Best Personal Loans for 2026

Compare personal loans from top lenders. Find the best rates for debt consolidation, home improvement, and major purchases.

Personal loans offer a flexible way to borrow money for almost any purpose. Whether you're consolidating debt, financing a home improvement project, or covering an emergency expense, a personal loan could be the right solution.

Our Top Personal Loan Picks

Editor's Choice

SoFi Personal Loans

4.7

Online lender offering personal loans with competitive rates and no fees.

  • No origination fees
  • Unemployment protection
  • Fast funding (same day possible)
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LendingClub

4.3

Peer-to-peer lending platform offering personal loans for debt consolidation and more.

  • Accepts fair credit (600+)
  • Joint applications allowed
  • Direct creditor payment option
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Upgrade Personal Loans

4.4

Modern lender offering personal loans and credit products with flexible terms.

  • Accepts fair credit (580+)
  • Fast approval process
  • Credit monitoring included
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How Personal Loans Work

Personal loans are installment loans that let you borrow a lump sum and repay it over a fixed term with fixed monthly payments. Most personal loans are unsecured, meaning you don't need collateral.

Key Terms to Understand

  • APR (Annual Percentage Rate): The total cost of borrowing, including interest and fees.
  • Origination Fee: A one-time fee charged by some lenders, typically 1-8% of the loan amount.
  • Loan Term: How long you have to repay the loan, usually 2-7 years.
  • Prepayment Penalty: A fee for paying off your loan early (most lenders don't charge this).

Best Uses for Personal Loans

  • Debt Consolidation: Combine multiple high-interest debts into one lower-interest payment.
  • Home Improvement: Finance renovations without tapping home equity.
  • Major Purchases: Fund large expenses like weddings or moving costs.
  • Emergency Expenses: Cover unexpected medical bills or car repairs.

Detailed Reviews

Featured

SoFi Personal Loans

4.7

Online lender offering personal loans with competitive rates and no fees.

Pros

  • No origination fees
  • Unemployment protection
  • Fast funding (same day possible)
  • Rate discounts available

Cons

  • Requires good credit (680+)
  • No co-signer option
  • Not available in all states
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LendingClub

4.3

Peer-to-peer lending platform offering personal loans for debt consolidation and more.

Pros

  • Accepts fair credit (600+)
  • Joint applications allowed
  • Direct creditor payment option
  • No prepayment penalty

Cons

  • Origination fee (3-8%)
  • Longer funding time
  • Higher rates for lower credit
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Upgrade Personal Loans

4.4

Modern lender offering personal loans and credit products with flexible terms.

Pros

  • Accepts fair credit (580+)
  • Fast approval process
  • Credit monitoring included
  • Multiple loan options

Cons

  • Origination fee (1.85-9.99%)
  • Higher APR for lower credit
  • Late payment fees
Check Rates

How to Qualify for a Personal Loan

Lenders typically consider the following factors when evaluating your application:

  • Credit Score: Most lenders require a minimum score of 580-680.
  • Income: You'll need to show steady income to afford monthly payments.
  • Debt-to-Income Ratio: Lenders prefer a DTI below 40-50%.
  • Employment History: Stable employment improves your chances.

Frequently Asked Questions

What credit score do I need for a personal loan?

Requirements vary by lender. SoFi typically requires 680+, while Upgrade accepts scores as low as 580. Better credit scores qualify for lower interest rates.

How fast can I get funded?

Many online lenders offer same-day or next-day funding after approval. Traditional banks may take 1-2 weeks.

Should I get a personal loan or use a credit card?

Personal loans are better for large, fixed expenses because they have fixed payments and often lower interest rates. Credit cards are better for smaller, ongoing expenses where you can pay off the balance monthly.