If you’re in need of fast cash for any reason, a personal loan may be just what you need. Whether it’s for a medical emergency, home renovation, or debt consolidation, personal loans can help you achieve your financial goals. However, with so many lenders and options available, it can be overwhelming to decide which one is right for you. In this article, we’ll break down the top 10 personal loan providers in 2023 based on interest rates, loan terms, customer service, and other factors.
Best Personal Loan Overall: SoFi
SoFi is a great choice for borrowers who have high income, good credit, and are looking for low-interest rates. The lender offers personal loans up to $100,000 with APRs starting at 5.99%. SoFi also has flexible repayment terms ranging from two to seven years and doesn’t charge any origination fees or prepayment penalties.
SoFi
1: Low-Interest Rates
SoFi offers some of the lowest interest rates in the market, making it a great option for borrowers who want to save money on their personal loans. The lender’s APRs start at 5.99%, which is significantly lower than the average interest rates offered by other personal loan providers. By choosing SoFi, borrowers can significantly reduce the overall cost of borrowing and avoid high-interest charges.
2: Flexible Repayment Terms
Another advantage of SoFi is its flexible repayment terms. Borrowers can choose a repayment term that ranges from two to seven years, allowing them to select a payment plan that fits their financial situation. This flexibility enables borrowers to manage their finances better and make payments that are more manageable for their budget.
3: Exceptional Customer Service
SoFi prides itself on providing exceptional customer service to its clients. The lender has a professional and responsive customer support team that helps borrowers throughout the lending process. Customers can easily apply for a loan online, track their application status, and receive funds as quickly as the next business day. Additionally, SoFi provides personalized support to guide borrowers through every step of the lending process.
4: No Origination Fees or Prepayment Penalties
SoFi does not charge any origination fees or prepayment penalties, which further sets it apart from other lenders. These fees and penalties can add significant costs to a loan, especially if borrowers want to pay off their loan ahead of schedule. SoFi eliminates these expenses, giving borrowers more control over their finances and allowing them to pay off their loans without any additional costs.
5: High-Income Borrowers and Good Credit Scores
SoFi is an excellent choice for high-income borrowers with good credit scores. The lender specializes in working with these types of borrowers, offering them competitive interest rates, flexible repayment terms, and personalized support. However, SoFi may not be the best option for borrowers with poor credit scores or low income.
Overall, SoFi is an outstanding personal loan provider that offers borrowers low-interest rates, flexible repayment terms, exceptional customer service, and no fees or penalties. The lender caters to high-income borrowers with good credit scores, making it a great option for those seeking favorable loan terms. By choosing SoFi, borrowers can achieve their financial goals while saving money on the cost of borrowing.
Best for Bad Personal Loan Credit: Avant
Avant is a personal loan provider that caters to borrowers with less-than-perfect credit scores. The lender offers loans up to $35,000 with APRs ranging from 9.95% to 35.99%. Avant also has a quick application process and funds can be deposited into your account as soon as the next business day.
Avant
1: Catering to Borrowers with Bad Credit
Avant is an excellent choice for borrowers who have less-than-perfect credit scores. The lender specializes in offering personal loans to individuals who may not qualify for loans from traditional banks or lenders. Avant takes into account various factors beyond just credit scores, such as employment history and income, to assess borrowers’ creditworthiness.
2: Competitive Interest Rates
Despite catering to borrowers with bad credit, Avant offers competitive interest rates. Borrowers can expect APRs ranging from 9.95% to 35.99%, depending on their creditworthiness. While higher than the rates offered by some other lenders, these rates are still reasonable given the risk profile of the borrower.
3: Quick Application Process
One of the standout features of Avant is its quick application process. The lender has a user-friendly online platform that allows borrowers to easily apply for a loan and receive funds quickly. Most borrowers can expect to receive their funds as soon as the next business day after approval.
4: Personal Loan Amounts and Repayment Terms
Avant offers personal loans up to $35,000, making it a great option for borrowers who need larger loan amounts. The lender also provides flexible repayment terms that range from two to five years. Borrowers can select a payment plan that works best for their financial situation, allowing them to better manage their finances.
5: Customer Support
Avant’s customer support team is available seven days a week to assist borrowers with any questions or concerns they may have. The lender offers personalized support throughout the lending process, making it easier for borrowers to understand the terms of their loan and make informed decisions.
Overall, Avant is an excellent choice for borrowers who have bad credit scores and need access to fast funding. The lender offers competitive interest rates, quick application processes, flexible repayment terms, and personalized support. By choosing Avant, borrowers with bad credit scores can get the funds they need to achieve their financial goals.
Best for Personal Loan Debt Consolidation: Payoff
If you’re looking to consolidate high-interest credit card debt, Payoff may be the right lender for you. The company specializes in debt consolidation loans up to $40,000 with APRs ranging from 5.99% to 24.99%. Payoff also offers personalized support from dedicated member advocates to help you achieve your financial goals.
Payoff
1: Specializing in Debt Consolidation
Payoff is a lender that specializes in debt consolidation loans, making it an excellent option for borrowers who want to consolidate their debts into one manageable payment. The lender’s loan options are specifically designed to help borrowers pay off high-interest credit card debts and improve their financial situation.
2: Competitive Interest Rates
Payoff’s interest rates are highly competitive, ranging from 5.99% to 24.99%. By consolidating high-interest debts into a single, lower-interest loan, borrowers can save money on interest charges and reduce the overall cost of borrowing.
3: Financial Wellness Assistance
Payoff also offers financial wellness assistance to its borrowers. This includes access to educational resources and tools that can help borrowers better understand their finances and make informed decisions. The lender provides personalized support to assist borrowers in achieving their financial goals.
4: Personal Loan Amounts and Repayment Terms
Payoff offers personal loans up to $40,000 with repayment terms ranging from two to five years. This flexibility allows borrowers to choose a payment plan that works best for their budget and financial situation.
5: No Prepayment Penalties or Hidden Fees
Payoff does not charge any prepayment penalties or hidden fees, making it easier for borrowers to pay off their loans ahead of schedule without any additional costs. This gives borrowers more control over their finances and enables them to save money in the long run.
Overall, Payoff is an excellent choice for borrowers who need to consolidate their debts and want to improve their financial situation. With competitive interest rates, flexible repayment terms, financial wellness assistance, and no fees or penalties, Payoff provides borrowers with the tools they need to achieve their financial goals.
Best for Small Personal Loan: Upstart
Upstart is a personal loan provider that offers loans as low as $1,000 with APRs starting at 8.27%. The lender uses artificial intelligence to assess borrowers’ creditworthiness and is a good option for those with limited credit histories or non-traditional sources of income. Upstart also has a quick application process and funds can be disbursed as soon as the next business day.
Upstart
One of the key advantages of Upstart is its use of advanced technology and algorithms to evaluate borrowers. The platform uses machine learning models to analyze each applicant’s creditworthiness based on a range of factors, including education, employment history, and income. This approach allows Upstart to offer loans to individuals who may have been rejected by traditional lenders due to their lack of credit history or low credit scores.
Moreover, Upstart offers competitive interest rates and flexible repayment terms, making it an attractive option for borrowers seeking a small personal loan. The company’s APRs can be lower than those offered by many other online lenders, and borrowers can choose from a range of repayment terms, ranging from 36 to 60 months.
Upstart is its user-friendly digital interface
Another significant advantage of Upstart is its user-friendly digital interface. The platform provides a simple and intuitive application process that can be completed in as little as five minutes. Additionally, Upstart utilizes soft credit checks, which do not affect your credit score, allowing you to shop around for the best loan without damaging your credit.
Overall, Upstart’s innovative approach to lending, competitive rates, and streamlined application process make it an excellent choice for anyone in need of a small personal loan. Its use of advanced technology and flexible repayment options can help put you on the path to financial stability while ensuring that the borrowing process is as hassle-free and straightforward as possible
Best for Fast Personal Loan Funding: LendingClub
LendingClub is a peer-to-peer lending platform that connects borrowers with investors. The lender offers personal loans up to $40,000 with APRs ranging from 6.95% to 35.89%. LendingClub also has a quick application process and funds can be deposited into your account as soon as three business days.
LendingClub
LendingClub is a peer-to-peer lending platform that can offer borrowers quick access to funds. One of the primary advantages of using LendingClub for a personal loan is their fast application process and quick approval times. Applicants can typically receive a decision within minutes of completing their application, and funding can be disbursed as soon as one business day after approval.
