Best Personal Loans for December 2024

In our research, LightStream scored well in all the areas that matter most to most borrowers. Its advertised APRs are competitive, and there are no fees, not even for late payments. It offers lengthy repayment terms and loan amounts of up to $100,000. With autopay, you can shave 0.50% of your APR. If you find a better rate on an unsecured loan from another lender, LightStream will beat it by 0.10%.

Fund dispersal is fast, as soon as the same day if you accept a loan proposal before 2:30 p.m. ET. You can also delay funding up to 90 days, which can help if you’re planning a home improvement and don’t want to begin repaying a loan before you’ve spent any of it.

Although LightStream is our top choice, it has some flaws. The most glaring is the lack of loan pre-qualification, which Investopedia considers an important shopping tool. You’ll have to complete an application to find out your loan details, which means a small hit to your credit score.

LightStream’s minimum loan amount of $5,000 may be too high for some borrowers, depending on their needs. LightStream is a solid choice if you have good to excellent credit, but you’ll have to shop elsewhere if you don't. Finally, we also found LightStream’s customer service options to be lacking as they are limited to telephone support. 

LightStream is the online-lending arm of Truist Bank, which was formed by a merger between BB&T and SunTrust Bank in 2019. Truist is headquartered in Charlotte, North Carolina. 

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You can find lenders offering lower rates and more flexible loan minimums. But only a few lenders we researched offer loan amounts up to $100,000, and only one, specialty lender BHG Financial, offers larger ones (up to $200,000). Plus, you’re unlikely to find a lender that offers more customer perks and benefits than SoFi. Those benefits include free financial advice and discounts on the other banking and financial products it offers.

That focus on customer experience is working for SoFi. It ranked fourth in J.D. Power’s 2024 U.S. Consumer Lending Satisfaction Study. Sofi also received an Investopedia Combined Consumer Review rating of 4.4 (out of 5 possible), a calculated aggregate of consumer review ratings on Trustpilot and the Better Business Bureau developed by Investopedia’s researchers.

Like LightStream, SoFi has a high loan minimum of $5,000, so if you need a smaller loan, you must look elsewhere. In years past, the lender touted its lack of fees. That’s changed now, and SoFi offers borrowers the option to pay an origination fee of up to 7% in exchange for a lower interest rate overall. You still won’t face late fees and prepayment fees.

San Francisco-based SoFi was founded in 2011 as a fintech specializing in student loans. Today, it offers a full suite of banking and financial products, including checking and savings accounts, home loans, investment accounts, insurance, and more.

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Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

We picked Discover as the best lender for debt consolidation because of its low advertised APRs, range of repayment terms, and the option to have Discover pay your creditors directly. This is convenient for you but also offers a bit of risk reduction for the lender. Loan funding is fast, as soon as the next business day, if everything in your application is accurate.

Discover’s reputation for customer service was borne out during our research. Our reviewers rated the website and its broad collection of tools, calculators, and educational material a 4 (out of 5 possible). Meanwhile, Discover rated second in the J.D. Powers 2024 U.S. Consumer Lending Satisfaction Study.

One downside with Discover is that it does not accept co-signers or co-borrowers who can help borrowers with lower credit scores qualify for a loan. The maximum loan amount ($40,000) is not as high as many competing lenders, although the lower minimum ($2,500) makes it a good choice if you’re looking for a smaller loan.

Discover, founded in 1986, was a subsidiary of Sears, Roebuck & Company, which was created to offer Sears shoppers credit card services. Today, from its headquarters in Illinois, it offers credit cards, home loans, CDs, and savings and checking accounts.

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Upgrade accepts applicants with fair credit scores—as low as 580. You can apply with a co-borrower, too, if you need help getting approved or want to try for a better rate. Upgrade may also offer you a secured loan, using your car as collateral, instead of an unsecured loan.

You’ll pay for this flexibility, though. Upgrade charges origination fees between 1.85% and 9.99%, and its maximum APR is 35.99%. Borrowers with thin or weak credit profiles should expect to pay on the higher end of those ranges. Discounts for setting up autopay, using loan proceeds for debt consolidation, and opting for a secured loan are available, but the lender doesn’t reveal the details. A $200 bonus is also available for setting up and funding a checking account with Upgrade during your loan application. You can fund your new account with your loan funds.

Upgrade was founded in 2017 and is headquartered in San Francisco, Calif. Since its founding, it has provided more than $35 billion in loans and credit.

