After hundreds of hours of research, including a survey and interviews with previous personal loan borrowers, SoFi is our top personal loan lender due to its low cost, high customer happiness, and great rewards package.
Personal loans are unsecured installment loans. Those who qualify receive a lump amount that can be used for everything from house upgrades to medical bills. You’ll pay it off over several years with fixed monthly payments. It’s flexible and cheaper than credit cards or emergency loans.
Our lenders provide $300 to $100,000 loans, so you’ll find one that meets your needs, whether you need to consolidate debt or fix your automobile. Some well-known banks are not on our list. That’s because many of those institutions don’t offer unsecured personal loans or don’t offer the best rates, terms, benefits, or client experience.
Top 7 Personal Loans 2024 in the USA : Rates Starting at 7.80%
- Top Overall in the USA : SoFi
- Top for Debt Consolidation in the USA: Discover
- Top for Emergency/Quick Funding in the USA : Upgrade
- Top for Bad Credit in the USA : Upstart
- Top With No Credit Check in the USA : OppLoans
- Top Big Bank in the USA : U.S. Bank
- Top Credit Union in the USA : Patelco Credit Union
Highlight Point Top 7 Personal Loans 2024 in the USA
| Lender | APR Range | Loan Amount | Why Selected |
| SoFi | 8.99% – 29.49% | $5,000 – $100,000 | Low cost, high customer satisfaction, comprehensive benefits package |
| Discover | 7.99% – 24.99% | $2,500 – $40,000 | Excellent choice for debt consolidation, no origination fees |
| Upgrade | 8.49% – 35.99% | $1,000 – $50,000 | Quick funding, accepts fair credit, various discount options |
| Upstart | 7.80% – 35.99% | $1,000 – $50,000 | Ideal for bad credit, lowest minimum credit score requirement |
| OppLoans | 160.00% – 179.00% | $500 – $4,000 | No credit check, same day funding, excellent customer support |
| U.S. Bank | 8.74% – 24.99% | $1,000 – $50,000 | Big bank option with in-branch services, discounts available |
| Patelco Credit Union | 8.95% – 17.90% | $300 – $100,000 | Offers various discounts, numerous loan alternatives |
SoFi – Top Overall in the USA
- APR Range: 8.99% – 29.49%
- Loan Amount: $5,000 – $100,000
- Loan Terms: 24 months – 84 months
Why We Selected
Although there are numerous lower-rate personal loan options available, SoFi is the most cost-effective lender with a decent selection of options and some great features. One of the few lenders, SoFi, provides a full benefits package with every loan. This package includes free financial planning from an advisor, access to unemployment help in the event of job loss, and even career counseling and support.
This strategy appears to be well-liked by borrowers, as seen by SoFi’s ascent to the fourth rank in J.D. Power’s yearly customer satisfaction study of personal loan lenders.
The largest drawback is that borrowers seeking a smaller loan are excluded due to the $5,000 minimum loan size.
Furthermore, even though you can apply with a co-borrower, SoFi does not provide the ability to apply with collateral or a co-signer in the event that you are not eligible for approval in any other way.
San Francisco, California, is home to SoFi, which was established in 2011. More than $73 billion in loans of all kinds, including personal and student loans, have been funded by it.
Pros
- There are no fees.
- Funding available same day
- Benefits of SoFi membership availability
Cons
- No possibilities for secured loans
- Co-borrowers are welcome, but co-signers cannot apply.
- high minimum loan amounts
Qualifications
- accessible in all states as well as Washington, D.C.
- In most U.S. states, you must be at least 18 years old.
- Have a source of income or a job offer that will begin in 90 days.
- Must be a citizen or lawful permanent resident of the United States
- Loans cannot be utilized for financing for enterprises, real estate, investments, or college.
Discover- Top for Debt Consolidation in the USA
- APR Range: 7.99% – 24.99%
- Loan Amount: $2,500 – $40,000
- Loan Terms: 36 months – 84 months
Why We Selected
A Discover personal loan is a great option for debt consolidation, or for most other financial purposes, provided that you are not attempting to combine any debt from a Discover card. If all goes according to plan, you can get cash as soon as the following business day and repay the loan more easily thanks to its cheap interest rates and no origination fees. It was even listed by J.D. Power as the third-best personal loan choice for 2023.
The drawback is that you can only apply as an individual; however, you can still get assistance from a spouse or other family member in this regard, as you can include your household income on your application. To be eligible for a Discover loan, you must, however, meet the requirements based alone on your credit history. You are not permitted to apply with a co-signer, co-borrower, or collateral. Although it’s always a good idea to pay on time to prevent destroying your credit, in this particular instance it’s crucial because Discover assesses a hefty $39 late payment fee.
As a division of Sears, Roebuck & Company, Discover was established in 1986 to provide credit card services. With its main office located in Riverwood, Illinois, the company has financed over $10 billion in personal loans.
