Personal Loan Reviews

The average APR on a 24-month unsecured personal loan in the U.S. is 9.34% as of August 2020.2 The rate you pay, depending on the lender and your credit score, can range from 6% to 36%.3 For comparison, the average APR on a 48-month secured new car loan is 4.98%.
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Personal loans have fixed annual percentage rates, generally between 6% and 36%. The loan with the lowest rate is the least expensive — and usually the best choice. Other features, including no fees, soft credit checks and direct payments to creditors if you’re consolidating debt, set some loans apart.

We reviewed loans from more than 30 lenders to find the best rates and loan features. We always recommend you know your credit score and compare personal loans from multiple lenders before making a choice.

Here are our picks for the best personal loans:

100CashLoans Lender
: Best for home improvement loans.

Approved Loans : Best for good to excellent credit.

Cash4Lending Lender: Best for bank loans.

Cashdoc Lender: Best for fair credit.

Cash Finance Lender: Best for short credit history.

CashForLoansNow Lender: Best for bad credit.

DirectFundCenter Lender: Best for credit card consolidation.

FamilyLendingServices Lender: Best for debt consolidation.

Holiday Cheer Loans: Best for fast funding.

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Pros and Cons Values

Depending on your financial situation and the loan’s purpose, a personal loan can be the right move or one you should sidestep.

Positive
  • Lower starting APRs than credit cards.
  • Fixed rates and monthly payments.
  • Flexible loan amounts.
  • No collateral is needed.
Negatives
  • Maximum APRs can be high.
  • Fees are possible, depending on the lender.
  • Increases the debt you owe.

Pros

Lower starting APRs than credit cards. For consumers with strong credit, personal loans typically have lower APRs than credit cards. While some credit cards offer 0% interest during an introductory period, the rates are generally higher after the period ends.

» MORE: Weigh the options: Personal loan or credit card

Fixed rates and monthly payments. Personal loans have fixed rates and monthly payments over a set term, so you always know what you owe and for how long. Other financing options like home equity lines of credit have variable rates that can mean fluctuating monthly payments.

Flexible loan amounts. Depending on the lender and your creditworthiness, you may have access to personal loan amounts of $1,00 to $100,000. This range meets a wide variety of expenses, from small emergencies to large home improvement projects.

No collateral. Unlike home equity loans that require you to secure the loan with your house, unsecured personal loans don’t require collateral. You risk damaging your credit if you can’t repay, but you won’t lose any assets.

Cons

Maximum APRs can be high. If you have a low credit score, APRs on personal loans can be higher than credit card APRs.

Possible fees. Borrowers may have to pay fees — like origination or late fees — along with their loan payments.

Increase in debt. Taking a personal loan adds debt to your budget, so it’s important to factor in the additional obligation and feel comfortable about paying it off.

Product specification

What is a personal loan?

A personal loan is money borrowed from a bank, credit union or online lender that you repay in equal monthly installments, usually over two to seven years.

Personal loans are typically unsecured, which means they don’t require collateral. Lenders instead consider your credit profile, income and debts during the loan approval process. If you fail to repay the loan, your credit can take a hit.

Personal loan funds can be used for almost any purpose, but taking a loan makes most sense when:

=> It’s the least expensive form of financing.
=> It’s used for something with the potential to increase your financial standing, like debt consolidation or home improvements.
=> You can manage the monthly payments without stressing your budget.

In contrast, a personal loan used for discretionary expenses, like a vacation, can be expensive. We recommends using savings for nonessentials to avoid finance charges.

If you’re borrowing for emergency or medical expenses, consider less-expensive alternatives first, such as community assistance or payment plans.

A recent our survey published in November 2021 revealed that nearly 3 in 10 Americans (29%) took out a personal loan within the past 12 months, borrowing an estimated $385 billion.

The average loan amount was $5,210, according to the survey, and the three most common uses for a personal loan by those surveyed were:

Debt Consolidation: Of the 550 people surveyed, 40% percent used a personal loan to consolidate debt. Debt consolidation combines your debt into one loan, ideally with a lower interest rate that reduces your total debt and helps you pay it off sooner.

Big Events: The survey found that 39% of recent personal loan borrowers used a loan to manage the cost of a large event, which might include a wedding or vacation.

Emergency Expenses: According to the survey, 35% of respondents used a personal loan to cover an emergency.

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Loan interest rates and fees

Personal loan interest rates vary by lender, and the rate you receive depends on factors like your credit score, income and debt-to-income ratio.

Borrowers with high credit scores generally receive lower rates, from about 11% to 15%, while those with low credit scores may get an APR around 25%. Here’s what interest rates on personal loans look like, on average:

How’s your credit?Score RangeEstimated APR
Excellent720-850.11.2%.
Good690-719.15.5%.
Fair630-689.20.5%.
Bad300-629.25.3% (lowest scores unlikely to qualify).


Some lenders charge origination fees to cover the cost of processing the loan. Lenders deduct the fee from the loan proceeds or roll it into the balance. This one-time, upfront fee is included in the loan’s annual percentage rate, so consider this when comparing costs between lenders.

Other fees to watch out for include late fees, insufficient funds fees and prepayment fees, which are penalties for paying off your loan early.

