Best Personal Loans

Home » Best Personal Loans

Loan amount
$1,000-$50,000

Min. credit score
600

Est. APR
6.18-35.99%

4.8
T&Cs Apply
Upgrade offers personal loans to applicants with bad credit to consolidate their high interest debt and build their credit score. With low application requirements and multiple discounts, Upgrade is a legit and trustworthy subprime lender. 

New users only

Loans: $2,000 - $50,000

APR: 8.99% - 35.99%

Credit score: 680

4.8

Loan amount
$5,000-$100,000

Min. credit score
680

Est. APR
7.99-22.73%

4.8
T&Cs Apply
Qualified borrowers will be hard pressed to find a lender better than SoFi. With its zero fees and great perks like unemployment protection and free financial advising, this an excellent lender with low APR rates. 

New users only

Loan amount
$200-$2,000

Min. credit score
500

Est. APR
279% to 307%

4.3
T&Cs Apply

New users only

LendingPoint

Loans: $2,000 - $36,500

APR: 9.99% - 35.99%

Credit score: 620

4.3

Loan amount
$100-$5,000

Min. credit score
55o

Est. APR
up to 36%

4.3

New users only

Loan amount
$250 - $5,000

Min. credit score
500

Est. APR
199% - 349%

4.0
T&Cs Apply
Credit Ninja loans; Online loan application for Americans with low credit. Quick application and fast funds.

New users only

Loan amount
$1,000-$3,000

Min. credit score
570

Est. APR
185% and 225%

4.0

New users only

eLoanWarehouse

Loans: $300 - $2,500

APR: 5.99% - 25.99%

Credit score: 650+

3.8

OppLoans

Loans: $500-$4,000

APR: 160-179%

Credit score: No minimum credit score

3.8

These are the best personal loans of 2023

What Is A Personal Loan?

A personal loan is a money borrowed from that you take out from a bank or an alternative lender to finance a large purchase for a car or a home renovation, pay for college, consolidate high interest debt or simply need a loan for an emergency. These loans can be offered by financial institutions like banks, credit unions or alternative lenders. 

When you apply for a personal loan with a reputable lender, you will need to provide your current salary, length of employment bank account information, and other relevant information. Online lenders might have the option for you to login to your bank account with in the application for what is known as KYC or know your customer. This is used to verify your identity as well as complete income verification and other underwriting requirements. If the lenders does not offer this option they will usually ask you to upload various bank statements to prove that the information you are providing is authentic.

Once your applications has been reviewed, they will provide you with a lending decision and an estimate of the interest rate. In other words, if you have been approved for a lone, for how much and at what rate. Loans can vary from $5,000 to $100,000 with interest rates from 6% to 36% depending on your credit score. 

What credit score do I need to get approved for a loan?

Your credit score is one factor that lenders consider when approving a personal loan. However, there are other factors, such as your income and debt-to-income ratio, that can also affect your approval. Credit scores range from 300-900 and the higher your credit the more likely your chance of approval for a loan. Typically to be approved by most lenders you will need a credit score of 650 or higher. If your credit score is below 600, you may be more likely to be approved for for short-term or payday loans. Be careful of the interest rates as they can be dangerously high. 

What is the average interest rate on a personal loan?

Personal loan interest rates range from 6% to 36% and generally depend on your financial profile. In order to be approved for a loan at 6% you would need to have excellent credit (750+), a steady income and strong credit history. 

Loans at rates above 18% are available to people with lower credit scores, but they will also incur higher interest payments. It is important to compare the interest rates of different loans before you apply as interest rates can vary significantly from lender to lender.

What Is The Principal Amount Of A Personal Loan?

The principal amount of a personal loan is the amount you borrow in total. This amount can be anything from $5,000 to $100,000 and will depend on your financial needs and credit score. The longer the term of the loan, the more expensive the interest rate will be. Most loans have a term of between 6 and 36 months.

We always recommend you know your credit score and compare personal loans from multiple lenders before applying. See our picks for the best personal loans

How long will it take to receive my personal loan?

The length of time it takes to receive a personal loan generally depends on the lender’s lending criteria. Generally, loans are approved within minutes and can be funded within hours.

How do I pay back my loan

Typically, you will have to make monthly loan payments. The amount of the payment and the frequency of the payments will depend on your loan agreement. Most personal loans come with flexible terms that allow you to make lump sum or periodic payments.

When Should I Refinance My Personal Loan?

If you’re not satisfied with the interest rate or terms of your current personal loan, it’s always a good idea to get a new mortgage or personal loan refinancing before your original term expires. It’s important to know that interest rates and terms can change frequently, so it’s worth checking in with multiple lenders to see what offers are available to you.

Why trust CreditPug? We are an independent editorial team with a mission to educate Americans on the importance of good personal finance.