Best Personal Loans

Discover Best Personal Loans of 2025.

head of finance Newman Samson

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Real time analytics

Advanced tracking

Instant payouts

Usable data

Guaranteed returns

Real time analytics

Advanced tracking

Instant payouts

Usable data

Guaranteed returns

Real time analytics

Advanced tracking

Instant payouts

Usable data

Guaranteed returns

Key Takeaways

• A personal loan is a type of unsecured loan offered by financial institutions like banks, credit unions, or online lenders.
• Unlike mortgages or auto loans, personal loans aren’t tied to specific purposes (e.g., buying a home or a car).
• Individuals provide borrowers with a lump sum of money upfront, which is then repaid over time in fixed monthly installments.

Summary of best lenders

Bank/institution	Min. Credit Score	Range of loans	1financially’s score
Upstart	Bad or no credit	$1,000 – $50,000.	4.9 5/5
SoFi	680	$5,000 – $100,000	4.3 4.5/5
Upgrade	580	$1,000 – $50,000	4.7 5/5
Discover Personal Loans	720	$2,500 – $40,000	4.9 5/5

1financially’s Picks Of Best Personal Loans

Upstart

Loan amounts: $1,000 – $50,000.

Loan terms: 36 or 60 months / 3-5 yrs.

APR range: 7.40% – 35.99%

Pros

• Individuals with bad or no credit can apply.
• Get money in as soon as one business day.

Cons

• Only two repayment terms to choose between 36 or 60 months.
• You pay high price to get a loan if you have bad or no credit.
• Origination fee up to 12.00%.

Overview

Upstart loans are worth considering for applicants with limited or bad credit history. Unlike most other lenders, Upstart offers loans to borrowers who are credit invisible or don’t have long enough credit histories to generate a credit score.

You’ll likely pay a high price to get an Upstart loan if you have bad or no credit. Upstart charges rates as high as 35.99%, and you could get stuck with an upfront origination fee of up to 12.00% — much higher than what other lenders charge.

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Loan Qualification

• Must be Be 18 or older.
• Have a U.S. address, Social Security number, personal banking account, and email address.
• Must have have regular income (with proof. eg. Job or job offer that starts within six months)
• Credit score: 300

*Specific terms can apply.

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SoFi

Loan amounts: $5,000 – $100,000.

Loan terms: 2 to 7 years.

APR range:8.99 – 29.99%

Pros

• 0.25% autopay discount
• No required fees.
• Receive funds as soon as the day you’re approved

Cons

• Need 680 minimum credit score.
• No joint loan options.
• High maximum APR.
• Must borrow at least $5,000.

Overview

SoFi offers larger loans than most other lenders, and it doesn’t charge any mandatory fees. You can choose to pay an upfront origination fee in order to get lower rates and save money over the course of your loan, and you can save even more with a 0.25% autopay discount.

You won’t qualify for a loan with SoFi if you have bad credit, since the lender requires a credit score of at least 680. If you need to cover a small expense, look at other lenders on this list — you’ll have to borrow at least $5,000 with SoFi.

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Loan Qualification

• Must be Be 18 or older.
• Have a U.S. address, Social Security number, personal banking account, and email address.
• Must have have regular income (with proof. eg. Job or job offer that starts within six months)
• Credit score: 680

*Specific terms can apply.

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Upgrade

Loan amounts: $1,000 – $50,000.

Loan terms: 24 to 84 months

APR range: 9.99% – 35.99% (with discounts)

Pros

• Low credit score requirement.
• You can add a co-borrower.
• Direct debt consolidation disbursement.
•  Receive funds within one business day of approval.

Cons

• High minimum origination fee : up to 9.99% of loan amount.
• Low maximum loan amount

Overview

Upgrade makes it easy to apply for a loan and a checking account in a single application — and you’ll get a $200 bonus if you do so and deposit $1,000 within 45 days of opening your account. You don’t need perfect credit to qualify, either. In fact, its minimum credit score of 580 is on the low end for personal loan lenders.

