When you need money quickly, a personal loan can be the right choice. But it’s important to choose a lender with competitive rates and fees that are based on your creditworthiness. Often, online lenders allow you to prequalify without hurting your credit score. A cosigner with a better credit score can also help you qualify and lower your rate.
We look at many factors to determine which lenders offer the best personal loans, including interest rates, fees and terms, but credit scores are among the most critical. If you have a good to excellent credit score of at least 620, you will typically get the lowest rates and the most borrowing power with most lenders.
The top personal loan lenders have a wide range of personal loans with varying terms and interest rates to suit borrowers with different needs and budgets. Some of them can even disburse funds within the same day after you’re approved.
Avant stands out as one of the few lenders that allows borrowers to apply for a personal loan with a minimum credit score of 600 and has a maximum limit of $35,000. However, its high fees make it less of a top pick. It charges a fee to check your credit and another for each late or returned payment. Other top lenders such as LendingClub and Prosper do not charge such fees. We also look at a lender’s ethics and customer support when selecting a top personal loan provider.