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If your credit score is below 580, you don’t have many options to borrow. Loan offers you do receive will be expensive, with high origination fees and APRs. Upstart’s minimum required credit score of 300 is the lowest of the 59 lenders in our database. It will even consider borrowers without a credit score. Despite this flexibility, its rates, fees, and terms are not prohibitively expensive.

Upstart works with various lenders with different underwriting requirements, so borrowers with weaker or stronger credit profiles will match with lenders offering rates and terms that fit. Loan amounts range from $1,000 to $50,000, covering a range of borrower needs. 

Rates start at 7.40% and max out at 35.99%, the industry's de facto APR cap. (That rate cap is linked to the Military Lending Act, which limits APRs on consumer loans for military service members at 36%.)  

Upstart has made available nearly $40 billion in credit of various types through its platform, including personal loans, since it was founded in 2012. The fintech lender is headquartered in San Mateo, Calif.

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Citibank doesn’t charge origination fees or late fees, and its maximum advertised APR is low, keeping borrowing costs down. The autopay discount of 0.50% is higher than many other lenders offer (0.25% is typical). Citigold and Citi Priority customers can get an additional 0.25% rate discount.

Another perk for existing customers is same-day funding, which is sent directly to their Citibank account.  In the 2024 J.D. Power Consumer Lending Satisfaction Study, Citibank ranked third.

With all that in its favor, it’s disappointing that Citibank now limits personal loan applications to existing customers.

Citibank, founded in 1812, is the third-largest U.S. bank, with total assets exceeding $1.7 trillion, as of September 2024. It operates 648 branches in the U.S. In a $70 billion deal, Citicorp and Travelers Group merged in 1998 to form Citigroup.

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We chose LMCU as Best for Small Loans because of its $250 minimum. However, many credit unions offer loans under $1,000 and even under $500, so you have plenty of options.

You won’t pay an origination fee on a loan from LMCU, and because it is a federal credit union, you won’t pay more than 18% interest. If something unexpected happens, you can skip a monthly payment (for a $25 fee), up to twice a year. The minimum credit score of 650 means LMCU loans are available to people with “fair” credit. You can also apply with a co-borrower.

Unfortunately, LMCU does not offer pre-qualification; you must complete an application to see what rates and terms you are approved for. That means a slight negative hit to your credit score. And because it’s a credit union, you need to become a member to borrow. If you don’t meet LMCU’s affiliate or regional qualifications, you can join by donating $5 to the ALS Foundation.

LMCU was founded in 1933. Today it has over $14 billion in assets and more than 600,000 members. It’s the largest financial institution headquartered in West Michigan.

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Navy Federal Credit Union’s personal loans have a lot to offer. Borrowers can choose from a wide range of loan amounts and terms and rates start at 8.99% and won’t exceed 18%. Plus, there are no origination fees. If you’re borrowing at least $30,000 for a home improvement, you can take up to 180 months to pay it off. Just be aware that late payments will result in a $29 late payment fee.

Navy Federal earned the second-highest score in the 2024 J.D. Power Consumer Lending Satisfaction Study and a Combined Consumer Review rating of 4.5 (out of 5). This rating, developed by Investopedia researchers, is an aggregate of consumer review ratings on two third-party review sites: Trustpilot and the Better Business Bureau.

Unfortunately, only military service members, Department of Defense personnel, and their families can join. Another knock against Navy Federal is that it does not offer pre-qualification; you’ll need to complete a loan application to learn the rates and terms you qualify for. Moreover, you’ll need to join the credit union before you can begin an application.

Navy Federal, founded in 1933 and headquartered in Vienna, Virginia, is the nation’s largest credit union.

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Patelco Credit Union may not be a household name. Still, its broad range of personal loan options, competitive rates, customer support tools and resources, and enticing rate discounts are worth noticing. You can borrow as little as $300 and as much as $100,000. Repayment terms range from 6 months to 84 months. Patelco even offers credit builder loans if you want to boost your credit score.

Patelco offers two rate discounts. The first is a customer loyalty discount of 0.10% for members with several accounts that meet deposit or loan minimums. The second, a 0.50% reduction, rewards borrowers who make on-time payments for 12 consecutive months. This one can be earned three times for a rate discount of up to 1.50%. Patelco also offers payment protection insurance and several hardship programs if borrowers need more time to come up with a payment. 

Membership is easy. You’re eligible if you live or work in a few northern California counties. If you don’t, you can join the Financial Fitness Association (Patelco will cover the fee).

Patelco Credit Union was founded in 1936 by Pacific Telephone & Telegraph Company employees. Its headquarters are in Dublin, California, and it has over $9 billion in assets and 450,000 members.

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