10 Best Personal Loans Of 2024

As of 2024, the best personal loans often come from reputable lenders that offer competitive rates, flexible terms, and excellent customer service. Discover the best personal loans:

What type of personal loan is easiest to get approved for?

The type of personal loan that is easiest to get approved for can vary depending on factors such as your credit score, income, and financial history. However, some types of personal loans are generally considered more accessible for certain borrowers:

Secured Personal Loans: Secured personal loans require collateral, such as a savings account, certificate of deposit (CD), or valuable asset like a car or home. Because the lender has a form of security against the loan, secured loans are often easier to qualify for, even for borrowers with lower credit scores. However, it's essential to consider that defaulting on a secured loan can result in the loss of the collateral.
Payday Loans or Cash Advances: Payday loans and cash advances are short-term loans typically designed for borrowers with poor credit or no credit history. These loans often have high interest rates and fees, but they may be easier to qualify for because they're based on income rather than credit history. However, it's crucial to be cautious with payday loans due to their high costs and potential for trapping borrowers in a cycle of debt.
Peer-to-Peer (P2P) Loans: Peer-to-peer lending platforms connect borrowers directly with individual investors willing to fund loans. P2P loans may be more accessible for borrowers with less-than-perfect credit, as investors on these platforms may be more willing to take on higher-risk loans. P2P loans often have competitive rates and flexible terms, making them an attractive option for some borrowers.
Personal Loans from Online Lenders: Online lenders often have more flexible lending criteria than traditional banks and credit unions. Some online lenders specialize in providing personal loans to borrowers with fair or poor credit, offering quick approval decisions and funding. However, these loans may come with higher interest rates and fees to offset the higher risk to the lender.
Co-Signed Personal Loans: If you have a family member or friend with good credit who is willing to co-sign the loan, you may be able to qualify for a personal loan that you wouldn't otherwise be eligible for on your own. A co-signer with strong credit can help bolster your application and improve your chances of approval. However, it's essential to understand that the co-signer is equally responsible for repaying the loan, and their credit could be impacted if you fail to make payments.

List of Top 10 Best Personal Loans 2024

SoFi Personal Loans: SoFi is known for its competitive interest rates and flexible repayment terms. It offers personal loans with low APRs, no origination fees, and loan amounts up to $100,000. SoFi also provides unemployment protection, allowing borrowers to temporarily pause their loan payments if they lose their job.
Marcus by Goldman Sachs: Marcus offers personal loans with fixed interest rates, no fees, and flexible repayment options. Loan amounts range from $3,500 to $40,000, with terms of 3 to 6 years. Marcus is known for its transparent pricing and straightforward application process.
LightStream: LightStream, a division of Truist Bank, offers personal loans with competitive rates and flexible terms. Borrowers can choose from a variety of loan purposes, including debt consolidation, home improvement, and major purchases. LightStream is known for its quick funding and rate beat program, which offers to beat competitors' rates by 0.10 percentage points if certain conditions are met.
Discover Personal Loans: Discover offers personal loans with fixed rates, flexible terms, and no origination fees. Loan amounts range from $2,500 to $35,000, with terms of 3 to 7 years. Discover provides a transparent loan process and allows borrowers to check their rate without impacting their credit score.
Upstart: Upstart utilizes artificial intelligence and machine learning algorithms to assess borrowers' creditworthiness beyond traditional credit metrics. It offers personal loans with competitive rates and considers factors such as education and job history in its underwriting process. Upstart provides loans ranging from $1,000 to $50,000 with terms of 3 or 5 years.
Rocket Loans: Rocket Loans, part of the Quicken Loans family, offers personal loans with fast approval and funding. Borrowers can apply online and receive a decision within minutes. Rocket Loans provides fixed-rate loans with terms of up to 5 years and loan amounts up to $45,000.
Avant: Avant specializes in providing personal loans to borrowers with less-than-perfect credit. It offers flexible repayment terms and quick funding. Avant provides loans ranging from $2,000 to $35,000 with terms of 2 to 5 years. While interest rates may be higher for borrowers with lower credit scores, Avant provides an accessible option for individuals seeking personal loans.
LendingClub: LendingClub is a peer-to-peer lending platform that connects borrowers with investors willing to fund personal loans. It offers personal loans with fixed rates, flexible terms, and no prepayment penalties. Borrowers can apply online and receive multiple loan offers within minutes. LendingClub provides loans ranging from $1,000 to $40,000 with terms of 3 or 5 years.
Upgrade: Upgrade offers personal loans with competitive rates and flexible terms. It provides loans for various purposes, including debt consolidation, home improvement, and major purchases. Upgrade allows borrowers to check their rate online without impacting their credit score. Loan amounts range from $1,000 to $50,000 with terms of 3 or 5 years.
Prosper: Prosper is another peer-to-peer lending platform that connects borrowers with investors. It offers personal loans with fixed rates, no prepayment penalties, and flexible terms. Prosper provides loans ranging from $2,000 to $40,000 with terms of 3 or 5 years. Borrowers can apply online and receive funding within a few days.

Before applying for a personal loan, it's essential to compare rates, terms, and fees from multiple lenders to find the best option for your financial situation. Additionally, consider factors such as customer reviews, customer service, and the lender's reputation when making your decision.