Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • What Credit Score Do I Need for a Discover Credit Card?

    Credit Cards

    What Credit Score Do I Need for a Discover Credit Card?
  • Stimulus Check Update: Biden to Push Additional Aid Upon Taking Office

    Personal Finance

    Stimulus Check Update: Biden to Push Additional Aid Upon Taking Office
  • I’m a Frugal Person, but I’ll Splurge on These 3 Things

    Personal Finance

    I’m a Frugal Person, but I’ll Splurge on These 3 Things
  • Current Mortgage Refinance Rates -- January 20, 2021: Rates Come Down

    Mortgages

    Current Mortgage Refinance Rates -- January 20, 2021: Rates Come Down
  • The Ascent
  • Best Personal Loans for 2020

Best Personal Loans of January 2021

by: Dana George  |  Jan. 12, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

The best personal loans have the perfect combination of low interest rates, terms that fit your budget, and excellent customer service. These are some of the things we look for as we scour the market to find the best personal loan lenders.

If you're like most people, you'll have a lot on your mind as you try to decide on the personal loan that's right for you. In addition to whatever it is you need (or want) to fund, you may wonder about the best rates on personal loans, how to know when you've found the right deal, and whether there's anything about new loans that you should know before signing on the dotted line.

If you're considering a new loan in 2020, you're in the right place. We heavily researched hundreds of personal loan options to bring you the best offers on the market today.

The Ascent's picks of the best personal loans for January 2021:

  • Reducing high interest debt: Upstart
  • Borrowers with good credit: LightStream
  • Low overall APR: Marcus
  • Low APR for borrowers with high income: SoFi
  • Reducing high-interest credit card debt: Payoff
  • Borrowers with poor credit scores: Avant
  • Diverse offerings: FreedomPlus
  • Debt consolidation: Discover Personal Loan
Show The List [+] Hide The List [-]
Ratings Methodology
Lending Partner Best For Rating Min. Credit Score Loan Amounts APR Range Next Steps
Logo for Upstart.

Upstart

Best For:

Reducing high interest debt

Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

580

Loan Amounts:

$1K - $50K

APR Range:

7.98% - 35.99%

Check Rate

On Secure Website.

Logo for LightStream.

LightStream

Best For:

Borrowers with good credit

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$5k-$10k

APR Range:

2.49% - 19.99% (w/AutoPay*)

Check Rate

On Secure Website.

Logo for Marcus.

Marcus

Best For:

Low overall APR

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$3.5k - $40k

APR Range:

6.99% - 19.99%

Check Rate

On Secure Website.

Logo for SoFi.

SoFi

Best For:

Low APR for borrowers with high income

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$5k - $100k

APR Range:

*Fixed: 5.99% to 20.69% APR (with AutoPay)

Check Rate

On Secure Website.

Logo for Payoff.

Payoff

Best For:

Reducing high-interest credit card debt

Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

640

Loan Amounts:

$5k - $40k

APR Range:

5.99% - 24.99%

Read Review
Logo for Avant.

Avant

Best For:

Borrowers with poor credit scores

Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

580

Loan Amounts:

$2k - $35k

APR Range:

9.95% - 35.99%

Read Review
Logo for FreedomPlus.

FreedomPlus

Best For:

Diverse offerings

Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

640

Loan Amounts:

$7.5k - $40k

APR Range:

7.99% - 29.99%

Read Review
Logo for Discover Personal Loan.

Discover Personal Loan

Best For:

Debt consolidation

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$2.5k-$35k

APR Range:

6.99%-24.99%

Read Review

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Logo for Upstart
Apply Now
Best for Reducing high interest debt
Upstart
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

Upstart was started by some former Google employees in 2012 and it immediately became a unicorn in the personal lending industry. Young borrowers with little credit history (but plenty of earning potential) suddenly had access to a lender that took their applications seriously. That's because Upstart's underwriting process is unique -- it takes things like education and career history into account, as well as other factors unrelated to credit score. Read our Upstart review to learn more.

