SuperMoney 

Compare Personal Loans

Personal loans can be a useful tool when you need to finance a large purchase. However, comparing lenders and finding the best personal loan product for you can be frustrating and time-consuming.

Personal loans can also be a great way to consolidate your debts into a single fixed monthly payment at a lower rate.

However, the terms of a personal loan can vary greatly between companies and depending on your credit score, income level, loan amount, and other factors.

Who is the best for personal loans?

SuperMoney is the best tool available to compare personal loan companies and read personal loan reviews. Period. You can use SuperMoney to find the best lenders, compare personal loan rates and terms, or check what other borrowers have to say in our personal loans reviews.

How should you choose and compare personal loans?

If you're comparing personal loans, the annual percentage rate (APR) on the loan is the most important thing to look at. The APR is a percentage that reflects how much a loan costs on an annual basis, including interest and fees. Some lenders highlight the interest rate of their loans. But the interest rate alone doesn't tell you the whole story of a loan because some lenders may sneak in expensive fees. So the APR of a loan is the best way to compare two loans on an apples-to-apples basis. In the United States, lenders are required to provide an APR when making a loan offer by the Truth in Lending Act (TILA) of 1968.

However, the APR of a loan is not the only thing you should consider. You should also look for:

  • Lenders that don't hurt your credit score. Look for lenders that perfrom a soft credit pull when checking your rates.
  • Repayment terms. Try to get the lowest repayment term you can afford. The longer the term, the more interest you will pay.
  • Don't forget cosigners. Some lenders allow you to include a cosigner on your loan. A cosigner promises to pay the loan if you default. This reduces the risk for the lender. If you have a friend or relative with excellent credit who is willing to cosign your loan, you may qualify for much better rates and terms.

  • Origination fees. Lenders are required to include origination fees in the APR but you still need to consider them when deciding how much you should borrow. This is because lenders deduct the origination fee from the loan amount. So if you borrow $10,000 and there is a 5% origination fee, you will only receive $9,500.

SuperMoney's loan comparison tools make it easy to filter lenders by these and many other features.

Are personal loans a good idea?

Personal loans can be a great way to make a big purchase or consolidate your debts into a single fixed monthly payment at a lower rate. 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.

However, the terms of a personal loan can vary greatly between companies and depending on your credit score, income level, loan amount, and other factors.

How do you qualify for a personal loan?

Most personal loan companies 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 is a good credit score to get a personal loan?

FICO credit scores can range from 300 to 850. The higher the number, the better your chances of qualifying for a low-interest loan. Typically, if you are shopping for a perosnal loan you'll want a credit score of 660 or higher to qualify for competitive interest rates.

However, there are lenders that specialize in borrowers with poor credit or even no credit. Use the loan comparison tools below to filter lenders by your credit score. Not sure what your credit score is? Check our list of credit monitoring and reporting companies. Some will allow you to check your credit score for free.

Do personal loans affect your credit score?

They certainly do. Personal loans can both hurt or help your credit scores depending on how you manage them but paying your bills on time is critical to help it.

Depending on your credit profile, a personal loan may help your credit and your credit scores. Why? Personal loans add variety to your credit profile, lowers your credit utilization ratio, and helps you establish a solid payment history. All of which are key ingredients for a solid credit score.

Personal loans are particularly good for your credit if you use tem to pay down higher-interest rate debt. A personal loan can also help you reduce your monthly payments, which will make it easier to follow the golden rule of credit—paying your bills on time every month.

What rates can I expect from a personal loan?

Interest rates on unsecured personal loans vary widely from one lender to another. Rates typically range between 5% and 36%. Although banks and credit unions will offer competitive rates, they often have stringent eligibility requirements. Some of the lowest rates you can find are from online lenders, especially those that cater to borrowers with prime credit.

If you have poor credit, you will also have more luck with online lenders as some will accept borrowers with scores as low as 580, or even lower. However, your interest rates will be much higher if you have bad credit. Expect rates ranging from 36% to 200% if you have subprime credit scores.

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 & CONS 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,
  • 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.