Pros
- No upfront costs
- outstanding scores for customer satisfaction
- able to immediately pay creditors
Cons
- only takes individual applications.
- Not eligible for a secured loan with collateral
- Not able to use a Discover credit card to combine debt
Qualifications
- Age requirement of at least eighteen
- A minimum annual household income of $25,000.
- Citizen or lawful permanent resident of the United States
- accessible in all 50 states as well as Washington, D.C.
- Needs a computer or smartphone, a physical address, and an email address.
- Loans cannot be used to pay off debt from credit cards issued by Discover, vehicle loans, or mortgages.
Upgrade- Top for Emergency/Quick Funding in the USA
- APR Range: 8.49% – 35.99%
- Loan Amount: $1,000 – $50,000
- Loan Terms: 24 months – 84 months
Why We Selected
Applications with fair credit scores are accepted by Upgrade; if you desire lower rates or are still ineligible, you have three backup choices when applying: you can apply with a co-borrower, co-signer, or by pledging an automobile as collateral. Your loan money may be available to you as early as the following business day if you are authorized.
However, there is a cost associated with that convenience: An origination fee, which varies from 1.85% to 9.99% for each personal loan, is a hefty expense given that many lenders don’t charge anything at all. However, Upgrade does provide rate reductions if you enroll in autopay or a debt consolidation loan. If you open and use a new Upgrade checking account at the time of loan application, you can even receive a $200 sign-up bonus from Upgrade.
The main office of Upgrade is located in San Francisco, California. Over the last five years, it has disbursed loans and credit totaling more than $24 billion.
Pros
- Several choices for discounts
- $200 bonus offer for checking accounts
- accepts co-signers, co-borrowers, and collateral
Cons
- costly origination charge
- Low ratings for customer satisfaction
- high interest rate for a subset of candidates
Qualifications
- accessible in all states as well as Washington, D.C.
- In most U.S. states, you must be at least 18 years old.
- Both a bank account and an email address are required.
- Have a valid visa and be a citizen or permanent resident of the United States or a non-permanent alien.
- Loans cannot be utilized for gambling, investing, illicit activity, or college costs.
Upstart : Top for Bad Credit in the USA
- APR Range: 7.80% – 35.99%
- Loan Amount: $1,000 – $50,000
- Loan Terms: 36 months – 60 months
Why We Selected
Obtaining a loan is difficult for consumers whose credit ratings fall into the “bad” or “poor” range, which is between 300 and 579. Even if those applicants are able to obtain a loan, the APRs are typically in the high double- or triple-digit range.
Of all the lenders on our list, Upstart has the lowest minimum credit score; they will even take applicants who don’t even have enough credit history to generate a score into consideration. Various Upstart partners offer credit access to a wide range of credit profiles, with varying minimums for those with a credit score. If your loan is accepted, you can borrow up to $50,000, and the money can be disbursed in as little as one day. Furthermore, its rates will not exceed 35.99%.
If you are enrolled in or have completed a degree program, you may still be eligible for a loan even if you have no credit history at all.
Upstart has provided more than $35 billion in loans of all kinds, including personal loans, to borrowers. It was established in 2012 and has its headquarters in San Mateo, California.
Pros
- minimally required credit score
- Quick funding
- Good flexibility in loan amount
Cons
- Exorbitant origination costs
- Elevated APRs
- fewer alternatives for borrowing terms than others
Qualifications
- All credit ratings are taken into account, even those with none at all.
- Age requirement: 18 years old.
- Verifiable date of birth, email address, social security number, and
- US bank account number and routing information
- $12,000 as the minimum yearly income
- Possess a job or one that begins in six months
- Fulfill the credit standards of partner lenders
OppLoans : Top With No Credit Check in the USA
- APR Range: 160.00% – 179.00%
- Loan Amount: $500 – $4,000
- Loan Terms: 9 months – 18 months
Why We Selected
Individuals with bad credit who are unable to obtain a personal loan from most other lenders can be eligible for one from OppLoans. OppLoans makes loan decisions independently of a borrower’s credit history or score, in contrast to other lenders. Additionally, there are no origination costs to pay, and borrowers can get loan cash the same day. On its website, OppLoans offers an abundance of tools and materials related to personal finance, and it has received positive feedback from previous customers on independent review platforms such as Trustpilot.
It’s crucial to remember, though, that this accessibility has a steep price. The interest rates on personal loans from OppLoans are far higher than those on conventional loans; the APR for a loan from them is 160%. Repayment schedules are also much shorter—just nine to eighteen months—and the maximum amount you may borrow is $4,000.
Chicago, Illinois serves as the headquarters of OppLoans, which was established in 2012. Since its establishment, it has given loans to over a million borrowers.
Pros
- No minimum required credit score
- Excellent client support
- Funding available same day
Cons
- extremely high interest rates
- brief conditions of repayment
- Not offered in every state in the union
Qualifications
- be at least eighteen years old.