Keep in mind that if you take out an Upgrade personal loan, you’ll pay an upfront origination fee of up to 9.99% of your loan amount — much higher than the fee many lenders charge.

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Loan Qualification

• Must be Be 18 (19 in some states) or older.
• Have a U.S. address, Social Security number, personal banking account, and email address.
• Must have have regular income (with proof. eg. Job or job offer that starts within six months)
• Credit score: 580

*Specific terms can apply.

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Discover® Personal Loans

Loan amounts: $2,500 – $40,000.

Loan terms: 3 to 7 years.

APR range: 7.99 – 24.99%

Pros

• No upfront fees.
• Best for debt consolidation loan.
•  Fast funding with direct payment to creditors with debt consolidation loans.

Cons

• Need good or excellent credit (min. 720) to qualify.
• Can’t add a co-borrower.
• Low maximum loan amount.

Overview

Discover’s team of U.S.-based loan specialists is available seven days a week to answer questions about your loan or your application. While some lenders only offer assistance via email or chat, Discover’s customer service team takes phone calls and offers extended customer service hours as late as 11 p.m. ET on weekdays.

Discover personal loans only go up to $40,000, so if you’re looking for a large personal loan, consider other lenders on this list like LightStream or SoFi.

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Loan Qualification

• Must be Be 18 or older.
• Have a U.S. address, Social Security number, personal banking account, and email address.
• Income:  Min. of $40,000 (individually or as a household).
• Credit score: 720.

*Specific terms can apply.

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Use Our Loan Calculator

Key Features Of Personal Loans

1. Unsecured Loan:
   • Most personal loans are unsecured, meaning they don’t require collateral. Lenders rely on the borrower’s creditworthiness to approve the loan.
   • Some personal loans may be secured (backed by an asset like a car or savings).
2. Fixed Repayment Terms:
   • Personal loans typically come with fixed interest rates and a set repayment term (e.g., 2-5 years), making it easy to predict monthly payments.
3. Loan Amounts:
   • Loan amounts typically range from a few hundred to tens of thousands of dollars, depending on the lender and the borrower’s credit profile.
4. Interest Rates:
   • Rates vary widely based on factors like credit score, income, and lender policies. They can range from as low as 5% to over 35%.

Common Uses Of Personal Loans

• Debt Consolidation: Combine high-interest debts (e.g., credit cards) into one loan with a potentially lower interest rate.
• Home Improvements: Finance renovations or repairs.
• Major Purchases: Pay for big-ticket items, like appliances or furniture.
• Emergency Expenses: Cover unexpected costs, such as medical bills or car repairs.
• Special Events: Fund weddings, vacations, or other life events.
• Education: Pay for courses or training programs (though student loans might be more appropriate).

Pros of Personal Loans

• Flexibility: Can be used for almost any purpose.
• Fixed Payments: Easier to budget with predictable monthly payments.
• No Collateral Required: No risk of losing assets if unsecured.

Cons of Personal Loans

• Higher Interest Rates: Often higher than secured loans.
• Fees: Origination fees, prepayment penalties, or late payment fees may apply.
• Impact on Credit: Late payments can damage your credit score.

How To Find Best Personal Loans?

Check Your Credit Score

• Why It Matters: Lenders use your credit score to determine your eligibility and interest rate.
• How to Check: Use free credit monitoring services or request a free credit report from agencies like Experian, Equifax, or TransUnion.
• Improve Your Score if Necessary: Pay down debts or fix errors on your report before applying.

Compare Lenders

• Banks: May offer competitive rates to customers with good credit.
• Credit Unions: Often have lower rates and fees than banks, especially for members.
• Online Lenders: Provide fast approvals and tailored options but may have higher rates for bad credit.