Moreover, LendingClub offers a range of loan options with various interest rates and repayment terms, making it easier to find a loan that fits your specific needs and budget. Their fixed-rate loans have APRs ranging from 6.95% to 35.89%, depending on your creditworthiness and other factors.
Peer-to-Peer lending model
Another significant advantage of LendingClub is its user-friendly digital platform, which allows applicants to complete the loan application process entirely online. Borrowers can upload supporting documents and communicate with lenders electronically, helping to streamline the entire process.
Finally, LendingClub’s peer-to-peer lending model can help borrowers secure a loan even if they have less than perfect credit. Rather than relying solely on credit scores, LendingClub considers a variety of factors when evaluating a loan application, including employment history, debt-to-income ratio, and credit history.
Overall, LendingClub is an excellent choice for those in need of fast personal loan funding due to its quick application process, flexible loan options, user-friendly platform, and peer-to-peer lending model. Whether you need money for unexpected expenses or to consolidate high-interest debt, LendingClub can help you find a loan that works for you.
Best for Large Personal Loan: LightStream
LightStream is a division of SunTrust Bank that offers personal loans up to $100,000 with APRs starting at 3.49%. The lender is a good option for borrowers who have excellent credit and are looking for large loan amounts with low-interest rates. LightStream also has flexible repayment terms ranging from two to seven years.
LightStream
LightStream is a division of SunTrust Bank that specializes in providing large personal loans. The platform offers unsecured loans of up to $100,000 with fixed interest rates and flexible repayment terms of up to 144 months, depending on the loan amount and purpose.
One of the key advantages of LightStream is its low-interest rates. The platform offers some of the lowest APRs in the personal loan market, with rates ranging from 2.49% to 19.99%, depending on the loan term, amount, and creditworthiness.
Moreover, LightStream’s application process is entirely online, making it easy to apply and get approved for a large personal loan from the comfort of your own home. Applicants typically receive a decision within minutes of completing their application, and funding can be disbursed as soon as the same day if approved before 2:30 pm EST.
Advantage of LightStream is its flexibility
Another significant advantage of LightStream is its flexibility. The platform allows borrowers to use their personal loans for a wide range of purposes, including home improvement, debt consolidation, and even financing a car purchase. Additionally, they offer a Rate Beat Program, which guarantees to beat any competitor’s rate by 0.1 percentage points if you meet certain eligibility requirements.
Finally, LightStream’s customer service is second to none, with support available seven days a week by phone, email, or chat. They also offer a Loan Experience Guarantee, which promises to give you $100 if you are unsatisfied with your loan experience.
Overall, LightStream is an excellent choice for those looking for a large personal loan due to its low-interest rates, flexible repayment terms, quick application process, and exceptional customer service. Whether you need to finance a major home renovation project or consolidate high-interest debt, LightStream can help you find a loan that fits your needs and budget
Best for Co-Signers Personal Loan: FreedomPlus
FreedomPlus is a personal loan provider that allows co-signers to help borrowers qualify for loans with better terms and interest rates. The lender offers personal loans up to $50,000 with APRs ranging from 4.99% to 29.99%. FreedomPlus also has a quick application process and funds can be disbursed as soon as the next business day.
FreedomPlus
FreedomPlus is a personal loan provider that allows borrowers to apply for a loan with a co-signer. This can be helpful for individuals who may not meet the credit or income requirements to qualify for a loan on their own.
One of the primary advantages of FreedomPlus is its flexible approval process. The platform considers applicants’ financial situations holistically, taking into account factors such as employment history, credit score, and debt-to-income ratio. Additionally, having a co-signer with a higher credit score or income can help increase your chances of approval and potentially lead to lower interest rates.
Moreover, FreedomPlus offers competitive interest rates, ranging from 7.99% to 29.99%, depending on your creditworthiness and other factors. The platform also has flexible repayment terms, with loan durations ranging from two to five years.
Advantage of FreedomPlus is its easy and streamlined application
Another significant advantage of FreedomPlus is its easy and streamlined application process. Borrowers can complete the entire application online, and funding can be disbursed as soon as one business day after approval.
Finally, FreedomPlus provides excellent customer service with support available by phone or email seven days a week. Additionally, the platform offers a rate guarantee program that promises to match or beat any competitor’s rate if you provide proof of the better offer within 48 hours of approval.
Overall, FreedomPlus is an excellent choice for a personal loan with co-signers due to its flexible approval process, competitive interest rates, flexible repayment terms, and excellent customer service. Whether you need to finance a major purchase or consolidate high-interest debt, FreedomPlus can help you find a loan that fits your needs and budget
Best for No Fees Personal Loan: Marcus by Goldman Sachs
Marcus by Goldman Sachs is a personal loan provider that doesn’t charge any origination fees or prepayment penalties. The lender offers loans up to $40,000 with APRs ranging from 6.99% to 19.99%. Marcus also has flexible repayment terms ranging from three to six years and offers a wide range of loan amounts to fit different financial needs.
Marcus by Goldman Sachs
1: No Fees
As mentioned, Marcus by Goldman Sachs does not charge any fees for things like late payments or prepayments. This means that borrowers can save money in the long run and focus on paying off their loan without worrying about additional costs.
2: Competitive Rates
Marcus by Goldman Sachs offers competitive interest rates on its personal loans, which means borrowers can potentially save money compared to other lenders with higher rates.
3: Flexible Personal Loan Terms
Borrowers can choose repayment terms that best fit their budget, with the ability to select loan amounts ranging from $3,500 to $40,000, and repayment periods from 36 to 72 months.
4: Online Application Process
The application process is completely online and streamlined, which means borrowers can apply from the comfort of their own home and receive a decision quickly.
5: Customer Service
Marcus by Goldman Sachs has a reputation for excellent customer service, with representatives available to answer questions and concerns throughout the loan process.
In summary, Marcus by Goldman Sachs is a great option for anyone looking for a no fees personal loan with competitive rates, flexible repayment terms, and an easy online application process
Best for Personal Loan Online Lending: Best Egg
Best Egg is an online lender that offers personal loans up to $50,000 with APRs ranging from 5.99% to 29.99%. The lender has a simple and quick application process that can be completed entirely online. Best Egg also allows borrowers to check their rates without affecting their credit score, making it easier to compare loan options.
Best Egg
1: Online Application Process
Best Egg has a completely online application process, which means borrowers can apply from anywhere at any time. The application is quick and easy, taking only a few minutes to complete.
2: Fast Funding
Once approved, funds are typically deposited into the borrower’s account within one business day. This means that borrowers can access their funds quickly and start using them for whatever they need.
3: Competitive Rates
Best Egg offers competitive interest rates on its personal loans, which means borrowers can potentially save money compared to other lenders with higher rates.
4: Flexible Personal Loan Terms
Borrowers can choose repayment terms that best fit their budget, with the ability to select loan amounts ranging from $2,000 to $50,000, and repayment periods from 36 to 60 months.
5: Customer Service
Best Egg has a reputation for excellent customer service, with representatives available to answer questions and concerns throughout the loan process.
Best Egg is an excellent option for anyone seeking a personal loan online. With a fast and easy application process, competitive rates, flexible repayment terms, and exceptional customer service, Best Egg is a top choice for borrowers who want a hassle-free lending experience.
Best for Rewards: Discover Personal Loans
Discover Personal Loans is a lender that offers rewards for on-time payments. Borrowers who make 36 consecutive on-time payments can receive a 1% cashback reward of the original loan amount. The lender offers personal loans up to $35,000 with APRs ranging from 6.99% to 24.99%. Discover also has flexible repayment terms ranging from three to seven years.
Discover Personal Loans
When it comes to finding the right personal loan provider, it’s important to consider factors such as interest rates, loan terms, customer service, and fees. By choosing one of the top 10 personal loan providers we’ve listed above, you’ll be able to get the funds you need to achieve your financial goals. Remember to compare multiple lenders and read the fine print before signing any loan agreements.
In summary, SoFi is the best overall lender for its competitive interest rates, while Avant is ideal for those with bad credit scores. Payoff specializes in debt consolidation loans, while Upstart is suitable for small loans. LendingClub provides fast funding, whereas LightStream is ideal for large loan amounts. FreedomPlus allows co-signers to help borrowers qualify for better loan terms, Marcus by Goldman Sachs charges no fees, Best Egg is great for online lending, and Discover Personal Loans offer rewards for on-time payments. Choose the lender that best meets your needs and start your journey to financial freedom today
