense that will improve your home or increase its value. Upgrade loans go up to $50,000, so you can receive the funding you need to pay for just about any home improvement project on your to-do list.
Upgrade Pros and Cons
Pros
- Easy application process for self-employed borrowers
- Joint applications accepted
- Prequalification option
Cons
- Only 2 loan terms of 36 or 60 months
- APRs high for some borrowers
- Charges origination fee
Loan Amount: $1,000-$50,000
Availability and Restrictions: Not available in Iowa, Washington, D.C., or West Virginia.
One Main Financial: Best for Coapplicants
One Main Financial focuses on loans to borrowers with fair or bad credit. The lender also accepts joint applications. This means if you apply with someone who has a good credit score, you can increase your chances of approval. You might also be able to land a lower interest rate and more attractive terms.
One Main Financial Pros and Cons
Pros
- Small loan amounts available
- Secured and unsecured loans
- Cancellation option
Cons
- Larger loan amounts require a vehicle as collateral
- Higher rates than some other lenders
- Charges origination fees
Loan Amount: $1,500-$20,000
Availability and Restrictions: Not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, or Vermont
Best Egg: Best for Emergencies
Best Egg offers online personal loans originated by Cross River Bank. Once you apply online, you can find out whether you’re approved within minutes. According to the lender, nearly half of its borrowers receive their funds the next business day. This is great news if you need fast cash and can’t wait days, weeks, or months for funding.
Best Egg Pros and Cons
Pros
- Can take out two loans at once
- Competitive interest rates
- Rate estimates available
Cons
- Must have good credit to secure the lowest rates
- Repayment terms of 3 or 5 years only
- Origination fee
Loan Amount: $2,000-$50,000
Availability and Restrictions: Not available in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
How Does a Personal Loan Work?
Offered by banks, credit unions, and online lenders, a personal loan is money you borrow to cover any expense, like a home improvement project, car repair, or vacation. Compared to other financial products, personal loans may offer lower interest rates and tend to be more affordable.
Personal loans can be secured or unsecured. Secured personal loans are backed by collateral or a valuable asset you own, like your car, for example. If you default on a secured personal loan, the lender has the right to seize your collateral.
Unsecured personal loans, on the other hand, don’t require any collateral. However, they usually have higher interest rates than secured loans. This is because they pose a greater risk to the lender.
Pros and Cons of Personal Loans
As with any financial product, personal loans come with benefits and drawbacks. Learn about some of the main pros and cons below.
Pros
- Most lenders will let you use a personal loan to cover just about any expense, including car repairs, medical bills, a deck addition, and more
- Personal loans have clearly outlined payment schedules. You can budget for your payments and know how long it’ll take to pay off your loan
- There’s no shortage of personal loans on the market. When you shop around, you can compare a variety of options and choose the best one for you
Cons
- If you don’t have good credit, you might have to settle for higher interest rates, which can cost you thousands of extra dollars over the life of a loan
- Fees include origination fees, application fees, late fees, and prepayment fees
- Even if you miss one personal loan payment, your credit score can take a hit. A poor credit score can make it difficult to get approved for financing with good terms in the future
What Personal Loan Solutions Are Available?
There are several loan types in the market available for personal use, including unsecured personal loans, peer-to-peer loans, secured personal loans, and short-term loans.
Debt Consolidation Loans
With a debt consolidation loan, you can pay off high-interest credit card debt. It combines various debts into a single loan with a manageable monthly payment.
Find the best debt consolidation loans
Home Improvement Loans
Home improvement loans are intended to pay for projects like kitchen remodels, home additions, and new roofs. They usually have high maximum loan amounts.
Find the best home improvement loans
Cosigned Loans
Consigned loans allow you to apply for a loan with a friend or family member who has a better credit score than you. They can help take out a loan you might not qualify for on your own.
Installment Loans
An installment loan provides you with a lump sum of money upfront. You repay it over time via fixed monthly payments over an agreed-upon term, which can range from a few months to a few years or longer. You can use an installment loan calculator to get an idea of what your payments would be based on how much you want to borrow.
Payday Loans
Payday loans are short-term, small-dollar loans used to cover expenses until you get your next paycheck. Their terms usually range from two to four weeks.
Frequently Asked Questions
Personal loans are flexible financial products. You can use them to consolidate high-interest debt or pay for car repairs, medical expenses, home improvement, or anything else life throws your way. If you don’t have the cash on hand to pay for something, a personal loan can be invaluable.
Every personal loan lender has their own qualification requirements. You’ll find that some lenders are more lenient than others. Still, you’ll need good credit, stable income, and a low debt-to-income ratio. If you don’t meet this criteria, you can still get approved but might have to agree to a higher interest rate and less favorable terms.
When you apply for a personal loan, most lenders will ask you to submit some documents to confirm your identity and income. Typically, you’ll need to share pay stubs, bank statements, and/or tax forms. You will also be required to upload a driver’s license, passport, or other document that verifies who you are.
Most personal loans are secured, meaning you don’t need collateral like a car or a house to take them out. Lenders will approve you based on your credit score, income, and other financial details.
Sometimes, lenders offer secured personal loans, which do involve collateral. While secured loans can be easier to get, you’ll risk losing your collateral if you don’t make your loan payments.
Your interest rate will depend on a number of factors like your credit, loan amount, and term. Interest rates also vary from lender to lender. To land the lowest rates, however, you’ll need a good or excellent credit score. A shorter repayment term can help as well. Since your interest rate will make a huge difference in the overall cost of a loan, it’s important to shop around and explore your options.
If you don’t have the best credit, you can still get approved for a personal loan. There are some lenders with less rigorous requirements than others. These lenders are often willing to take a chance on borrowers with bad credit scores. If you do get a bad credit loan, keep in mind that you’ll probably pay more in interest.
While personal loans are flexible and can be affordable, they’re not right for everyone. If you need access to funding but don’t want to take out a personal loan, you might want to consider credit cards, personal lines of credit, 401(k) loans, and small business loans, depending on your needs and financial circumstances.
Our Methodology
We reviewed dozens of lenders and personal loans to find the best ones based on a variety of needs, including bad or fair credit, loan amount, debt consolidation, short or no credit history, cosigned loans, and more.
AmONE conducted an audit of over 30 loan companies to find which ones offer personal loans.
Once we narrowed down the options, we analyzed the personal loans offered by 20 lenders and looked at over 10 data points, including credit score requirements, fees, accessibility, customer experience, APR rates, loan amounts, length of time to pay, the application process, and more. We picked the best personal loans by scoring loans based on those features.
But we don’t stop there. AmONE will continue to conduct spot-checks to ensure the most recent loan information is included here and update our list annually.
How AmONE Helps You Find Your Best Personal Loans
AmONE makes it easy and convenient to find the best personal loan. Our no-cost service uses cutting-edge technology to match your loan request with top-rated lenders instantly. For the last 17 years, AmONE has worked with lenders across the U.S. to match consumers with lending partners to offer the ideal loan solutions and the most straightforward process.
We provide live support from trained professionals—our financial search specialists—who are available to answer all your questions via phone. To find the right personal loan solution for you, enter your information in our simple personal loan form or call us at 888-401-0330, Monday through Friday from 9:00 a.m. to 9:00 p.m. and Saturday from 9:00 a.m. to 5:30 p.m. Eastern time.
