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An unsecured personal loan can help you cover a large expense, pay for an emergency or consolidate your debt. You can use the funds for almost any purpose.
Each lender offers unique features and benefits, and some work better for certain borrowers and expenses than others. NerdWallet's personal loan guide will help you compare different lenders and determine which fits your goals.
Why trust NerdWallet? NerdWallet has rated and reviewed personal loans from more than 35 financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender's pre-qualification flow and follow up with company representatives. We do not receive compensation for our ratings. Read more about our personal loan star ratings methodology and our editorial guidelines.
A personal loan is money you borrow from a bank, credit union or online lender. Loan amounts are from $1,000 to $100,000, and they’re typically repaid over a term of two to seven years. To qualify, lenders look at factors including your credit score, credit history and debt-to-income ratio.
» MORE: How to get a personal loan
One benefit of getting a personal loan is you can use the money for nearly any reason. Ideally, getting one positively impacts your overall financial health by helping you pay off debt faster, for example, or adding to the value of your home. Here are some top ways consumers use personal loans:
Use a debt consolidation loan to roll your debts into one monthly payment, potentially reducing the interest you pay and helping you pay it off faster.
» COMPARE: Debt consolidation loans
Need to repair your roof, add a home office or install a swimming pool? Use a personal loan to finance home improvements.
» COMPARE: Home improvement loans
It can be expensive to finance your wedding with a personal loan, but having one lump sum of money can help you stick to a budget.
» COMPARE: Wedding loans
Because personal loans are funded quickly, they can help cover an urgent home or car repair. Compare any loan with interest-free options.
Compare: Emergency loans
Personal loan annual percentage rates typically range from about 6% to 36%.
Lenders assess primarily your financial and credit information to determine your rate, but may consider other factors like whether you own your home, your education level and your work history. Consumer advocates say 36% is the highest annual percentage rate a loan can have and still be considered affordable.
Borrowers with good to excellent credit scores (690 and higher) typically get the lowest interest rates and can borrow larger amounts. They also have the most options when shopping for a loan.
Those with fair to bad credit (scores below 690) may have to look a little harder and pay a higher rate for a personal loan. Having steady income, low debt, a long credit history and a record of on-time payments will improve your chances of being approved.
» COMPARE: Best loans for bad credit
Interest rates are currently high for most types of financing, including personal loans. Here’s what APRs on personal loans look like, on average:
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 11.85%. |
Good | 690-719. | 14.12%. |
Fair | 630-689. | 18.05%. |
Bad | 300-629. | 22.68%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from May 1, 2024, through May 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
» MORE: Current personal loan rates
Rates, terms, funding time and other features vary, so take the time to compare loans from multiple lenders. Here are the most important considerations:
APR
A loan’s annual percentage rate represents the interest rate plus any fees the lender charges. When comparing offers, APR tells you which is the least expensive overall. It also provides an apples-to-apples comparison across financial products, so you can compare the cost of a personal loan to a credit card, for example.
Monthly payment
Even if a loan has a low APR, you need room in your budget to repay it each month. Your monthly payment is determined by the loan amount, interest rate and repayment term. A shorter term may mean higher monthly payments, but you’ll pay less in interest over the life of the loan. Use the personal loan calculator below to see how the rate and repayment terms affect the monthly payment.
Fees
The most common fees on personal loans are late and origination fees. An origination fee can be 1% to 10% of your loan amount, and lenders typically deduct the fee before sending you the funds. If your lender charges this fee, make sure the final loan amount will be enough to cover your expenses.
Funding time
Many lenders can fund a loan the same day after approval, but some take up to a week to send you the money. If you need cash fast, compare quick personal loans to find a lender that offers same- or next-day funding.
Payment flexibility
Some lenders let you choose your initial payment date and allow multiple changes during repayment, while others require you to pay on the same date each month for the life of the loan. Since you could be repaying this loan for years, consider whether you’ll want the option to change your due date, skip a payment or pause payments during a hardship.
Other consumer-friendly features
If you have a couple of competitive offers, consider other common personal loan features to break the tie. Some lenders offer rate discounts, no fees, extra long repayment terms on home improvement loans or direct fund transfers to other creditors on debt consolidation loans.
Use this calculator to estimate monthly payments for a personal loan, based on the loan amount, rate and term. See how different rates and terms affect the monthly payment as well as the payoff date.
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
07 / 2029Payment date | Principal | Interest | Monthly payment | Principal balance |
---|---|---|---|---|
Jul 2024 | $129.14 | $83.33 | $212.47 | $9,870.86 |
Aug 2024 | $130.21 | $82.26 | $212.47 | $9,740.65 |
Sep 2024 | $131.30 | $81.17 | $212.47 | $9,609.35 |
Oct 2024 | $132.39 | $80.08 | $212.47 | $9,476.96 |
Nov 2024 | $133.50 | $78.97 | $212.47 | $9,343.46 |
Dec 2024 | $134.61 | $77.86 | $212.47 | $9,208.85 |
Jan 2025 | $135.73 | $76.74 | $212.47 | $9,073.12 |
Feb 2025 | $136.86 | $75.61 | $212.47 | $8,936.26 |
Mar 2025 | $138.00 | $74.47 | $212.47 | $8,798.26 |
Apr 2025 | $139.15 | $73.32 | $212.47 | $8,659.11 |
May 2025 | $140.31 | $72.16 | $212.47 | $8,518.80 |
Jun 2025 | $141.48 | $70.99 | $212.47 | $8,377.32 |
Jul 2025 | $142.66 | $69.81 | $212.47 | $8,234.66 |
Aug 2025 | $143.85 | $68.62 | $212.47 | $8,090.81 |
Sep 2025 | $145.05 | $67.42 | $212.47 | $7,945.76 |
Oct 2025 | $146.26 | $66.21 | $212.47 | $7,799.51 |
Nov 2025 | $147.47 | $65.00 | $212.47 | $7,652.03 |
Dec 2025 | $148.70 | $63.77 | $212.47 | $7,503.33 |
Jan 2026 | $149.94 | $62.53 | $212.47 | $7,353.39 |
Feb 2026 | $151.19 | $61.28 | $212.47 | $7,202.20 |
Mar 2026 | $152.45 | $60.02 | $212.47 | $7,049.74 |
Apr 2026 | $153.72 | $58.75 | $212.47 | $6,896.02 |
May 2026 | $155.00 | $57.47 | $212.47 | $6,741.02 |
Jun 2026 | $156.30 | $56.18 | $212.47 | $6,584.72 |
Jul 2026 | $157.60 | $54.87 | $212.47 | $6,427.12 |
Aug 2026 | $158.91 | $53.56 | $212.47 | $6,268.21 |
Sep 2026 | $160.24 | $52.24 | $212.47 | $6,107.98 |
Oct 2026 | $161.57 | $50.90 | $212.47 | $5,946.41 |
Nov 2026 | $162.92 | $49.55 | $212.47 | $5,783.49 |
Dec 2026 | $164.27 | $48.20 | $212.47 | $5,619.22 |
Jan 2027 | $165.64 | $46.83 | $212.47 | $5,453.57 |
Feb 2027 | $167.02 | $45.45 | $212.47 | $5,286.55 |
Mar 2027 | $168.42 | $44.05 | $212.47 | $5,118.13 |
Apr 2027 | $169.82 | $42.65 | $212.47 | $4,948.31 |
May 2027 | $171.23 | $41.24 | $212.47 | $4,777.08 |
Jun 2027 | $172.66 | $39.81 | $212.47 | $4,604.42 |
Jul 2027 | $174.10 | $38.37 | $212.47 | $4,430.32 |
Aug 2027 | $175.55 | $36.92 | $212.47 | $4,254.76 |
Sep 2027 | $177.01 | $35.46 | $212.47 | $4,077.75 |
Oct 2027 | $178.49 | $33.98 | $212.47 | $3,899.26 |
Nov 2027 | $179.98 | $32.49 | $212.47 | $3,719.28 |
Dec 2027 | $181.48 | $30.99 | $212.47 | $3,537.81 |
Jan 2028 | $182.99 | $29.48 | $212.47 | $3,354.82 |
Feb 2028 | $184.51 | $27.96 | $212.47 | $3,170.31 |
Mar 2028 | $186.05 | $26.42 | $212.47 | $2,984.25 |
Apr 2028 | $187.60 | $24.87 | $212.47 | $2,796.65 |
May 2028 | $189.17 | $23.31 | $212.47 | $2,607.49 |
Jun 2028 | $190.74 | $21.73 | $212.47 | $2,416.75 |
Jul 2028 | $192.33 | $20.14 | $212.47 | $2,224.42 |
Aug 2028 | $193.93 | $18.54 | $212.47 | $2,030.48 |
Sep 2028 | $195.55 | $16.92 | $212.47 | $1,834.93 |
Oct 2028 | $197.18 | $15.29 | $212.47 | $1,637.75 |
Nov 2028 | $198.82 | $13.65 | $212.47 | $1,438.93 |
Dec 2028 | $200.48 | $11.99 | $212.47 | $1,238.45 |
Jan 2029 | $202.15 | $10.32 | $212.47 | $1,036.30 |
Feb 2029 | $203.83 | $8.64 | $212.47 | $832.47 |
Mar 2029 | $205.53 | $6.94 | $212.47 | $626.93 |
Apr 2029 | $207.25 | $5.22 | $212.47 | $419.69 |
May 2029 | $208.97 | $3.50 | $212.47 | $210.71 |
Jun 2029 | $210.71 | $1.76 | $212.47 | $0.00 |
Check your credit score. Learn about your personal loan options based on your credit score. This will give you an idea of what rate and payment to expect as you shop for loans. You might decide to postpone getting a loan and instead take steps to build your credit to get a lower rate or a larger loan.
