SuperMoney

Compare Personal Loans

Personal loans are a great tool if you want to make a big purchase or consolidate your debts into a single fixed monthly payment at a lower rate. However, the cost of a personal loan can vary greatly depending on your credit score, income level, loan amount, and other factors.

Unlike mortgages and auto loans, unsecured personal loans don’t require an asset as collateral, such as a car or a house. If you don’t make payments, the lender can’t immediately seize your property. Although defaulting on your loan payments will damage your credit score. On the other hand, transferring credit card debt to an installment loan can improve your credit score because it lowers your credit utilization ratio and diversifies the types of credit on your credit report.

How do you qualify for a personal loan?

Most lenders will pull your credit history and ask you for your income and debt before offering you a loan. Your credit history and ability to repay the loan will determine how much you can borrow and the rates lenders offer you. Most lenders require you to be 18 or older, a legal U.S. resident, have a checking account, and not currently in bankruptcy.

What rates can I expect from a personal loan?

Personal loan rates vary by lender but here are the average rates you can expect based on your credit score and income.

Click here to get prequalified loan offers without hurting your credit score. It only takes a couple of minutes to see what loan amounts, rates, and terms you qualify for and it’s completely free.

Even people with poor credit can qualify for an unsecured loan if they have low debt levels and a steady source of income. Borrowers with excellent credit and not much debt can qualify for interest rates as low as those offered on mortgages and secured auto loans.

What if I have bad credit?

Only a few lenders approve borrowers who have poor or bad credit. Lenders consider borrowers with damaged credit as risky and charge high interest rates to compensate for higher default rates.

However, don’t assume your credit is not good enough to qualify for a loan. You may be surprised. Just make sure you apply with lenders that perform a soft credit inquiry. Our loan offer engine allows takes the guesswork out of shopping for loans by letting you compare prequalified offers side by side. You’ll see what rates, loan amounts, and monthly payments each lender offers without damaging your credit.

Pros and Cons of personal loans

Although unsecured personal loans can be a useful financial tool, they are not for everyone. Here is a list of the advantages and disadvantages of personal loans.

Pros
  • Consolidate high-interest debt into a more manageable loan with a single payment and lower rates
  • Can improve your credit score
  • Fast source of cash
Cons
  • Interest rates are typically higher than secured loan

When is a personal loan a good idea?

Ideally, you should only take out a loan and pay interest if it will increase your overall wealth. For example, getting an education that will improve your earning potential; home improvements that will increase the value of your property; or consolidating your debts into a more manageable loan with lower rates, are all good reasons to get into debt.

Then there are emergencies, such as urgent medical care, an unsafe roof, or car repairs, which may require a loan if your rainy-day-fund is not enough to cover those expenses.

Borrowing to pay for luxury cars, designer clothes, or fancy meals you can’t afford, on the other hand, are, obviously, not good reasons to get into debt.

Borrow to get out of debt

Don’t fall into a cycle of taking out small loans to pay for everyday living expenses. If you can’t afford to pay your debts, consider your debt-relief options. Debt consolidation loans, debt settlement programs, and even bankruptcy are all better alternatives to a never-ending cycle of small loans.

How to choose a personal loan

Once you decide a personal loan, you need to determine what type of installment loan is best for you. Check what interest rates and terms you qualify for and determine whether you can realistically afford the monthly payments before accepting a loan offer. SuperMoney’s loan offer engine offers all this information for free and lets you know what loan amounts you qualify for.

Personal loan options

Best debt consolidation loans

Best personal loans for home improvement

Personal loans with co-signers

Best personal loans for bad credit

Best balance transfer credit cards

Best personal loans for good credit

 

 

Compare Personal Loans

Personal loans are a great tool if you want to make a big purchase or consolidate your debts into a single fixed monthly payment at a lower rate. However, the cost of a personal loan can vary greatly depending on your credit score, income level, loan amount, and other factors.

Unlike mortgages and auto loans, unsecured personal loans don’t require an asset as collateral, such as a car or a house. If you don’t make payments, the lender can’t immediately seize your property. Although defaulting on your loan payments will damage your credit score. On the other hand, transferring credit card debt to an installment loan can improve your credit score because it lowers your credit utilization ratio and diversifies the types of credit on your credit report.

How do you qualify for a personal loan?

Most lenders will pull your credit history and ask you for your income and debt before offering you a loan. Your credit history and ability to repay the loan will determine how much you can borrow and the rates lenders offer you. Most lenders require you to be 18 or older, a legal U.S. resident, have a checking account, and not currently in bankruptcy.

What rates can I expect from a personal loan?

Personal loan rates vary by lender but here are the average rates you can expect based on your credit score and income.

Click here to get prequalified loan offers without hurting your credit score. It only takes a couple of minutes to see what loan amounts, rates, and terms you qualify for and it’s completely free.

Even people with poor credit can qualify for an unsecured loan if they have low debt levels and a steady source of income. Borrowers with excellent credit and not much debt can qualify for interest rates as low as those offered on mortgages and secured auto loans.

