- Available in 47 states
- APR: 5.95% to 11.74% fixed; variable rates that start at 4.73% and are capped at 12.49%
- Loan amount: $5, 000 to $100, 000
- Loan terms: 3, 5 and 7 years
- Minimum credit score: No minimum. SoFi considers credit in conjunction with other underwriting standards.
- Time to funding: A few business days
- Fees: No origination fee. Late fee is the lesser of 4% of payment due or $5.
Best peer-to-peer lenders for borrowers with good credit
These lenders offer peer-to-peer loans at competitive interest rates for borrowers with good credit.
Prosper and Lending Club lead the peer-to-peer pack for good reason: They both offer favorable interest rates for borrowers in the “good credit score” category. We prefer LendingClub slightly for its more-flexible loan terms and slightly wider loan amount window (loans start at just $1, 000). It also requires a lower minimum credit score.
- Available in 49 states
- APR: 5.99% to 32.99% fixed
- Loan amount: $1, 000 to $35, 000
- Loan terms: 2 to 5 years
- Minimum credit score: 600
- Time to funding: Within seven days
- Fees: 1% to 5% origination fee, included in APR. Late fee is the greater of 5% of payment due or $15.
- APR: 5.99% to 36.00% fixed
- Loan amount: $2, 000 to $35, 000
- Loan terms: 3 and 5 years
- Minimum credit score: 640
- Time to funding: 2 to 8 business days after loan is approved
Best personal loan for fast funding
Earnest offers some of the quickest turnaround times available.
If you need a loan and you need it now, your first stop should be Earnest, which offers funding in one business day once approved.
- Available in 36 states
- APR: 4.25% to 9.25% fixed
- Loan amount: $2, 000 to $50, 000
- Loan terms: 1, 2 and 3 years
- Minimum credit score: No minimum. Earnest considers credit in conjunction with alternative factors, like bank account balances, education and earning potential.
- Time to funding: One business day once approved
- Fees: None, including for late payments or insufficient funds. The company will instead work with you to adjust your payment amount if needed.
Best personal loan for high loan amounts
If you need to borrow a lot of money, SoFi is your best bet.
Most personal loan lenders cap their loans at between $25, 000 and $50, 000, but SoFi offers loans in a wide range, from $5, 000 to $100, 000. To go along with that, the lender also has one of the longest terms available, with loans for up to seven years. That means you can finance a large purchase — like a significant home improvement — or consolidate other high-balance debt. SoFi also offers favorable interest rates and no origination fees.
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