Finding the right personal loan shouldn’t require a finance degree. You’ve got banks, fintechs, and AI-powered platforms all throwing around terms like origination fees, APR ranges, and soft pulls, and half the time it feels like they’re designed to confuse you into picking whatever pops up first. But here’s the thing: the difference between a good personal loan and a bad one can be thousands of dollars over the life of the loan.
The average personal loan rate sits at 12.27% as of February 2026, but that number hides a massive spread. Borrowers with excellent credit can lock in rates below 7%, while fair-credit borrowers might face 25% or higher. Some lenders charge no fees at all; others quietly deduct 10% of your loan proceeds before the money ever hits your account. Speed varies from same-day funding to over a week. And eligibility ranges from a 300 FICO minimum at one lender to an effective 700+ requirement at another.
We reviewed and ranked the largest and most popular personal loan lenders to help you find the right option. Here’s our list of the best personal loans.
RatesChaser’s Best Personal Loans of 2026
LightStream
LightStream earns a 4.5 out of 5 in our scoring methodology. Its combination of industry-leading low rates (6.94% to 25.29% with autopay), zero fees, loans up to $100,000, terms up to 20 years, same-day funding, and a Rate Beat Program is unmatched. For borrowers with strong credit, LightStream delivers the lowest total cost of borrowing available in the personal loan market.
The trade-offs are access and service. LightStream's credit requirements are the most stringent in our review, and the absence of direct prequalification means applicants must accept a hard inquiry just to learn whether they qualify. If you have a credit score above 700 and stable income, LightStream should be your first stop.
- Industry-leading low rates starting at 6.94% APR (with autopay), among the lowest in the personal loan market.
- Zero fees — no origination fee, no late fees, and no prepayment penalty.
- Rate Beat Program: LightStream will beat any competing lender's approved rate by 0.10 percentage points.
- Extended repayment terms up to 144 months (and up to 240 months for home improvement loans).
- Same-day funding available if approved and documents signed by 2:30 PM ET.
Upstart
Upstart earns a 4.0 out of 5, reflecting the tension between the most accessible underwriting model in the personal loan market and a fee structure that trails the best alternatives for well-qualified borrowers. If you have a credit score below 670 or a thin credit file, Upstart should be at the top of your list. The AI model genuinely sees things traditional lenders miss, and the customer satisfaction data backs that up.
The tradeoffs are the origination fee (up to 12%, the highest ceiling in this series), limited-term options (only three or five years), and the platform model. For borrowers with good or excellent credit, SoFi or LightStream will almost always offer a better deal.
- Broadest credit access in the market — accepts FICO scores as low as 300 using AI that evaluates 2,500+ variables.
- AI model approves 44% more borrowers at 43% lower APRs compared to traditional underwriting.
- Near-instant decisions with 99% of accepted loans funded the next business day.
- Highest customer satisfaction: 4.9/5 on Trustpilot with over 60,000 reviews.
- $1,000 minimum loan amount, accessible for small borrowing needs.
SoFi
SoFi earns a 4.5 out of 5 because it delivers the most borrower-friendly fee structure in the personal loan market paired with a genuinely fast application experience, strong member benefits, and the financial stability of an FDIC-insured bank. No origination fee, no prepayment penalty, no late fee, loan amounts up to $100,000, and same-day funding is a package that no other major lender fully matches.
The limitations are real but narrow. You need good credit to get in the door, there is no co-signer option, and the $5,000 minimum cuts out smaller borrowing needs. If your FICO is below 670 or you need a co-applicant to qualify, SoFi is not the right fit. But for borrowers with solid credit who want to minimize total borrowing cost and get funded fast, SoFi is the personal loan to beat.
- Zero fees across the board — no origination fee, no prepayment penalty, and no late fee, saving you hundreds compared to lenders that charge 1%–10% origination fees.
- Loan amounts up to $100,000, one of the highest ceilings among major personal loan lenders.
- Same-day funding available if approved before 7 PM ET on a business day.
- Up to 0.75% in stacked rate discounts through autopay, direct deposit, and direct pay to creditors.
- Unemployment protection allows you to pause payments for up to 12 months while working with SoFi's career coaching team.
