Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

The Best Personal Loans

Where Can You Find the Best Personal Loans?

With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.

Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.

Tuesday, March 19th

2024 Personal Loan Reviews

Upstart Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Upstart

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

Upstart features extensive artificial intelligence to improve access to credit for borrowers of all types. Looking beyond your credit score makes it more likely you'll be approved for your loan. Thousands of people have used this platform to get personal loans very quickly once approved. For their innovative approach to lending, competitive interest rates, and high customer satisfaction, Upstart earns our highest rating.

LendingTree Review 4.5 Star Rating

LendingTree

4.5 Star Rating

LendingTree is an online loan marketplace for every type of borrowing, from personal loans to credit cards and beyond. You can use this service to easily compare offers from up to five lenders at a time, helping you access good rates and terms for your personal loan. We love the detailed information provided on each lending partner, with thousands of client reviews to help determine which one is the best choice for a personal loan. LendingTree has a great reputation and is a trustworthy option if you want to use a referral service to research and secure a personal loan.

SoFi Review 4.5 Star Rating

SoFi

4.5 Star Rating

SoFi has some big benefits compared with other options for personal loans. They offer low fixed rates and even occasional sign-up bonus money. But an increase in the number of complaints from SoFi clients, which describe negative experiences specifically with the customer service department, gave us some cause for concern.

SuperMoney Review 4 Star Rating

SuperMoney

4 Star Rating

SuperMoney offers comparison shopping for many financial products, including personal loans. They offer funding through just over a dozen partners, and you can see detailed information and reviews about each one before filling out your application. SuperMoney hasn't been around as long as some of the other referral platforms we evaluated and so there's not as much customer feedback yet. SuperMoney is a good way to gather information about personal loans you might be eligible for, and their streamlined process makes it easy to complete your application.

Upgrade Review 4 Star Rating

Upgrade

4 Star Rating

Upgrade is one of the newer options in the personal loans industry, but the company has already made a strong showing. With just two lenders in their partnership, Upgrade can typically offer a one business day turnaround once you've accepted a loan offer. The BBB gives this service the highest possible rating, and most consumers won't have trouble getting a good personal loan here.

Prosper Review 3.5 Star Rating

Prosper

3.5 Star Rating

Prosper gives everyday investors (and institutions) the ability to fund personal loans for everyday individuals. This peer-to-peer lending platform offers next-day funding in many cases, but you need a credit score of at least 640 to be eligible to borrow money here. Overall, Prosper has a good reputation and is a reliable source of personal loans if you qualify - just remember, peer-to-peer lending is a different kind of experience.

Credible Review 3.5 Star Rating

Credible

3.5 Star Rating

If you'd like to compare rates across multiple lenders with a single application, Credible is a good resource for personal loans. While that kind of one-stop shopping saves you some time, you'll still need to research each lender and read your loan terms carefully. Overall, Credible has a strong reputation and gets high marks from customers.

LendingClub Review 3 Star Rating

LendingClub

3 Star Rating

LendingClub used to crowdfund all of their personal loans through investors. But, after undergoing some changes, their lending is now structured more like a regular bank. They offer fixed-rate loans with repayment terms of at least 36 months, and recent customer feedback is very positive. You should have a good experience if you choose to get a personal loan here, but we're holding back a higher recommendation while they continue proving out their new structure.

Personal Loans Review 2 Star Rating

Personal Loans

2 Star Rating

With a name like Personal Loans, you'd think this referral service would be the best all-around choice for borrowing money. Not so much. You'll be asked to provide extremely detailed personal information, including your SSN and employer's contact information, only to be given a list of lenders you could choose to approach for a loan. Although Personal Loans' reputation has improved over the years, there are still much better options out there for getting the cash you need.

Leap Credit Review 0.5 Star Rating

Leap Credit

0.5 Star Rating

Leap Credit offers personal loans of up to approximately $3,500 but is only authorized to operate in 10 states. However, even if you live in one of those locations, you'll probably want to avoid this lender: with interest rates of as much as 800%, hundreds of complaints from consumers, and a customer service team that's practically nonexistent, Leap Credit is one of the last places we would turn to get help in a difficult financial situation.

Compare the Best Reviews

Continued from above...

What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.

How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:

  • Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
  • Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
  • Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
  • Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
  • Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
See the Best Personal Loan
The Best Reviews of Personal Loans

Try Upstart
Our #1 Rated Personal Loan