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2023 Personal Loan Reviews
Upgrade
- Fixed-rate loans from $1,000 to $50,000
- Competitive interest rates
- Repayment terms from 24-84 months
- "A+" rated and accredited by the BBB
- Two lending partners
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.
LendingClub
- Fixed-rate loans from $1,000 to $40,000
- Minimum loan amounts vary by state
- APRs vary widely
- Origination fees ranging from 3% to 6%
- All loans have repayment terms of at least 36 months
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.
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The 10 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.
Personal Loan FAQ
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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!
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