Top Personal Loan Companies in 2024

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The Best Personal Loan Lenders of July, 2024

Personal loans can be a great way to consolidate debt, finance a major purchase, or cover unexpected expenses. But with so many lenders to choose from, it can be tough to know where to start. That's why we've put together a list of the best personal loan lenders in 2023.

Our top picks:

  • SoFi: SoFi offers competitive interest rates and a wide range of loan amounts. The company also has a good reputation for customer service.
  • Earnest: Earnest is another great option for borrowers with good credit. The company offers flexible repayment terms and no origination fees.
  • Upstart: Upstart uses artificial intelligence to assess borrowers' creditworthiness, which can lead to lower interest rates for some borrowers.
  • LendingClub: LendingClub is a popular peer-to-peer lender that offers competitive interest rates and a variety of loan amounts.
  • Prosper: Prosper is another popular peer-to-peer lender that offers competitive interest rates and a variety of loan amounts.

How we chose the best personal loan lenders:

We evaluated each lender based on a number of factors, including interest rates, fees, loan amounts, customer service, and borrower eligibility. We also considered the lender's overall reputation and track record.

What to look for in a personal loan lender:

When choosing a personal loan lender, there are a few things you should keep in mind:

  • Interest rates: Interest rates are the most important factor to consider when choosing a personal loan. Shop around and compare rates from different lenders to find the best deal.
  • Fees: Some lenders charge origination fees, which are a percentage of the loan amount that is paid upfront. Be sure to factor these fees into your overall cost when comparing lenders.
  • Loan amounts: Personal loans typically range from $1,000 to $50,000. Consider how much you need to borrow and make sure the lender you choose offers a loan amount that meets your needs.
  • Repayment terms: Personal loans typically have repayment terms of 3 to 5 years. Choose a repayment term that fits your budget and financial goals.
  • Customer service: If you have any problems with your loan, you'll want to be able to get help from a friendly and knowledgeable customer service team. Choose a lender with a good reputation for customer service.

How to apply for a personal loan:

To apply for a personal loan, you'll need to provide some basic information about yourself, including your name, address, income, and debt. You'll also need to provide your Social Security number and a copy of your driver's license.

Once you've submitted your application, the lender will review your information and let you know if you're approved. If you're approved, you'll be able to receive your funds in as little as 24 hours.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.