The Best Personal Loans of 2024

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A personal loan can come in handy if you want to remodel your kitchen, pay for a wedding, or consolidate high-interest debt. It’s a versatile financial product you can use to cover virtually any expenses. With so many personal loans on the market, it can be difficult to find the right one for your unique needs. To make your life a bit easier, we’ve done the heavy lifting and compiled this list of the best personal loans of 2024.

Compare Best Personal Loans

What we researched
Fees can range from 0%-5% or higher. We analyzed dozens of lenders to find the lowest fees.
Types of Loans
From debt consolidation to medical emergencies and other major expenses, we looked at the best loans for a variety of situations.
We’ve compiled reviews of dozens of lending companies and used them to see what lenders do best and where they can improve.
We searched for the best offers and show you how to get them.
We looked at the most current rates based on a variety of factors including credit score, income, and more to find the best.
We surveyed lenders to find the ones that provide loans to a wide variety of borrowers.

The Best Personal Loan Companies

  • Avant: Best for fair or bad credit
  • SoFi: Best for flexible payback terms
  • Happy Money: Best for credit card consolidation
  • LendingPoint: Best for low income
  • Upstart: Best for short credit history
  • Lending Club: Best for small loans
  • Achieve: Best for large loans
  • Upgrade: Best for home improvement
  • One Main Financial: Best for Co-applicants
  • Best Egg: Best for Emergencies

Avant: Best for Fair or Bad Credit

Avant is an online lender that focuses on personal loans for people with less than stellar credit. While most of its customers have a credit score between 600 and 700, the lender says its loans “fit a wide variety of customers.” If you have a fair or bad credit score, you can still get approved for an Avant loan and receive the funding you need.

Avant Pros and Cons

Loan amount: $2,000-$35,000

Availability and restrictions: Not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, or Nevada

Read Our Avant Review

SoFi: Best for Flexible Payback Terms

SoFi’s mission is to “help people reach financial independence to realize their ambition.” If you need some extra time to repay your personal loan, it’s a great option. SoFi’s terms range from two to seven years. Just keep in mind that if you do choose a longer term, you’ll pay more in interest over the life of the loan.

SoFi Pros and Cons

Loan amount: $5,000-$100,000

Availability and restrictions: Not available in Mississippi

Read Our SoFi Review

Happy Money: Best for Credit Card Consolidation

Happy Money personal loans are designed to help you consolidate high-interest credit card debt into one manageable monthly payment. Depending on your situation, you may be able to lock in a low rate and favorable terms. If you take out a debt consolidation loan, Happy Money will provide you with a free FICO score report every month, so you know exactly where you stand with your credit.

Happy Money Pros and Cons

Loan amount: $5,000-$40,000

Availability and restrictions: Not available in Massachusetts, Mississippi, Nebraska, or Nevada

Read Our Happy Money Review

LendingPoint: Best for Low Income

LendingPoint offers personal loans to various borrowers, including those with low incomes. You can get approved for a loan with a minimum annual income of $25,000. This income can come from your job, retirement benefits, or other sources. A LendingPoint personal loan can make sense if you start your career or live on a fixed retirement income.

LendingPoint Pros and Cons

Loan amount: $2,000-$36,500

Availability and restrictions: Not available in Nevada or West Virginia

Read Our LendingPoint Review

Upstart: Best for Short Credit History

Upstart looks beyond credit scores when reviewing personal loan applications through its artificial intelligence platform. It considers factors like your occupation and employer, degrees you may have earned, and the college or university you attended. If you have limited credit or no credit, an Upstart personal loan can be a good fit.

Upstart Pros and Cons

Loan amount: $1,000-$50,000

Availability and restrictions: Not available to residents of West Virginia or Iowa

Read Our Upstart Review

Lending Club: Best for Small Loans

Lending Club is a peer-to-peer lender with an online personal loan marketplace. Its loan amounts range from $1,000 to $40,000. A Lending Club personal loan is worth considering if you only need a small amount of money to cover a relatively minor expense. You can borrow as little as $1,000.

Lending Club Pros and Cons

Loan amount: $1,000-$40,000

Availability and restrictions: Not available in Iowa or the U.S. territories

Read Our Lending Club Review

Achieve: Best for Large Loans

Achieve Personal Loans offers fairly large personal loans. With an Achieve personal loan, you might be able to secure up to $50,000 in funding. This is excellent news if you need to consolidate large amounts of credit card or other unsecured debt.

Achieve Pros and Cons

Loan amount: $7,500-$50,000

Availability and restrictions: Not available in Colorado, Connecticut, Hawaii, Maine, Kansas, North Dakota, Vermont, West Virginia, or Wyoming.

Read Our Achieve Review

Upgrade: Best for Home Improvement

Upgrade offers home improvement loans that can help you cover the cost of a kitchen remodel, roof replacement, new HVAC system, or any other expense that will improve your home or increase its value. Upgrade loans go up to $50,000 so you can receive the funding you need to pay for just about any home improvement project you have on your honey-do list.

Upgrade Pros and Cons

Loan amount: $1,000-$50,000

Availability and restrictions: Not available in Iowa, Washington, D.C., or West Virginia.

Read the Upgrade Review

One Main Financial: Best for Co-applicants

One Main Financial focuses on loans to borrowers with fair or bad credit. The lender also accepts joint applications. This means if you apply with someone that has a good credit score, you can increase your chances of approval. You might also be able to land a lower interest rate and more attractive terms.

One Main Financial Pros and Cons

Loan amount: $1,500-$20,000

Availability and restrictions: Not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, or Vermont

Read the One Main Review

Best Egg: Best for Emergencies

Best Egg offers online personal loans originated by Cross River Bank. Once you apply online, you can find out whether you’re approved within minutes. According to the lender, nearly half of its borrowers receive their funds the next business day. This is great news if you need fast cash and can’t wait days, weeks, or months for funding.

