Finding the best personal loans starts with identifying what matters for your specific borrowing situation. A lender with a low advertised APR may look attractive, yet the rate you actually qualify for can depend on your credit history, income, existing debts, requested loan amount, repayment period, and other underwriting factors.
Fees deserve equal attention. An origination fee can reduce the amount of cash you actually receive, while a longer repayment period may lower your monthly payment yet increase the total interest paid. The Consumer Financial Protection Bureau recommends reviewing loan disclosures and comparing fees and terms across lenders before accepting a personal installment loan.
The lenders below represent several options for borrowers seeking competitive rates, high borrowing limits, small loans, fee-free borrowing, or flexible qualification criteria. Advertised terms can change, so checking the lender's current disclosures before applying remains important.
Best Personal Loans Compared
| Lender | Best Fit | Advertised APR | Loan Amount | Origination Fee |
|---|---|---|---|---|
| SoFi | High borrowing limits | 6.99%–35.49% | $5,000–$100,000 | 0%–7% |
| Wells Fargo | Bank customers seeking branch access | 6.74%–26.74% with qualifying discount | $3,000–$100,000 | None |
| Discover | Borrowers who want no lender fees | 7.99%–24.99% | $2,500–$40,000 | None |
| Upstart | Small loans and broader underwriting factors | 6.3%–35.99% | $1,000–$75,000 | Varies by offer |
| Best Egg | Borrowers interested in unsecured or secured options | 6.99%–35.99% for personal loans | $2,000–$50,000 | Up to 9.99% |
| Upgrade | Joint applications and flexible repayment periods | 7.74%–35.99% | Up to $50,000 | 1.85%–9.99% |
| Prosper | Marketplace-based borrowing | 8.99%–35.99% | Up to $50,000 | 1%–9.99% |
Rates and terms shown reflect lender information available in August 2026 and can change. Approval and final terms depend on the lender's underwriting criteria.
SoFi: Best for High Loan Amounts
SoFi may suit borrowers who need a large unsecured loan. Its personal loans range from $5,000 to $100,000, giving qualified applicants one of the highest borrowing limits among the lenders reviewed here.
As of July 2026, SoFi advertised fixed APRs from 6.99% to 35.49% after applicable autopay and member discounts. The lender states that the APR can include an origination fee ranging from 0% to 7%, deducted from loan proceeds.
Checking available rates initially uses a soft credit inquiry. Moving ahead with a full application can trigger a hard credit inquiry, which may affect your credit score.
Key details:
- Loan amounts: $5,000 to $100,000
- Advertised APR: 6.99% to 35.49% with stated discounts
- Origination fee: 0% to 7%
- Soft credit inquiry available for checking rates
- Fixed-rate loans
SoFi may work well for borrowers seeking a larger loan, though applicants should compare the final APR and any origination fee attached to their individual offer.
Wells Fargo: Best for Existing Bank Customers
Wells Fargo combines large loan limits with physical branches, which may suit borrowers who prefer access to traditional banking services.
The bank currently advertises personal loans ranging from $3,000 to $100,000 with repayment periods from 12 to 84 months. Advertised APRs range from 6.74% to 26.74% when a qualifying relationship discount is applied. Wells Fargo states that the lowest advertised APR assumes excellent credit and includes a 0.25 percentage-point relationship discount.
The bank does not charge origination, closing, or prepayment fees on its personal loans. Its relationship discount requires a qualifying Wells Fargo consumer checking account and automatic payments from a Wells Fargo deposit account.
Key details:
- Loan amounts: $3,000 to $100,000
- Terms: 12 to 84 months
- Advertised discounted APR: 6.74% to 26.74%
- No origination or closing fees
- No prepayment penalty
- Qualifying customers may receive a relationship discount
Borrowers comparing personal loan rates should check their actual offer instead of assuming they will receive the advertised minimum APR.
Discover: Best for Avoiding Lender Fees
Discover may be worth checking for borrowers who place a high priority on avoiding fees.
Discover currently provides personal loans from $2,500 to $40,000 with repayment periods from 36 to 84 months. Its advertised fixed APR range is 7.99% to 24.99%. Discover states that its personal loans have no fees.
Discover also allows qualified borrowers to send funds directly to many creditors when using the loan for consolidation. Restrictions apply to certain debts, including specified Capital One and Discover accounts and post-secondary education expenses.
Applicants need at least $25,000 in individual or household annual income, along with other eligibility requirements. Approval still depends on factors including credit history, debt-to-income ratio, income, and application information.
Key details:
- Loan amounts: $2,500 to $40,000
- Terms: 36 to 84 months
- Advertised APR: 7.99% to 24.99%
- No lender fees
- Direct creditor payment available for eligible debts
- Minimum stated individual or household annual income: $25,000
Among the unsecured personal loans reviewed here, Discover has a relatively straightforward fee structure because it does not charge origination fees.
Upstart: Best for Small Loans
Upstart may suit borrowers who need a relatively small personal loan or want a lending platform that evaluates factors beyond a traditional credit score alone.
Upstart currently facilitates loans ranging from $1,000 to $75,000, although state-specific minimums and maximums can apply. Its unsecured personal loans advertise fixed APRs from 6.3% to 35.99% with three-year or five-year terms.
Upstart says its underwriting model may evaluate credit, income, employment, education, and other information. Upstart itself is not the lender. Loans available through its marketplace are issued by regulated financial institutions.
Checking a rate uses a soft credit inquiry. Proceeding after receiving an offer results in a hard inquiry.
Key details:
- Loan amounts: generally $1,000 to $75,000
- Advertised APR: 6.3% to 35.99%
- Terms: three or five years
- State-specific loan limits may apply
- No prepayment penalty
- Soft credit inquiry when checking rates
Upstart says 65% of customers in June 2026 had their funds transfer initiated within 24 hours after approval and signing. Actual availability depends on bank processing.
Best Egg: Best for Borrowers Exploring Secured Options
Best Egg provides personal loans from $2,000 to $50,000. Its current personal loan calculator displays APRs from 6.99% to 35.99% and states that an origination fee of up to 9.99% may be deducted from loan proceeds.
Best Egg is also notable because secured borrowing may be available to some applicants. This can matter for borrowers comparing secured financing against standard unsecured loans.
Using collateral changes the risk considerably. Failing to repay a secured loan according to its agreement could put the pledged property at risk.
Key details:
- Loan amounts: $2,000 to $50,000
- Advertised APR: 6.99% to 35.99%
- Origination fee: up to 9.99%
- Unsecured personal loans available
- Secured options may be available to eligible applicants
Applicants should account for the origination fee when deciding how much they need to borrow. A fee deducted from the proceeds means the cash deposited into your account may be lower than the original loan amount.
Upgrade: Best for Joint Applications
Upgrade may suit borrowers who want to apply with another person. The company accepts joint applications and states that both applicants' credit profiles are evaluated. Both borrowers become responsible for repayment.
Upgrade advertises APRs from 7.74% to 35.99% and repayment periods from 24 to 84 months. Origination fees range from 1.85% to 9.99% and are deducted from loan proceeds.
The lowest advertised rates have additional conditions, including autopay and direct repayment of part of existing debt. Certain discounts can require collateral.
Key details:
- Loans available up to $50,000
- Advertised APR: 7.74% to 35.99%
- Terms: 24 to 84 months
- Origination fee: 1.85% to 9.99%
- Joint applications accepted
- No early payoff fee
A joint application may strengthen an application in some situations, though both applicants take responsibility for the debt.
Prosper: Best for Marketplace-Based Personal Loans
Prosper operates a personal loan marketplace, with loans issued by WebBank.
Personal loans through Prosper currently carry APRs from 8.99% to 35.99%. Available terms range from two to six years, correcting the shorter two-to-five-year range shown in the supplied reference article. Origination fees range from 1% to 9.99%.
Eligible borrowers may request loans up to $50,000. Prosper states that eligibility can depend on credit rating, income, monthly expenses, financial history, and other application information.
Key details:
- Loans up to $50,000
- Advertised APR: 8.99% to 35.99%
- Terms: two to six years
- Origination fee: 1% to 9.99%
- Loans issued by WebBank
Prosper reported an average APR of 24.19% for its three-year loans funded from January through March 2026. That figure illustrates why shoppers should focus on the APR they personally receive rather than the lowest advertised rate.
How to Compare the Best Personal Loans
A useful personal loan comparison should look beyond the minimum advertised interest rate. The lowest number on a lender's website may only be available to highly qualified applicants.
Focus on these factors before accepting an offer.
Compare APR Instead of Interest Rate Alone
APR is one of the clearest tools for comparing borrowing costs because it incorporates interest and certain fees into an annualized percentage.
The CFPB explains that APR can help borrowers compare costs across different credit products.
This becomes especially important when one lender charges an origination fee and another does not.
Check Origination Fees
An origination fee is generally deducted from the proceeds before you receive the money.
For instance, borrowing $10,000 with a 5% origination fee could result in $9,500 in proceeds before accounting for any other applicable terms.
The CFPB lists origination fees among the charges borrowers may encounter on personal installment loans and recommends reviewing lender disclosures before agreeing to a loan.
Compare Repayment Periods
A longer repayment period generally reduces the required monthly payment, yet keeping debt outstanding longer can increase total interest costs.
A shorter term typically requires larger monthly payments while potentially reducing the total amount of interest paid.
Compare both the monthly payment and total repayment cost before choosing a term.
Check the Amount You Will Actually Receive
If a lender deducts an origination fee from your proceeds, the amount deposited into your account may be less than the amount borrowed.
This matters if you need an exact dollar amount for debt consolidation, repairs, or another expense.
Use Prequalification When Available
Several personal loan lenders allow prospective borrowers to check potential rates using a soft credit inquiry. A soft inquiry typically does not lower a credit score.
Submitting a complete application may lead to a hard credit inquiry, which can affect your score. Upstart and SoFi explicitly distinguish between these two stages in their current disclosures.
Can Personal Loans Help With Debt Consolidation?
Debt consolidation loans can combine several eligible debts into one installment loan with one scheduled payment.
This strategy may reduce interest costs if the new APR is lower than the rates on the debts being repaid. It may also simplify monthly payments.
Still, a lower monthly payment does not automatically mean a lower total cost. Extending repayment over a longer period can result in additional interest over time.
Before consolidating debt, compare:
- APR on the new loan
- APRs on existing debts
- Origination fee
- New monthly payment
- Repayment period
- Total projected repayment cost
Debt consolidation tends to work best when the new financing improves the borrower's overall repayment situation rather than simply extending existing debt.
What Credit Score Do You Need for a Personal Loan?
There is no universal minimum credit score for personal loans.
Each lender sets its own underwriting standards, and credit score may be only one part of the decision. Income, existing debt, payment history, requested amount, loan purpose, and other factors can influence approval and pricing.
Strong credit may improve the chance of qualifying for low interest personal loans, yet advertised minimum APRs should not be treated as guaranteed rates.
Some lenders also do not publicly state one fixed minimum credit score. For that reason, assigning a single score such as 580 or 620 to personal loans as a whole can give borrowers an inaccurate expectation.
What Can You Use a Personal Loan For?
Personal loans can commonly fund expenses such as:
- Debt consolidation
- Home repairs or improvements
- Medical expenses
- Moving costs
- Major purchases
- Certain unexpected expenses
Individual lenders can restrict how loan proceeds are used. Borrowers should check the loan agreement rather than assume every personal loan permits every purpose.
Using borrowed money for discretionary spending can also become expensive once interest and fees are included.
Personal Loan Alternatives
A personal loan may not fit every financing need. Depending on the expense and your financial position, alternatives can include a 0% introductory APR credit card, home equity financing, a personal line of credit, or savings.
A 0% introductory APR credit card may work for an expense you can repay during the promotional period. Home equity financing may carry different pricing, yet it uses your home as collateral and therefore introduces a different level of risk.
The right financing method depends on the amount needed, repayment timeline, available rates, fees, and your ability to make payments.
Personal Loan Warning Signs to Watch For
Be cautious of companies claiming that approval is guaranteed regardless of your financial history, especially when they demand payment before providing the promised loan.
The Federal Trade Commission warns that advance-fee loan scammers may claim that borrowers are guaranteed financing after paying a processing, insurance, application, or similar charge. Legitimate lenders can charge certain application-related fees, yet paying a fee does not guarantee approval.
The FTC recommends verifying that a lender is registered to operate in your state through your state attorney general or state banking or financial services regulator.
Payday loans also deserve caution. According to the CFPB, payday finance charges can range from $10 to $30 per $100 borrowed depending on applicable state law. A $15 charge per $100 on a two-week loan corresponds to an APR of nearly 400%.
Frequently Asked Questions
Which Personal Loan Has the Lowest Interest Rate?
There is no single lender that will provide the lowest rate to every borrower. Among the lenders reviewed here, advertised minimum APRs currently start as low as 6.3% through Upstart and 6.74% at Wells Fargo with its stated qualifying discount. Final APRs depend on borrower qualifications and loan terms.
Can Checking Personal Loan Rates Hurt Your Credit?
Not necessarily. Many lenders use a soft credit inquiry during initial rate checking or prequalification, which generally does not affect your credit score. Completing a formal application can result in a hard credit inquiry.
Are Personal Loans Secured or Unsecured?
Most standard personal loans are unsecured, meaning they do not require collateral. Some lenders provide secured alternatives. Discover describes personal loans generally as unsecured while noting that some lenders provide secured personal loan options.
Is an Origination Fee Included in APR?
APR accounts for the cost of credit on an annual basis and can reflect applicable loan fees. An origination fee may also be deducted directly from the loan proceeds, so borrowers should review both the APR and the amount they will actually receive.
How Much Can You Borrow With a Personal Loan?
Loan limits vary considerably. Among the options reviewed here, Upstart advertises amounts from $1,000 to $75,000, while SoFi and Wells Fargo advertise loans reaching $100,000 for qualified borrowers. Approval for the maximum amount is not guaranteed.
Choosing a Personal Loan That Fits Your Finances
The best personal loans depend on the borrower rather than one lender winning every category. SoFi and Wells Fargo provide high maximum loan amounts. Discover eliminates lender fees. Upstart provides relatively small starting loan amounts. Upgrade accepts joint applications, while Prosper provides marketplace-based borrowing.
Start by checking the APR, origination fee, repayment period, monthly payment, total repayment cost, and net proceeds. Prequalifying with several lenders can help you compare potential terms before submitting a full application.
Most importantly, borrow an amount that fits comfortably within your budget. A competitive APR can reduce borrowing costs, yet the loan still creates a repayment obligation that may last several years.