Compare your options. Interest rates on personal loans for excellent credit start around 6% APR, but if you can qualify for a 0% interest credit card — and pay off the balance within the promotional period — then you may be better off with the credit card. Here's how to compare personal loans and credit cards.
Find a co-applicant. If you have bad credit, having a co-signer with good credit allows you to piggyback on their creditworthiness and potentially get a better rate. With a joint or co-signed personal loan, your co-applicant has to make payments if you fail to.
Consider a secured personal loan. Using a car, savings account or other asset as collateral may get you a lower rate. The risk is losing your asset if you default on the loan.
Assess your overall financial well-being. Personal loans work best as part of a balanced financial plan. Borrow money to consolidate debt if it means you’ll get out of debt more quickly. But don’t borrow if it only adds financial strain. If your current debt is overwhelming, investigate your debt-relief options.
Online lenders offer a convenient way to find and compare personal loans from anywhere.
Some national banks offer personal loans with competitive rates and in-person support.
Credit unions may offer lower annual percentage rates and flexible terms for their members.
» MORE: Where to get a personal loan
Review your credit report. Check your credit report and take steps to fix any errors or past-due accounts. You can get your free credit report with NerdWallet or at AnnualCreditReport.com.
Calculate your payments. Review your budget to see how much room you have for monthly loan payments. Then, use a personal loan calculator to see what loan amount, rate and repayment term will get you affordable monthly payments.
Pre-qualify and compare offers. Most online lenders allow you to pre-qualify without affecting your credit score. Check your rate with multiple lenders to find the best offer. If you have good credit and an existing banking relationship, take a pre-qualified loan offer to your bank and ask if they’ll beat it. Once you have multiple loan offers in hand, compare the loan features and fine print, including total costs and any penalties.
Gather documents. Most personal loan applications require documents, including W-2s, pay stubs or bank statements to prove your income. You’ll also need a government-issued ID such as a driver’s license or passport and your Social Security number. Gather these documents before you apply to speed up the process.
Apply. The final step is to submit your personal loan application. Applying involves a hard credit check that can temporarily lower your credit score. Depending on the lender, you should receive your funds within a few days.
Even before you receive your loan, make a plan to pay it off, ensuring you can manage on-time monthly payments for the life of the loan — whether that's two or seven years. Missing even one loan payment can hurt your credit score, and defaulting on the loan can mean late fees and collections calls.
If you face a financial setback while paying off your loan, reach out to your lender and ask about a hardship option. Some lenders may allow you to defer loan payments for a specified time.
Lender | Best for | Rate range | Time to fund after approval |
---|---|---|---|
Flexible payment options. | 7.99% - 24.99%. | Next day. | |
Fast approval and funding. | 6.99% - 25.49%. | Same or next day. | |
Free financial planning. | 8.99% - 29.99%. | Same day. |
Lender | Best for | Rate range | Time to fund after approval |
---|---|---|---|
Joint loans. | 8.99% - 35.99%. | 1 to 3 days. | |
Credit-building features. | 8.98% - 35.99%. | 1 to 2 days. | |
Credit card consolidation. | 11.72% - 17.99%. | 1 to 3 days. | |
Flexible payment options. | 8.99% - 35.99%. | 1 to 3 days. | |
Fast approval and funding. | 9.12% - 29.99%. | Same or next day. | |
Fast application and approval. | 7.99% - 35.99%. | Same or next day. | |
Secured loans. | 8.99% - 35.99%. | 1 to 3 days. |
Lender | Best for | Rate range | Time to fund after approval |
---|---|---|---|
Secured loans. | 18.00% - 35.99%. | 1 to 2 days. | |
Credit-building tools. | 11.69% - 35.99%. | Next day. | |
Debt consolidation. | 8.49% - 35.99%. | Next day. | |
AI-powered underwriting. | 7.80% - 35.99%. | Next day. | |
Fast funding. | 9.95% - 35.99%. | Next day. |
NerdWallet writers and editors conduct an annual comprehensive fact check and update of our lender reviews, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable.