Best Personal Loans of 2026
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The best personal loan depends on what you need. For no fees, Discover skips them. For large loans, SoFi goes up to $100,000. For debt consolidation, Achieve pays creditors directly. Pre-qualify with at least three lenders before applying to compare rates and terms.
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You’ve determined a personal loan is the right financial move. Now you’re down the rabbit hole, with a browser full of lenders all claiming to be the best. Most aren’t, for you.
The best personal loan is the one that meets your specific goals, budget, and qualifications.
Our picks span a range of needs and credit situations. Pick a few that feel like a good match, then pre-qualify to explore your personalized rates.
Our picks for the best personal loans
Don’t look for one perfect loan. You want options you can compare to find the best rate for you.
| Best for | Lender | APR range | Loan amounts | Origination fee | Credit profile |
|---|---|---|---|---|---|
| Debt consolidation | Achieve | 6.25% to 35.99% | $5,000 to $50,000 | 1.99% to 9.99% | Fair |
| No fees | Discover | 7.99% to 24.99% | $2,500 to $40,000 | None | Good |
| Joint applications | LendingClub | 5.96% to 35.99% | $1,000 to $60,000 | 0% to 8% | Fair |
| Rate Beat Program | LightStream | 6.49% to 24.89%† | $5,000 to $100,000 | None | Good |
| Large loans | SoFi | 6.99% to 35.49%* | $5,000 to $100,000 | 0% to 7%** | Good |
| Limited credit history | Upstart | 6.2% to 35.99% | $1,000 to $75,000 | 0% to 12% | All |
*With all discounts. **SoFi Bank loans only. †With AutoPay; rates vary by loan purpose. All rates as of dates noted per lender profile, subject to credit approval and subject to change.
Best for debt consolidation: Achieve
Achieve offers a direct-pay option that sends funds straight to your existing lenders, skipping your bank account. Rate discounts are available for using direct-pay, adding a co-borrower, and holding qualifying retirement assets, which means borrowers who stack these features could see a meaningfully lower rate.
Origination fees run up to 9.99%, which is on the higher end. Minimum credit score is 640; loans of $35,000 or more require at least 660.
Best for no fees: Discover
Discover charges nothing beyond interest: no origination fee, no late fee, no prepayment penalty. The amount you borrow is the amount you receive.
Loan amounts go up to $40,000, so if you need more, SoFi or LightStream could be better fits. There’s also no co-borrower option, so it’s best suited to solo applicants.
Best for joint applications: LendingClub
LendingClub evaluates both applicants’ incomes and credit profiles on a joint application. For borrowers whose solo profile wouldn’t get them a competitive rate, a creditworthy co-borrower could make a meaningful difference.
Worth knowing: LendingClub is rebranding to Happen Bank in summer 2026. Loan terms are unchanged.
Read our full LendingClub review
Rate Beat Program: LightStream
For borrowers with a strong credit profile, LightStream’s combination of no fees and the Rate Beat Program makes it one of the lowest total-cost options on this list. LightStream’s Rate Beat Program offers to beat a qualifying competitor rate by 0.10%.
Worth noting: LightStream doesn’t offer pre-qualification. You need to apply and accept a hard credit pull to get your rate. If you’re unsure whether you’ll be approved, consider pre-qualifying with other lenders before applying here.
Read our full LightStream review
Best for large loans: SoFi
SoFi’s $100,000 ceiling is about as high as personal loans tend to get, which could be very useful for large projects or consolidating big balances. Same-day funding is possible for qualified applicants who complete the process by 5:30 p.m. ET on a business day.
Many, but not all, personal loans through SoFi are fee-free. Loans originated through Cross River Bank, a SoFi partner, carry an origination fee. Check which entity is originating your loan before accepting an offer.
Limited credit history: Upstart
Upstart’s underwriting model considers education and employment alongside credit score, which could expand approval odds for borrowers with a limited credit history or thin file. Education is a factor, not a requirement.
Keep Upstart’s origination fees in mind when considering your options. Upstart offers only two term lengths (three years or five years), which is less flexible than most lenders here.
How to choose a personal loan lender
Follow these four steps to cut out the noise and find your winners.