- possess a bank account
- possess a documented source of income
- Get paid by direct deposit.
- accessible in 37 states; not accessible in the following states: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, Nevada, New Hampshire, New York, Pennsylvania, South Dakota, Vermont, and West Virginia.
- Rates, Terms, and Licenses for OppLoans.
U.S. Bank : Top Big Bank in the USA
- APR Range: 8.74% – 24.99%
- Loan Amount: $1,000 – $50,000
- Loan Terms: 12 months – 84 months
Why We Selected
The further benefit of working with a big bank is that you can visit a branch and speak with someone about your loan. With more than 2,300 branches spread throughout roughly half of the states, U.S. Bank ranks as the fifth-largest bank in the nation.
The biggest gainers will be U.S. Bank’s current clients, who would see lower credit standards and higher maximum loan amounts.However, you will only be eligible for a smaller loan of $25,000 or less if you are not a current customer.
Additionally, U.S. Bank used to enjoy a stronger reputation; according to J.D. Power, it was ranked as the second-best choice for personal loans in 2022.
However, in the survey’s 2023 version, it saw a dramatic downgrade to below-average status.With its headquarters located in Minneapolis, Minnesota, U.S. Bank was established in 1863.
Pros
- No upfront costs
- Available in-branch services
- Discount for autopay
Cons
- Low ratings for customer satisfaction
- Available in fewer than half of the states in the US
- Limitations for past-due clients
Qualifications
- Only available in 27 U.S. states
Top Credit Union in the USA : Patelco Credit Union
- APR Range: 8.95% – 17.90%
- Loan Amount: $300 – $100,000
- Loan Terms: 6 months – 84 months
Why We Selected
Although Patelco’s personal loan program is a little more complicated than those of other lenders, this is to your benefit. To meet almost any demand, you can select from an extraordinarily wide selection of loan amounts and term lengths. In addition, Patelco provides two rebates. The first is a rate reduction of 0.10% if you use more credit union services and complete the requirements for Commitment Household Membership.
The second benefit is 0.50% off your interest rate if you have made on-time payments for a continuous 12 months. For the duration of the loan, you can receive up to three discounts from this one, totaling 1.50% off your interest rate.
LevelUp.” Patelco Credit Union.
And unlike other credit unions, it will even cover the first year of your membership dues.
Patelco is a more recent addition to our roster of competitive companies offering top-notch personal loans. Therefore, it should come as no surprise that there aren’t many reviews left by real customers. Its savings accounts don’t always offer strong rates until you have a large balance, and its checking accounts may have monthly fees. For these reasons, this is a better alternative for those who are more interested in low lending rates than high deposit account rates.
The Pacific Telephone & Telegraph company’s employees created Patelco Credit Union in 1936. It has more than $9 billion in assets, and its headquarters are in Dublin, California.
Pros
- No charges for origination
- Numerous savings offered
- Numerous loan alternatives
Cons
- Limited availability of client testimonials
- drab savings and checking accounts
Qualifications
- accessible in all states as well as Washington, D.C.
- Needs to sign up as a credit union member
- In the event that you are not eligible for free membership, you can join the Financial Fitness Association, for which Patelco will cover the initial year’s costs.
- Patelco Credit Union “Membership at Patelco.
The Bottom Line
With regard to personal loans, SoFi provides the ideal combination of favorable features such as short funding periods, affordable interest rates, and excellent customer satisfaction ratings. For military personnel, we highly recommend Navy Federal Credit Union because of its exceptional reputation and policies that are particularly customer-friendly. Lake Michigan Credit Union, PenFed Credit Union, and Discover complete the list of the best providers of the cheapest loans accessible right now.
Frequently Asked Questions
Our study shows that U.S. Bank has the finest big bank personal loans. It serves half the U.S. with low rates and no origination fees. SoFi, our best online lender, has similar rates to U.S. Bank but offers free financial planners and career coaching, among other features.
If you don’t have good credit or a high income, a co-signer or co-borrower may help you get authorized. For better loan approval or lower rates, some lenders allow collateral.
In the fourth quarter of 2022, the typical personal loan borrower had 685 credit. Some lenders, like Upstart, have no minimum credit score. Some require credit over 700. Banks and credit unions require greater credit ratings than fintech lenders.
The IRS does not tax bank or other personal loans. If you were in financial problems and worked out a loan forgiveness deal with your lender, the amount forgiven would be taxable income.
Sometimes lenders issue a form (1099-C, Cancellation of Debt) with the amount you must disclose on your tax return. Whether or not your lender provides you the form, you must record forgiven debt as income on your return.
Any personal loan’s monthly cost depends on the loan amount, length, and interest rate. Personal loan calculators make monthly payment calculations easy. A $5,000 loan paid over 24 months at 12.17% (the average rate for two-year personal loans) would cost $235.76 each month.