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Top 10 Best Personal Loans

Whether you want to pay off your debt, borrow money for personal use, or consolidate the credit card, take out a personal loan seems to be a good option. Indeed, the market is full of attractive choices with simple steps and great offers. In most cases, personal loans are typically unsecured, which means that you do not need to put down collaterals to be qualified.

So, if you are in search of a personal loan, it is important to make the right decision and select a trusted organization. The goal is to get the best interest rates and speed up the whole process. With that in mind, we have rounded up a list of top 10 best personal loan companies to consider.

Marcus: Best option overall

  1. Loan amount: $3,500 to $40,000
  2. APR: from 5.99% to 28.99%
  3. Loan term: 3 to 6 years
  4. Minimum credit score: 660
  5. Top feature: Affordable loans without fees

With a reputation and long history in Wall Street, Goldman Sachs is one of the most trusted personal lenders in the market. And Marcus is the personal borrowing and banking brands of this financial titan.

You can get a loan between $3,500 and $40,000 within a few days without any extra fees. The financial pedigree of the company makes this service a popular option with low APRs and convenience. All loans come with fixed interest rates and fixed monthly payments. Also, it can help you save a lot of interest money, especially with quite good credit and card debt in your young stages. There will be no late fees, repayment fees, and origination fees.

Payoff: Best option for card consolidation

  1. Loan amount: from $5,000 to $35,000
  2. APR: from 5.99% to 24.99%
  3. Loan term: from 2 to 5 years
  4. Minimum credit score: 640
  5. Top feature: Easy and quick application

If you want a personal loan to pay off your card debt, then Payoff provides the best options. Compared to other services, it has one of the lowest interest rates. In addition to the origination fee of around 2% of the loan, you will not have to pay additional money for returned checks, late payments, or early payments. This makes it predictable after setting up the loan.

The approval process is very simple and quick. You just need 640 in credit scores and an income-to-debt ratio under 50% to be qualified. Each month, Payoff will provide you with a free update of the FICO score so that you would see the progress and make any changes.

Earnest: Best option for flexibility in payments

  1. Loan amount: from $5,000 to $75,000
  2. APR: from 6.99% to 18.24%
  3. Loan term: from 3 to 5 years
  4. Minimum credit score: 680
  5. Top feature: Select preferred monthly payments

Earnest offers a variety of options, including personal loans, home loans, refinancing, and more. The best feature of this service is that you would have an opportunity to select a preferred payment each month. This can be helpful for those people with repayment worries.

The company does not charge any origination fees and provides loans with a lower range of interest rates, compared to other services. However, this will depend on the credit history and loan duration. The application process is easy and quick. You can also download the free mobile app to pay off the loan and track your activities.

SoFi: Best option for young employees

  1. Loan amount: from $5,000 to $100,000
  2. APR: from 5.74% to 16.24%
  3. Loan term: from 2 to 7 years
  4. Minimum credit score: 680
  5. Top feature: Social events for members

Originated as a student loan service, SoFi provides a variety of services, such as personal loans, mortgage loans, student loan refiannces, and student loans. You will not be charged any fees for the service, just low-interest rates. Also, they deliver a perfect protection feature against unemployment so that you won’t have to worry about losing your job. The loan term can last up to 7 years, thus reducing the risks of having a financial disaster. The company often organizes social events for its members, who often have high credit scores. These are great chances for them to share advice and open up the network.

Prosper: Best option for marketplace loans

  1. Loan amount: from $2,000 to $40,000
  2. APR: from 6.95% to 35.99%
  3. Loan term: from 3 to 5 years
  4. Minimum credit score: 640
  5. Top feature: Quick application online

Prosper is known as a marketplace lender in which individual investors will cooperate to fund a loan. The company offers very competitive terms and rates, which make it a great alternative to traditional and online lenders. The range of loan amount is wide enough to cater to a variety of clients. However, the interest rates are quite high, especially for those with low credit scores. While the service does not charge prepayment fees, there might be an origination fee.

Lending Club: Best option for the largest marketplace

  1. Loan amount: from $1,000 to $40,000
  2. APR: from 6.95% to 35.89%
  3. Loan term: from 3 to 5 years
  4. Minimum credit score: 700
  5. Top feature: Make money through investments

Lending Club is among the best-known and biggest marketplace lenders on the market. Unlike traditional lenders, this service will provide loan funds from investors in increments of $25. The application process is very simple and you would get your funding in no more than 3 days. Just keep in mind that the credit score requirement for a personal loan at Lending Club is quite high, with at least 700. But what you get is a great service with various loan amounts and long loan terms. In addition, the interest rates of the Lending Club is in the middle range, which is not too low and not too high in comparison with other services available on the market.

Best Egg: Best option for only personal loans

  1. Loan amount: from $2,000 to $35,000
  2. APR: from 5.99% to 29.99%
  3. Loan term: from 3 to 5 years
  4. Minimum credit score: 640
  5. Top feature: Many great terms for startups

Best Egg might sound like a dish in the restaurant. However, this online lender offers one of the best personal loan services on the market. It is common for home improvement, debt consolidation, and other personal costs. The company is a good option for those people with a good credit score and solid income. While the minimum credit is just 630, the average range is up to 695, while the average income is $60,000 each year. You can choose to pay your loan in 3 or 5 years. There are many attractive terms specially made for startups or personal businesses, such as reduced interest rates or longer loan terms.

One Main: Best option for alternative personal loans

  1. Loan amount: from $1,500 to $30,000
  2. APR: from 16.05% to 35.99%
  3. Loan term: Varies
  4. Minimum credit score: none
  5. Top feature: There are up to 1600 branches

Compared to other internet-only services, One Main has more than 1600 branches to deliver a broad reach. In addition, the company also offers a higher maximum loan to cater to clients with poor credit. There is no minimum credit score, making it a great option for a variety of customers. The company provides both unsecured and secured loans. More importantly, they get a long history and solid reviews, along with A+ rating from other financial check organizations.

Wells Fargo: Best option for good credit score

  1. Loan amount: from $3,000 to $100,000
  2. APR: from 7.24% to 20.24%
  3. Loan term: from 1 to 5 years
  4. Minimum credit score: 660
  5. Top feature: Receive loans in only 1 day

Do you know which traditional bank has the best personal loans? The answer is Wells Fargo. The bank offers loans ranging from $3,000 up to $100,000 with automatic payments directly link to your Wells Fargo account. There are more than 6000 locations in the country, making it easier to apply. However, you cannot do this online. Another great feature is the flexible line of credit for personal clients. Also, you can have options to secure the loan with a CD or savings account.

Opp Loans: Best option for bad credit score

  1. Loan amount: from $1,000 to $4,000
  2. APR: from 99% to 199%
  3. Loan term: from 1 to 3 years
  4. Minimum credit score: none
  5. Top feature: Do not require credit check

Regardless of your credit score, Opp Loans can be a great alternative for people who are in a vicious cycle of payday loans. The company does not require any credit check. That is the reason why this service is not recommended for most of the consumers who want to secure their personal loan. Though the APR rates can be extremely high, these are typically lower than payday loans. Getting a loan from this company would enable you to pay off payday debts for good, then pay off your personal loan slowly when you get back on the right track.

The bottom line

As you can see, there is a variety of factors to consider when choosing a personal loan company. The most important thing is that you should borrow only what you actually need and ensure that you can pay it back in the determined duration. All of the companies mentioned above are the most reputable service on the market these days. Just have a look and compare to have the best deal and rate for your need.