What if I have bad credit?

Only a few lenders approve borrowers who have poor or bad credit. Lenders consider borrowers with damaged credit as risky and charge high interest rates to compensate for higher default rates.

However, don’t assume your credit is not good enough to qualify for a loan. You may be surprised. Just make sure you apply with lenders that perform a soft credit inquiry. Our loan offer engine allows takes the guesswork out of shopping for loans by letting you compare prequalified offers side by side. You’ll see what rates, loan amounts, and monthly payments each lender offers without damaging your credit.

Pros and Cons of personal loans

Although unsecured personal loans can be a useful financial tool, they are not for everyone. Here is a list of the advantages and disadvantages of personal loans.

Pros
  • Consolidate high-interest debt into a more manageable loan with a single payment and lower rates
  • Can improve your credit score
  • Fast source of cash
Cons
  • Interest rates are typically higher than secured loan

When is a personal loan a good idea?

Ideally, you should only take out a loan and pay interest if it will increase your overall wealth. For example, getting an education that will improve your earning potential; home improvements that will increase the value of your property; or consolidating your debts into a more manageable loan with lower rates, are all good reasons to get into debt.

Then there are emergencies, such as urgent medical care, an unsafe roof, or car repairs, which may require a loan if your rainy-day-fund is not enough to cover those expenses.

Borrowing to pay for luxury cars, designer clothes, or fancy meals you can’t afford, on the other hand, are, obviously, not good reasons to get into debt.

Borrow to get out of debt

Don’t fall into a cycle of taking out small loans to pay for everyday living expenses. If you can’t afford to pay your debts, consider your debt-relief options. Debt consolidation loans, debt settlement programs, and even bankruptcy are all better alternatives to a never-ending cycle of small loans.

How to choose a personal loan

Once you decide a personal loan, you need to determine what type of installment loan is best for you. Check what interest rates and terms you qualify for and determine whether you can realistically afford the monthly payments before accepting a loan offer. SuperMoney’s loan offer engine offers all this information for free and lets you know what loan amounts you qualify for.

Personal loan options

Best debt consolidation loans

Best personal loans for home improvement

Personal loans with co-signers

Best personal loans for bad credit

Best balance transfer credit cards

Best personal loans for good credit

 

 

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Company

Reviews

Loan Amount

APR

Loan Term (Months)

Additional Details

Company Website

Upgrade

Upgrade

57
 
12
71 total votes
Loan Amount $1 - $50 $100 $100+
APR
(Fixed APR)
6.99% - 35.97% 4% 100%+ Fixed APR
Loan Term (Months) 36 - 60 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee

Get Competing Personal Loan Offers In Minutes

Compare rates from multiple vetted lenders. Discover your lowest eligible rate.

It's quick, free and won’t hurt your credit score

OppLoans

OppLoans

329
 
 
389 total votes
Loan Amount $500 - $5 $100 $100+
APR
(Fixed APR)
59% - 199% 4% 100%+ Fixed APR
Loan Term (Months) 9 - 24 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
KwikCash

KwikCash

33
 
 
47 total votes
Loan Amount $2.5K0 - $5 $100 $100+
APR
(Fixed APR)
79% - 199% 4% 100%+ Fixed APR
Loan Term (Months) 36 - 48 1 180
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
Avant

Avant

302
 
 
362 total votes
Loan Amount $2 - $35 $100 $100+
APR
(Fixed APR)
9.95% - 35.99% 4% 100%+ Fixed APR
Loan Term (Months) 24 - 60 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
SoFi

SoFi

60
 
19
87 total votes
Loan Amount $5 - $100 $100 $100+
APR
(Fixed APR)
6.99% - 14.865% 4% 100%+ Fixed APR
Loan Term (Months) 36 - 84 1 180
  • Cosigner Optional
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • Cosigner Optional
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
Fig Loans

Fig Loans

13
 
 
14 total votes
Loan Amount $300 - $500 $100 $100+
APR
(Fixed APR)
36% - 190% 4% 100%+ Fixed APR
Loan Term (Months) 4 - 12 1 180
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
Prosper

Prosper

3
3
5
11 total votes
Loan Amount $2 - $40 $100 $100+
APR 6.95% - 35.99% 4% 100%+
Loan Term (Months) 36 - 60 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
NetCredit

NetCredit

11
 
32
47 total votes
Loan Amount $1 - $10 $100 $100+
APR
(Fixed APR)
34% - 150% 4% 100%+ Fixed APR
Loan Term (Months) 6 - 60 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
LendingClub

LendingClub

7
 
4
11 total votes
Loan Amount $1 - $40 $100 $100+
APR
(Fixed APR)
6.95% - 35.89% 4% 100%+ Fixed APR
Loan Term (Months) 36 - 60 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
LendingPoint

LendingPoint

34
 
18
55 total votes
Loan Amount $2 - $25 $100 $100+
APR 15.49% - 34.99% 4% 100%+
Loan Term (Months) 24 - 48 1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee