Top 10 Best Personal Loans for Borrowers
By Jordan Patel | Published: 2025-02-24 | Category: Best Personal Loans
About Best Personal Loans
Personal loans offer borrowers a lump sum of cash that can be used for various purposes, repaid in fixed monthly installments over a set period. These loans are typically unsecured, meaning they don't require collateral.
How We Evaluated
Providers were evaluated based on factors including annual percentage rate (APR) ranges, loan amount flexibility, applicable fees, minimum credit score requirements, repayment term options, and funding speed.
Rating Criteria
- → APR Range
- → Loan Amounts
- → Fees Structure
- → Credit Requirements
- → Repayment Terms
- → Funding Speed
The Best Best Personal Loans
Discover Personal Loans
Visit Website →Well-known financial services company offering no-fee personal loans with flexible repayment terms and direct debt payoff option.
Target Audience
Good to Excellent Credit, Debt Consolidation, Customers seeking no fees
Service Offerings
Personal Loan
Unsecured loans for various purposes like debt consolidation, home improvement, and major purchases.
- Loan amounts $2,500 to $40,000
- Terms from 3 to 7 years
- Funding can take up to 7 days, though sometimes faster
- Direct payoff option for consolidation
Scorecard (Overall: 7.7 / 10.0)
Pricing Model
APR Range
Competitive fixed rates for qualified borrowers.
Origination Fee
No origination fees.
Late Fee
May charge a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + No origination or prepayment fees
- + Flexible repayment terms (up to 7 years)
- + Direct payment option for debt consolidation
- + Generally positive customer service reputation
- + Soft credit check available
Cons
- - Requires good credit (typically 660+)
- - Lower maximum loan amount ($40,000)
- - Funding can be slower than top competitors
Verdict
"A reliable choice from a trusted brand, especially appealing for its lack of origination fees and flexible terms, suited for borrowers with good credit."
Prosper
Visit Website →A peer-to-peer lending platform connecting borrowers with investors for unsecured personal loans.
Target Audience
Fair to Good Credit (minimum 640 typical), Debt Consolidation, Home Improvement
Service Offerings
Personal Loan
Fixed-rate, unsecured loans funded by individual or institutional investors.
- Loan amounts $2,000 to $50,000
- Terms of 2, 3, 4, or 5 years
- Funding usually takes several business days
Scorecard (Overall: 6.3 / 10.0)
Pricing Model
APR Range
Rates dependent on Prosper Rating (based on credit and other factors).
Origination Fee
Charges an origination fee (1% to 5%).
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Allows joint applications
- + Multiple term lengths available (2-5 years)
- + Soft credit check for pre-qualification
- + Considers factors beyond just credit score
Cons
- - Charges origination fees
- - Funding can be slower due to P2P model
- - Minimum credit score requirement (around 640)
Verdict
"A pioneer P2P lender suitable for borrowers with fair to good credit, offering joint applications, but factor in origination fees and potentially slower funding."
LendingClub
Visit Website →Originally a peer-to-peer platform, now operating as a bank, offering personal loans primarily for debt consolidation and credit card refinancing.
Target Audience
Fair to Good Credit, Debt Consolidation, Joint Applicants
Service Offerings
Personal Loan
Unsecured loans with options for joint applications and direct creditor payments for consolidation.
- Loan amounts $1,000 to $40,000
- Terms typically 3 or 5 years
- Funding takes a few days on average
Scorecard (Overall: 6.3 / 10.0)
Pricing Model
APR Range
Rates vary based on creditworthiness and loan characteristics.
Origination Fee
Charges an origination fee (3% to 8%).
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Accepts joint applications
- + Direct payment to creditors for consolidation
- + Soft credit check for pre-qualification
- + Accessible minimum loan amount ($1,000)
Cons
- - Charges potentially high origination fees (up to 8%)
- - Lower maximum loan amount ($40,000)
- - Limited term options
- - Funding can be slower than some competitors
Verdict
"A decent option, particularly for debt consolidation with direct creditor payments or for joint applicants, but be mindful of the origination fees."