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

How to borrow to get out of debt?

Don’t fall into a cycle of taking out small loans to pay for everyday living expenses. Although debt consolidation loans can be helpful, they are worthless without a realistic budget. If you are spending more than you earn, a debt consolidation loan only prolongs the inevitable. If you can’t afford to pay your debts, consider increasing your income. If that is not an option, you may need to consider other debt-relief options besides debt consolidation loans, such as debt settlement programs.

The bottom line

Not all personal loans are made equal. If you're not careful you can get sucked into a loan with high rates and terrible repayment terms.

It is important to compare lenders before you accept a loan offer. This doesn't have to take long. Use the free comparison tools available on this page to get a clear picture of the rates and terms you qualify for based on your credit, current debt obligations, and income.

Investing just five minutes of your time could save you thousands over the lifetime of a loan.

Compare Personal Loans

Personal loans can be a useful tool when you need to finance a large purchase. However, comparing lenders and finding the best personal loan product for you can be frustrating and time-consuming.

Personal loans can also be a great way to consolidate your debts into a single fixed monthly payment at a lower rate.

However, the terms of a personal loan can vary greatly between companies and depending on your credit score, income level, loan amount, and other factors.

Who is the best for personal loans?

SuperMoney is the best tool available to compare personal loan companies and read personal loan reviews. Period. You can use SuperMoney to find the best lenders, compare personal loan rates and terms, or check what other borrowers have to say in our personal loans reviews.

How should you choose and compare personal loans?

If you're comparing personal loans, the annual percentage rate (APR) on the loan is the most important thing to look at. The APR is a percentage that reflects how much a loan costs on an annual basis, including interest and fees. Some lenders highlight the interest rate of their loans. But the interest rate alone doesn't tell you the whole story of a loan because some lenders may sneak in expensive fees. So the APR of a loan is the best way to compare two loans on an apples-to-apples basis. In the United States, lenders are required to provide an APR when making a loan offer by the Truth in Lending Act (TILA) of 1968.

However, the APR of a loan is not the only thing you should consider. You should also look for:

  • Lenders that don't hurt your credit score. Look for lenders that perfrom a soft credit pull when checking your rates.
  • Repayment terms. Try to get the lowest repayment term you can afford. The longer the term, the more interest you will pay.
  • Don't forget cosigners. Some lenders allow you to include a cosigner on your loan. A cosigner promises to pay the loan if you default. This reduces the risk for the lender. If you have a friend or relative with excellent credit who is willing to cosign your loan, you may qualify for much better rates and terms.

  • Origination fees. Lenders are required to include origination fees in the APR but you still need to consider them when deciding how much you should borrow. This is because lenders deduct the origination fee from the loan amount. So if you borrow $10,000 and there is a 5% origination fee, you will only receive $9,500.

SuperMoney's loan comparison tools make it easy to filter lenders by these and many other features.

Are personal loans a good idea?

Personal loans can be a great way to make a big purchase or consolidate your debts into a single fixed monthly payment at a lower rate. 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.

However, the terms of a personal loan can vary greatly between companies and depending on your credit score, income level, loan amount, and other factors.

How do you qualify for a personal loan?

Most personal loan companies 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 is a good credit score to get a personal loan?

FICO credit scores can range from 300 to 850. The higher the number, the better your chances of qualifying for a low-interest loan. Typically, if you are shopping for a perosnal loan you'll want a credit score of 660 or higher to qualify for competitive interest rates.

However, there are lenders that specialize in borrowers with poor credit or even no credit. Use the loan comparison tools below to filter lenders by your credit score. Not sure what your credit score is? Check our list of credit monitoring and reporting companies. Some will allow you to check your credit score for free.

Do personal loans affect your credit score?

They certainly do. Personal loans can both hurt or help your credit scores depending on how you manage them but paying your bills on time is critical to help it.

Depending on your credit profile, a personal loan may help your credit and your credit scores. Why? Personal loans add variety to your credit profile, lowers your credit utilization ratio, and helps you establish a solid payment history. All of which are key ingredients for a solid credit score.