Avant
Avant earns a 3.0 out of 5.0 (rounded from 2.5). Its core value is access: a credit score floor around 550, a low income requirement of $1,200 per month, next-business-day funding, and an entirely online process. For borrowers in the 550 to 669 credit range who have been turned down by mainstream lenders, Avant provides a legitimate path to funding.
The trade-offs are significant. The administration fee of up to 9.99% and APR ceiling of 35.99% make Avant one of the more expensive options. If your credit score is 670 or above, you will almost certainly find better terms elsewhere.
- Low credit score requirement — accepts borrowers with scores as low as 550.
- Low income threshold of just $1,200/month ($14,400 annually), well below most competitors.
- Next-business-day funding for loans approved before 4:30 PM CT Monday–Friday.
- Soft pull prequalification to check your rate without impacting your credit score.
- Hardship options including payment deferrals, term extensions, and temporary payment reductions.
Rocket Loans
Rocket Loans earns a 3.5 out of 5. Its defining strength is speed: same-day funding with a completion deadline of 4:00 PM ET is consistently available, backed by the technology infrastructure of one of the largest financial services companies in the country. The 29.99% APR ceiling and autopay discount provide meaningful cost advantages.
The trade-offs are real. The origination fee of up to 9.99% and the two-term limitation (36 or 60 months) are the most significant drawbacks. If you have good credit and need funds quickly, Rocket Loans delivers on its core promise of speed.
- Same-day funding if loan documents are signed by 4:00 PM ET on a business day.
- Lower APR ceiling of 29.99%, below the 35.99% cap at most fintech lenders.
- Autopay rate discount brings the minimum rate to 8.01%.
- Strong brand backing: Rocket Companies (NYSE: RKT) with A+ BBB rating.
- Soft pull prequalification lets you check your rate without impacting your credit score.
Upgrade
Upgrade earns a 3.5 out of 5. Its core strength is accessibility: a 580 credit floor, joint application support, secured loan options, and one of the widest repayment term ranges in the market (24 to 84 months). For borrowers with fair credit who struggle to qualify elsewhere, Upgrade provides a legitimate, well-reviewed path to personal loan funding with next-day speed.
The trade-off is cost. The mandatory origination fee of 1.85% to 9.99% is the single biggest drawback, especially compared to no-fee competitors like SoFi and LightStream. Start by prequalifying with a soft pull to see your rate.
- Fair-credit friendly with a minimum credit score around 580, well below most competitors.
- Wide repayment term range of 24 to 84 months for greater flexibility.
- Joint applications accepted — a co-borrower can improve approval odds and lower your rate.
- Secured loan options available using a vehicle or home fixtures as collateral.
- Multiple rate discounts through autopay, direct creditor payment, and Rewards Checking.
Achieve
Achieve earns a 3.5 out of 5. Its standout features are the three-tier rate discount structure and the co-borrower option, both of which are rare among fintech lenders. Borrowers who can stack the direct-pay and co-borrower discounts can reduce their APR by up to 5 percentage points, which translates to meaningful savings on a consolidation loan.
The trade-offs center on cost and transparency. The origination fee of up to 8.99% is one of the highest in our review series. If you are consolidating $5,000 or more in debt and can take advantage of at least one rate discount, Achieve is worth a look.
- Three stackable rate discounts: co-borrower (~2 points), direct-pay-to-creditors (~3 points), and retirement assets (~1 point).
- Co-borrower option allows joint applications to improve approval odds and reduce rates.
- Dedicated loan consultant assigned to each borrower for personalized guidance.
- Lower APR ceiling of 29.99%, below the 35.99% cap at most fintech lenders.
- Same-day decisions with funds typically disbursed within 24–72 hours.
About Our Picks for the Best Personal Loans
LightStream
Best Overall & Best for Large Amounts | APR: 6.94% – 25.29%
LightStream is the online lending division of Truist Bank, the sixth-largest bank holding company in the U.S., and it earns a 4.5 out of 5.0 in our review, the highest score in our 15-lender series. The combination is hard to beat: APRs starting at 6.94% with autopay, zero fees of any kind (no origination, no late fees, no prepayment penalty), loan amounts up to $100,000, terms up to 144 months for most purposes and up to 20 years for home improvement, same-day funding, and a Rate Beat Program that guarantees it will beat a competing lender’s approved rate by 0.10 percentage points. For borrowers with strong credit who want the lowest total cost of borrowing, LightStream is the best option available.
