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Personal loans can serve dozens of purposes — paying off high-interest credit cards, covering a home repair, consolidating multiple debts into one payment, or handling an unexpected expense. The right lender depends heavily on your credit profile, the amount you need, and how fast you need the funds.
I reviewed the major personal loan lenders available in 2026 and selected the best options across credit tiers. Here is what each one offers and who each is best suited for.
Quick Comparison
| Lender | APR Range | Loan Amounts | Min. Credit Score | Best For |
|---|---|---|---|---|
| SoFi | 8.99% – 29.49% | $5,000 – $100,000 | ~680 | Excellent credit, large loans |
| Marcus by Goldman Sachs | 6.99% – 24.99% | $3,500 – $40,000 | ~660 | No fees, good credit |
| LendingClub | 9.57% – 35.99% | $1,000 – $40,000 | ~600 | Fair credit, debt consolidation |
| Upstart | 7.40% – 35.99% | $1,000 – $50,000 | ~600 | Limited credit history, graduates |
| Avant | 9.95% – 35.99% | $2,000 – $35,000 | ~580 | Fair to bad credit |
| Credit Unions | Varies | Varies | Varies | Members, lowest rates |
SoFi — Best for Excellent Credit and Large Loans
SoFi is one of the most competitive personal loan lenders for borrowers with strong credit. It offers loans from $5,000 to $100,000 — among the largest loan amounts available from any online lender — with no origination fees, no prepayment penalties, and no late fees. The APR range starts under 9%, which is competitive with the best traditional bank rates.
SoFi also offers unemployment protection: if you lose your job through no fault of your own while repaying a SoFi loan, you can apply to temporarily pause payments. This is a meaningful safeguard that most personal loan lenders do not offer.
The downside is the strict credit requirements. You typically need a score in the high 600s to low 700s to qualify, and the best rates go to borrowers with excellent credit and stable income.
Who it is best for: Borrowers with 700+ credit scores who need a large loan or want competitive rates without any fees.
Read our full SoFi Personal Loan Review
Marcus by Goldman Sachs — Best for No Fees
Marcus stands out for one reason above all others: it charges zero fees. No origination fee, no late fee, no prepayment penalty — ever. Most personal loan lenders charge at least an origination fee of 1% to 8%, which meaningfully increases the true cost of borrowing. Marcus eliminates that cost entirely.
Loan amounts run from $3,500 to $40,000 with terms from 36 to 72 months. The APR range is among the lowest of any lender on this list. Marcus also offers an on-time payment reward: make 12 consecutive on-time payments and you can defer one payment to the end of your loan at no cost.
Who it is best for: Borrowers with good credit (660+) who want a straightforward loan with no fees and a reliable name behind it.
Read our full Marcus Personal Loan Review
LendingClub — Best for Fair Credit and Debt Consolidation
LendingClub is a strong option for borrowers in the 600 to 680 credit score range who might not qualify for the best rates at SoFi or Marcus. It offers a direct pay feature for debt consolidation: when you take a LendingClub loan to consolidate debt, LendingClub can pay your creditors directly rather than depositing funds in your account. This reduces the temptation to spend the money on something else and streamlines the consolidation process.
Loan amounts go up to $40,000 with terms of 24 to 60 months. LendingClub does charge an origination fee of 3% to 8%, which is worth factoring into the total cost comparison.
Who it is best for: Borrowers with fair credit (600+) who are consolidating credit card debt and want a lender with a long track record.
Read our full LendingClub Personal Loan Review
Upstart — Best for Limited Credit History
Upstart uses an AI-based underwriting model that looks beyond just your credit score. It factors in education, employment history, and income alongside credit data, which makes it one of the few lenders that can offer reasonable rates to people with a short credit history — including recent graduates and borrowers who have simply not used much credit yet.
The minimum credit score is around 600, though Upstart also accepts borrowers with no score at all in some cases. Loan amounts range from $1,000 to $50,000 with terms of 36 or 60 months.
Who it is best for: Recent graduates, borrowers with thin credit files, and anyone whose income and employment history is stronger than their credit score suggests.
Read our full Upstart Personal Loan Review
Avant — Best for Bad Credit Borrowers
Avant targets borrowers in the 580 to 650 credit score range — a segment that most traditional lenders turn away. It offers loan amounts from $2,000 to $35,000 with APRs starting under 10%, though rates for lower-credit borrowers will typically be in the 25% to 35% range. There is an administration fee of up to 9.99%, which is higher than average but reflects the higher-risk borrower profile.
Avant funds loans quickly — often the next business day — and its customer service is consistently rated well. If you have fair to bad credit and need access to a personal loan without waiting weeks for a decision, Avant is one of the more borrower-friendly options available.
Who it is best for: Borrowers with credit scores between 580 and 650 who want predictable monthly payments and faster-than-average funding.
Read our full Avant Personal Loan Review
Credit Unions — Best Rates for Members
If you are a member of a credit union, check their personal loan rates before applying anywhere else. Credit unions are not-for-profit institutions and typically offer the lowest rates of any lender — sometimes as low as 6% to 8% APR even for borrowers without perfect credit. The catch is that you must be a member to apply, and membership requirements vary by institution.
Many credit unions also offer Payday Alternative Loans (PALs) — small, short-term loans at capped rates — for members in a financial pinch.
Who it is best for: Current credit union members, or anyone eligible to join a credit union and willing to open an account before applying.
See our Best Credit Union Personal Loans guide
How to Pick the Right Personal Loan
- Excellent credit (720+): Start with SoFi or Marcus. Both offer the lowest rates and no fees.
- Good credit (660–719): Marcus is your best no-fee option. LendingClub is a strong backup.
- Fair credit (600–659): LendingClub or Upstart. Compare both since Upstart’s AI model sometimes approves borrowers that traditional scoring would decline.
- Bad credit (below 600): Avant is the most accessible on this list. Also consider a bad credit personal loan specialist.
- No credit history: Upstart or a credit union. Upstart’s model is specifically designed for thin files.
Compare Multiple Lenders at Once
Not sure which lender fits your credit profile? BorrowMoney.us lets you check rates from multiple personal loan lenders in one place — without affecting your credit score. See your options before you apply anywhere.
Affiliate disclosure: We may earn a commission if you apply through our link, at no extra cost to you.
Frequently Asked Questions
What credit score do you need for a personal loan?
Most traditional lenders require a minimum score of 620 to 660. Lenders like Avant and Upstart work with scores as low as 580 to 600. For the best rates, a score of 720 or higher qualifies you for the lowest APRs from lenders like SoFi and Marcus.
How long does it take to get a personal loan?
Online lenders typically fund loans within 1 to 3 business days of approval. Some lenders, including LendingClub and Avant, can fund as quickly as the next business day for approved borrowers who complete their application by a set cutoff time.
What is the best personal loan for debt consolidation?
SoFi and Marcus are strong picks for debt consolidation if you have good credit — both offer no fees and low APRs. For borrowers with fair or bad credit, LendingClub and Avant offer consolidation loans with more flexible credit requirements. You can also compare personal loans to balance transfer cards for debt consolidation.
Do personal loan applications hurt your credit score?
Checking your rate with most online lenders uses a soft credit pull, which does not affect your score. A hard inquiry only happens when you formally accept a loan offer, and it typically reduces your score by a few points temporarily.