Minimum credit score: 580
Logo for LightStream
Apply Now
Best for Borrowers with good credit
LightStream
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

LightStream's lowest interest rate currently sits at an impressive 3.49%. That fact alone was enough to get this highly flexible lender onto our best loans list. Not only does LightStream offer a wide range of terms, but they also promise no fees or prepayment penalties. Read our full LightStream review to learn more.

Minimum credit score: 660
Logo for Marcus
Apply Now
Best for Low overall APR
Marcus
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

Marcus (a division of Goldman Sachs) targets its products to consumers with good credit scores and plenty of credit history. Marcus offers flexible terms, no prepayment, origination, or late fees, and one of the lowest interest rates on the market. For borrowers with excellent credit, the interest rate can be as low as 6.99%. Read our full Marcus by Goldman Sachs review to learn more.

Minimum credit score: 660
Logo for SoFi
Apply Now
Best for Low APR for borrowers with high income
SoFi
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

For those with excellent credit, SoFi offers personal loans at interest rates as low as 5.99%. Equally impressive is the fact that if you sign up for SoFi's AutoPay interest rate reduction, its highest interest rate tops out at 16.19%, far below most of its competitors. Given that SoFi's average borrower earns more than $100,000 per year and has a credit score over 700, it's no wonder that they offer unemployment protection and don't charge origination fees. If SoFi sounds like your kind of lender, read our full SoFi review to learn more.

Minimum credit score: 660
Logo for Payoff
Read Review
Best for Reducing high-interest credit card debt
Payoff
Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

Payoff is a peer-to-peer lender that issues loans to those looking to get out of credit card debt. Its interest rates are as low as 5.99%, and it offers loans of up to $40,000 for terms of two to five years. If you are saddled with high-interest credit card debt, you may benefit from Payoff's personalized service, which will walk you through the journey out of debt. Read the full Payoff review to learn more.

Minimum credit score: 640
Logo for Avant
Read Review
Best for Borrowers with poor credit scores
Avant
Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

Avant is designed for borrowers who may have trouble securing a personal loan through other lenders. Not only is the minimum credit score relatively low, but Avant offers a fast loan approval time. Read the full Avant review here.

Minimum credit score: 580
Logo for FreedomPlus
Read Review
Best for Diverse offerings
FreedomPlus
Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

According to FreedomPlus, the minimum credit score needed to qualify for one of their personal loans is 640. If you are approved, the lender has no hidden fees and quick funding times. Read our full FreedomPlus review to learn more.

Minimum credit score: 640
Logo for Discover Personal Loan
Read Review
Best for Debt consolidation
Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor

Borrowers with high-interest debt have up to seven years to pay it off by consolidating through a Discover Personal Loan. The downside to repaying a loan over a long period is that you will pay more in interest overall. However, this loan may be the perfect solution for a borrower who wants to keep their monthly payments low in order to live within their budget. Read our full Discover personal loan review to learn more.

Minimum credit score: 660

Let's treat this like the most practical finance class ever and cover the basics of personal loans to help you weigh your personal loan options.

What is a personal loan?

A personal loan is money borrowed from a bank, credit union, or online lender in a lump sum. The best loan rates are usually offered to borrowers with the highest credit scores. The loan is repaid in monthly installments over a set period of time, referred to as the "loan term." While other loan types are used to pay for specific purchases, like a home or vehicle, the best unsecured personal loans can be used for a variety of purposes.

When is a personal loan a good option?

Personal loans are a good idea when you have a clear purpose in mind. For example, the top personal loans can provide a smart, convenient way to pay for repairs to your home or remodeling your house. If you need a loan now, look for one with a streamlined approval process. The very best personal loans of 2020 offer streamlined approval, minimizing the time you have to wait for funds to be deposited into your bank account. That means if you run into a financial roadblock, a personal loan can help you over it.

TIP

Coronavirus hardship loans

If your income was cut due to the coronavirus pandemic, you might qualify for a coronavirus hardship loan.

