The Ascent's 2023 Personal Loan Awards award banner The Ascent's 2023 Personal Loan Awards

How we chose the winners

To determine the Best Personal Loans awards for 2023, The Ascent’s experts evaluated accounts with our ratings model, focusing on industry factors and user benefits, including:

  • Competitive APRs
  • Variety of loan options
  • Low to no fees

Top-rated offerings were selected that we think represent the top pick for the average consumer in each category. Our final awards winners were determined by vote to ensure objectivity, with a final Golden Rule check: would we recommend them to a family or friend? Special attention was also paid to:

  • Autopay discounts
  • Customer service
  • Loan amounts
  • Term offerings

SoFi Personal Loans

Best Personal Loan Overall

SoFi Personal Loans

Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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SoFi ticks all of our boxes in the personal loan category. SoFi has an easy-to-use app, and it offers flexibility with loan terms, loan amounts, access to financial planners, same day funding, and more – all with no fees required.

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*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.


Autopay: 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 or checking 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 be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

LightStream

Best Low-Interest Personal Loan

LightStream

Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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LightStream consistently offers some of the lowest rates available anywhere. In fact, it offers a low rate guarantee with no fees or prepayment penalties.

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Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Upgrade

Best Personal Loan for Renovations

Upgrade

Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Upgrade Personal Loans offers low minimum and high maximum loan options that cover just about any type of renovation. Funds can be available quickly, and they offer unique collateral options.

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Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/

Upstart

Best Medical Loan

Upstart

Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Medical Loans can find someone in a pinch and Upstart provides the flexibility needed in those situations. With a low possible APR and extremely friendly credit score terms, almost anyone can find the loan they need to cover medical debt with Upstart.

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*Upstart Loan Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

LightStream

Best Debt Consolidation Loan

LightStream

Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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LightStream offers high loan amounts, which can be necessary for someone who is consolidating multiple debts. They don’t require perfect credit, and setting up AutoPay to help you stay on top of payments can also help lower your APR.

Read full review

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Experts You Can Trust

Our financial experts are constantly testing products to bring you the best. With decades of industry experience, our experts provide honest first-person reviews whenever possible to inform our selections.

Jake FitzGerald

Jake FitzGerald | Editorial Strategist

Jake is an Editorial Strategist for The Ascent. He specializes in product ratings and all things credit cards, and wants to make sure each person has the best card for them!

Expertise

Product ratings, credit cards, and content production.

Dana George

Dana George | Writer

Dana is a full-time personal finance writer, with more than two decades of experience. Her focus is on helping readers feel less alone as they navigate their personal finances and offering actionable insights.

Expertise

Banks, Brokers, Credit cards, Insurance, Mortgages, Personal finance, Personal loans, Small business

Education

B.A. Business Management, Spring Arbor University

Past Experience

Dana began her career as a news reporter in Michigan, writing for the Jackson Citizen Patriot and Traverse City Record-Eagle. In California, she wrote business and finance articles for the San Jose Mercury News, Oakland Tribune, and a host of other Northern California publications.

Has Written For

Detroit Free Press, MSN, International Business Times, Nasdaq, USA Today, Des Moine Register, Topeka Capital-Journal, Florida Times-Union, Fox Business, and Dun & Bradstreet.

Career Highlights

Dana's first novel was published in 2005, and while seeing four of her books in print was exciting, her most satisfying professional experiences have come courtesy of the people she's met.

Interviewing survivors of Germany's Stalag III for a six-part series, covering the escape of an American ally from Saigon as the city fell to communists in 1975, and being trusted by everyday people to tell their stories has been an honor. More recently, getting to know and interview the CEO and president of OneUnited Bank -- the largest black-owned bank in the U.S. -- reminded her of how much she loves her job.

Cole Tretheway

Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

Emma Newbery

Emma Newbery

Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.