Price list of packages?

How to choose the best personal loan

Here are things to consider as you shop around and compare personal loans.

Soft credit check. Most online lenders let you check your estimated interest rate by performing a soft check of your credit during pre-qualification. This won’t affect your credit score, so it pays to take the steps to pre-qualify for a loan with multiple lenders and compare rates and loan features.

Annual percentage rates. Because APRs include interest rates and fees, they offer an apples-to-apples cost comparison for borrowers deciding between personal loan offers. Use our personal loan calculator to see estimated rates and payments based on credit scores.

Repayment terms. Having a wide variety of repayment term options gives you the option to get a shorter term and pay less interest or a longer term and have a low monthly payment. 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. Some lenders offer small to midsize loan amounts, like $2,000 to $40,000, while others provide loans up to $100,000. 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. See if the lender you’re considering offers any perks that could help you reach your financial goals.

100CashLoans Lender Best Values

Thousands of Americans across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% Activate Read full review
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Approved Loans Most functional

With Approved Loans, you can receive funding up to $50,000. We provide more options for you, so there is a clear advantage to using us
$100 to $50000APR – 35.99% Activate

Cash4Lending Lender Best Price

These short-term loans are popular because they offer a convenient way to gain quick access to a short term loan. These types of loans can prevent you from paying late fees, overdraft charges, or other penalties.
$100 to $50000APR – 35.99% Activate Read full review
Use coupon SMARTTV20
10
Personal Loan Reviews

Cashdoc Lender Best Values

CashDoc is NOT a lender, we provide a service that aims to quickly connect customers with a lender that offers loans that may work for them.
$100 to $50000
APR - 35.99%

ACTIVATE
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Personal Loan Reviews

Cash Finance Lender Best Values

Thousands of Americans across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% PayDay Loan
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Personal Loan Reviews

CashForLoansNow Lender Best Values

Thousands of Americans across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% Apply Now
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Personal Loan Reviews

COMPARE LOAN OPTIONS Best Values

The loan APR will vary from website to website and the lending partner that is available to offer you a loan. Please read the loan documents after your loan request is submitted.
$100 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

DirectFundCenter Lender Best Values

These short-term loans are popular because they offer a convenient way to gain quick access to cash. These types of loans can prevent you from paying late fees, overdraft charges, or other penalties.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Early Pay Today Best Values

Here at Early Pay Today, we provide a service that aims to quickly connect customers with a lending partner that offers loans that may work for them.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

FamilyLendingServices Lender Best Values

Thousands of Americans across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

FastCash Lender Best Values

With FastCash, you can receive funding up to $50,000. We provide more options for you, so there is a clear advantage to using us. 
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

FirstFamilyLending Best Values

Loans from $200 up to $50,000
$100 to $50000APR – 35.99% Apply Now
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Personal Loan Reviews

HalloweeenLoans Lender Best Values

These short-term loans are popular because they offer a convenient way to gain quick access to a short term loan. These types of loans can prevent you from paying late fees, overdraft charges, or other penalties.
$200 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

Holiday Cheer Loans Best Values

People across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

Online Loans via Honest Loans Lender Best Values

If approved, the loan can often be transferred to your bank account as soon as the next business day.
$100 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

Life Funds Lender Best Values

You may be able to get your money in as little as 1 business day
$100 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

MedicalLoans365 Lender Best Values

Approval for up to $50,000 directly deposited as soon as the next business day
$100 to $50000APR – 35.99% Apply now
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Personal Loan Reviews

Online Loan Network Best Values

Approval for up to $50,000 directly deposited as soon as the next business day
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Payday SOS Lender Best Values

 Thousands of Americans across the country use personal loans to help them pay for emergency expenses like medical expenses, mechanic fees, and bills.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Quik Loan Lending Best Values

Loan up to $50,000 with an APR starting at 5.99%
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Right Loan USA Best Values

Loan up to $50,000 with an APR starting at 5.99%
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Strong Funds Best Values

The $50,000 is received quickly and from the privacy of your own home.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

Tax Day Loans Best Values

With Tax Day Loans, you can receive funding up to $50,000. We provide more options for you, so there is a clear advantage to using us.
$100 to $50000APR – 35.99% apply now
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Personal Loan Reviews

ZippyLoan Best Values

Personal Loans Made Simple and Fast
$100 to $15000APR – 35.99% Apply now
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Personal Loan Reviews

NetLoanExpress Best Values

NEED CASH TODAY? BORROW UP TO $5,000
$100 to $5000APR – 35.99% apply now
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Personal Loan Reviews

<strong>VivaLoan</strong> Best Values

Enjoy fast access to the funds you need to accomplish your financial goals, no matter how large or small. Once your request is connected, funds are typically direct deposited into your account as soon as the next business day
$100 to $5000APR – 35.99% Apply now
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  • Bank Level Encryption of your data (256 bit Industry Leading SSL encryption)
  • You may be able to get your money in as little as 24 hours
  • No waiting in line or going into a physical store
  • Approval for up to $50,000 directly deposited as soon as tomorrow
  • Our easy online form takes less than 5 minutes to complete

Pre-qualify for a personal loan

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.

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