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Credible
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Credible Highlights

  • Click "GET MY RATE" to find your unique personal loan rate on Credible's site, secured with 256-bit encryption

  • Personalized rates from up to 17 vetted lenders in 2 minutes, ranging from 5.40% APR to 35.99% APR, all for free

  • Credible is best for those who value dedicated customer service throughout the loan process
  • Credible will give you $200 bonus if you close with a better rate elsewhere*

  • Outstanding customer service to help with your loan requests

  • No impact to your credit score to check personalized rates

*See Credible’s site for full Terms & Conditions on the personal loans “best rate guarantee” deal. ⓘ Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
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3
SoFi
  • Max Loan: $100,000
  • APR: 5.74% - 35.99%
  • Loan Term: 24-60 months
  • Loan fee: no
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SoFi Highlights

  • Sofi is a popular digital lender with low rates, no origination fees, no prepayment fees, or other "hidden fees"

  • SoFi allows you to view rates in as little as 60 seconds

  • To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score.

  • With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.

  • No impact to your credit score for checking rates
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LightStream
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LightStream Highlights

  • Click "GET MY RATE" to find your personal loan rate for LightStream on our secure partner site, Credible.

  • LightStream offers personal loans for practically any need, which includes home renovations, credit card consolidation, auto refinancing, medical bills, and more

  • LightStream offers a joint application option and an autopay discount
  • You can get your money as soon as the same day your loan is approved
  • Perfect for those with excellent

  • No origination, prepayment, or late fees

  • No impact to your credit score for checking rates
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5
LendingClub
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LendingClub Highlights

  • Click "GET MY RATE" to find your personal loan rate for LendingClub on our secure partner site, Credible.

  • LendingClub has issued over $60 billion is personal loans

  • Over 3,000,000 customers
  • You can get your money on the same day your loan is approved
  • Low, fixed rates and fixed monthly payments

  • Small origination fee of 3% to 6%

  • No impact to your credit score for checking rates
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offer not available
  • Max Loan: $40,000
  • APR: 7.95% - 35.99%
  • Loan Term: 36-60 months
  • Loan fee: yes
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Prosper Highlights

  • Prosper is a popular peer-to-peer lending platform that offers loans to borrowers with 640+ credit scores

  • Offers low interest, fixed term loans ranging from $2,000 to $40,000

  • Low, fixed rates and fixed monthly payments
  • Over $18 billon borrowed all-time

  • Borrowers can receive their money in as little as 3 days after accepting a personal loan offer

  • No impact to your credit score for checking rates
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MagnifyMoney
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MagnifyMoney Highlights

  • Free, personalized rates and offers in minutes

  • Easy to apply and funding as fast as 24 hours

  • Great for borrowers with fair/good/excellent credit
  • Nationwide lender network

  • Customer-rated lender reviews

  • No impact to your credit score for getting rates
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Bankrate
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Bankrate Highlights

  • 100% free to get your personal loan rate with Bankrate

  • Great for borrowers with fair/good/excellent credit

  • Fast & easy way to find a personal loan
  • Take just two minutes to answer questions about yourself and the loan you need. This service is free, and it won't affect your credit score.

  • Your info protected with bank-level security

  • Of the 32 lenders reviewed, 12 made Bankrate's list of best personal loans. Get your best rate from Bankrate's network of 12 top-rated lenders.
IMPORTANT Bankrate DISCLOSURE: Bankrate is NOT a direct lender.
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Best Overall Choice:

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No Hidden Fees
Won’t Harm Credit Score

Best Personal Loan Companies for 2021

Although it’s hard to go wrong with any of the top-rated loan companies on this page, here are the top two choices:

What Can I use a Personal Loan For?

Personal loans can be used for almost anything! Some of the most popular uses include:

  • Credit card debt consolidation
  • Major purchase
  • Home improvements and renovations
  • Pay for a wedding
  • New boat, RV, or other item that typically doesn’t have financing
  • Medical bills
  • Virtually any other reason

According to research by Finder, roughly 83.5 million Americans have personal loans, with the most common use being credit card debt consolidation. Typically, credit cards can have APRs above 35%. Personal loans, on the other hand, typically have APRs around 7% to 30%.

Many Americans would rather pay 7% annually to borrow money, and use this borrowed money to pay off their higher interest debts, like credit cards.

Should I Get a Personal Loan?

Personal loans, often called “unsecured personal loans,” are loans that are issued to individuals based on their creditworthiness. One of the best things about personal loans is that there is no collateral involved. You don’t have to use your house, car, or any other asset to receive a personal loan.

We spent 500+ hours searching for the best personal loans of 2021, because not all personal loans are made equal. Many shady online lenders have high variable rates and lots of hidden fees. None of the lenders on this page have hidden fees, and all are highly rated and respected.

If you need to consolidate debt, finance a purchase or major event like a wedding, or if you just need cash, personal loans are a great option. The typical interest rates for personal loan range from 3.84% to 35.99%. This is significantly lower than the typical APR for a credit card, which is another common form of borrowing.

Personal Loan Myths

One of the most common misconceptions about personal loans is that they somehow negatively effect your credit score.

For most cases, this is not true. There’s often no impact on your personal credit score to see if you qualify for a personal loan. And once you receive your personal loan funds, and you begin to make timely monthly repayments, your credit score can actually improve.

The only way a loan can harm your credit score is if you fail to make your payments.

Summary: Best Loan Companies for 2021

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