The Best 10 Personal Loan Companies in the USA

With interest rates on the rise, you might be looking for low-cost options to consolidate your debt. Maybe you want to renovate your home, or cover one of life’s expensive curveballs. Whatever the reason for borrowing money, a personal loan can help you accomplish your goal.

1. LightStream 

Lightstream personal loan
Loan amount	$5,000–$100,000
APR	7.99%–25.49%
Loan Term	24–144 months
Best for	Those looking for longer repayment terms

LightStream is an online lender offering personal, auto, home improvement, and more loans. LightStream also offers a high-yield savings account. 

Why we picked it

LightStream’s personal loan offers a lower potential APR than many of our other picks (the lowest rate available includes a 0.50% discount for autopay). They also offer a wide range of loan terms up to 144 months. The best Personal Loans Companies In USA.

 best part? LightStream doesn’t charge origination or late fees and may fund your loan as soon as the same day you’re approved. 

Bonus: If you’re approved for an unsecured personal loan through a different lender, LightStream will beat their rate by 0.10%. 

2. SoFi

SoFi personal loan
Loan amount	$5,000–$100,000
APR	8.99%–23.81%
Loan Term	24–84 months
Best for	Those who want support when life’s curveballs come along

SoFi is an online bank headquartered in San Francisco that offers checking, savings, investing products, and more. 

Why we picked it

SoFi’s personal loan took the second spot on our list for having low rates and zero late fees. Plus, borrowers can get their loan funds the very same day they’re approved. 

SoFi also considers all the “what ifs” that could happen during your repayment period. If you lose your job through no fault of your own, you may apply for The best Personal Loans Companies In USA.

  unemployment protection. SoFi may modify your monthly loan payments upon approval and provide job placement assistance during your forbearance period. 

3. BHG Money

BHG Money personal loan
Loan amount	$20,000–$200,000
APR	11.96%–23.99%
Loan Term	Up to 120 months
Best for	Those looking for a larger loan

BHG Money is a brand under the Florida-based financial services company BHG Financial. BHG Money focuses on providing personal loans to professionals and businesses nationwide.

Why we picked it

Personal loans from BHG Money offer terms similar to other lenders on our list. The main differentiator is that BHG Money offers much larger loan amounts—up to $200,000 without collateral. It also offers extended repayment terms of up to 120 months, giving you more time to repay bigger loans. 

After applying, The best Personal Loans Companies In USA.

 you’ll likely have a decision within 24 hours. Then you’ll receive your funds in as few as three business days.  

4. PenFed Credit Union 

PenFed personal loan
Loan amount	$0–$50,000
APR	7.99%–17.99%
Loan Term	Up to 60 months
Best for	Those who prefer a credit union vibe

Pentagon Federal Credit Union (PenFed) is a credit union based in Virginia that operates nationwide via its online banking products and massive ATM network.

Why we picked it

PenFed was the only credit union that made our list. Its personal loan rates are some of the lowest on the market, with the higher end of the range coming in lower than the national average personal loan rate (11.24% vs. 11.48%, respectively). 

Borrowers have up to 60 months to repay their loan and can borrow up to $50,000. PenFed does not charge any origination fees or early payoff penalties, and you can The best Personal Loans Companies In USA.

 expect to receive your money one to two business days after verification. 

5. TD Bank

TD Bank personal loan
Loan amount	$2,000–$50,000
APR	8.99%–23.99%
Loan Term	36–60 months
Best for	Fee-sensitive borrowers

TD Bank is one of the 10 largest banks in the United States and serves over 9.8 million customers. TD offers several personal, small business, and commercial banking products and investing and wealth management services. 

Why we picked it

The TD Fit loan is a good option for borrowers looking for quick financing without any extra fees or penalties. TD Bank doesn’t charge any origination or application fees. However, late payments incur a fee of 5% of the minimum payment due, or $10, whichever is less. 

Loan terms range from 36 months to 60 months, giving borrowers the flexibility to pay down their balance over time. And there’s no penalty for paying off your balance early. If you’re approved, The best Personal Loans Companies In USA.

 you’ll generally get your funds in as little as one business day.

6. U.S. Bank 

U.S. Bank personal loan
Loan amount	$1,000–$50,000 (up to $25,000 for non-customers)
APR	8.24%–22.50%
Loan Term	12–84 months
Best for	Those who value 24/7 customer support

U.S. Bank is a part of U.S. Bancorp, which is headquartered in Minneapolis and has physical branches in 26 states. The bank offers checking and savings accounts, CDs, loans, and more. 

Why we picked it

U.S. Bank’s personal loan scored a spot on our list for its relatively low APR range compared to other banks on our list and 24/7 customer support. U.S. Bank offers quick funding for loan applicants and does not charge origination or prepayment fees. 

Existing bank customers need a FICO score of at least 660 to qualify for a loan. You may be subject to even higher credit score requirements if you aren’t a current U.S. Bank customer. 

7. American Express

Amex personal loan
Loan amount	$3,500–$40,000
APR	5.91%–17.98%
Loan Term	12–36 months
Best for	Current American Express cardholders

Founded in 1850 and headquartered in New York City, American Express is one of the largest global payment companies. It offers various products, including credit cards, deposit accounts, and loans.

Why we picked it

American Express may be known for their credit cards, but with low rates and no origination fees, American Express ranked as one of the best personal loan lenders today. You can borrow up to $40,000 and have up to 36 months to repay. Funds are usually deposited to your account within three to five days after approval.

