Best place to get a personal loan
You can get a personal loan from online lenders, banks and credit unions. The best option is one where you can get the rate, terms and features that fit your financial situation
Loans from online lenders With an online lender, the process of getting a loan from application to funding can be completed on your own schedule without having to leave home. Online lenders typically provide the fastest funding times. Some even have same- or next-day funding
Loans from banks
Some banks provide rate discounts and perks to existing customers. These lenders typically require borrowers to have good to excellent credit scores of 690 or higher to qualify for personal loans.
Loans from credit unions
To get a personal loan from a credit union, you must first be a member Credit unions are usually more willing to lend to borrowers who have fair or bad credit scores below 690 and federal credit unions cap interest rates at
How to compare the best personal loan lenders
Here are things to consider as you shop for a personal loan
Pre-qualification. Many lenders let you pre-qualify online to check your estimated interest rate and loan terms. This process involves a soft credit check, which won’t affect your credit score It pays to pre-qualify for a loan with multiple lenders and compare offers and loan features
Annual percentage rates. Because APRs include interest rates and fees, they offer an apples-to-apples cost comparison for borrowers deciding between personal loan offers. Use our personal loan calculator to see how APR affects monthly payments and total loan costs
Funding time. The time it takes to get a personal loan can depend on the type of lender. Many online lenders will approve your application and send funds within a day or two after you apply. Banks and credit unions may take up to a week
Repayment terms. Lenders may offer a wide variety of repayment terms.
They typically range from two to seven years A shorter-term loan means you pay less interest while a longer term gives you lower monthly payments Based on your budget one may make more financial sense than the
Loan amount. Depending on how much money you need, certain lenders could be a better fit than others. Most lenders offer small to midsize loan amounts of to but some provide up to Determine the amount you need whether that means adding up your credit card debt to consolidate or getting a cost estimate on a home improvement project, and compare lenders that can offer that size loan
Special features See if the lender you’re considering offers any perks that could help you reach your financial goals. You may benefit from features like rate discounts for setting up autopay,financial planning or hardship assistance programs
Compare personal loan features
the top personal loans and lenders in each of these categories
Lower starting APRs than credit cards. For borrowers with strong credit, personal loans typically have lower APRs than credit cards. While some credit cards offer interest during an introductory period, the rates are generally higher after the period ends
Fixed rates and monthly payments.
Personal loans have fixed rates and monthly payments over a set term so you always know what you owe and for how long. Other financing options like home equity lines of credit have variable rates, meaning the monthly payments fluctuate
Flexible loan amounts. Depending on the lender and your creditworthiness, you may have access to personal loan amounts of This range meets a wide variety of expenses, from small emergencies to large home improvement projects
No collateral. Unlike home equity loans that require you to secure the loan with your house, unsecured personal loans don’t require collateral You risk hurting your credit if you can’t repay, but you won’t lose any assets
Maximum APRs can be high. If you have a low credit score, APRs on personal loans can be higher than credit card APRs
Possible fees Borrowers may have to pay fees ike origination or late fees along with their loan payments
Increases debt Taking a personal loan adds debt to your budge so its important to factor in the additional obligation and feel comfortable about paying it off
