5 Best Personal Loan Companies
A personal loan can help you cover almost any personal expense — but before you get one, it’s important to compare as many lenders as you can to find the right loan for you.
As you consider lenders, keep in mind that the best personal loans should provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements.
Avant
Best for: Borrowers with poor credit
With Avant, you can borrow $2,000 to $35,000* with repayment terms from two to five years**. If you’re approved, you could get your funds as soon as the next business day.
Pros
- Accepts poor and fair credit scores
- Fast loan funding
- Variety of loan uses
Cons
- Not available in Colorado, Iowa, Hawaii, Vermont, Nevada, New York, or West Virginia
- Origination fees up to 4.75%
- Charges late and dishonored payment fees
Axos Bank
Best for: Borrowers with excellent credit
Axos Bank offers personal loans from $5,000 to $35,000 with repayment terms from one to five years. If you’re approved, you could get your funds as soon as the next business day.
Keep in mind that you’ll need good to excellent credit to qualify for a loan from Axos Bank.
Pros
- Fast loan funding
- Variety of loan uses
- No prepayment penalty
Cons
- Could be difficult to qualify if you don’t have good credit
- Origination fees from 0% to 2%
- Charges late and insufficient funds fees
Best Egg
Best for: Borrowers with good credit
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years. In addition to your credit score, Best Egg also considers more than 1,500 proprietary credit attributes from sources that include external data providers and your “digital footprint” — which means you might have an easier time qualifying with Best Egg compared to traditional lenders.
Pros
- Competitive rates
- Fast loan funding
- Accepts borrowers with poor and fair credit
Cons
- Origination fees from 0.99% to 5.99%
- Charges late fees
- Not available in Iowa; Vermont; Washington, D.C.; or West Virginia
Discover
Best for: Long repayment terms
If you’re looking for a longer repayment term, Discover might be a good option for you — you can borrow $2,500 to $35,000 with terms from three to seven years. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
Pros
- Repayment terms up to seven years
- No origination fees
- If you decide you don’t want the loan, you can return the funds within 30 days interest-free
Cons
- Charges late fees
- Might be difficult to qualify if you have poor credit
- No discounts
FreedomPlus
- Could get a better rate by using at least 85% of the loan to consolidate debt, adding a cosigner, or showing proof of retirement savings
- Quick approval decisions
- Fast loan funding
- Must borrow at least $10,000
- Origination fees from 1.99% to 4.99%
- Not available in Nevada