When comparing, 1Financially focus on:

• Interest Rates: Lower rates save money over the life of the loan.
• Loan Terms: Shorter terms typically have higher monthly payments but lower total interest costs.
• Fees: Look for origination fees, late fees, or prepayment penalties.
• Repayment Flexibility: Check if they allow early payments without penalties.

5. Prequalify with Multiple Lenders

• What It Is: Prequalification involves checking your loan options without affecting your credit score.
• Why It’s Important: It gives you a clearer picture of what you qualify for and allows for easy comparison.

Methodology

At 1Financially, our mission is to empower enterprises to make smarter financial decisions by providing reliable, transparent, and actionable insights. When it comes to reviewing personal loans—whether for business needs, debt consolidation, or growth opportunities—we adhere to a robust and standardized methodology. Here’s how we ensure our recommendations are accurate, unbiased, and tailored to your needs:

1. Credible Lenders

We begin by compiling a comprehensive list of lenders, including:

• Traditional Banks: Known for their reliability and competitive rates for established businesses.
• Credit Unions: Often offer lower fees and more personalized services.
• Online Lenders: Provide faster approvals and flexible terms, ideal for modern enterprises.

We only include lenders that meet stringent regulatory and operational standards to ensure the safety and legitimacy of the options we review.

2. Defining Evaluation Criteria

Our team assesses each lender using the following critical factors:

Loan Features

• Loan Amounts: Does the lender offer sufficient funding for enterprise needs?
• Repayment Terms: Are the terms flexible, ranging from short- to long-term options?
• Interest Rates: Are the rates competitive compared to industry standards?

Fees and Transparency

• Origination Fees: Are the fees reasonable or waived for specific amounts?
• Late Fees and Penalties: How forgiving are they in case of delays?
• Prepayment Penalties: Does the lender penalize early repayments?

Application and Approval Process

• Speed: How quickly can enterprises secure funding?
• Requirements: Are credit scores, income documentation, and collateral requirements reasonable?
• Ease of Application: Is the process streamlined and accessible?

Customer Experience

• Customer Support: Is support readily available via multiple channels?
• Reviews: Do customers report positive experiences and minimal complaints?
• Reputation: Does the lender have a solid track record?

Technology and Tools

• User Interface: Are online platforms intuitive and easy to navigate?
• Loan Management Tools: Does the lender offer apps or dashboards for loan tracking?

3. Collecting and Verifying Data

We gather data directly from:

• Lender Websites: To confirm offerings, terms, and conditions.
• Customer Reviews and Testimonials: To gauge satisfaction and identify common pain points.
• Industry Reports: To benchmark lenders against competitors.

All data is cross-verified to ensure accuracy.

4. Scoring and Ranking

Each lender is scored based on our weighted evaluation criteria. Key factors such as interest rates, transparency, and customer support receive higher weightings, as these significantly impact the borrower’s experience. The scoring system ensures a fair and consistent comparison across all options.

5. Tailoring Recommendations

Once the rankings are established, we curate recommendations based on the unique needs of enterprises. For example:

• For Startups: Emphasis on flexible repayment terms and minimal credit requirements.
• For Established Businesses: Focus on larger loan amounts and low-interest rates.
• For Rapid Funding Needs: Highlight lenders with expedited approval processes.

6. Updates

The financial landscape evolves rapidly, and so do lender offerings. To ensure our reviews remain current, we:

• Update Quarterly: Reassess all included lenders every three months.
• Monitor Market Changes: Incorporate new products or changes in interest rates promptly.
• Collect Feedback: Listen to user feedback to refine our rankings and methodology.

Why Trust 1Financially?

Our reviews are:

• Independent: We maintain strict editorial independence, free from influence by lenders.
• Transparent: Our criteria and process are openly shared to build trust.
• Data-Driven: Decisions are based on hard data, not opinions or assumptions.

1Financially ensures enterprises have access to the best personal loan options tailored to their unique financial goals. Whether you’re consolidating debts, expanding operations, or investing in growth, our comprehensive reviews provide the clarity you need to choose confidently.