Upgrade
Visit Website →Fintech company offering personal loans, credit cards, and financial health tools, accessible to a wide range of credit scores.
Target Audience
Fair to Excellent Credit, Debt Consolidation, Credit Building
Service Offerings
Personal Loan
Fixed-rate personal loans, often used for debt consolidation or large purchases, with options for direct creditor payments.
- Loan amounts $1,000 to $50,000
- Terms from 2 to 7 years
- Funding within a few business days
- Secured and joint loan options available
Scorecard (Overall: 7.2 / 10.0)
Pricing Model
APR Range
Broad APR range accommodating various credit profiles.
Origination Fee
Charges an origination fee (1.85% to 8.99%).
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Accessible to fair credit borrowers (minimum score around 560-600)
- + Wide range of loan terms (up to 7 years)
- + Direct payment option for debt consolidation
- + Secured and joint loans offered
- + Soft credit check for pre-qualification
Cons
- - Charges origination fees
- - APRs can be high for those with lower credit scores
Verdict
"A versatile option suitable for a broad range of borrowers, including those with fair credit, offering flexible terms and features like direct debt payoff."
Best Egg
Visit Website →Online lender offering fast funding for personal loans, primarily targeting borrowers with good to excellent credit.
Target Audience
Good to Excellent Credit, Debt Consolidation, Fast Funding Needs
Service Offerings
Personal Loan
Unsecured personal loans for various needs, known for quick application and funding process.
- Loan amounts $2,000 to $50,000
- Terms from 3 to 5 years
- Funding often possible within 1 business day
- Secured loan option available using vehicle equity
Scorecard (Overall: 7.0 / 10.0)
Pricing Model
APR Range
Competitive rates for strong credit profiles.
Origination Fee
Charges an origination fee (0.99% to 8.99%).
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Very fast funding possible
- + Soft credit check for pre-qualification
- + Good customer service ratings generally
- + Secured loan option available
Cons
- - Charges an origination fee
- - Primarily serves borrowers with good credit (typically 640+)
- - Limited repayment term options
Verdict
"Excellent for borrowers with good credit who prioritize speed of funding, though origination fees apply."
Avant
Visit Website →Online lender focused on providing personal loans to borrowers with fair to average credit scores.
Target Audience
Fair Credit Borrowers (scores around 600-700), Debt Consolidation
Service Offerings
Personal Loan
Unsecured and secured personal loan options for debt consolidation, emergencies, and other expenses.
- Loan amounts typically $2,000 to $35,000
- Terms from 2 to 5 years
- Funding as soon as the next business day
Scorecard (Overall: 6.7 / 10.0)
Pricing Model
APR Range
APRs tend to be higher, reflecting the target credit profile.
Origination Fee
Charges an administration fee (origination fee) up to 4.75%.
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Accessible for borrowers with fair credit (down to 580 reported)
- + Fast funding possible
- + Soft credit check for pre-qualification
- + Offers secured loan option
Cons
- - Higher APRs compared to prime lenders
- - Charges an administration (origination) fee
- - Lower maximum loan amount ($35,000)
Verdict
"A solid choice for those with less-than-perfect credit who need fast access to funds, despite potentially higher costs."
Upstart
Visit Website →An online lending platform using AI and alternative data (like education and employment) alongside credit scores for loan approval.
Target Audience
Fair to Good Credit, Thin Credit Files, Recent Graduates
Service Offerings
Personal Loan
Unsecured loans available for various purposes, considering factors beyond just credit score.
- Loan amounts $1,000 to $50,000
- Terms of 3 or 5 years
- Funding as fast as next business day
Scorecard (Overall: 7.3 / 10.0)
Pricing Model
APR Range
Wide range of APRs, potentially higher for lower credit scores.
Origination Fee
May charge an origination fee (0% to 12% of loan amount).