The trade-offs are access and service. LightStream does not offer prequalification directly on its website, meaning applicants must accept a hard credit inquiry just to see if they qualify. The minimum credit score is approximately 660, but in practice most approved borrowers have scores well above 700. Customer support is email-only during limited hours, and there is no dedicated mobile app. If your credit is below 680 or you want to check your rate without a hard pull, start with SoFi and then bring that offer to LightStream’s Rate Beat Program.
READ FULL REVIEW →
SoFi
Best Online Lender | APR: 7.74% – 35.49%
SoFi is a publicly traded national bank with 13.7 million members and one of the largest personal loan books in the country, originating $7.5 billion in Q4 2025 alone. It earns a 4.5 out of 5.0 in our review thanks to the most borrower-friendly fee structure in the market: no origination fee, no prepayment penalty, and no late fee. Add loan amounts up to $100,000, terms out to seven years, same-day funding if approved by 7 PM ET, up to 0.75% in stackable rate discounts, and an unemployment protection program that lets you pause payments for up to 12 months, and you have a product that is difficult to match on paper.
The limitations are real but narrow. SoFi’s estimated minimum FICO is 680, and the average borrower sits around 746, so this is not a fair-credit lender. There is no co-signer or co-borrower option, no secured loan pathway, and the $5,000 minimum cuts out smaller borrowing needs. If your credit is below 670, look at Upstart or Upgrade instead. But for borrowers with solid credit who want zero fees, fast funding, and a full-service digital financial platform, SoFi is the personal loan to beat.
READ FULL REVIEW →
Upstart
Best for Fair/Low Credit | APR: 6.6% – 35.99%
Upstart is an AI lending platform founded by three former Google employees, and its machine learning model evaluates more than 2,500 variables, including education, employment history, and earning potential, to predict your likelihood of repaying a loan. The result is the broadest credit access in our review: Upstart accepts FICO scores as low as 300, approves roughly 44% more borrowers than traditional underwriting, and delivers APRs that average 43% lower for those who are approved. It earns a 4.0 out of 5.0 overall, with a perfect 5.0 for Eligibility and Accessibility and the highest Trustpilot score in the industry (4.9 out of 5 with over 60,000 reviews). 99% of accepted loans fund the next business day.
The trade-offs are cost and flexibility. The origination fee ranges from 0% to 12%, the highest ceiling in our series, and only two term lengths are available (3 or 5 years). Upstart is a platform, not a lender, so your loan will be issued by one of its 100+ bank or credit union partners and you don’t get to choose which one. For borrowers with good or excellent credit, SoFi or LightStream will almost always offer a better total deal. But for recent graduates, career changers, or anyone with a thin credit file or a score below 670, Upstart fills a gap that no other lender covers as effectively.
Avant
Best for Debt Consolidation | APR: 9.95% – 35.99%
Avant is a Chicago-based fintech that has served more than 4 million customers and facilitated over $12.5 billion in personal loans since 2012. It targets middle-income consumers with fair to poor credit, accepting scores as low as 550 with a minimum monthly net income of just $1,200. Avant earns a 2.5 out of 5.0 in our review, reflecting its role as a lender for borrowers with limited options. Loans approved before 4:30 p.m. CT fund by the next business day, soft pull prequalification is available, and the company offers hardship options including payment deferrals, term extensions, and temporary payment reductions for borrowers experiencing financial difficulty.
The costs are high. The APR floor of 9.95% sits above the industry average of 12.27%, the administration fee (origination fee) can reach 9.99%, and there are no rate discounts, no co-signer option, no secured loan pathway, and no direct payment to creditors for debt consolidation. If your credit score is 670 or above, you will almost certainly find better terms at SoFi, LightStream, or even Upgrade. But if your score is below 620 and you need funding quickly, Avant is worth a look alongside Upstart and OneMain Financial.
