Compare Personal Loan Lenders and Rates

By David / June 2, 2016
Compare Personal Loan Lenders and Rates

An unsecured personal loan can be a great way to finance a large purchase, consolidate your high interest dates, or pay for a unexpected personal expense. And thanks to the rise of online lenders, shopping for a personal loan has never been easier.

To get started, you can use the sortable table to quickly compare personal loan lenders and rates (as well as other key terms). Or keep on scrolling below to get key tips on taking out a personal loan and other great resources.

Most lenders even let you check to see if you are pre-approved and receive your interest rate without hurting your credit score.

TIP #1: If you want to check your credit score before you apply (and we recommend this), you can find free resources by clicking here.

TIP #2: If your are interested in submitting just one application that will allow you to choose from multiple lenders, consider applying with EVEN Financial. We think this is the best too to match you with the right loan at the best rate. To learn more, you can read our review here.

Lenders for Good, Fair, and Bad Credit Personal Loans

Lender

Loan Amts

APR Range*

Min. Credit

Score

Origination

Fee

Compare Unsecured Personal Loans

SoFi Review

$5,000 - $100,000

4.80% -11.40% Variable APR (with AutoPay)

or

5.95-12.99% Fixed APR (with AutoPay)​

None (but equivalent of 680 is recommended)

No Origination Fee

Analysis of Installment Loans

Payoff Review

$5,000 - $25,000

8.00% - 22.00%

APR

660

2.00% - 5.00%

Origination Fee​

online installment loan lenders

OneMain Review

$300 - $10,000

12.99% - 35.99%

APR

580

No Origination Fee

comparison of peer to peer personal loans

Prosper Review

$2,000 - $35,000

5.99% - 36.00%

APR

640

1.00% - 5.00%

Origination Fee​

comparing great online lenders

Lending Club Review

$1,000 - $40,000

5.99% - 35.96%

APR

600

1.11% - 5.00%

Origination Fee​

Credit Score needed for Vouch loans

Vouch Review

$500 - $15,000

10.68% - 29.99% APR

600

1.00 - 5.00% Origination Fee, plus sponsors

online lenders

Pave Review

$3,000 - $25,000

6.00% - 16.00% APR

660

1.00% - 2.00% Origination Fee

Comparison of interest rates

Upstart Review

$3,000 - $35,000

4.66% - 29.99% APR

640

1.00% - 6.00% Origination Fee

bad credit installment loan choices

LightsStream Review

$5,000 - $100,000

2.99% - 14.49% APR

680

No Origination Fee

karrot vs avant vs prosper

Karrot Review

Up to $35,000

6.44% APR - 29.27% APR

660

1.05% - 4.75% Origination Fee

earnest vs. upstart vs. vouch

Earnest Review

$2,000 - $50,000

5.25% - 12.00% APR

None (but equivalent of 720 recommended)

No Origination Fee

best egg vs. sofi vs payoff

Best Egg Review

$2,000 - $50,000

5.99% to 29.99% APR

640

0.99% - 4.99% Origination Fee

Choosing a Lender

An online personal loan is an unsecured loan - which means that the lender will not require you to provide any collateral. If you fail to pay back the loan, your lender will not be able to just take any of your assets (like your house or car). 

A great feature of these installment loans is that you will get a fixed monthly payment that includes both principal and interest - often at rates lower rate than variable rate credit card debt. Be aware, though, that interest rates and other terms may vary based on your credit score.

You should select a lender based upon the annual percentage rate (APR), not just the interest rate. This is because origination fees - which are fees you pay to the lender at the time the loan is issued - are not included in the quoted interest rate, but are calculated as part of the APR.

Often lenders are able to offer a lower APR loan by including an origination fee. But you should not take out an online installment loan ​with an origination fee if you intend to pay it back quickly. That is because these upfront fees are not refundable.

Pros and Cons of Personal Loans

A quick summary of the advantages and disadvantages of taking out a personal loan are:

Pros:

  • ​Consolidate high interest rate debt to pay it off faster.
  • Great alternative to payday loans for fast cash.
  • Simple application process.
  • Check rates without hurting your score.
  • Less complicated than credit card financing, and often less expensive.
  • Improve credit scores by paying off other debts.
  • Prepay at any time without added fees.

Cons:

  • ​If you have good credit, you may be able to qualify for 0% APR credit card offers.
  • Extended application process since you need to provide information to verify income.
  • Interest rates can be high for borrowers with poor credit.
  • If you are charged an origination fee, it is not refundable if you pay the loan back early.
  • Peer-to-peer loans may go to the marketplace and not get enough backing to be funded.

To learn more, check out our Guide to Shopping for Personal Loans.

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