Best Personal Loan Companies - Take Control of Your Finances Now

Michael Dinich

Whether you need a loan to consolidate debt, pay for an unexpected expense, or simply splurge on something fantastic, taking out a personal loan can be simple, fast, and inexpensive.

Here are the top 10 best personal loan companies I tested and ranked:

1. Best overall: Credible

2. Best for comparing loans: LendingTree

3. Best for low credit: Fiona

4. Best for covering large expenses: Upgrade

5. Best for flexibility: Marcus

6. Best for competitive rates: LoansUnder36

7. Best for quick funds: 5KFUNDS

8. Best for loans with great terms: Monevo

9. Best for debt consolidation: SoFi

10. Best for bad credit: Pick a Lender

Debt consolidation for those with good credit
Comparing a variety of loan options
Covering large expenses
Credit card debt, home improvements
Borrowers with low credit
The most flexibility
Borrowers seeking competitive loan rates
Quick funds and low rates
Loans with great terms
Bad credit, people who want multiple quotes
4.99%-35.99%
3.49% - 35.99%
7.99% - 35.97%
5.99% - 18.53% (with AutoPay)
6.79%-29.95%
6.99% - 23.99%
5.99% - 35.99%
5.99% - 35.99%
3.49% - 35.99%
5.99% - 35.99%
24-84 months
12-84 months
36-60 months
36-84 months
24-60 months
36-72 months
2-72 months
2-72 months
3-96 months
3-60 months
$1,000 to $100,000
$1,000 - $100,000
$1,000 to $35,000
up to $100,000
$1,000 - $100,000
$3,500 - $40,000
$1,000 to $35,000
Up to $35,000
$1,000 - $100,000
$100-$35,000
680
None
620
680
580
660
None
None
580
None
Fixed-rate unsecured loans
Secured and unsecured personal loans
Unsecured personal loans
Fixed or variable rate unsecured loans
Personal loans
Fixed rate installment loans
Unsecured personal loans
Personal loans
Fixed-rate unsecured loans
Varies based on lender
No
No
Yes
Yes
No
Yes
No
No
No
Yes
No
No
Late fees
None
No
None
No
No
No
Varies based on lender

The Top Personal Loan Companies: A Closer Look

  • 1

    Credible

    Debt consolidation for those with good credit
    Credible
    • Best ForDebt consolidation for those with good credit
    • APR4.99%-35.99%
    • Minimum Credit Score680

    Credible allows potential borrowers to compare rates from multiple lenders in only 2 minutes, without affecting your credit score. Simply enter a loan amount from $1,000 to $100,000 and fill in some details about what you need, such as the loan purpose, what level of education you’ve completed, employment status, approximate earnings and credit score, your name and date of birth. This information will get you a personalized rate, not a ballpark figure. The higher your credit, the better your rates will be. 

    Credible vets it’s lenders, offering you rates from up to 11 lenders for debt consolidation, or what it calls “loans for life,” like moving costs, weddings, vacations and other financial goals. You’ll find loans you qualify for, complete your application online, and close your loan. Once you sign the documents, relax. The funds will get deposited into your account. Credible has an “excellent” (5 star) rating on Trustpilot, and offers lenders for almost any financial need, including debt consolidation, credit card refinancing, home improvement, bad credit loans, private student loans and student loan refinancing. With a client success team that’s always ready to help and is only a call, email or chat away, Credible can confidently call itself one of the best personal loan providers on the market.

    Pros
    • No fees
    • Low APRs
    • Responses in minutes
    • Huge range of loan amounts
    Cons
    • Higher credit scores required
    • No credit unions
  • 2

    LendingTree

    Comparing a variety of loan options
    LendingTree
    • Best ForComparing a variety of loan options
    • APR3.49% - 35.99%
    • Minimum Credit ScoreNone

    LendingTree is another successful loan marketplace, advertising only 3 steps to your best loan. The first step is answering a few questions about the kind of loan you’ll need and how you’ll use it. LendingTree then submits your request to its huge lender network. Within seconds, you’ll see the lender’s offers competing for your business. Next, you’ll compare and browse through the offers, looking at loan terms, interest rates and any terms, conditions or additional fees. There’s absolutely no fees from LendingTree itself, and no markup on your loan. 

    You can compare offers side-by-side, talk with loan officers from individual lenders, or just apply online with one easy application. There are tons of educational resources too, so you can check your credit score, figure out your estimated monthly payments and learn more about loan vocabulary and know-how. LendingTree even has its own app, which will show you your credit score, suggest improvements, and stay on the lookout for lower rates for your personal loan options.

    Pros
    • Large marketplace with a range of loans
    • No fees for connecting you with lenders
    • Excellent educational resources
    Cons
    • Too many companies will contact you
    • No involvement beyond matching you with lenders
  • 3

    Upgrade

    Quick one-page application
    Upgrade
    • Best ForCovering large expenses
    • APR7.99% - 35.97%
    • Minimum Credit Score620

    Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.  

    Pros
    • Quick online application
    • Pre-approval in minutes
    • Credit health tracker available
    Cons
    • 6% origination fee
    • Applicants required to have $1,000 cash flow
  • 4

    SoFi

    Credit card debt, home improvements
    SoFi
    • Best ForCredit card debt, home improvements
    • APR5.99% - 18.53% (with AutoPay)
    • Minimum Credit Score680

    SoFi is known as the community lender. It offers a feel-good borrowing experience, and it really does try its best to break the stigma of the ruthless, corporate, financial institution trying to take the consumers for everything they’ve got. Instead, SoFi has done away with fees, includes borrower-friendly clauses, and even creates social networking events for its community members. Yes, SoFi is definitely breaking a lot of stereotypes.

    But how do its personal loans fair against the competition? Well, SoFi offers APRs as low as 5.99% (using autopay). A nice amount, but what’s really attractive about these loans is that they come fee-free. There is no origination, no closing fees, no prepayment penalties, and not even late fees, making this one of the most appealing options for anyone on a tight budget.

    SoFi caters to a higher credit score, but it also adds a personal touch with things like unemployment protection. This will freeze your loan if you ever find yourself out of a job. SoFi will even go so far as to try to help you find a new job. Talk about offering a helping hand!

    Pros
    • No fees
    • High loan amounts
    • Unemployment protection
    Cons
    • Not good for poor credit
    • Not available in Mississippi
  • 5

    Fiona

    Borrowers with low credit
    Fiona
    • Best ForBorrowers with low credit
    • APR6.79%-29.95%
    • Minimum Credit Score580

    Fiona is a personal loans marketplace that can help you save both time and money. You can filter loan offers by credit rating (the higher the better), zip code, loan purpose, and loan amount, and choose from the top offers listed almost instantly. You’ll get matched with personalized offers in less than 60 seconds from top providers. Choose the offer with terms you like, and if approved, you’ll get the funds or your new account right away. It’s super safe and secure with 256-bit encryption, a higher standard of security than many banks. 

    Not sure what your credit score is? Fiona will connect you to FreeScore360 to get reports from all 3 credit bureaus. You can apply for loans, credit cards, or savings accounts. Take an unsecure or collateral loan to refinance your credit card debt, consolidate debt, or finance a life event. Fiona has lenders in it’s network for almost any credit score, so no need to be scared off if your credit is poor. The service is 100% free, and a loan inquiry through Fiona will not affect your credit score. Any information you submitted to Fiona’s quote application will be shared with the lender you choose, so you shouldn’t need to fill in repeated details to your loan application. Fiona welcomes questions and comments on its “contact us” page.

    Pros
    • One application for many lenders
    • No negative impact on credit
    Cons
    • You’ll get contacted with many offers
    • Limited number of lenders
  • 6

    Marcus

    The most flexibility
    Marcus
    • Best ForThe most flexibility
    • APR6.99% - 23.99%
    • Minimum Credit Score660

    Marcus by Goldman Sachs is a serious lender.  It has a strong financial backbone, so it doesn’t have to use tactics that less reputable and less stable lenders sometimes stoop to. Bottom line, Marcus is a lender you can trust. What’s more, because this lender calls its own shots, you can expect some refreshing flexibility from your loan terms. For example, Marcus allows borrowers to set their own loan terms when applying for their loans. That’s right, you can choose how much you want to pay each month or how long you want to spread out your loan for. This is a revolutionary way of approaching lending, and it’s a delightful change for most borrowers.

    Additionally, Marcus has some impressive loan terms. For one thing, you can defer a payment after making 12 or more consecutive payments on time. That means you can simply skip a payment one month without any consequences. This is very generous and not something you’ll find with other lenders. Take advantage of the free online tools Marcus provides as well to keep tabs on your loan, calculate your monthly payments, and figure out your best options.

