We have come up with the Best Personal Loans Companies by evaluating affordability, borrower eligibility criteria and customer service in the US for this month. Note that all those with the highest overall scores are considered the best lenders.
Now, for us to correctly calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. Most Personal loan companies are currently evaluated based on customer service ratings as well as interest rates. They also consist of maximum loan term, minimum and maximum loan amounts, minimum FICO score, online features, origination fees, and so on. Basically, the total weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender/customer.
Therefore, for a rating to be received, lenders must offer qualifying loans nationwide plus having a positive reputation within the banking industry.
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1. Alliant Credit Union
If you need money fast, Alliant Credit Union typically makes same-day online personal loans between $1,000 and $50,000. The $14 billion Chicago-based credit union, founded in 1935, is one of the biggest in the nation, with 600,000 members. In addition to personal loans, Alliant offers home and auto loans, credit cards, checking and savings accounts, individual retirement accounts, trust accounts, and insurance policies.
Before you apply, note the following;
- APR: 6.24% to 10.24%
- Minimum FICO Credit Score: Not disclosed
- BBB Rating: A+
Best Features:
- Loans range from $1,000 to $50,000.
- Funds are often deposited the same day.
- No prepayment penalties apply if you pay off all or part of a loan early.
Drawbacks:
- You must be a member to qualify.
2. PenFed Credit Union
Overview
- APR: 6.74% to 17.99%
- Minimum FICO Credit Score: 650
- BBB Rating: NR
Best Features
- Terms extend up to 60 months.
- There are no origination fees.
- Borrowers get funds in one or two days upon approval.
Drawbacks
- Membership to the credit union is required.
- Qualification requirements aren’t disclosed.
3. Discover
Overview
Discover is a digital bank and payment services company known for its credit cards. But Discover also offers other products, including fixed-rate personal loans of up to $35,000 to borrowers nationwide. The lender charges no fees as long as you pay on time.
- APR: 5.99% to 24.99%
- Minimum FICO Credit Score: 660
- BBB Rating: A+
Best Features
- Discover has no closing costs or origination fees.
- The lender offers loan terms from 36 to 84 months.
- Borrowers get free access to a credit scorecard that includes their FICO credit score.
Drawbacks
- Co-signers are not accepted.
- Discover personal loans require a minimum credit score of 660, which is at the high end of fair credit.
4. LightStream
LightStream is the online consumer lending division of Truist, which formed in 2019 from the merger of BB&T and SunTrust. SunTrust acquired the assets of online lender FirstAgain in 2012 and relaunched the business as LightStream. LightStream’s online personal loans range from $5,000 to $100,000 and can be used for nearly any reason. Personal loans are available to borrowers nationwide with good to excellent credit.
- APR: 3.99% to 19.99%
- Minimum FICO Credit Score: 670
- BBB Rating: A+
Best Features
- Find loans for more than 30 different purposes, from buying a car to financing a horse.
- Borrow from $5,000 to $100,000.
- Pay no origination, prepayment or late fees.
Drawbacks
- Online preapproval is not available.
- Business loans are not offered.
- Borrowers can access only fixed-rate loans.
5. SoFi
SoFi, short for Social Finance, offers personal loans of up to $100,000 to borrowers with very good to excellent credit. The nationwide lender was founded in 2011 and is known for offering loans with no fees. In addition to personal loans, SoFi offers student loans, auto and student loan refinancing, home loans, and small-business financing.
- APR: 6.99% to 22.23%
- Minimum FICO Credit Score: Not disclosed
- BBB Rating: A+
Best Features
- SoFi doesn’t charge late fees.
- You can borrow up to $100,000.
- Co-borrowers are accepted.
- Borrowers become members and get special benefits.
Drawbacks
- Borrowers with less than stellar credit may not qualify.
- Loans of less than $5,000 aren’t available.
6. Marcus by Goldman Sachs
Marcus is the consumer bank and lending arm of investment bank Goldman Sachs. Established in 2016, the lender offers personal loans of up to $40,000.
- APR: 6.99% to 19.99%
- Minimum FICO Credit Score: 660
- BBB Rating: A+
Best Features
- Marcus does not charge any fees on its personal loans.
- Enroll in autopay and receive a 0.25-point APR reduction.
- Skip a payment after making 12 monthly payment in full and on time.
Drawbacks
- Co-signers are not accepted.
- Qualifying criteria are not disclosed upfront.
- Borrowers are limited as to how they can use loan funds.
7. Upstart
Upstart is a lending platform that uses artificial intelligence to improve access to affordable credit. Based in California and founded by former Google employees in 2012, Upstart also applies AI to reduce lending risks and costs for its bank partners. The lending intermediary provides unsecured personal loans from $1,000 to $50,000 to borrowers anywhere in the U.S. except West Virginia or Iowa.
- APR: Not disclosed
- Minimum FICO Credit Score: Not disclosed
- BBB Rating: A+
Best Features
- Next-day funding: Upstart says 99% of applicants who accept their loans by 5 p.m. Eastern Time Monday through Friday will get their money in one business day. The exception is loans for education expenses, which are subject to a waiting period of three business days, according to federal law.
- No credit history required: Upstart offers loans to borrowers with no credit scores, which traditional lenders may not do. However, if you have little or poor credit history, your loan will likely be more expensive.
- No prepayment penalty: You can repay all or part of your loan anytime without being charged a fee.
Drawbacks
- Origination fees: Upstart will deduct a one-time, nonrefundable origination fee of up to 8% from your loan proceeds before you receive them.
- No co-signers: Upstart does not accept co-signers and only takes the borrower’s personal information into account during the application process.
8. Happy Money
Happy Money offers Payoff personal loans designed to consolidate credit card debt. It operates in all but two states and provides loans of up to $40,000. Happy Money is not a bank and instead works with lending partners that originate the loans. The California-based financial wellness company takes a psychological approach to money matters.
- APR: 5.99% to 24.99%
- Minimum FICO Credit Score: 600
- BBB Rating: A+
Best Features
- Borrowers don’t face prepayment or late fees.
- Applicants can get pre-approved with no hard credit check.
- Some borrowers with fair credit may be eligible.
Drawbacks
- Personal loans are available only for credit card debt consolidation.
- Borrower could pay an origination fee of up to 5% of the loan amount.
- Payoff loans aren’t available in all states.
9. Best Egg
First of all, Best Egg is an online lender founded in 2014 that financial technology company Marlette Holdings Inc. owns and operates. Secondly, Best Egg offers personal loans starting at $2,000 that can be used to cover medical bills, home remodelling and a variety of other expenses. Cross River Bank in New Jersey issues Best Egg loans, which can be funded in as little as one business day.
- APR: 5.99% to 35.99%
- Minimum FICO Credit Score: 640
- BBB Rating: A+
Best Features
- Loan funding typically takes one to three business days.
- The minimum loan amount is $2,000 in most states.
- Borrowers incur no prepayment penalty.
Drawbacks
- First, Best Egg charges an origination fee between 0.99% and 5.99%.
- Borrowers need a minimum credit score of 700 and $100,000 in annual income to qualify for the lowest annual percentage rate.
- No joint personal loans are available.
10. U.S. Bank
U.S. Bank has physical locations in more than 25 states and offers both short- and long-term personal loans with fixed annual percentage rates. Current customers may qualify to borrow up to $50,000 with a credit score of 660 or above, and options are available for noncustomers willing to open a checking or savings account.
- APR: 6.99% to 19.49%
- Minimum FICO Credit Score: 660
- BBB Rating: NR
Best Features
- U.S. Bank pays out loan funds relatively quickly following approval.
- Co-signers are accepted.
- U.S. Bank doesn’t charge an origination fee or prepayment penalty.
Drawbacks
- Loans are available only to current U.S. Bank customers and those willing to open an account.
- Full qualifying criteria are undisclosed, and pre-qualification is unavailable.