Keep in mind that personal loans from American Express are only available to eligible cardholders. You’ll still be subject to a credit check and must submit an official application to receive a loan. Though you can generally The best Personal Loans Companies In USA.

 use an American Express personal loan for debt consolidation, you can’t use the loan to pay down or consolidate balances on your AmEx cards.

8. Axos Bank  

Axos personal loan
Loan amount	$5,000–$50,000
APR	11.79%–14.99%
Loan Term	36–72 months
Best for	Those with top-notch credit

California-based Axos Bank is an entirely online bank offering numerous account options for individual and business customers. In addition to multiple types of checking accounts, the bank provides money market, high-yield savings, lending, and investment account services. 

Why we picked it

Personal loans from Axos Bank boast one of the lower APR ranges on our list and allow borrowers to borrow up to $50,000. To be eligible for a loan from Axos, borrowers must have a 700+ credit score and verifiable income. 

The origination fee for personal loans is capped at 1%–2% of your loan amount, which is significantly lower than some of our other picks. Axos also charges a $25 fee for late payments. 

9. Citibank

Citibank personal loan
Loan amount	$2,000–$30,000
APR	11.49%–19.49%
Loan Term	12–60 months
Best for	Borrowers who love a good discount

Citibank was founded in 1812 as the City Bank of New York and is headquartered in New York City. Citi currently offers credit cards, checking and savings accounts, lending services, wealth management services, and more.

Why we picked it

Citi made our list for offering rate discounts on their personal loans. Citi offers a 0.5% APR rate reduction if you enroll in automatic payments when you submit your loan application. Another 0.25% discount is applied to the interest rate for existing Citigold and Citi Priority customers. 

Once approved, borrowers can expect to receive the money that same day The best Personal Loans Companies In USA.

 if they have a Citi account and up to two business days later for non-Citi accounts, upon approval and when using direct deposit. This can take up to five business days for customers who have requested a check.

10. Discover

Discover personal loan
Loan amount	$2,500–$40,000
APR	7.99%–24.99%
Loan Term	36–84 months
Best for	Borrowers who want to see their FICO scores for free

Discover is an online bank and division of Discover Financial Services. It offers a wide variety of financial products including credit cards, bank accounts, student loans, and personal loans.

Why we picked it

Discover rounds out our list with flexible, low-cost personal loan options. Its starting rate of 7.99% APR is low compared to many competitors, and borrowers can choose from a wide range of borrowing amounts and payoff terms.

Discover’s loan terms are comparable to other top lenders, making it a solid choice for those looking to borrow money for a variety of reasons. However, one unique feature that Discover offers its loan customers is free access to their FICO credit scores, based on TransUnion data. This can help borrowers keep track of their credit health and see how managing their loans responsibly positively impacts their credit.

What to know about personal loans

A personal loan can be a convenient option for funding a purchase in a pinch, but it is also a big responsibility. Applying for a personal loan means that upon approval, you agree to repay your loan, plus interest, within the specified term. 

Personal loans may be secured or unsecured. A secured loan requires you to provide collateral as a security deposit for approval. Unsecured loans do not require collateral but may come with slightly higher rates. 

Personal loans typically have fixed interest rates, which means once your loan application is approved, your rate is locked in and will not change. These loans differ from other kinds of borrowing, such as credit cards or lines of credit, which have variable interest rates that may fluctuate in response to market changes. 

It’s important to note that when you apply for a personal loan, the lender will pull your credit report, resulting in a “hard inquiry,” which could temporarily ding your credit score. However, most lenders allow you to get a quote online without pulling your credit to determine if you’re likely to be approved if you submit a full application.

How to choose a personal loan 

If you’re considering applying for a personal loan, consider the following features to help you narrow down your options: 

• Loan amount: Each lender has its parameters for how much loan applicants can borrow. The amount you’re approved for depends on your credit profile, income, debt-to-income ratio (DTI), and more. 
• Loan term: The length of time you have to repay the loan is known as the term. Personal loan terms vary by lender, but you can often find terms of five years or more. Extending the term helps keep the monthly payment lower, but it also results in paying more interest over time and can ultimately make your loan more expensive. 
• Annual percentage rate (APR): A personal loan’s APR dictates your total borrowing costs. The higher the APR, the more you’ll pay in interest over the life of your loan. 
• Loan fees: You may be charged origination or administrative fees for processing your loan, prepayment fees for paying off your loan ahead of time, or late fees for making a late payment. Read your bank’s loan disclosures to determine the fees you may be encounter. 
• Time to fund: Many personal loans are disbursed within days, while some lenders can fund your account the same day you’re approved. Before applying, confirm that your chosen lender can get you the funds in a timeframe that meets your needs.

Alternatives to personal loans

Personal loans typically come with more favorable interest rates and terms than other financing options, especially for borrowers with good credit. However, other types of credit may be better depending on your credit profile and financial situation. Some alternatives to personal loans include: 

• Credit cards: Credit cards allow you to borrow against a line of credit and pay it down as needed. The average APR for credit cards now hovers at just over 20%, according to the most recent figures from the Fed. (The average rate for a two-year personal loan is just 11.48%.) 
• Personal line of credit: A personal line of credit works similarly to a credit card. You can borrow against your credit limit for a set term, known as the draw period. After this period is up, you must begin paying down the balance.
• A loan from a friend or family member: If you have a friend or family member willing to lend you the money interest-free or at a lower rate, with flexible terms, this may be the most cost-effective option. Of course, it’s important to set clear terms and adhere to them to avoid any potential fallout.
• A home equity loan: A home equity loan allows you to borrow against the equity in your home in the form of an installment loan. Home equity loans have relatively low interest rates, though they can be riskier than personal loans since your home serves as collateral.