READ FULL REVIEW →
Upgrade
Best for Fast Funding / Bad Credit | APR: 7.74% – 35.99%
Upgrade is a San Francisco-based fintech founded in 2017 by Renaud Laplanche (former co-founder of LendingClub), with a $7.3 billion valuation and over 6 million customers served. It earns a 3.5 out of 5.0 in our review by offering one of the most flexible personal loan products on the market: credit scores as low as 580, repayment terms from 24 to 84 months (the widest range in our series), joint application support, and secured loan options where pledging a vehicle or home fixtures can reduce your rate by 1 to 10 percentage points. Funds typically arrive within one business day of clearing verifications.
The trade-off is cost. Every Upgrade loan carries an origination fee of 1.85% to 9.99%, and the APR ceiling of 35.99% matches the industry maximum. Upgrade also scored below average in J.D. Power’s 2025 Consumer Lending Satisfaction Study. For borrowers who qualify with no-fee lenders like SoFi or LightStream, Upgrade will cost more. But for fair-credit borrowers who need flexible terms, a co-borrower option, or a secured loan pathway, Upgrade provides a credible and fast path to funding that many competitors cannot match.
Rocket Loans
Best for Prequalification | APR: 8.01% – 29.99%
Rocket Loans is a division of Rocket Companies (NYSE: RKT), the parent of Rocket Mortgage, the largest mortgage lender in the United States. It earns a 3.5 out of 5.0 in our review. The core strength is speed and simplicity: same-day funding for borrowers who sign by 4:00 p.m. ET, soft pull prequalification with no impact on your credit score, and a lower APR ceiling of 29.99% (below the 35.99% cap at most fintech competitors). The autopay discount brings the floor down to 8.01%, and the brand carries institutional credibility with an A+ BBB rating and a 4.9 out of 5 Trustpilot score on approximately 8,700 reviews.
The trade-offs are real. The origination fee of up to 9.99% is one of the highest in our series, only two term options are available (36 or 60 months), and the $45,000 maximum ($75,000 for returning clients) is lower than SoFi and LightStream’s $100,000 ceiling. There is no co-borrower option, no secured loan pathway, and no direct payment to creditors for debt consolidation. Start by prequalifying with a soft pull and compare the APR (including the origination fee in your total-cost calculation) against offers from SoFi and LightStream before committing.
READ FULL REVIEW →
Achieve
Best for Debt Solutions | APR: 8.99% – 29.99%
Achieve (formerly Freedom Financial Network) is a digital personal finance company founded in 2002 that has served more than 1.5 million customers and funded more than $13 billion in loans. It earns a 3.5 out of 5.0 in our review by offering something most fintech lenders do not: a relationship-based approach. Each borrower works with a dedicated loan consultant, and three stackable rate discounts (co-borrower, direct-pay-to-creditors, and retirement assets) can reduce the APR by up to 6 percentage points. Achieve also offers direct payment to creditors for debt consolidation and a 29.99% APR ceiling that is well below the 35.99% cap at most competitors.
The trade-offs include a high origination fee ceiling (1.99% to 8.99%), a $5,000 minimum loan amount, limited state availability, and a consultative application process that may feel slow or invasive to borrowers who prefer a fully digital experience. If you have excellent credit and want the lowest all-in cost with no fees, LightStream or SoFi are stronger options. But if you are consolidating $5,000 or more in debt, have fair to good credit (620 to 720), and can stack at least one rate discount, Achieve is worth a serious look.
READ FULL REVIEW →
Why Personal Loans Exist (And When They Make Sense)
The average personal loan interest rate is 12.27% as of February 2026, according to TransUnion and Federal Reserve data. That is significantly lower than the average credit card APR, which sits above 20%. For borrowers carrying high-interest debt, a personal loan can consolidate multiple payments into one fixed monthly bill at a lower rate, saving hundreds or thousands in interest over the life of the loan.
Personal loans are also one of the most flexible borrowing tools available. Unlike auto loans or mortgages that are tied to a specific asset, personal loans can be used for almost anything: debt consolidation, home improvement, medical expenses, major purchases, moving costs, or emergency funding. Most are unsecured, meaning you do not need to put up collateral. And because they carry fixed rates and fixed terms, your monthly payment stays the same from the first month to the last, making budgeting predictable.
The personal loan market has grown substantially in recent years. TransUnion data shows that personal loan originations have been on a steady upward trajectory, driven by fintech lenders that use AI and alternative data to approve borrowers who would have been declined a decade ago. Platforms like Upstart evaluate more than 2,500 variables beyond your FICO score, while traditional bank lenders like LightStream and SoFi compete on price with zero-fee structures and same-day funding.
