Best Personal Loans of September 2021


Final Verdict

SoFi is our top choice thanks to competitive rates and an easy online application process. But if you don’t have good enough credit, or have excellent top-level credit, you may get better rates shopping around elsewhere.

Because credit scores and borrowed amounts vary, there’s not a perfect lender for everyone. However, if you find a lender like SoFi that’s a good fit for your requirements, you may have found a winner. Check out this personal loan calculator to learn more about what you can expect to pay with SoFi or any of the other best personal loan companies from this list.

Compare Best Personal Loans

Lender APR Range Minimum Loan Amount Maximum Loan Amount Terms Recommended Credit Score
SoFi Best Overall 4.99%–19.63% with autopay $5,000 $100,000 2–7 years Not Available
Marcus by Goldman Sachs Best for Debt Consolidation 6.99%–19.99% $3,500 $40,000 36–72 months Not Available
LightStream Best for Good Credit 2.49%–19.99% with autopay $5,000 $100,000 24–144 months Not Available
Upstart Best for Fair Credit 6.76%–35.99% $1,000 $50,000 3 or 5 years 600
Avant Best for Bad Credit 9.95%–35.99% $2,000 $35,000 24–60 months 600+
Best Egg Best Runner Up 5.99%–29.99% $2,000 $35,000 36–60 months 640
Wells Fargo Best Bank 5.74%–24.24% with relationship discount $3,000 $100,000 12–84 months Not Available
First Tech Credit Union Best Credit Union Starts at 6.70% $500 $50,000 24–84 months Not Available
Loan amounts, APR, and repayment period may vary by loan purpose or type.

What Is a Personal Loan?

A personal loan is a predetermined amount of money given to an individual by a bank or private lender. It is usually unsecured and carries a fixed interest rate. The borrower must agree to the loan rate and terms and make on-time monthly payments until it is fully paid back. A personal loan can be used for a number of things including paying off or consolidating debt, paying medical expenses, or making a large purchase.  

How Do Personal Loans Work?

Personal loans work by lending a borrower money if they meet certain qualifications that are set by the lender. The money is paid back over time with interest. The borrower usually makes monthly payments of principal and interest to repay the loan. A personal loan is often a more affordable option than a credit card because the interest rate is usually lower. 

What Are the Qualification Requirements for a Personal Loan?

Qualification requirements for a personal loan vary based on the loan amount, who is lending the money, and the type of loan. Typical personal loan qualification requirements are:

  • Minimum FICO score usually in the 600s
  • Income requirements 
  • Debt-to-income ratio
  • Address history for the past two years
  • 18+ years old
  • Valid social security number
  • Bank statements showing proof of income and positive banking history

How Much Do Personal Loans Cost?

Some of the fees associated with personal loans are origination fees, prepayment penalties, late fees, and administrative fees. However, not all lenders charge the same fees. It’s important to check with the lender before getting a personal loan. Despite what fees the lender charges, the largest cost is going to be what you’re paying in interest. The average interest rate for a personal loan is 9.58%.


There are literally hundreds, if not thousands, of personal loans available. We researched and reviewed dozens of them before deciding on our top contenders. We chose these specific personal loans as the best personal loans based on the loan amount, loan term, associated fees, interest rate, and application process.

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