The 6 best personal loans

Over the past ten years, personal loans have experienced the fastest growth in debt. This is partly because peer-to-peer lending platforms and fintech companies have grown in popularity, making it quicker and less expensive than ever to obtain these loans.

Personal loans are a type of installment credit that need to be repaid over a predetermined length of time in equal installments. Because personal loans frequently have lower interest rates than credit cards and can be used to finance almost any kind of expense, including home repairs, moving expenses, and perhaps even student loan debt repayment, many people view them as an inexpensive alternative to credit cards. However, that does not imply that they are unpaid. The most recent statistics from the Fed indicates that the average annual percentage rate (APR) for personal loans is 11.48%. In the meantime, the typical interest rate on a credit card is about 20.09%.


For borrowers with excellent credit or above, LightStream, the online lending division of Truist Bank, provides low-interest loans with flexible terms. With the exception of small businesses and higher education, LightStream is renowned for offering loans for almost any reason. According to the company website, you might use a LightStream personal loan to pay for medical expenditures, remodel your bathroom, consolidate debt, or purchase a new car.

Happy Money

If you want to pay off your credit card debt at a reduced interest rate over time by consolidating your debt, a Happy Money personal loan is a reasonable option.

Happy Money’s loans are designed exclusively for debt consolidation because the company’s goal is to assist customers in permanently eliminating their credit card debt. A Happy Money loan cannot be used for significant purchases, home remodeling, schooling, or other purposes.


Since its founding, SoFi has grown to offer personal loans up to $100,000 based on creditworthiness, which makes it a great choice if you need to repay high-interest credit card debt. The company started by refinancing student loans.

If you wish to save money by refinancing to a lower APR and you have high-interest debt on one or more cards, SoFi offers a straightforward application and sign-up process along with an easy-to-use app for managing your payments.


A federal credit union, PenFed welcomes members from the general public and offers several personal loan alternatives for home development, debt consolidation, financing for medical bills, financing for cars, and other purposes.

Although the majority of lenders have a $1,000 minimum loan amount, PenFed offers $600 loans with periods varying from one to five years. Applying is free of charge, but in order to get your money, you must register for a PenFed membership and maintain $5 in an eligible savings account.

Discover Personal Loans

Discover Personal Loans can be used for weddings, vacations, house renovations, and debt consolidation. If your application was filed correctly and the loan was funded on a weekday, you could have your money as early as the following working day. If not, it will take no more than a week to receive your cash.


For those with no credit history at all or a poor credit score, Upstart is the best option. It is one of the few employers that considers additional criteria in addition to your credit score to determine your eligibility. You can apply with a co-applicant if you don’t have enough credit, which gives you another chance to get a cheaper interest rate.

Upstart takes into account variables including job history, education, employment, and credit history. Before you apply, Upstart will run a mild credit check to determine your APR. Your credit score will be momentarily lowered by the company’s hard credit inquiry, which will occur as soon as you apply for the loan.

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