- Match the lender to your credit profile. Each lender on this list has a different sweet spot. Applying to a lender whose minimum score is above yours can create a hard credit pull that could lower your score.
- Check the loan size range. Make sure the lender offers the amount you need. Some have minimums that rule them out for smaller needs; others cap out before your target amount.
- Consider the loan term. Personal loan terms typically run two to seven years, though some lenders offer shorter or longer. A shorter term means a higher monthly payment but less interest paid overall. A longer term lowers your payment but raises your total cost.
- Pre-qualify with your shortlist and compare APRs. The annual percentage rate (interest rate plus most lender fees) is the total yearly cost of borrowing, expressed as a single number. Once you have real offers in hand, the APR tells you which is actually cheaper.
Consumer-protection groups, including the NCLC, treat 36% APR as the benchmark for affordable lending. Loans above that are widely considered predatory.
How to pre-qualify for a personal loan
Once you have two or three lenders in mind, pre-qualification gets you real numbers without committing to anything. “Risk-free” pre-qualifying (make sure that’s what you’re getting) generates a soft credit inquiry—it doesn’t affect your credit score and isn’t a guarantee of final approval. Your rate may change when you formally apply.
Here’s how to pre-qualify:
- Go to each lender’s site and find the pre-qualify or “check your rate” tool. Most take two to three minutes.
- Enter basic information: your name, address, income, employment status, loan amount, and purpose. No documents required at this stage.
- Review your estimated rate and compare it to other offers. Rates vary more than most borrowers expect.
Do this with at least three lenders. Once you have offers, compare by APR, not monthly payment. A lower payment on a longer term often means more total interest over the life of the loan.
When you’re ready to commit, apply once. A formal application requires a hard credit inquiry that often causes a temporary credit score dip. For the full application process, visit how to apply for a personal loan.
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- Pull your free credit report at AnnualCreditReport.com and check for errors. Check your free credit score, too. Knowing your credit tier before you shop tells you which lenders are realistic and helps you spot anything dragging your score down before a lender sees it.
- Pick two or three lenders from the table that match your credit profile and loan size, then pre-qualify with each. It takes a few minutes per lender and won’t affect your score.
- Compare your offers by APR and apply with the best fit. Read the full loan agreement before you sign.
Key Terms
APR (annual percentage rate): The single number that captures the true cost of a loan. It combines the interest rate with most lender fees and expresses the total as a yearly percentage. APR allows you to compare loans with different rates and fees to find the lowest cost option.
Origination fee: An upfront fee some lenders deduct from your loan before you receive the funds. A $10,000 loan with a 5% origination fee puts $9,500 in your account, but you still owe and pay interest on the full $10,000.
Pre-qualification: A soft credit check that shows you an estimated rate without affecting your credit score. It’s not an official loan offer, and your final rate may differ when you formally apply.
This article is for general educational purposes. Bills.com is not a lender. All loan products are subject to credit approval and lender terms. Rates and fees are subject to change.
What credit score do I need for a personal loan?
Requirements vary by lender. Many work with fair credit (FICO 580 to 669), though the best rates go to borrowers in the Very Good (740 to 799) or Exceptional (800 and above) range. Some lenders specialize in borrowers with lower credit scores, though rates tend to be higher.
What’s the difference between pre-qualification and applying?
Pre-qualification uses a soft credit check, which gives you an estimated rate without affecting your credit score. A formal application triggers a hard credit check, which may temporarily lower your score. Pre-qualify with at least three lenders before choosing one and filling out a loan application.
Can I use a personal loan to consolidate debt?
Yes—debt consolidation is among the most common uses for personal loans. If you’re approved for a lower APR than your current debt carries, consolidation may reduce your total interest cost. It may also help you pay off debt faster. Use a loan calculator to run the numbers before applying.
Should I also check my bank or credit union?
Yes, especially if you’re already a member. Banks and credit unions sometimes offer lower rates or more flexible terms to existing customers. Credit unions in particular tend to be competitive on personal loans. The lenders on this list are a strong starting point, but they’re not the whole market, so it’s worth getting a quote from your own institution before you decide.