The Features That Actually Matter
APR is the single most important number when comparing personal loans, because it captures both the interest rate and certain fees as an annualized cost. But the advertised APR range only tells part of the story. A lender advertising 6.94% to 25.29% (like LightStream) is very different from one advertising 9.95% to 35.99% (like Avant). The floor rate is what the most qualified borrowers get; the ceiling is what everyone else might face. Pay attention to both numbers, and understand that your rate will fall somewhere in between based on your credit score, income, and loan terms.
Origination fees are the hidden cost that separates cheap loans from expensive ones. An origination fee of 5% on a $20,000 loan means you receive $19,000 but owe payments on the full $20,000, plus interest. SoFi, LightStream, and Discover charge no origination fee at all, meaning you receive every dollar you are approved for. Lenders like Upgrade (1.85% to 9.99%), Upstart (0% to 12%), and Rocket Loans (up to 9.99%) charge fees that can significantly increase the effective cost of borrowing. Always factor the origination fee into your total cost calculation.
Funding speed matters when you need money now. Same-day funding is available from LightStream (by 2:30 p.m. ET), SoFi (by 7 PM ET), and Rocket Loans (by 4:00 p.m. ET). Upgrade and Upstart typically fund the next business day. LendingClub takes 2 to 4 days. Happy Money is the slowest at 3 to 6 business days. If your timeline is flexible, speed should not be your primary decision factor. But if you are facing an emergency expense, the difference between same-day and next-week can be meaningful.
Prequalification with a soft credit pull is now standard among most lenders. This lets you check your rate and see potential loan offers without impacting your credit score. SoFi, Upstart, Upgrade, Avant, Rocket Loans, and Achieve all offer soft pull prequalification. The notable exception is LightStream, which does not offer prequalification directly on its website (only through partner marketplaces), requiring a hard inquiry for direct applicants. If you are rate shopping, always use soft pull prequalification first, then apply formally only after you have compared offers.
How to Choose the Right Personal Loan
Start with your credit score. If it is 700 or above, LightStream and SoFi should be your first stops. Both charge zero fees and offer the lowest rates in the market. If your score is between 620 and 700, Upgrade, Achieve, and LendingClub provide competitive options with rate discounts for autopay and direct creditor payment. If your score is below 620 or your credit file is thin, Upstart and Avant are the most accessible options, with Upstart’s AI model being especially strong for recent graduates and career changers.
Next, consider your loan purpose. For debt consolidation, look for lenders that offer direct payment to creditors (SoFi, Upgrade, Achieve, Happy Money) because these often come with additional rate discounts and reduce the temptation to spend the funds elsewhere. For home improvement, LightStream’s terms extend up to 20 years, which can make monthly payments manageable on large projects. For general-purpose borrowing with maximum flexibility, SoFi’s seven-year terms and zero fees are hard to beat.
Finally, get at least three quotes. Personal loan rates are highly individualized, and two lenders with similar advertised ranges can offer very different rates to the same borrower. Use soft pull prequalification at three or more lenders, compare the APR (not just the rate), factor in any origination fees, and calculate the total cost of each loan over its full term. The 15 minutes you spend comparing offers can save you hundreds or thousands of dollars.
Methodology
Our evaluation weighted six categories based on their importance to the average personal loan borrower:
Rates and Fees (25%): We compared APR ranges, origination fee structures, late fees, prepayment penalties, and available rate discounts. Lenders with zero fees and lower APR ceilings scored highest.
Loan Terms and Flexibility (20%): We evaluated loan amount ranges, term lengths, co-borrower options, secured loan pathways, and repayment flexibility. Wider ranges and more options earned higher scores.
Eligibility and Accessibility (20%): We assessed minimum credit score requirements, income thresholds, state availability, and the use of alternative data in underwriting. Broader accessibility scored higher.
Speed and Application Process (15%): We measured time from application to funding, prequalification availability (soft vs. hard pull), and the overall digital experience. Same-day funding with soft pull prequalification scored highest.
Customer Experience (10%): We evaluated J.D. Power rankings, CFPB complaint volume relative to loan portfolio size, mobile app ratings, and customer service channels.
