Best Personal Loans

SoFi is our choice for the best overall personal loan lender and best for no fees. Its current APRs are competitive, ranging from 7.99% to 22.73% (including a 0.25% autopay discount.) Furthermore, you can get loans ranging from $5,000 to $100,000 with repayment terms of 24 to 84 months and same-day funding. While SoFi’s minimum loan amount is relatively high—some competitors offer loans as small as $250—its loans can be used for almost any purpose, and are available in 49 U.S. states, excluding Mississippi.

Additionally, borrowers won’t pay any fees for personal loans from SoFi. Many lenders charge origination fees and late fees, but SoFi doesn’t charge either. Plus, there are no prepayment penalties, so borrowers can choose to pay off their loans early without incurring charges.

To qualify for a personal loan from SoFi, you’ll need to be a U.S. citizen, permanent resident, or eligible visa holder who's at least 18 years old (or the age of majority in your state). You’ll also need to live in one of the 49 states where SoFi personal loans are available. You’ll also need a minimum credit score of 650 and a job, income from other sources sufficient to repay your loan, or a job offer that will start in the next 90 days.

Read our full SoFi personal loans review.

We chose Discover as our top pick for debt consolidation as its personal loans can be particularly good for consolidating high-interest debt. There are no restrictions on the loans, and you can use loan proceeds to consolidate many types of debt including high-interest credit cards, loans, medical expenses, and more. Depending on which debts you’re consolidating, Discover may also pay your creditors directly, which can save you time and simplify the repayment process.

Discover offers loans of $2,500 to $35,000 with current APRs from 5.99% to 24.99% and repayment terms of 36 to 84 months. It also doesn’t charge origination fees, although borrowers will pay a $39 fee for late payments.  Personal loans from Discover are available in all 50 states, and  Discover has an excellent reputation with its customers and is a top-ranked lender on the 2021 J.D. Power 2021 U.S. Consumer Lending Satisfaction Study.

Discover offers a simple online loan application, and approval is often granted the day you apply. To be eligible for a personal loan, you must be a U.S. citizen or legal permanent resident who's at least 18 years old (or the age of legal majority in your state) and has at least $25,000 in annual income. Note that while Discover doesn’t share its credit score requirements, you’ll likely need good credit to qualify. 

Read our full Discover personal loans review.

Upgrade offers personal loans as small as $1,000, which is a small loan amount compared to many competitors whose minimum loan amounts may start as high as $5,000. Its maximum loan amount is $50,000 and eligible borrowers with less-than-stellar credit may also qualify for a loan, as the minimum credit score requirement is 550. Many lenders have higher minimum credit score requirements to qualify for a loan, so Upgrade’s lower credit score requirement is a plus. Its personal loans are also available to borrowers in 50 states but aren't available in Washington, D.C. 

In addition to its low minimum loan amounts, low credit score requirements, and wide availability, Upgrade also offers next-day funding and a low minimum APR of 6.95% for qualified borrowers. However, Upgrade’s current maximum APR of 35.97% is fairly high compared to other lenders. Typically, if your credit is poor, the rate you’ll likely receive for a loan may be higher, so the 35.97% maximum APR is something to keep in mind if you’re considering a personal loan from Upgrade. 

Also, unlike some competitors, Upgrade charges relatively high origination fees ranging from 2.90% to 8.00%, which are deducted from loan funds at disbursement. This means that the total loan amount you’ll receive will be slightly lower than the amount you applied for once the origination fees are deducted. But despite its origination fees, Upgrade is still a good option for borrowers with lower credit scores who want to borrow a relatively small amount.  

Read our full Upgrade personal loans review.

Not only does Rocket Loans offer personal loans of $2,000 to $45,000 to applicants with good and bad credit alike, but you might also be able to get funded on the day you apply. Many lenders disburse loan funds in one to three days, making same-day funding an excellent feature. Rocket Loans offers repayment terms of 36 or 60 months, and even though you’ll pay origination fees of 1% to 6%, its current APR range of 7.73% (including an autopay discount) to 29.99% is competitive. 

To qualify for a personal loan from Rocket Loans, you need to be a U.S. citizen or permanent resident, live in one of the states where it offers loans (Iowa, Nevada, and West Virginia are excluded), and be at least 18 years old (or 19 years old in Alabama and Nebraska). Once you apply, Rocket Loans will evaluate several factors to determine if you’re approved for a loan, including your credit score, income, and existing debt.

Read the full Rocket Loans personal loans review.

Navy Federal Credit Union offers personal loans for qualifying applicants, its online application can be completed in minutes, and borrowers may also get same-day funding. Plus, its current APR range of 7.49% to 18% is competitive, it offers flexible repayment terms ranging from 36 to 180 months, and its loan amounts range from a low of $250 up to $50,000. While Navy Federal doesn’t charge origination fees, you’ll be required to pay a $29 fee if you make a late payment.

You need to be a Navy Federal Credit Union member to apply for a personal loan. Even so, it's easy to apply for membership, which is broadly available to current and retired members of the U.S. armed forces and their qualifying family members, members of their household, employees of the Department of Defense, and more. 

Read our full Navy Federal Credit Union personal loans review.

Old National Bank (formerly First Midwest Bank) offers personal loans from $5,000 to $35,000, with a much lower average fixed APR than competitors. Some lenders offer average APRs over 20%, but even Old National's maximum rate is quite a bit lower than that. In addition to low APRs, Old National offers flexible repayment terms of 12 to 84 months, and borrowers can apply with a co-signer or co-borrower. This lender’s personal loans can be used for many purposes, including debt consolidation, home improvements, medical costs, and other large expenses (take note that loan purpose may affect term options).

Unlike many competitors, Old National Bank doesn’t charge origination fees; other banks may charge as much as 8% of the total loan amount upon approval. While borrowers won’t need to pay an origination fee for an Old National personal loan, they will need to pay a documentation fee of $150. This fee is comparatively small and may be worth paying to avoid high origination fees elsewhere. 

Although Old National's loans have a number of positive features, they're typically only available to borrowers in 24 states: Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Delaware, Georgia, Kansas, Kentucky, Massachusetts, Maine, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Wisconsin. If you live in a different state, you can call Old National to discuss your lending options.

Old National's minimum loan amount of $5,000 is relatively high—some competitors offer loans as small as $250. First Midwest also doesn’t disclose its minimum credit score, nor does it offer a pre-qualification option (but you can get a general rate quote). 

Old National Bank merged with First Midwest Bank in early 2022, and the services provided by First Midwest are now managed by Old National.