Investopedia offers objective and comprehensive personal loan reviewꩵs and recommendations to help you find the right personal loan.

The image features a stylized illustration with the title “Best Personal Loans” by Investopedia in a central diamond-shaped frame. The scene highlights various uses for personal loans, such as a car (depicted with people riding in it), a clipboard with a medical cross symbol, pens, a key, and a telescope being used by a person. The background has a warm peach tone with scattered coins, ribbons, and sparkles, creating a cohesive and inviting financial theme.

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Investopedia's Best Personal Loans

Investopedia’s experts put 59 lenders through a rigorous evalꦯuation process to identify the best loans for you and your needs.

Winners

Frequently Asked Questions

  • How Do Personal Loans Work?

    A personal loan is a fixed amount of money an individual can borrow and repay over a set period of time. Like all loans, you'll have to pay interest on the amount you borrow. Unlike some types of loans, you don't need collateral to take out a personal loan. You might take out a personal loan for a new appliance, a medical bill, debt consolidation, or moving expenses.

    Learn More: What You Should Kno🐟w Before Taking Out a Personal Loan
  • How Do You Apply for a Personal Loan?

    First, you'll first want to determine how much you want to borrow. You'll have to pay interest on this loan, so there's no reason to pay interest on more money than you actually need.

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    Next, check your credit score to make sure you qualify. Checking your own credit score won't affect it. But when you apply, a hard inquiry will impact your credit score, so it's important to know before you apply.

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    Once you know how much you'll borrow and where your credit score stands, choose a lender. You'll want to get familiar with the annual percentage rate (APR), loan terms, minimum credit score requirements, and whether there's a prepayment penalty.

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    Now you'll apply for your loan. If you want to apply with multiple lenders, make sure you do this within a 14- to 30-day period. That way, these inquiries will only count as one, thereby reducing the impact to your credit score.

    Learn More: How to Apply for a Personal Loan
  • What Are the Advantages of Personal Loans Over Credit Car꧋ds?

    Unlike credit cards, personal loans are repaid over a short period. If you only make the minimum payment on your credit card, you'll likely never pay it off. Also, interest rates on personal loans are fixed, so they never change. Finally, personal loans typically have lower APRs than credit cards.

    Learn More: Loans vs. Credit Cards
  • How Much Can I Borrow with a Personal Loan?

    Typically, you can take out a per🎀sonal loan for between $1,000 and $50,000, even though some lenders we reviewed will offer loans up to $100,000.

    Learn More: Personal Loan Cost
  • What Can I Use a Personal Loan For?

    Unlike a loan for a car, boat, motorcycle, or house, a personal loan can be used for just about anything. You can use a personal loan for moving expenses, medical bills, moving expeℱnses, wedding expenses, home renovations or repairs, vacation costs, or unexpected expenses.

    Learn More: Personal Loan

Key Terms

  • Personal Loan

    A personal loan allows youꦺ to borrow money꧃ for personal expenses and repay that amount over a specified time period.

    Personal Loan
  • Secured Loan

    A secured loan is debt that is backed by collatera♔l to reduce the risk associated with lending.

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  • Unsecured Loan

    An unsecu🥀red loan is debt that is not backed by collateral.

    澳洲幸运5开奖号码历史查询:Unsecured Loan
  • Collateral

    Collateral 🦩is an asset that a lender accepts as security for a loan in the event the borrower cannot repay the 🍌debt.

    澳洲幸运5开奖号码历史查询:Collateral
  • Debt Consolidation

    Debt consolidation refers to taking out a new loan or credit card to pay off other existing loans or credit cards. By combining multiple debts into a single, larger loan, you may also be able to obtain more favorable payoff terms, such as a lower interest rate🍌, lower monthly payments, or both.

    Debt Consolidation
  • Credit Score

    A credit score is a number between 300 and 850 that depicts a potential borrower's creditworthiness. The higher a borrower's credit score, the better a borrower looks to a lender, because that borrower has a history of repaying debt and being fiscally responsible.

    澳洲幸运5开奖号码历史查询:Credit Score
  • Debt-to-Income Ratio

    Debt-to-income ratio is the percentage of your gross monthly income that goes towards paying for debt. It's a factor used by lenders to determine a prospective borrower's risk.

    Debt-to-Income Ratio