These are small, low-interest loans designed to help people make ends meet during the pandemic. They can be used to pay rent, buy food, pay off medical bills, or cover other expenses. To find one, you can reach out to one of the lenders on this list, or you can call your bank or credit union and ask about their loan options.

For more information, read our guide to getting a coronavirus hardship loan.

What should I look for in a personal loan?

There is a wide range of personal loan options available, and that's why it pays to know what will benefit you the most. Whether you enjoy excellent credit or are specifically looking for loan options for bad credit, at their core, the best personal loans have three things in common. 

Here's what you should look for:

  1. Low interest rate: The best personal loan lenders offer rates that save you money over the life of the loan. Let's say you need to replace the roof of your house and it's going to cost $20,000. Lender A offers an interest rate of 5.5%, and Lender B offers 6.9%. On a five-year loan, your monthly payment through Lender A would be $382, while it would run to $395 with Lender B. The higher interest rate will only cost you an extra $13 per month, but that small difference amounts to $780 over the life of the loan.
  2. Loan terms that work for you: There is a sweet spot when it comes to personal loans. A longer repayment term usually means a lower monthly payment but the interest rate may be higher and you'll pay more overall. For example, you might find a great rate, but only if you can pay it back in 36 months. If that cuts your budget dangerously close, you might have to turn it down. On the other hand, you don't want the repayment term to be stretched out for too long because the longer it takes you to repay a loan, the more you will pay in interest. The shortest term with the most affordable payment is your personal loan sweet spot.
  3. Low fees: The best personal loan rates mean little if they are coupled with expensive fees. For example, many lenders charge origination fees to cover the cost of processing and distributing your loan. Origination fees range from 1% to 8% of the amount you borrow. Using the scenario above, if you borrow $20,000 to replace a roof, that means you could pay between $200 and $1,600 in origination fees alone. Some of the best personal loan lenders charge no origination fees and keep other costs, like prepayment and late fees, to a minimum.

How to get a personal loan

When you apply for a personal loan, it helps to be prepared. Whether you want to work with a traditional bank, credit union, or peer-to-peer lender, here are the steps to take:

  1. Check your credit score. The higher your score, the better the personal loan rates and terms you will qualify for. Visit AnnualCreditReport.com to receive a free report from all three credit bureaus -- Experian, TransUnion, and Equifax. If you are confident that your credit is high enough to qualify for the best personal loan rates, move on to step #3.
  2. Improve your credit score. If you can get by without a personal loan in the short-term, take the time to improve your score. It could save you thousands of dollars as you'd be able to access the very best loan personal rates. As many as 1 in 5 people find errors in their credit reports, so the first step toward improving your score is to go over your credit reports with a fine-tooth comb. You can also increase your score by paying down debts to reduce your debt-to-income ratio (DTI), using credit only when necessary, and creating a budget that prioritizes debt reduction. 
  3. Gather the items you will be asked to provide. These include identification, proof of income, where you want the money deposited, and how much you want to borrow for your personal loan.
  4. Apply for the loan that best meets your needs. For example, if you need $2,000 for car repairs, look for a lender that offers small loans. If you want to consolidate debt, search for a lender that specializes in consolidation loans and can make the process easier.

Pre-qualifying for a personal loan

Take the opportunity to pre-qualify with several different lenders. If you qualify, lenders will let you know how much you can borrow, the interest rate you will be charged, and how long you will have to repay the loan. Compare pre-qualification offers carefully. If you do not qualify, you can learn what you need to do to improve your odds of getting a personal loan.

What are the alternatives to personal loans?

The best personal loan lenders offer great loan products at a low interest rate, but they are not the only game in town. If you need money to fund a project or pay an unexpected expense, here are two other options:

Credit cards

A credit card can provide fast cash in an urgent situation. If you qualify for a card with a 0% APR introductory offer, you have months (generally between 12 and 18) to pay the debt off with no interest. One caveat: Never use a credit card with a 0% transfer offer unless you are confident you can pay it off in full before the promotional rate expires and the interest rate shoots up to its standard rate.