Transparency and Reputation (10%): We checked BBB ratings, Trustpilot scores, fee disclosure clarity, financial stability, and regulatory history.
Our review methodology applies the same criteria to all 15 providers and produces a weighted total score out of 5.0. Data sources include lender websites, the CFPB Consumer Complaint Database, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, Federal Reserve interest rate data, TransUnion Credit Industry Insights, BBB and Trustpilot profiles, app store ratings, and SEC filings.
Top Personal Loans of 2026 Summary
| Lender | Recommended For | Highlights | Next Steps |
|---|---|---|---|
| LightStream | Best Overall & Large Amounts | Zero fees, $100K max, Rate Beat Program | Check Rates |
| SoFi | Best Online Lender | No fees, same-day funding | Check Rates |
| Upstart | Best for Fair/Low Credit | AI underwriting, min 300 FICO, next-day funding | Check Rates |
| Avant | Best for Debt Consolidation | Low-income threshold, hardship options | Check Rates |
| Upgrade | Best for Fast Funding / Bad Credit | 580 min score, secured loan options, 84-mo terms | Check Rates |
| Rocket Loans | Best for Prequalification | Same-day funding, soft pull, strong brand | Check Rates |
| Achieve | Best for Debt Solutions | 3 rate discounts, co-borrower, dedicated consultant | Check Rates |
Frequently asked questions
Answers to your questions about the best personal loans.
It depends on the lender. Upstart accepts scores as low as 300 using AI-based underwriting. Avant and Upgrade accept scores around 580. SoFi requires an estimated 680 minimum, and LightStream generally requires scores well above 700 for the best rates. Most lenders let you prequalify with a soft credit pull, so you can check without affecting your score.
Same-day funding is available from LightStream (by 2:30 p.m. ET), SoFi (by 7 PM ET), and Rocket Loans (by 4:00 p.m. ET). Upgrade and Upstart typically fund the next business day. Avant also offers next-day funding for loans approved before 4:30 p.m. CT. Achieve funds within 24 to 72 hours. Actual timelines depend on verification requirements and your bank’s processing speed.
An origination fee is a percentage of your loan amount that the lender deducts from your proceeds before disbursement. For example, a 5% origination fee on a $20,000 loan means you receive $19,000 but owe payments on the full $20,000. SoFi, LightStream, and Discover charge no origination fee. Upstart charges 0% to 12%, Upgrade charges 1.85% to 9.99%, and Rocket Loans charges up to 9.99%. Always include the origination fee in your total cost calculation.
Yes. Debt consolidation is one of the most common uses for personal loans. Several lenders, including SoFi, Upgrade, Achieve, and Happy Money, offer direct payment to creditors, where the lender sends funds directly to your credit card issuers. This feature often comes with an additional rate discount and simplifies the process. Lenders like LightStream, Rocket Loans, and Avant deposit funds to your bank account, and you pay off your creditors yourself.
Not if the lender uses a soft credit inquiry for prequalification, which most major lenders do. SoFi, Upstart, Upgrade, Avant, Rocket Loans, and Achieve all offer soft pull prequalification. A hard credit inquiry, which can temporarily lower your score by a few points, only occurs after you formally accept a loan offer and submit a full application. The exception is LightStream, which requires a hard pull for direct applicants.
As of February 2026, the average personal loan interest rate is 12.27%, according to TransUnion and Federal Reserve data. However, rates vary widely based on your credit score, income, loan amount, and term length. Borrowers with excellent credit can qualify for rates below 7% at lenders like LightStream, while borrowers with fair or poor credit may face rates above 20%.
Shorter terms mean higher monthly payments but less total interest paid. Longer terms mean lower monthly payments but more total interest. For example, a $15,000 loan at 12% APR costs approximately $2,928 in total interest over 36 months versus $5,040 over 60 months. Choose the shortest term you can comfortably afford to minimize total cost, but make sure the monthly payment fits your budget.
Neither is inherently better. Bank lenders like LightStream and Discover tend to offer lower rates and no fees, but require higher credit scores and may have less flexible eligibility criteria. Online lenders like SoFi, Upstart, and Upgrade tend to offer broader credit access, faster funding, and more flexible features like co-borrower options and secured loan pathways. The best choice depends on your credit profile, borrowing needs, and priorities.