Personal loans are particularly good for your credit if you use tem to pay down higher-interest rate debt. A personal loan can also help you reduce your monthly payments, which will make it easier to follow the golden rule of credit—paying your bills on time every month.

What rates can I expect from a personal loan?

Interest rates on unsecured personal loans vary widely from one lender to another. Rates typically range between 5% and 36%. Although banks and credit unions will offer competitive rates, they often have stringent eligibility requirements. Some of the lowest rates you can find are from online lenders, especially those that cater to borrowers with prime credit.

If you have poor credit, you will also have more luck with online lenders as some will accept borrowers with scores as low as 580, or even lower. However, your interest rates will be much higher if you have bad credit. Expect rates ranging from 36% to 200% if you have subprime credit scores.

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 & CONS 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,
  • 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.

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

How to borrow to get out of debt?

Don’t fall into a cycle of taking out small loans to pay for everyday living expenses. Although debt consolidation loans can be helpful, they are worthless without a realistic budget. If you are spending more than you earn, a debt consolidation loan only prolongs the inevitable. If you can’t afford to pay your debts, consider increasing your income. If that is not an option, you may need to consider other debt-relief options besides debt consolidation loans, such as debt settlement programs.

The bottom line

Not all personal loans are made equal. If you're not careful you can get sucked into a loan with high rates and terrible repayment terms.

It is important to compare lenders before you accept a loan offer. This doesn't have to take long. Use the free comparison tools available on this page to get a clear picture of the rates and terms you qualify for based on your credit, current debt obligations, and income.

Investing just five minutes of your time could save you thousands over the lifetime of a loan.

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Product

Reviews

Loan Amount

APR

Loan Term (Months)

Additional Details

Product Website

OppLoans Personal Loans

OppLoans Personal Loans

405
 
 
473 total votes
Loan Amount $500 - $5K     $100 $100K+
APR 59% - 199%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 9 - 24     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee

Get Competing Personal Loan Offers

Compare real offers from multiple lenders.

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

Avant Personal Loans

Avant Personal Loans

549
 
 
622 total votes
Loan Amount $2K - $35K     $100 $100K+
APR 9.95% - 35.99%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 24 - 60     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
KwikCash Personal Loans

KwikCash Personal Loans

37
 
8
52 total votes
Loan Amount $2.5K - $3.5K     $100 $100K+
APR 165% - 220%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 18 - 36     1 180
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
Upgrade Personal Loans

Upgrade Personal Loans

69
 
18
90 total votes
Loan Amount $1K - $50K     $100 $100K+
APR 7.99% - 35.89%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 36 - 60     1 180
  • Cosigner Optional
  • No Prepayment Fee
Show Additional Details
  • Cosigner Optional
  • No Prepayment Fee
SoFi Personal Loans

SoFi Personal Loans

64
 
21
93 total votes
Loan Amount $5K - $100K     $100 $100K+
APR 5.99% - 16.99%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 24 - 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
NetCredit Personal Loans

NetCredit Personal Loans

13
 
34
49 total votes
Loan Amount $1K - $10K     $100 $100K+
APR 34% - 155%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 6 - 60     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
Fig Loans

Fig Loans

18
 
 
20 total votes
Loan Amount $300 - $500     $100 $100K+
APR 36% - 190%
(Fixed APR)
    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
LendingPoint Personal Loans

LendingPoint Personal Loans

37
 
18
58 total votes
Loan Amount $2K - $25K     $100 $100K+
APR 15.49% - 34.99%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 24 - 48     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
Best Egg Personal Loans

Best Egg Personal Loans

4
 
2
6 total votes
Loan Amount $2K - $35K     $100 $100K+
APR 5.99% - 29.99%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 36 - 60     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
LendingClub Personal Loans

LendingClub Personal Loans

9
 
6
15 total votes
Loan Amount $1K - $40K     $100 $100K+
APR 6.95% - 35.89%
(Fixed APR)
    4% 100%+ Fixed APR
Loan Term (Months) 36 - 60     1 180
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee