1. Best for a Lower Credit Score: Upstart
- APR: 7.80% – 35.99%
- Loan Amounts: $1,000 to $50,000
- Terms: 36 to 60 months
- Origination Fee: 0% to 12%
- Pros:
- Open to borrowers with fair credit (minimum score of 300)
- Accepts applicants with insufficient credit history
- Fast service: funds are delivered the next business day
- No early payoff penalties
- Cons:
- High late fees
- Origination fee automatically deducted from the loan
Best For: Borrowers with low or no credit history.
2. Best for Refinancing High-Interest Debt: SoFi Personal Loans
- APR: 8.99% – 29.49% (with autopay)
- Loan Amounts: $5,000 to $100,000
- Terms: 24 to 84 months
- Origination Fee: None
- Pros:
- No fees for early payoff or late payments
- Unemployment protection available
- Co-applicants can apply
- Offers variable or fixed rates
- Cons:
- Higher rates for those with less-than-perfect credit
- Limited eligibility for non-U.S. citizens or visa holders
Best For: Those refinancing high-interest debt like credit cards.
3. Best for Flexibility: LightStream Personal Loans
- APR: 6.94% – 25.29% (with autopay)
- Loan Amounts: $5,000 to $100,000
- Terms: 24 to 240 months (depending on loan purpose)
- Origination Fee: None
- Pros:
- Same-day funding available
- No fees for early payoff or late payments
- Variety of loan purposes
- Cons:
- Requires excellent credit
- No pre-approval on the website
Best For: Borrowers who want flexibility in loan amounts and terms.
4. Best for Debt Consolidation: Happy Money
- APR: 11.72% – 17.99%
- Loan Amounts: $5,000 to $40,000
- Terms: 24 to 60 months
- Origination Fee: 1.5% to 5.5%
- Pros:
- Peer-to-peer lending platform
- Direct payments to creditors
- No late or early payoff fees
- Cons:
- Higher loan minimums ($5,000)
- Soft inquiry for fee info
Best For: Those looking to consolidate credit card debt with a supportive lending platform.
5. Best for Smaller Loans: PenFed Personal Loans
- APR: 8.99% to 17.99%
- Loan Amounts: $600 to $50,000
- Terms: 1 to 5 years
- Origination Fee: None
- Pros:
- Loans as low as $600
- No origination fees
- Credit union membership available to anyone
- Cons:
- Funds are issued via check, which can slow down access
- $29 late fee