The Best Personal Loans of 2023

• SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
• SoFi doesn’t charge origination fees, late fees, or prepayment penalties.
• The SoFi does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year.
• SoFi offers unsecured, fixed-rate personal loans in every state.

(SoFi does not offer direct payment to a borrower’s other creditors, so keep that in mind if you’re thinking about taking out a debt consolidation loan from them. As a result, the loan proceeds will be paid into your bank account, and you will be responsible for repaying each of your other creditors separately.)

• Either a citizen or a non-permanent resident alien of the United States
• The applicant should have a minimum credit score of 650.
• The applicant also must have an annual income of at least $45,000.

• LightStream charges no origination, late payment, or prepayment fees.
• The LightStream provides a 30-day loan experience guarantee to ensure borrower satisfaction, COVID-19/hardship support, and a rate-beat program. This is higher than the majority of lenders’ equivalent benefits.
• LightStream offers loans in all 50 states plus Washington, D.C., and Puerto Rico.

• The applicant should have good to excellent credit scores and several years of credit history, including multiple account types.
• The applicant has an income that is stable enough to service existing loans and the new Lightstream loan.

• PenFed is a good choice if your credit is less than ideal.
• You can get pre-qualified before you commit to fully joining the credit union if you’re not already a member.

• Must be the age of majority in your state.
• Need to be a member of the PenFed Credit Union or apply to become one.
• You must have a verifiable source of income
• You must have a valid Social Security number or individual taxpayer identification number.

• Low credit score requirements
• LendingPoint offers personal loans to prospective borrowers in the 48 states and Washington, D.C.; it does not offer loans in Nevada or West Virginia.

• You must have a minimum credit score of 600.
• The Applicant must live in one of the 48 eligible U.S. states or Washington, D.C. Loans are not available to prospective borrowers in Nevada or West Virginia.

• If you don’t need to borrow a large amount, don’t want to go through the hassle of joining a credit union, and your credit isn’t the greatest, then upgrading is the best option.
• The Upgrade has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services.
• Upgrade makes loans available to those with poor credit histories.
• Upgrade increases loan accessibility by also allowing co-applicants.

• Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan.
• There is no minimum income requirement for a personal loan from Upgrade, although borrowers must earn an average of $95,000 per year.
• Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.
• The lender also takes into account each applicant’s free cash flow, which illustrates how likely it is that they will be able to make regular, on-time loan payments. Applicants should ideally have a minimum $800 monthly cash flow.

• According to a J.D. Power poll, it was ranked as the second-best bank for high-quality customer service in 2022.
• U.S. Bank’s personal loan is available online.

• The applicant must have a credit score of 660 or higher (higher for non-customers).
• The applicant must be the age of majority in your state.
• The applicant must live in a state where U.S. Bank operates.
• Must have a valid Social Security number.

Universal Credit makes loans available to those with poor credit histories.

Universal Credit requires a minimum credit score of 580.

• Discover is an online bank that provides credit card, retirement solutions, and personal loan services to customers in all 50 states.
• Discover does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.
• Discover’s personal loan rates are among the best rates available for debt consolidation (or really any other purpose). This lender (Discover) that will send money instantly to your old creditors to settle your debt is a wonderful feature to look out for if you are consolidating debt.
• It does offer a nice interest-free money-back guarantee where you can return the loan funds within 30 days if you change your mind, but this doesn’t apply to debt consolidation loans since that money is generally already spent.
• Discover provides superior convenience through its online application and mobile banking tools, well-reviewed customer support team, and instant funding.

• The applicant must have a credit score of 660 or higher to qualify for a Discover personal loan, but the average Discover borrower has a score of 750.
• Discover does not require applicants to have a minimum credit history.
• A minimum household income of $25,000 must also be shown by applicants, though an average income is not disclosed.

• Rocket Loans is one of the top lenders if you have an urgent financial requirement.
• If you complete your loan application and an approval decision is received, sign the final agreement before 1:00 p.m. And on a regular business day, the Rocket Loan will be credited to your bank account instantly.
• Rocket Loans claims that application approvals typically occur in “real-time,” however in some circumstances, you might need to submit additional documentation.

• You must be a U.S. resident.
• You must be at least 18 years old.
• Available in all states except Iowa, Nevada, and West Virginia

• Upstart stands out because it uses an AI-based platform to consider a range of non-conventional variables when evaluating borrower applications.
• This has the potential to be an acceptable compromise for applicants who were not being approved in a more traditional lending environment.
• It is as readily accessible as many other top lenders because it is available in all states, with the exception of West Virginia and Iowa.

• The applicant must have a credit score of 600 or higher. Upstart may even accept applicants who don’t have enough credit history to have a score.
• Borrowers must have a full-time job or offer starting six months in advance, a regular part-time job, or another source of regular income, with a minimum annual income of $12,000.