Advertisers disclosure

Best Personal Loans of June 2024

Traditional banks, credit unions, and online lenders offer personal loans, usually varying between $1,000 and $50,000. Some lenders even provide loans up to $100,000. A WorkingCapital survey indicates that over 70% of Americans opt for loans under $20,000. Additionally, the process is swift, with many personal loans being disbursed in just a few business days, ensuring quick access to the funds you require.

Picture of William Stern
William Stern

Editor, Working Capital Staff

November 20, 2023

Editor’s note: At WorkingCapital, our revenue is partly generated through commissions earned from affiliate links. It’s important to clarify that these commissions have no impact on the views or evaluations made by our editorial team.

Our editorial integrity is paramount. We offer unbiased evaluations and insights, unaffected by advertisers. Our method is based on a data-driven approach, guaranteeing uniform and equitable evaluation of all financial entities and products. To gain insight into our editorial principles and the particular criteria employed in our reviews, please consult our Evaluation Method.

Best Personal Loans

BEST FOR A RANGE OF REPAYMENT TERMS

Avant

Compare Rates

On Avant's Website

Compare Rates

On Avant's Website

Minimum Credit Score

580

APR Range

9.95% to 35.99%

Loan Amount

$2,000 to $35,000

Why We Picked It
Pros & Cons
Details

BEST FOR LOANS AS LOW AS $1,000

Upstart

Compare Rates

On Upstart's Website

Compare Rates

On Upstart's Website

Minimum Credit Score

300

APR Range

5.20% to 35.99%

Loan Amount

$1,000 to $50,000

Why We Picked It
Pros & Cons
Details

BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS

Discover

Compare Rates

On Discover's Website

Compare Rates

On Discover's Website

Minimum Credit Score

660

APR Range

7.99% to 24.99%

Loan Amount

$2,500 to $40,000

Why We Picked It
Pros & Cons
Details

BEST FOR COMPARING MULTIPLE OFFERS

Universal Credit

Compare Rates

On Universal Credit's Website

Compare Rates

On Universal Credit's Website

Minimum Credit Score

580

APR Range

11.69% to 35.99%

Loan Amount

$1,000 to $50,000

Why We Picked It
Pros & Cons
Details

BEST FOR BAD CREDIT

Upgrade

Compare Rates

On Upgrade's Website

Compare Rates

On Upgrade's Website

Minimum Credit Score

580

APR Range

8.49% to 35.99%

Loan Amount

$1,000 to $50,000

Why We Picked It
Pros & Cons
Details

BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT

LendingPoint

Compare Rates

On LendingPoint's Website

Compare Rates

On LendingPoint's Website

Minimum Credit Score

600

APR Range

7.99% to 35.99%

Loan Amount

$2,000 to $36,500

Why We Picked It
Pros & Cons
Details

BEST FOR LOW INTEREST RATES

LightStream

Compare Rates

On LightStream's Website

Compare Rates

On LightStream's Website

Minimum Credit Score

660

APR Range

7.99% to 25.49%

Loan Amount

$5,000 to $100,000

Why We Picked It
Pros & Cons
Details

BEST OVERALL PERSONAL LOAN

Sofi

Compare Rates

On Sofi's Website

Compare Rates

On Sofi's Website

Minimum Credit Score

650

APR Range

8.99% to 25.81%

Loan Amount

$5,000 to $100,000

Why We Picked It
Pros & Cons
Details
CompanyBest ForMinimum Credit ScoreAPRLoan Amount
Avant

Avant

Best for a range of repayment terms5809.95% to 35.99%$2,000 to $35,000
Upstart

Upstart

Best for loans as low as $1,0003005.20% to 35.99%$1,000 to $50,000
Discover

Discover

Best for no interest if repaid within 30 days6607.99% to 24.99%$2,500 to $40,000
Universal Credit

Universal Credit

Best for comparing multiple offers58011.69% to 35.99%$1,000 to $50,000
Upgrade

Upgrade

Best for bad credit5808.49% to 35.99%$1,000 to $50,000
LendingPoint

LendingPoint

Best for fast funding & below-average credit6007.99% to 35.99%$2,000 to $36,500
LightStream

LightStream

Best for low interest rates6607.99% to 25.49%$5,000 to $100,000
Sofi

Sofi

Best overall personal loan6508.99% to 25.81%$5,000 to $100,000

As of November 20, 2023, the information provided on personal loan rates and details is current. We frequently update these details, but it’s important to note that the annual percentage rates (APRs) and specific loan features might have changed since the last revision of this page. Remember, certain rates and terms may be exclusively offered by lenders for specific loan objectives. Before submitting your application, make sure to verify the available APRs and loan specifics for your intended loan purpose with your lender.

Guidelines for Evaluating Personal Loans

Consider these tips when comparing personal loans:

  • Where possible, prequalify. Many personal loan providers offer prospective borrowers the ability to prequalify for a loan. This means the applicant can submit details about their financing needs, income, housing situation and other relevant information to find out what kind of loan amounts, rates and repayment terms they are likely to qualify for. Even better, this process typically only requires a soft credit inquiry so you can shop around without hurting your credit score.

  • Consider the purpose of your loan. While personal loans can be used for a pretty broad range of purposes, they are limited to things like consumer debt consolidation, home improvements, vacations, weddings, funerals, large purchases and other personal expenses. For that reason, lenders often restrict the use of personal loans for postsecondary education expenses, business purposes and illegal activities, at a minimum. When considering a lender, confirm that your intended use of the loan is permissible under its borrower agreement.

  • Keep an eye out for additional fees. Some lenders offer fee-free personal loans that don’t require borrowers to pay origination fees, late payment fees, prepayment penalties or any other common loan costs. However, this is more the exception than the rule, so it’s important to ask about fees when shopping for the best loan terms. And, if a lender charges an origination fee, find out whether it’s built into the APR or taken out of the loan amount prior to funding, as this may impact the loan amount you need to request.

  • Evaluate the lender’s customer support options. If you’ve found a lender that’s prepared to offer the money you need at acceptable terms, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal in the honeymoon phase of your loan, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews from past and current borrowers to make sure it’s a good fit.