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Personal Loans

Updated November 19, 2019

2019 Personal Loan Rankings

Personal loans are unsecured, fixed-rate loans that do not require collateral and are generally paid back with a monthly payment over a period greater than two years. We also include lenders that offer personal lines of credit in this category. Many lenders are able to get cash into your bank account overnight.

These loans are often used for debt consolidation or to cover a larger expense. In the table below we review direct loan providers and rank them according to our Sniff Test (reputation), costs, licensing, and ease of use. You can click on "apply here" to be taken to the lender's site or "see reiew" to learn more about a particular lender. Inclusion in our rankings is not an endorsement. We aim to rank every lender who provides personal loans online.

Filter by state:
Company Name Description Rating
Net Credit
  • All credit types are eligible
  • Timely payments may build credit. $1k-$10K.
  • Governing Law: State Licensed
OneMain Financial
  • Secured and unsecured personal loans.
  • $1,500 to $20,000 loans, 18.00% – 35.99% APR
  • Governing Law: State Licensed
Avant
  • Loans from $2K-$35K. Varies by state.
  • Competitive rates and fees. Credit type ~600-700.
  • Governing Law: State Lic.
RISE
  • Military members not eligible.
  • Money back guarantee.
  • Governing Law: State Lic.
SoFi
  • Competitive APRs from 5.99% - 20.01%
  • Unique underwriting and employment protection
  • Governing Law: State Licensed
Jora
  • New lender with experienced team.
  • Loans up to $2,600. All credit types.
  • Governing Law: State Lic.
Upgrade
  • Loans from $1K-$50K
  • Loans and lines of credit
  • Governing Law: State Licensed
Mobiloans
  • Tribal Lender. Line of credit product
  • Rates similar to payday loans
  • Governing Law: Tribe

* Rates and fees vary by state. Not all lenders operate in all states. Check each lender's website for up-to-date information.

What Are Personal Loans

Typically, these loans are fixed-rate loans, i.e. the interest will not change over time, and are paid back through a series monthly payments over a fixed time period. Sometimes the payments may be bi-monthly (twice a month). At The Payday Hound we distinguish installment loans from personal loans based on the length of payback time. We rank loans that are less than two years as installment loans and those greater than two years as personal loans. The payback period for a personal loan generally ranges from 2-5 years.

These loans are also referred to as online personal loans and unsecured loans.

What Do Personal Loans Cost

The interest rates on personal loans vary based on the type of lender and your predicted ability to pay back the loan (credit score, credit history, other debts, income, etc.). The monthly payment amount will vary based on the interest rate, the amount of the loan, and the time period. The total amount of interest paid will vary based on all of the above. Generally, borrowers with the best credit scores will get the best rates and largest loan amounts. They will also have the widest option of lenders willing to give them a loan.

A rough guide to rates based on credit history is below. This is just a rough guide as the actual rate will vary by lender, loan amount, payback period, and other factors.

Credit Type Score Range Estimated Rate
Excellent 720+ 9.9%-13.9%
Good 690-719 15.9%-19.9%
Fair 630-689 20.9%-25.9%
Poor <629 27.9%+ or not eligible

Who Makes Personal Loans

Traditionally, only banks and credit unions made personal loans but in the past few years, there have been many new players in the space these loans. Some of these lenders are focused on online lending, others are focused on specific credit profiles, and others have focused on improving the process. The increased focus in the area has made the space more competitive providing borrowers with more options and possibly more competitive rates.

What is a Line of Credit

The Payday Hound includes unsecured, lines of credit in the personal loans category. A line of credit is kind of like a renewable personal loans. With a line of credit, a lender will agree to make a certain amount of money (a credit line) available to the borrower over a certain amount of time. The borrower can then borrower money up to the credit limit whenever they need it. Payback terms vary but there is generally a minimum monthly payment. Once the borrowed money is paid back, the line of credit remains available to the borrower without reapplying. The advantage of a line of credit is not having to apply every time you need a loan. Fees varies for lines of credit and can include application fees and unused line fees. It is important to review all these terms before accepting a line of credit.

When Considering Personal Loans

Determine if you really need a loan. These loans work best as part of a balanced personal finance plan. These loans may be a valuable tool to consolidate debt helping to bring down total interest payments. They are generally not suggested if they increase financial strain. Consider if there are other options to borrowing money.

If you decide personal loans are right for you it is a good idea to shop around. Compare rates and calculate the expected payment to see if it works with your spending budgets. You may also consider other borrowing options like getting a secured loan like a home equity loan. These loans are often significantly cheaper.

Direct Lenders Versus Matching Service

A direct lender is a company that underwrites your loan. A matching service matches you up to a direct lender. The main advantage of using a matching service is that only one application is required to apply to multiple lenders. The matching service will take your online application and attempt to find you a lender from its network. This all happens almost instantly because the "match" is based on pre-determined criteria. The downside to a matching service is you are unable to pick the lenders to whom you are applying. This means you won't get to shop around for rates or choose a specific lender.

Find Lenders by State

Personal loans are state regulated so not all lenders make loans in all states. Select your state below to find available lenders in your state.