Best Egg Pros and Cons

Loan amount: $2,000-$50,000

Availability and restrictions: Not available in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories

Read Our Best Egg Review

How Does a Personal Loan Work?

Offered by banks, credit unions, and online lenders, a personal loan is a money you borrow to cover any expense, like a home improvement project, car repair, or vacation. Compared to other financial products, personal loans may offer lower interest rates and tend to be more affordable.

Personal loans can be secured or unsecured. Secured personal loans are backed by collateral or a valuable asset you own like your car, for example. If you default on a secured personal loan, the lender has the right to seize your collateral.

Unsecured personal loans, on the other hand, don’t require any collateral. However, they usually have higher interest rates than secured loans. This is because they’re a greater risk for the lender.

Pros and Cons of Personal Loans

As with any financial product, personal loans come with benefits and drawbacks.

What Are Personal Loan Solutions Available?

There are several loan types in the market available for personal use, including unsecured personal loans, peer-to-peer loans, secured personal loans, and short-term loans.

What Kind of Personal Loans Are There?

There are different types of personal loans, such as:

Debt Consolidation Loans

With a debt consolidation loan, you can pay off high-interest credit card debt. It combines various debts into a single loan with a manageable monthly payment.

Find the best debt consolidation loans

Home Improvement Loans

Home improvement loans are intended to pay for home improvement projects like kitchen remodels, home additions, and new roofs. They usually come with high maximum loan amounts.

Find the best home improvement loans

Cosigned Loans

Consigned loans allow you to apply for a loan with a friend or family member that has a better credit score than you. They can help take out a loan you might not qualify for on your own.

Installment Loans

An installment loan provides you with a lump sum of money upfront. You repay it over time via fixed monthly payments over an agreed-upon term, which can range from a few months to a few years or longer. You can use an installment loan calculator to get an idea of what your payments would be based on how much you want to borrow.

Payday Loans

Payday loans are short-term, small-dollar loans used to cover expenses until you get your next paycheck. Their terms usually range from two to four weeks.

Frequently Asked Questions

What is a personal loan used for?

Personal loans are flexible financial products. You can use them to consolidate high-interest debt or pay for car repairs, medical expenses, home improvement, or anything else life throws your way. If you don’t have the cash on hand to pay for something, a personal loan can be invaluable.

How do I qualify for a personal loan?

Every personal loan lender has its own qualification requirements. You’ll find that some lenders are more lenient than others. Still, you’ll need to be creditworthy with a stable income and a low debt-to-income ratio. If you don’t meet these criteria, you can still get approved but might have to agree to a higher interest rate and less favorable terms.

What documents do I need to apply for a personal loan?

When you apply for a personal loan, most lenders will ask you to submit some documents to confirm your identity and income. Typically, you’ll need to share pay stubs, bank statements, and/or tax forms. You will also be required to upload a driver’s license, passport, or another document that verifies who you are.

What is the difference between a secured and unsecured personal loan?

Most personal loans are secured, meaning you don’t need collateral like a car or a house to take them out. Lenders will approve you based on your credit score, income, and other financial details.

Sometimes, lenders offer secured personal loans, which do involve collateral. While secured loans can be easier to get, you’ll risk losing your collateral if you don’t make your loan payments.

How much will I pay in interest if I take out a personal loan?

Your interest rate will depend on a number of factors like your credit, loan amount, and term. Interest rates also vary from lender to lender. To land the lowest rates, however, you’ll need a good or excellent credit score. A shorter repayment term can help as well. Since your interest rate will make a huge difference in the overall cost of a loan, it’s important to shop around and explore your options.

Can I get a personal loan with bad credit?

If you don’t have the best credit, you can still get approved for a personal loan. There are some lenders with less rigorous requirements than others. These lenders are often willing to take a chance on borrowers with bad credit scores. If you do get a bad credit loan, keep in mind that you’ll probably pay more in interest.

What are some alternatives to personal loans?

While personal loans are flexible and can be affordable, they’re not right for everyone. If you need access to funding but don’t want to take out a personal loan, you might want to consider credit cards, personal lines of credit, 401(k) loans, and small business loans, depending on your needs and financial circumstances.


Our Methodology

We reviewed dozens of lenders and personal loans to find the best ones based on a variety of needs, including bad or fair credit, loan amount, debt consolidation, short or no credit history, cosigned loans, and more.

AmONE conducted an audit of over 30 loan companies to find which ones offer personal loans.

Once we narrowed down the options, we analyzed the personal loans offered by 20 lenders and looked at over 10 data points, including credit score requirements, fees, accessibility, customer experience, APR rates, loan amounts, length of time to pay, the application process, and more. We picked the best personal loans by scoring loans based on those features.

But we don’t stop there. AmONE will continue to conduct spot-checks to ensure the most recent loan information is included here and update our list annually.

How AmONE Helps You Find Your Best Personal Loans

AmONE makes it easy and convenient to find the best personal loan. Our no-cost service uses cutting-edge technology to match your loan request with top-rated lenders, instantly. For the last 17 years, AmONE has worked with lenders across the U.S. to match consumers with lending partners to offer the ideal loan solutions and the most straightforward process.

We provide live support from trained professionals – our financial search specialists –who are available to answer all your questions via phone. To find the right personal loan solution for you, enter your information in our simple personal loan form or call us at 888-401-0330, Monday through Friday from 9:00 a.m. to 9:00 p.m. and on Saturday from 9:00 a.m. to 5:30 p.m. Eastern time.

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