Where to find loan

Based on your budget, one may make more financial sense than the other. Loan amount. Depending on how much money you need, one lender could be more attractive than another. Determining the amount you need ahead of time will help you compare and decide. Special features. You may benefit from features like autopay rate discounts, unemployment protection or financial coaching. You can pre-qualify on NerdWallet and see rates from lenders that partner with us.

After you compare offers and select a loan with the lowest rate and payments that fit your budget, you'll formally apply for the loan. The loan application may require additional personal information, including employment status and education history. You may also need to authorize the lender to pull your credit reports and verify your income.

Your first loan payment is usually due within 30 days of loan approval and funding. Personal loans for good credit. Personal loans for bad credit. Personal loans for debt consolidation. Personal loans for home improvement. Fast personal loans. Top banks offering personal loans. Medical loans. Swimming pool loans. Wedding loans.

Moving loans. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary. Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education.

We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. NerdWallet does not receive compensation for our star ratings.

Read our editorial guidelines. Credit score requirements vary among lenders. Some lenders accept only borrowers with good or better credit; others will loan to bad-credit borrowers. Learn how to get a loan with bad credit. Many online lenders can approve qualified borrowers' applications and fund loans the same or next day, while others may take up to a week.

Compare fast personal loans. Online lenders, banks and credit unions all offer unsecured personal loans. While some online lenders can offer low rates and fast funding to many people, you may get a better offer from your credit union or bank if you're an existing customer. Learn more about where to get a personal loan. Upgrade: Best for fair credit.

Summary of Best Personal Loans of November Credit Score Learn More. Check rate. See my rates. Our pick for Personal loans for good to excellent credit. APR 4. Credit Score View details. Key facts SoFi is a strong option for good-credit consumers, offering low rates, no fees and flexible payments. Pros No fees. Offers unemployment protection. Cons No secured loan option.

Qualifications Must legally be an adult in your state. Must be a U. Available Term Lengths 2 to 7 years. Fees Origination fee: None. Late fee: None. Disclaimer Fixed rates from 4. Our pick for Home improvement loans. Key facts LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose. Cons No option to pre-qualify on its website. Qualifications Minimum credit score: Several years of credit history.

Strong payment history with few or no delinquencies. Investments, retirement savings or other evidence of an ability to save money. Enough income to pay existing debts and a new LightStream loan. Disclaimer Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile.

Our pick for Personal loans for short credit history. APR 5. Credit Score None. Key facts Upstart is a good option for those who have short credit histories and promising financial futures.

Pros Accepts borrowers new to credit. Cons Borrowers can choose from only two repayment term options. Charges origination fee. No mobile app to manage the loan. Qualifications Minimum credit score: None. Must be at least 18 years old. Valid email account required. Personal bank account with U. Available Term Lengths 3 to 5 years. Disclaimer The full range of available rates varies by state.

Our pick for Personal loans for credit card consolidation. Key facts Payoff offers loans plus ongoing support to help good-credit borrowers consolidate credit card debt. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Personal loans have become an increasingly important option for consumers looking to borrow money to pay off high-interest debt, to fund an unexpected expense or to pay for home improvements.

In fact, the number of personal loan borrowers nearly doubled to roughly 21 million between and If you need immediate financing, personal loans may not always be the best option, especially if you have damaged credit. But the best personal loans offer interest rates as good or better than other types of loans for borrowers with excellent credit along with fast funding and flexible repayment terms. But not all personal loan lenders and terms are created or handled equally.

Online lenders offer some of the most competitive personal loan interest rates and repayment terms. There are many to choose from, which means you may be able to find one best for your needs and financial circumstances.

Credit unions are nonprofit financial institutions that typically cater to residents in a specific geographic area. They provide similar products and services as banks, but credit unions are member-owned and tend to charge lower interest rates and fees than banks.

Banks are for-profit financial institutions, which means their interest rates may be higher than at a credit union. But if you already have a bank account at a large institution, the existing relationship may make it a good fit for you to get a personal loan there, as well. Before you choose a personal loan, make sure you explore all your options.

The best lenders offer the lowest interest rates and charge few fees, while offering repayment terms that work for your budget. Find one that will deposit your money quickly and offer a co-signer option, if you need it. Dori Zinn has been a personal finance journalist for more than a decade. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy.

Select Region. United States. United Kingdom. Dori Zinn, Mike Cetera. Contributor, Editor. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A personal loan is money you borrow for just about any purpose, including debt consolidation, an unexpected medical bill, a new appliance, a vacation, or even a student loan.

You pay the money back—including interest—in monthly installments over time, usually two to five years, Most personal loans are unsecured , meaning they are not backed by collateral. The interest you pay is expressed as an annual percentage rate APR. The average APR on a personal loan is 9. For example, if you want to borrow money to remodel your house or buy a car, a home equity loan or an auto loan may come with a lower interest rate.

Unlike unsecured personal loans based solely on your creditworthiness, these loans are secured by the home you want to fix up or the car you want to buy. On the other hand, if you borrow less than you need, you may be forced to turn to more expensive loan sources at the last minute.

Finally, make sure you can afford the payments on the amount you do borrow. As personal loans rely heavily on your creditworthiness, check your credit scores and obtain updated credit reports from each of the three major credit reporting agencies —Equifax, Experian, and TransUnion—before you apply.

None of these actions, referred to as soft inquiries , will impact your creditworthiness or credit score. You can obtain a free credit report from each of the major reporting agencies once per year by visiting AnnualCreditReport. Many credit card and loan companies provide a free monthly credit score from one or more of the major credit reporting agencies. Services such as Credit Karma offer free credit scores, credit reports, and other financial services.

Some, like Credit Karma, are actually free. Others offer a free trial then charge an ongoing fee. You can also pay for your credit score from credit reporting agencies or from other online vendors. The higher your credit score, the more likely you are to be approved for a loan at a better interest rate. LendingTree reported the following average best personal loan APRs and loan amounts based on credit score for April Offers vary by lender, but the information above may provide guidance about what to expect when you apply for a personal loan.

Additionally, a personal loan calculator can make it easier to determine how high of a monthly payment you might end up with based on your credit score. Personal loans are part of that protection. Subpart C—Sections Other required disclosures include the number of payments, monthly payment amount, late fees, and whether there is a penalty for paying the loan off early.

Personal loan sources are divided between two main categories: those with a banking license or charter and those without. After all, a family loan might come with no contract — or a basic contract — and you might get a very favorable interest rate even without excellent credit. But things can get complicated if a dispute arises over repayment of the loan. That can cause a lot of awkwardness.

If your k plan allows loans, borrowing money from your employer-sponsored k requires no credit check. The loan must be repaid within five years, and the interest you pay on the loan goes back into your k. Though accessing cash from your k sounds simple, consider some of the consequences.

For instance, if you leave your job, you could be forced to repay the loan in full before your next federal tax return is due. Whether you need fast cash or a long-term loan, you should take the time to research loan options and ask questions before you borrow money. Here are some key questions to think about.

Some lenders are offering help, and you may have some relief options for your mortgage, rent or even utilities. Read this post in Spanish. Image: Woman sitting at her kitchen table with her laptop open, writing in a journal.