Best Personal Loans of July 2021

Racheal Vazquez

Personal loans are popular among consumers as they offer to cover expesnes, such as medical, travel, and weddings.

These loans generally have fixed annual rates that vary widely and can be a safe and least costly way of closing any financial issues. Each lender has different features from no fees and soft credit checks.

Compare personal loans for good and bad credit and more.

Best For Good to Excellent Credit

SoFi Personal Loans

sofi logo

5.99% - 20.69%

Est. APR

680

Min. Credit Score

$5,000 - $100,000

Loan Amount

Overview

SoFi offers online personal loans that are ideal for people who want to borrow a lot of money at a low cost. You can use the loan for personal, family or household needs. Borrowers can't use the loan for real estate, business purposes, investments, purchase of securities, postsecondary education, or short-term bridge financing.

The APR ranges from 5.99% to 20.69% and requires an excellent credit for the lowest APR. Also, the repayment terms range from 2 to 7 years. SoFi evaluates applicants based on their financial history, credit score, monthly income, and expenses.

SoFi reports the payment to three credit bureaus, making it an excellent choice if you want to build your credit. This loan has low fees and offers a rate discount for auto payments, making it reasonably affordable.

SoFi provides unemployment protection. If you lose your job through no fault of your own, you will receive up to 12 months of forbearance as long as you work with the SoFi team to find alternative employment. Other perks include free career coaching, free will-drafting services, referral bonuses, and others.

What we like

  • No prepayment fees, no origination fees, no late fees
  • High loan limits
  • Offers co-sign and joint loan options
  • Offers unemployment protection
  • Free career coaching and financing advice

What we don't

  • No borrowing below $5,000
  • No refinancing option
  • No secured loan option

Account Fees & Information

  • Min. Loan Amount$5,000
  • Max. Loan Amount$100,000
  • Loan Term2 - 7 years
  • APR5.99% - 20.69%
  • Interest Rate TypeFixed or Variable
  • Origination Fee$0
  • Late Fee$0
  • Prepayment Fee$0
  • Funds ReleasedWithin a few days
  • Loan SecurityUnsecured
  • Interest AccruedYes
  • Hardship ProgramAvailable
  • Autopay Discount0.25%

Eligibility Criteria

  • Min. Credit Score680
  • Min. Annual IncomeN/A
  • Min. Credit HistoryN/A
  • Min. Monthly Cash FlowN/A
  • Max. Debt-to-IncomeN/A
  • CosignerAvailable
  • Loan UsagePersonal, Family, Household
  • State RestrictionsN/A in MS

Best For Fair Credit

Upgrade Personal Loan

upgrade logo

6.98% - 35.89%

Est. APR

620

Min. Credit Score

$1,000 - $50,000

Loan Amount

Overview

Upgrade offers unsecured fixed rate personal loans of up to $50,000 in 44 states. APY ranges from 6.98% to 35.89% and is based on your credit score and history, loan terms, and other factors. Loans are available in two repayment terms only, 3 or 5 years. It has an easy online application process.

Personal loan features include minimal fees and multiple usages, including refinancing credit cards, debt consolidation, home improvement, and major purchases. However, you can’t use it for post-secondary education expenses, investment gambling, or illegal activities.

Upgrade charges 2.9% - 8% as origination fees deducted from the loan proceeds. There is also a late fee of up to $10 and a fee of $10 if your payment fails. Although there doesn’t appear to be a minimum income requirement, the organization uses your credit report and income statements to determine how much you can afford to borrow.

It offers discounts rates for auto payment and has no prepayment fees. It also allows co-signed, secured, and joint loans and provides a mobile app to manage the loan. There are customizable loan features and discount opportunities, making it an ideal option for borrowers with fair and bad credit but with strong monthly cash flow.

What we like

  • Flexible loan amount between $1,000 - $50,000
  • Faster funding compared to banks
  • Min. credit score of 620
  • Allows secured, co-signed, and joint loans

What we don't

  • Origination fees
  • Only two loan terms, 3 or 5 years

Account Fees & Information

  • Min. Loan Amount$1,000
  • Max. Loan Amount$50,000
  • Loan Term3 or 5 years
  • APR6.98% - 35.89%
  • Interest Rate TypeFixed or Variable
  • Origination Fee2.9% - 8%
  • Late Fee$10
  • Prepayment Fee$0
  • Funds Released1 - 4 business days
  • Loan SecurityUnsecured or Secured
  • Interest AccruedYes
  • Hardship ProgramAvailable
  • Autopay Discount0.50%

Eligibility Criteria

  • Min. Credit Score620
  • Min. Annual IncomeN/A
  • Min. Credit History3 years
  • Min. Monthly Cash Flow$800
  • Max. Debt-to-Income55% - 65%
  • CosignerAvailable
  • Loan UsageMultiple
  • State RestrictionsN/A in CO, CT, IA, MD, VT, WV

Best For No to Bad Credit

OppLoans

opploans logo

59% - 199%

Est. APR

None

Min. Credit Score

$500 - $4,000

Loan Amount

Overview

OppLoan provides personal loans through an easy online application process. It offers no credit check loans and gives people with bad credit a much cheaper alternative to payday loans. OppLoans are not secured by collateral and have an APR from 59% to 199% depending on your specific area of residence. It doesn’t have a minimum credit score requirement.

Other features include same day funding as long as it approves your application before 7 pm EST from Monday to Friday. The OppLoans TurnUp Program helps you find more affordable loan options regardless of the lender.

OppLoans allows you to use your loan for various purposes, including medical bills, debt consolidation, home improvement projects, among others. On the downside, it is only available in 37 states.

To apply for this loan, you must have a minimum monthly income, provide proof of employment or benefits like Social security, have a bank account, and the option for direct deposit.

*The rates and terms for the products offered through OppLoans are specific to your state of residence.

What we like

  • Low minimum loan amounts of $500
  • No credit check
  • No prepayment penalties
  • Builds credit score

What we don't

  • High APR for long term borrowing
  • Direct deposit required
  • Not available in all states

Account Fees & Information

  • Min. Loan Amount$500
  • Max. Loan Amount$4,000
  • Loan Term9 to 36 months
  • APR59% - 199%
  • Interest Rate TypeFixed
  • Origination Fee$0
  • Late Fee$0
  • Prepayment Fee$0
  • Funds Released1 - 2 business days
  • Loan SecurityUnsecured
  • Interest AccruedYes
  • Hardship ProgramAvailable
  • Autopay DiscountAvailable

Eligibility Criteria

  • Min. Credit ScoreNone
  • Min. Annual Income$18,000
  • Min. Credit HistoryN/A
  • Min. Monthly Cash FlowN/A
  • Max. Debt-to-IncomeN/A
  • CosignerN/A
  • Loan UsageMultiple
  • State RestrictionsN/A in AR, CO, CT, IA, MD, MA, NH, NJ, NY, NC, PA, VT, WV