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| APR range | 6.40% - 35.99% |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 36 and 60 months |
| Origination fee | 0.00% - 12.00% |
| Min. credit score | 300 |
| Pros | Cons |
|---|---|
Competitive interest rates (starting at 6.40%) May receive funds in one business day May work with low-credit borrowers | High maximum interest rate (35.99%) Limited repayment terms (36 and 60 months) Charges origination fees (0.00% - 12.00%) |
To receive a personal loan from Upstart, you’ll need to fit the following criteria:
| APR range | 6.99% - 35.99% |
| Loan amounts | $2,000 - $50,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.00% - 7.99% |
| Min. credit score | 560 |
| Pros | Cons |
|---|---|
Allows for co-applicants Flexible loan amounts ($2,000 - $50,000) No prepayment penalties | Charges an origination fee (1.00% - 7.99%) Funding may take up to three days Not available in Iowa or West Virginia |
To receive a personal loan from Prosper, you and your co-applicant (if you have one) will need to meet the following eligibility requirements:
| APR range | 7.49% - 25.49%* with autopay |
| Loan amounts | $5,000 - $100,000** |
| Loan terms | 24 to 144 months* |
| Origination fee | No origination fee |
| Min. credit score | Not specified |
| Pros | Cons |
|---|---|
Doesn’t charge any fees Large maximum loan amounts ($100,000) Competitive interest rates (7.49% - 25.49%) | Doesn’t offer prequalification May not use funds for education or business purposes Those with low credit scores won’t qualify |
LightStream doesn’t offer specifics on its personal loan requirements; however, you will need a high credit score to be eligible.*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
| APR range | 7.99% - 24.99% |
| Loan amounts | $2,500 - $40,000 |
| Loan terms | 36 to 84 months |
| Origination fee | No origination fee |
| Min. credit score | 720 |
| Pros | Cons |
|---|---|
Funding within one business day after loan acceptance Competitive interest rates No origination fees | Low maximum borrowing amount Borrowers with low credit may not qualify Doesn’t offer joint applications |
To receive a personal loan from Discover, you’ll need to follow these requirements:
| APR range | 7.99% - 35.99% |
| Loan amounts | $2,000 - $36,500 |
| Loan terms | 24 to 72 months |
| Origination fee | 0.00% - 10.00% |
| Min. credit score | 660 |
| Pros | Cons |
|---|---|
May receive funds within one business day of approval Flexible loan terms (24 to 72 months) No prepayment penalties | Charges an origination fee of 0.00% - 10.00% Low maximum loan amount ($36,500) Not available in Nevada or West Virginia |
If you want to qualify for a loan with LendingPoint, you’ll need to meet the following criteria:
| APR range | 7.99% - 17.99% |
| Loan amounts | $600 - $50,000 |
| Loan terms | 12 to 60 months |
| Origination fee | None |
| Min. credit score | 700 |
| Pros | Cons |
|---|---|
Doesn’t charge origination fees Low borrowing amounts ($600) Option to apply with a co-applicant | Will need to become credit union member Charges a late payment fee Isn’t clear about some of its eligibility criteria |
| APR range | 8.49% - 35.99%* with autopay |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 24 to 84 months |
| Origination fee | 1.85% - 9.99% |
| Min. credit score | 580 |
| Pros | Cons |
|---|---|
Low credit score requirement Loan terms up to 84 months May receive funds within one business day of approval | Origination fee as high as 9.99% High maximum APR of up to 35.99% |
Aside from its 580 credit score requirement, Upgrade also specifies that consumers will need to meet the following criteria:
| APR range | 8.99% - 25.81%* with autopay |
| Loan amounts | $5,000 - $100,000* |
| Loan terms | 24 to 84 months |
| Origination fee | 0.00% - 6.00% |
| Min. credit score | 680 |
| Pros | Cons |
|---|---|
Doesn’t charge borrowers any required fees May receive funds same day as approval Loan amounts as high as $100,000 | Those with low credit may not qualify No physical branches High minimum loan amount ($5,000) |
| APR range | 8.99% - 35.99% |
| Loan amounts | $2,000 - $50,000 |
| Loan terms | 36 to 60 months |
| Origination fee | 0.99% - 8.99% |
| Min. credit score | 600 |
| Pros | Cons |
|---|---|
Competitive interest rates (8.99% - 35.99%) Flexible loan amounts of $2,000 - $50,000 Funding within 24 hours after loan approval | Not available in Iowa, Vermont, West Virginia or the District of Columbia Charges an origination fee of 0.99% - 8.99% 700 credit score and income of over $100,000 required for lowest APR |
To qualify for a loan with Best Egg, you must meet the following requirements:
| APR range | 8.99% - 35.99% |
| Loan amounts | $5,000 - $50,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.99% - 6.99% |
| Min. credit score | 620 |
| Pros | Cons |
|---|---|
Competitive interest rates (8.99% - 35.99%) Same-day credit approval Offers multiple interest rate discount options | High minimum borrowing amount of $5,000 May take up to 72 hours to receive funds after approval Charges origination fee of 1.99% - 6.99% |
Other than Achieve‘s minimum credit score requirement, you’ll also have to offer this lender:
| APR range | 9.57% - 35.99% |
| Loan amounts | $1,000 - $40,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 3.00% - 8.00% |
| Min. credit score | 600 |
| Pros | Cons |
|---|---|
Option to file a joint application Small loan amounts available Can pay old creditors directly with debt consolidation loans | High maximum APR of 35.99% Charges origination fee of 3.00% - 8.00% Funding can take several days |
To qualify for a LendingClub personal loan, you’ll need to be a U.S. citizen, permanent resident or someone living in the U.S. with a valid, long-term visa. You’ll also need to verify the following information:
| APR range | 9.95% - 35.95% |
| Loan amounts | $2,000 - $35,000 |
| Loan terms | 12 to 60 months |
| Origination fee | Up to 4.75% |
| Min. credit score | 580 |
| Pros | Cons |
|---|---|
Low minimum credit score requirement Funding within 24 hours of loan approval No prepayment penalty | May have to pay an origination fee (Up to 4.75%) Loan amounts only up to $35,000 No option to add a co-borrower or cosigner |
| APR range | 11.72% - 24.67% |
| Loan amounts | $5,000 - $40,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.50% - 6.25% |
| Min. credit score | 640 |
| Pros | Cons |
|---|---|
Doesn’t charge application or late fees No prepayment penalties Competitive interest rates (11.72% - 24.67%) | Charges origination fee of 1.50% - 6.25% Funds can only be used for credit card refinancing Doesn’t offer joint applications |
One of the positives about Happy Money is how clear it is around its eligibility requirements.
| APR range | 13.39% - 24.91% |
| Loan amounts | $10,000 - $200,000* |
| Loan terms | 36 to 120 months |
| Origination fee | 2.00% - 4.00% |
| Min. credit score | 660 |
| Pros | Cons |
|---|---|
High maximum loan amount of $200,000 Flexible loan terms (36 to 120 months) Zero prepayment penalties or application fees | High minimum loan amount of $10,000 Doesn’t offer loans in Illinois or Maryland May take up to five business days to receive funds |
While BHG isn’t entirely clear about its eligibility requirements for a personal loan, here’s what you’ll need when you apply:
| APR range | 14.10% - 35.99% |
| Loan amounts | $3,500 - $40,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 0.00% - 8.00% |
| Min. credit score | 680 |
| Pros | Cons |
|---|---|
Access to your free monthly credit score Ability to change your due date Fast funding | May charge an origination fee of up to 8.00% Limited loan use Doesn't offer joint applications |
Reach Financial offers personal loans specifically for debt consolidation and credit card refinancing to borrowers with good credit scores. This lender offers competitive rates and terms, free monthly access to your credit score and may fund your loan in as few as 24 hours.Reach Financial charges origination fees that may be as high as 8% of your loan amount, and its maximum APR is higher than some competitors at 35.99%. If your credit score needs some work, Reach Financial may not be a good fit for you as this lender requires a score of at least 680 to qualify. Read our full Reach Financial personal loan review.
To qualify for a Reach Financial personal loan, you’ll need to meet the following criteria:
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Super quick and easy. I signed up and applied for a loan Friday and money was in my account Tuesday morning. Probably would’ve been sooner if not for the weekend. This will help me so much in consolidating a few bills while being a lower payment per month. 😊
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Each lender will have a different application process for getting a personal loan as well as varied eligibility requirements. However, many lenders follow a similar approach when it comes to applying for a personal loan.
Before you start shopping around for personal loan lenders, it’s important to check your credit score to understand how creditworthy you are in the eyes of lenders.
Your credit score can give you an idea of the terms and interest rates you may qualify for. If you have a low score, you may want to work on improving your credit score before applying for a loan.
To help assess how much debt you can afford, you can use a personal loan calculator to estimate your minimum monthly payments and determine how much interest you’ll pay over the life of the loan.
Comparing lenders’ interest rates, fees, terms and loan amounts can save you money in the long run.
Many lenders allow consumers to prequalify for a loan — meaning you can check to see whether you’re eligible for a loan and what your potential rates and terms could be without any impact to your credit score.
Note: Not every lender offers prequalification and requires a hard credit pull to determine your loan eligibility. When evaluating lenders, you may consider looking for lenders that allow prequalification. (Remember, though, that prequalified offers are not a guarantee that you’ll be approved or receive the exact rates presented.)Once you select a lender, you’ll need to verify the information you provided in your loan application. Typically, lenders want to verify your identity, employment and income, so you may need to provide a government-issued form of identification, plus W-2s or pay stubs.
During this part of the process, you’ll likely need to submit to a hard credit pull before the lender offers you final approval. This can cause your credit score to temporarily drop by a handful of points.
Once your lender officially approves you for a loan, you’ll need to sign a personal loan agreement. The lender will either deposit the funds into your bank account or send you a check. The amount of time it takes to receive funds will depend on both your lender and bank.
We’re a one-stop shop with the nation’s largest network of lenders, so you can be sure you’re getting your best rate.
When you need money fast, we’ve got you covered. Find repayment terms that work for you and get the money you need right away.
Personal loans offer fixed monthly payments with interest rates lower than most credit cards, so you can save big.
With a personal loan, most lenders will allow you to use your money to pay for almost anything. Whether you need to consolidate your debt, pay off unexpected medical expenses or make repairs at home, a personal loan may help you meet your financial goals.
Personal loan requirements vary by lender, but most lending institutions will typically analyze your credit score, your income and any other debts you have out in your name. You should also come prepared with the following information, as it could impact eligibility: the purpose of your loan, how much money you want to borrow and your preferred repayment schedule.
Personal loan amounts typically range from $1,000 to $50,000. However, some lenders, such as BHG Money, offer loan amounts as large as $200,000. The LendingTree personal loan marketplace offers loan amounts up to $50,000.
If you have less-than-ideal credit, you may still qualify for a bad-credit personal loan, though your lender is likely to charge a high APR. Alternatively, you may be able to get a personal loan with a cosigner who has good credit to access more attractive rates.
When applying for a personal loan, you’ll need to provide proof of income and employment, bank account information and proof of other debt. You’ll also need to verify your identity by providing a government-issued identification to your lender.
Common alternatives to personal loans include credit cards, lines of credit, home equity loans and 401(k) loans. While these options also come with interest and fees, one of these different financing opportunities may be a better fit for your situation. For instance, if you aren’t sure how much money you need, a credit card with access to a line of credit may be a better fit.
Yes — you can refinance a personal loan if you want to change the terms. Refinancing allows you to assess an old debt and potentially qualify for conditions that better suit your current financial position, such as lower interest rates or monthly payments.