Secured line of credit 

A secured line of credit can help you snag the best rates for personal loans. That's because a secured line of credit requires you to risk something of value as collateral. It may be your car, home, boat, jewelry, or other property of value. The lender typically charges a lower interest rate because it knows that if you default on payments it can repossess whatever you used as collateral and recoup some of its money.

All financial decisions -- including whether to take out a personal loan -- can have serious implications. Take time to decide if a new loan fits comfortably within your budget before rate shopping the best personal loan for you.

Other personal loans to compare

We recognize that not every one of our best personal loans picks will be right for everyone. Which is why it may be important to also consider quality picks that didn't land a spot on this list. Here are several more picks that may suited to your needs:

  • LendingPoint review: Good for people with low credit scores
  • Upgrade review: Good for debt consolidation and people with fair credit
  • Wells Fargo Personal Loans review: Good for low APRs for Wells Fargo customers

To recap, here are the best personal loans for 2020:

Lending Partner Best For Rating Min. Credit Score Loan Amounts APR Range Next Steps
Logo for Upstart.

Upstart

Best For:

Reducing high interest debt

Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

580

Loan Amounts:

$1K - $50K

APR Range:

7.98% - 35.99%

Check Rate

On Secure Website.

Logo for LightStream.

LightStream

Best For:

Borrowers with good credit

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$5k-$10k

APR Range:

2.49% - 19.99% (w/AutoPay*)

Check Rate

On Secure Website.

Logo for Marcus.

Marcus

Best For:

Low overall APR

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$3.5k - $40k

APR Range:

6.99% - 19.99%

Check Rate

On Secure Website.

Logo for SoFi.

SoFi

Best For:

Low APR for borrowers with high income

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$5k - $100k

APR Range:

*Fixed: 5.99% to 20.69% APR (with AutoPay)

Check Rate

On Secure Website.

Logo for Payoff.

Payoff

Best For:

Reducing high-interest credit card debt

Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

640

Loan Amounts:

$5k - $40k

APR Range:

5.99% - 24.99%

Read Review
Logo for Avant.

Avant

Best For:

Borrowers with poor credit scores

Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

580

Loan Amounts:

$2k - $35k

APR Range:

9.95% - 35.99%

Read Review
Logo for FreedomPlus.

FreedomPlus

Best For:

Diverse offerings

Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

640

Loan Amounts:

$7.5k - $40k

APR Range:

7.99% - 29.99%

Read Review
Logo for Discover Personal Loan.

Discover Personal Loan

Best For:

Debt consolidation

Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. 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.
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. = Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score:

660

Loan Amounts:

$2.5k-$35k

APR Range:

6.99%-24.99%

Read Review

FAQs

  • A personal loan is money you borrow in a lump sum and pay back in regular installments. Unlike an auto loan or a mortgage, a personal loan can be used to pay for a variety of things.

  • The ideal personal loan combines a low interest rate, reasonable repayment terms, and low fees. 

  • The best rates are offered to the most qualified borrowers. Ensure that your credit report is correct and your credit score is high enough to qualify for the loan you want. Remember that lenders will calculate your debt-to-income (DTI) ratio, so keep your debts low in relation to your income. Be prepared to provide supporting documentation, like ID and proof of income. Know how much you need to borrow and where you want the funds deposited. 

  • Yes, depending on your situation. If you're struggling to make ends meet because of the pandemic, you might qualify for a coronavirus hardship loan. See our guide to coronavirus hardship loans for more information on this type of loan.

About the Author

Dana George
Dana George icon-button-linkedin-2x

Dana has been writing about personal finance for more than 20 years, specializing in loans, debt management, investments, and business. Her work has appeared on San Jose Mercury News, The Detroit News, Oakland Tribune, and Dun & Bradstreet. After moving around the globe, she's thrilled to be living in her hometown of Kansas City.

Like this page? Share it!

Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

*Personal Loan Disclaimer

Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.


Marcus by Goldman Sachs Disclaimer
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

LightStream Disclaimer

* Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

© 2020 Truist Financial Corporation. SunTrust, Truist,
LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool