The best in
Our experts put popular lenders under the microscope to find 2024’s best personal loan experiences, rates and terms. While some lenders may be partners, this didn’t influence our selection process.
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Read more about how we scored the 2024 Bankrate Awards winners in .
See our top picks
Best for borrowers with bad credit
Upstart
Why they won
Borrowers with low credit scores or insufficient credit history are welcome to apply for Upstart’s personal loans. This, along with its low starting APR, makes it a great choice regardless of your credit score.
Top features
- May qualify with no credit history or a low credit score.
- Job and education history count toward eligibility.
- Receive funds as soon as the next day.
- No penalties for paying off your loan early.
Best for borrowers with fair credit
Prosper
Why they won
Prosper is our top pick for fair credit borrowers for three main reasons: its low credit score requirement, competitive starting rate and co-applicant option. As a fair credit borrower, this combination can increase your approval odds with a favorable rate, reducing your borrowing costs.
Top features
- Low minimum credit score requirement.
- Add a co-applicant to improve your approval odds and lower your rate.
- Get the funds as soon as the next day after accepting your offer.
- View your options without affecting your credit.
Best for borrowers with good credit
PenFed
Why they won
PenFed’s personal loans feature affordable rates for those with good credit, no upfront fees, in-person attention and a swift application process. If approved, borrowers can get the funds as soon as the next day.
Top features
- No origination or application fees and no prepayment penalties.
- Long loan terms and a low starting APR.
- Get loan offers with a soft credit check.
- Easy to become a member, plus access to exclusive perks and discounts.
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Best for borrowers with excellent credit
LightStream
Why they won
If your credit is in mint condition a loan with LightStream could reduce your borrowing costs, thanks to its competitive rates, lack of fees, rate-beat program and autopay discount. The lender also offers some of the quickest funding in the industry.
Top features
- No origination fee, late fee or prepayment penalty.
- LightStream will beat any qualifying competing offer by 0.10 percent.
- Autopay discount.
- Receive funds the same day you’re approved.
Best for home improvement
LightStream
Why they won
LightStream offers a wide range of loan amounts, making it a great choice for small projects and extensive renovations alike. Its no-fee policy, autopay discount and rate-beat program also make its loans relatively low-cost.
Top features
- Some of the longest repayment terms in the industry.
- One of the highest unsecured loan amounts.
- No origination, late payment or prepayment fees.
- Receive the funds within hours of approval.
Best for debt consolidation
Achieve
Why they won
One of the few lenders that offers multiple rate discounts, Achieve can also send loan funds directly to your creditors. This last feature simplifies the debt consolidation process, while its low starting rate and discounts can maximize your savings.
Top features
- Three rate discounts available for qualifying borrowers.
- Payments can be sent directly to your creditors.
- Low credit score requirement.
- Co-borrowers allowed.
Best online lender
SoFi
Why they won
SoFi offers borrowers a simple online application process and customer support is available seven days a week. You can view your rates without affecting your credit, and you may receive the funds as soon as the same day you’re approved.
Top features
- One of the largest unsecured loan amounts available.
- No origination fee, late payment fee or prepayment penalty.
- Autopay discount.
As of March 2024, SoFi no longer offers unemployment protection.
Best from a bank
U.S. Bank
Why they won
U.S. Bank allows both customers and noncustomers to apply for its loans, which feature low APR caps, quick funding and 24/7 customer support. This, in addition to its low credit requirement, makes its loans more accessible when compared to those of other national banks.
Top features
- U.S. Bank credit or checking account not required.
- No origination fee or prepayment penalty.
- A wide range of repayment terms.
- Prequalification available.
Explore the best of the best
Check out the 2024 Bankrate Awards winners across our top categories.