    Pros
    • Choose monthly amount and loan terms
    • Free financial tools online
    • Defer payment option
    Cons
    • Can’t sign up with a cosigner
    • Not available in all states
  • 7

    LoansUnder36

    Borrowers seeking competitive loan rates
    LoansUnder36
    • Best ForBorrowers seeking competitive loan rates
    • APR5.99% - 35.99%
    • Minimum Credit ScoreNone

    With LoansUnder36, you can get your loan as soon as the next business day, without leaving home. The online form is quick, secure, and hassle-free, and all credit types can find a loan offer. See the money in your account super quickly, and get a real solution that works for you. It works hard to ensure that all borrowers are treated fairly and with transparency and holds itself to a high standard of customer service. You can take a loan between $1,000 and $35,000, and rates are guaranteed to be no higher than 35.99%. There are flexible short term loans and multi-year terms available too, making this a flexible partner in your personal loan funding. You’re free to use the money as you see fit.

    Pros
    • Single application for multiple lenders
    • Large lender network
    • Strong customer support
    Cons
    • Small range of loan amounts
    • Not a direct lender
    • Website is sparse
  • 8

    5KFUNDS

    Quick funds and low rates
    5KFUNDS
    • Best ForQuick funds and low rates
    • APR5.99% - 35.99%
    • Minimum Credit ScoreNone

    It’s easy to get the money you need with 5kFunds. Start by filling out the simple, secure, online form. No matter what your credit history is, this form can help you find a lender that works for the loan you need. Once you’ve selected a lender and been approved, the money will get deposited right into your bank account, with no checks or trips to the bank. 5kFunds services are always completely free of charge, but some lenders will charge fees (and interest). Each lender is required to provide you with full disclosure of their loan terms upon approval. You’ll only receive quotes from responsible lenders or lending companies who are authorized to lend cash in installment loans. Simply submit your required loan amount, name, zip code and email and you’ll begin the process of getting the funds you want.

    Pros
    • US-based customer service
    • Match instantly with a lender
    • Easy application
    Cons
    • Only up to $35,000
    • Few educational resources
  • 9

    Monevo

    Loans with great terms
    Monevo
    • Best ForLoans with great terms
    • APR3.49% - 35.99%
    • Minimum Credit Score580

    Monevo is Europe’s largest personal loan marketplace and platform, offering award winning service that allows you to search over 30 top lenders and banks. You can get personalized offers in 60 seconds with no credit impact, and super low rates. The company allows you to find a great rate on a loan from many of the best lenders with no obligation or fee. Monevo’s smart technology presents your details to lending partners to see if there are loan offers based on your personal information. In seconds, you’ll see offers from lenders. When you’re ready to move forward with an offer, click “continue,” with no commitment. The service is absolutely free and there’s no obligation to proceed once you get a rate quote, and no impact on your credit score. Lenders will send you decisions fast, in real time, so you know what your offers will be right away.

    All data is transmitted and stored with SSL encryption, and Monevo is accredited by the Online Lenders Alliance (OLA), ensuring that you’ll be treated with the highest standards of conduct and compliance with state and federal law. Monevo has helped fund over $1 billion, and has helped over 250k borrowers get funded.

    Pros
    • Transparent comparison table
    • Step-by-step application
    • Fast service
    Cons
    • No further FAQs
    • Many options can be overwhelming
  • 10

    Pick a Lender

    Fast, reliable network of lenders
    Pick a Lender
    • Best ForBad credit, people who want multiple quotes
    • APR5.99% - 35.99%
    • Minimum Credit ScoreNone

    Pick a Lender prides itself on getting you the best personal loan offers in under 2 minutes. With a quick online application that is made up of a few basic questions, Pick a Lender makes it easy for borrowers to find a good rate within its wide network of lenders. With years in the industry, Pick a Lender has learned that not all lenders are created equal, which is why this lending aggregator has a thorough vetting process. It includes only professional and reliable lenders within its network.

    Aside from the ease of use, what people love about Pick a Lender is the speed. You can get multiple rate quotes in less than 2 minutes from filling out a single application. That’s efficient. What’s more, Pick a Lender lenders are known for fast turnaround times. Some will be able to deposit your funds within 24 hours. So for anyone who needs fast funding, Pick a Lender is a good choice.

    The other benefit to working with a lending network like Pick a Lender is that it has lenders that will work with any credit score and history. So even if you have bad or fair credit, or have been rejected for a personal loan before, there’s still hope with Pick a Lender.

    Pros
    • Multiple loan quotes with a single application
    • Online application
    • Answers in 2 minutes
    Cons
    • Not a direct lender
    • Limited to the lenders within the network
Frequently Asked Questions
Is it worth it to get a personal loan?
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Personal loans can be a great aide to those who need an influx in funds. If you need money for an emergency expense or have a plan to make payments on time, a personal loan can be worth it and is a viable option for overcoming financial obstacles.
How bad does a personal loan hurt your credit?
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A personal loan can hurt your credit if you don't make your payments on time. Because of interest and fees, a personal loan can increase your debt credit, putting more of a strain on your personal finances. If you make all your payments on time, however, you can sustain and even strengthen your credit score.
What is the best reason to give when applying for a personal loan?
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A personal loan can be taken out for a variety reasons, and typically the purpose of the loan is less important with a personal loan than other types of loans. The most common reasons for taking out a personal loan include medical costs, rent, and bill payment.

Online Personal Loans: All You Need to Know

Anybody who has incurred a cash flow problem, suffered an emergency, or needed funds to pay for medical expenses, home improvements or even a college education has likely considered a personal loan. Personal loans are appealing because they allow us to acquire large investments and pursue future goals. However, there are many different kinds of loans and it’s important to consider your needs and financial situation before deciding on which type of personal loan is best for you. 

Here's How I Rated the Best Personal Loan Companies

I sat down and compared all the most popular lenders by different factors such as:

  • Loan amounts
  • Rates
  • Fees
  • Loan terms
  • Customer service 


Although there's lots to consider when finding the right loan, one of the most important aspects is finding a reliable, trustworthy lender from the range of top personal loan providers. A responsible lender will connect you with a loan that matches your needs, support you through the application and repayment process, and be clear and upfront about their fees and charges.

How to Apply for a Personal Loan with a Reliable Lender

To find a reliable lender, first lay the groundwork so that you can spot a reliable, or untrustworthy, personal lender. Here are the steps you have to take to prepare for applying for a personal loan so that you can identify the best personal loan provider for your needs.

1. Calculate how much you need to borrow

When you take out a personal loan, it can be tempting to borrow a bit more than you need. It’s important to remember that you’ll be paying for every dollar that you borrow, so even an extra $100 could end up costing you a lot more in interest. A trustworthy lender won’t encourage you to borrow more than necessary.

At the same time, you don’t want to borrow too little and find that you don’t quite have enough to cover the purchase you need to make.

2. Research loan providers

Do some research and reviews about the best loan provider for your circumstances. Remember that the best loan provider for your next-door neighbor isn't necessarily the best for you, even if they are a reliable lender. Here are some factors to consider in your research:

  • Loan providers that serve borrowers with your credit score. If your credit score is low, look for lenders that specialize in bad credit loans
  • Your reasons for the loan—some lenders may have restrictions on your loan purpose
  • Whether you want fixed or variable payments
  • Whether you want a secured or unsecured personal loan
  • The length of the repayment term—do you want a long-term loan, a short-term loan, or a micro-loan for just a few months?
  • Whether you can borrow the amount you need—different lenders have different minimum and maximum loan amounts
  • Whether you can get support if you need to suspend payments for a short time

As well as finding the best lender for your needs, there are important signs to look for that indicate a trustworthy lender that you can rely on. For a start, never go with a lender that isn’t approved by a regulatory body and complies with all national financial regulations. When you’re choosing an online lender, you should also read customer reviews. You can expect to find the odd negative review, but if the majority of the reviews are unhappy with the lender, or you see the same complaints occurring again and again, be warned. Finally, every responsible online lender should have a high level of security surrounding the application and payment process.

3. Check your credit score

When applying for a personal loan, your credit score is the single most important element. Your credit score affects whether you'll get lower interest rates, if you'll qualify for special financing deals, and whether or not you'll be eligible for a personal loan at all. A reliable lender runs a credit check to verify that you can repay your loan.

Credit scores generally appear like this:

  • Excellent: 720+
  • Good: 690-719
  • Fair or Average: 630-689
  • Poor: 300-629

If you have an average or poor credit rating, you might want to take some time to build up your credit score so that you can apply again and qualify for better loan terms.

4. Check your debt-to-income ratio

The other significant factor in qualifying for a personal loan is your debt-to-income ratio. This means how much debt you carry in relation to your income.

To calculate your debt-to-income ratio:

  • Add up all of your total monthly debt payments, including mortgage debt, credit card debt, and student loan debt
  • Add up your total monthly income, such as your paycheck, dividends, or income from real estate
  • Divide your cumulative monthly debt by your monthly income. The result is your debt to income ratio

For example, if you have monthly debt of $2,000 and a monthly income of $8,000, your debt-to-income ratio is 25%. The maximum debt-to-income ratio you should have is 36%, and a debt-to-income ratio of 20% is considered very good.

If you have a high DTI ratio, be very wary of lenders that are willing to offer you a loan. Double check that they aren’t charging you sky-high fees to cover the risk that you may default.

5. Gather the information you’ll need

You’ll speed up your personal loan application if you gather together the documentation you’ll need to provide. It will help you answer questions faster and means that you’ll have everything in one place when it’s time to send in your documents. You’ll generally need to find:

  • Proof of identity
  • Proof of income
  • Proof of employment
  • Documentation about your existing debts
  • Your mortgage and home ownership papers

A lender that doesn’t ask to see your supporting documents is not to be trusted.

6. Apply for a pre-approved offer

Most lenders allow you to apply for a pre-approved loan offer. This involves a soft credit check, which doesn't affect your credit score, instead of a hard credit check. Although it's not a guarantee of your final loan terms, it will give you a good idea of the rates and terms you'll get from each lender. The process of applying for a pre-approved loan offer also gives you a chance to see if the lender is helpful and supportive during the process.

7. Read the fine print

Before you choose one personal loan lender, take the time to read the fine print. Some lenders have hidden fees, like origination fees, which add to the total cost of your loan. Others have prepayment penalties if you repay the loan early, or one-off loan arrangement fees.

10 Red Flags When Looking for a Reliable Loan Provider

Unfortunately, not all lenders are reliable or trustworthy. Keep an eye open for any of these red flags—if you notice one or more, it’s a clear sign to stay away:

  1. Unreasonably high interest rates. If you compare a few lenders for the same loan amount and repayment term, you'll notice if one set of interest rates is markedly higher than the others.
  2. Unexpectedly low interest rates. It might sound odd, but very low rates can also be a warning sign. If the interest rates quoted don't seem to match the general average, it could be a sign that the lender makes up the difference with high hidden fees.
  3. Opaque loan costs. If the lender isn’t transparent about the cost of the loan, it’s a sign that they are hiding something.
  4. No checks on your ability to repay the loan. If the lender doesn’t run a credit check and verify that you can repay the loan, it’s a clue that they intend to cover their risk with very high fees and rates. 
  5. Poor customer reviews or past customer complaints. If there are a number of complaints about the same issue, it’s a warning sign.
  6. High-pressure sales. This is where the lender pressures you to borrow more than you originally intended.
  7. Interest rates that are not monthly. Lenders that charge high rates and fees often try to hide them by quoting interest rates per week or per day, instead of per month so that the rates appear to be lower than they really are.
  8. Demanding access to your bank account. Many lenders offer you the option of connecting your bank account so that you can make automatic payments. But a predatory lender could insist that you provide access to your account, and then make extra withdrawals that force you to pay overdraft fees. 
  9. They aren’t licensed in your state. Reputable lenders tell you which states they’re licensed in, and never offer loans to people in states where they aren’t licensed. Reputable lenders don’t hide this sort of information, but if you’re unsure, there’s another way to find out. Most states register lenders through the attorney general’s office.
  10. Unconventional adverts or promotions. Legitimate lenders reach borrowers through the internet or ads in mainstream media. If a lender contacts you in a way that seems fishy, then it probably is fishy. Legitimate lenders don’t offer loans by SMS or through the mail, and they certainly don’t turn up at your door unannounced.

Secured vs. Unsecured Loans: What Are the Differences?

Secured Loans

The Benefits: With a secured loan, you offer an asset to the bank as collateral. This means that if you fail to pay back the loan, the bank can seize the property that you offered. Because the bank knows that it has that option, it views a secured loan as a safe investment, making secured loans easier to obtain and making them available with lower interest rates than unsecured loans. The major drawback, however, is the risk that occurs in the event that you can’t pay back the loan, you will lose the property that you offered as collateral.

The Drawbacks: Secure loans can be used for lump-sum payments, such as a home equity loan, or for loans involving smaller payments over time, such as a mortgage or when refinancing. In addition to having lower interest rates, secured loans often have longer repayment time-frames and higher borrowing limits than unsecured ones.

Unsecured Loans

The Benefits: An unsecured loan is a loan for which you don’t offer something you own as backup that the bank can seize if you don’t pay them back. Unsecured loans may be used for a variety of purposes, including student loans and personal expenses. This type of loan often appeals to borrowers who don’t own sizeable assets, such as a home or a car, that they can offer as collateral.

The Drawbacks: Because this type of loan is riskier for the banks, an unsecured loan often comes with a higher interest rate, as well as a lower borrowing ceiling and a smaller repayment time-frame. When considering you for such a loan, the banks will assess your personal credit-worthiness to see if you qualify, so get ready to show your credit score.

Personal Loans vs. Credit Cards: Which Is Better?

Like most consumer finance decisions, there is no correct answer to this question. Both personal loans and credit cards offer strong advantages and disadvantages, namely cost vs convenience. If the convenience of swiping a card and having a product magically appear at your doorstep is what’s most important to you, then a credit card is your best friend. But if you want protection against overspending a personal loan is the superior option. Personal loans usually come with significantly lower interest rates than credit cards, so they can be a very wise method for small shopping expenses that you know you can pay off quickly. The average personal loan rate is around 10% but can drop to 3-4% for borrowers with strong credit. By contrast, the average credit card has 19% interest for new customers, and 15% is considered a good rate.

Whether you choose a personal loan or credit, remember: always compare a few providers before signing up. Everyone knows comparison shopping is the best way to find great deals from retailers during the holidays. The same goes for personal loans and credit cards: comparison shopping is the best way to find low rates, flexible repayment terms, and great introductory offers. 

Personal Loans FAQs

How is a credit score calculated?

Your credit score is calculated based on your loan repayment history, credit card usage, and other financial markers that can give lenders a rough guide of how responsible you are with money and how much of a default risk you are. No matter what your credit score is, you will be able to find a lender that will offer you a loan.

How do interest rates work?

The interest rate is how much the lender charges a borrower for a loan and is expressed as a percentage of the amount borrowed. For example, if you take out a loan for $10,000 with an interest rate of 5%, you’ll end up paying $10,500 over time. If you get an interest rate of 10% though, you’ll be paying $11,000. If you’re consolidating debt and the interest rate is still lower than your earlier loan, then you’re in good shape.  

What is an APR?

APR is an acronym for annual percentage rate. It combines the charges, fees, and payments to tell you the grand total of what your loan will cost you per year. The lower the APR, the less you are going to pay in the long run.

The APR calculation on personal loans will vary depending on your lender, but it will typically be lower than what you would receive from a payday or short-term loan—usually starting at 10% and capping at 35.99%. It is not ideal to owe any money, but if you require a loan, then a personal loan could certainly be a viable option.

Representative example: assuming a loan of $10,000 over 60 months at a fixed rate of 3.1% per annum and fees of $60.00. This would result in a representative rate of 3.3% APR, with monthly repayments of $180.80, for a total amount paid of $10,848.00.

How much can I get approved for?

There isn’t a clear right or wrong answer to this question—it all depends on your needs, your income and your abilities. You need to make sure that the monthly payments aren’t too heavy for you to keep up with. After all, there’s no sense taking out a loan only to find yourself unable to keep up with the payments.

What loan term should I take?

This is a pretty simple calculation, but what works for you can be anything but simple. If you decide to go for a lender that offers short term loans you will have higher monthly payments but will pay less interest over the life of the loan. If you spread it out over a longer loan term, your monthly payments will be lower, but the overall interest you pay will be higher. 

* Credible Terms and Conditions:

Credible is so confident in the personal loan rates you’ll find on Credible, we’ll give you $200 if you find and close with a better rate elsewhere. See full terms and conditions.

** LendingClub Terms and Conditions:

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 9410

***  Marcus By Goldman Sachs® Offer Terms and Conditions:

Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Michael Dinich
Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.