Expertise

Cryptocurrency, Personal finance, Small business

Past Experience

Emma started her career in journalism at UKiNvest over 20 years ago, before taking a side road into the world of Olympic bidding. She has started two businesses, including The Bogota Post, an English-language newspaper in Colombia.

Career Highlights

  • Worked on London's successful 2012 Olympic bid
  • Founded a popular newspaper in Colombia
  • Edited a book on women traveling in Latin America
Jamie Matthews

Jamie Matthews

Jamie Matthews is an alumnus of Ohio State University and still calls Columbus, Ohio home. She is a finance editor and occasional writer with more than nine years of experience. When she isn't poring over other people's grammar and punctuation, she enjoys baking, reading, and being a proud dog mom.

Matt Frankel, CFP®

Matt Frankel, CFP® | Writer, Analyst

Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina, and has been writing about personal finance since 2011.

Expertise

Personal finance, banking, brokerage, credit cards, student loans

Education

  • B.S. Physics, University of South Carolina
  • M.S. Mathematics, Nova Southeastern University
  • Graduate Certificate, Financial Planning from Florida State University

Past Experience

  • Mathematics professor
  • High school math teacher

Has Written For

Seeking Alpha

Career Highlights

  • Won "Best in Business" award from the Society for Advancing Business Editing and Writing (SABEW) for my coverage of the tax changes
  • Host 3 different shows on Fool Live, and have been a regular on Motley Fool podcasts since 2015
  • Have been a guest on BBC, NPR, and various other news outlets

Kailey Hagen

Kailey Hagen | Writer

Kailey Hagen has been covering personal finance topics, including banks, insurance, and retirement since 2013.

Expertise

Retirement, investing, banks, insurance, taxes, personal finance

Education

B.A. English, University of Wisconsin-Madison

Past Experience

  • Proofreader
  • Research Analyst

Has Written For

The Simple Dollar and Motley Fool syndication partners: USA Today, MSN Money, Yahoo Finance

Career Highlights

  • Growing a successful freelancing career
  • Seeing her work published by major media outlets
  • Being thanked by readers who have learned something valuable from her articles
David Chang, ChFC®, CLU®

David Chang, ChFC®, CLU® | Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of West Point and a Lieutenant Colonel in the Army National Guard. He has an MBA from the UCLA Anderson School of Management.

Expertise

Finance, investing, insurance, wealth management

Education

  • MBA UCLA Anderson School of Management
  • BS United States Academy at West Point
  • MA University of Hawaii at Manoa
  • MATS Covenant Theological Seminary
  • East-West Graduate Degree Fellow
  • Chartered Financial Consultant (ChFC)
  • Chartered Life Underwriter (CLU)
  • Project Management Professional (PMP)
  • Goldman Sachs 10,000 Small Business Program
  • Emerging Leaders Initiative Program, Executive-Level Series, SBA

Past Experience

  • CEO of Chang Holding Company (Portfolio of 8 Companies)
  • Chief Editor, The Art of Thinking SMART
  • Chief of Intelligence (40ID) California Army National Guard
  • Military Intelligence Officer for the US Army and Army National Guard

Has Written For

Equities.com, US Today from Motley Fool, Midweek, Hawaii Business Magazine, Star Advertiser

Career Highlights

  • InvestmentNews’ 40 Under 40 list of top advisers in the financial planning industry and FIVE STAR Multi-Year Wealth Manager (9-time winner)
  • Deputy Chief of Intelligence and Task Force Leader for California National Guard’s successful response to COVID and the successful response to the largest wildfire season recorded in California's modern history.
  • Created an educational blog ranked #36 of the Top 50 Financial Advisor Blogs and Bloggers by Kitces.com
  • Largest Veteran-Owned Businesses Awardee and Young Business Leader of the Year 40 Under 40 by Pacific Business News; Top 40 Under 40 Military from CivilianJobs.com; Young Professional of the Year from Pacific Edge Magazine.
Eric McWhinnie

Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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