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + Considers factors beyond credit score
- + Accessible to borrowers with fair credit or limited credit history
- + Low minimum loan amount ($1,000)
- + Fast funding possible
- + Soft credit check for pre-qualification
Cons
- - Origination fees can be high (up to 12%)
- - Limited repayment term options (3 or 5 years)
- - APRs can be high for less qualified borrowers
Verdict
"Great option for borrowers with fair credit or thin files who might be overlooked by traditional lenders, but watch out for potential fees."
Marcus by Goldman Sachs
Visit Website →Online lending platform offering fixed-rate, no-fee personal loans, primarily for debt consolidation and home improvement.
Target Audience
Good to Excellent Credit, Debt Consolidation
Service Offerings
Personal Loan
Unsecured loans often used for consolidating credit card debt or funding home projects.
- Loan amounts $3,500 to $40,000
- Terms from 3 to 6 years
- On-time payment reward (defer one payment after 12 consecutive on-time payments)
Scorecard (Overall: 7.7 / 10.0)
Pricing Model
APR Range
Competitive fixed rates.
Origination Fee
No origination fees.
Late Fee
Charges a late fee if payment isn't made within grace period.
Prepayment Penalty
No prepayment penalties.
Pros
- + No origination or prepayment fees
- + On-time payment reward feature
- + Direct payment option for credit card consolidation
- + Soft credit check for pre-qualification
Cons
- - Lower maximum loan amount ($40,000) compared to some competitors
- - Not available in all states
- - Requires good credit
Verdict
"A strong contender for debt consolidation, especially for those who value a no-origination-fee loan and reward timely payments."
LightStream
Visit Website →Provides unsecured personal loans for nearly any purpose to borrowers with good to excellent credit. Known for Rate Beat program and no fees.
Target Audience
Excellent Credit, Home Improvement Loans, Auto Loans
Service Offerings
Personal Loan (AnythingLoan)
Fixed-rate loans for a wide variety of purposes, including unique ones like tiny homes or IVF.
- Loan amounts $5,000 to $100,000
- Terms from 2 to 12 years (depending on loan purpose)
- Potential same-day funding
Scorecard (Overall: 8.7 / 10.0)
Pricing Model
APR Range
Offers some of the lowest rates available, autopay discount possible.
Origination Fee
No origination fees.
Late Fee
No late fees.
Prepayment Penalty
No prepayment penalties.
Pros
- + No fees (origination, late, prepayment)
- + High maximum loan amount
- + Long repayment terms available for certain loans
- + Rate Beat program may lower competitor's rate
- + Fast funding possible
Cons
- - Requires excellent credit history (typically 680+, often higher)
- - No pre-qualification; requires hard credit pull for rate check
- - Minimum loan amount is $5,000
Verdict
"Top-tier option for borrowers with excellent credit who want a fee-free experience and potentially very low rates."
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SoFi
Visit Website →Offers competitive rates on unsecured personal loans, particularly for borrowers with good to excellent credit. Known for member benefits and no fees.
Target Audience
Good to Excellent Credit, High-Income Earners, Debt Consolidation
Service Offerings
Personal Loan
Unsecured loans for debt consolidation, home improvement, major purchases, and more.
- Loan amounts typically $5,000 to $100,000
- Terms from 2 to 7 years
- Fast funding possible
- Unemployment protection available
Scorecard (Overall: 8.7 / 10.0)
Pricing Model
APR Range
Competitive variable and fixed rates, often requires good credit.
Origination Fee
No origination fees charged.
Late Fee
Charges a late fee.
Prepayment Penalty
No prepayment penalties.
Pros
- + No origination, prepayment, or late fees mentioned typically
- + High loan amounts available ($100,000)
- + Member benefits like career coaching
- + Unemployment protection feature
Cons
- - Requires good to excellent credit (typically 680+)
- - Income verification can be stringent
Verdict
"Excellent choice for borrowers with strong credit seeking large loan amounts and zero fees."
Final Recommendation
The personal loan market offers diverse options catering to various credit profiles and needs. Lenders like SoFi and LightStream excel for borrowers with strong credit seeking low rates and no fees, while Upstart and Avant provide valuable access for those with fair credit. Evaluating APRs, fees, loan amounts, and terms against individual circumstances is key to finding the best fit.