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Best Personal Loans of 2025
Summary: Best Personal Loans of 2025
COMPANY | FORBES ADVISOR RATING | MINIMUM CREDIT SCORE | CURRENT APR RANGE | LOAN AMOUNTS | LEARN MORE |
---|---|---|---|---|---|
Does not disclose
|
8.99% to 29.99%
|
$5,000 to $100,000
|
Via Credible.com’s Website
|
||
600
|
7.99% to 35.99%
|
$1,000 to $50,000
|
Via Credible.com’s Website
|
||
700
|
6.94% to 25.29%
|
$5,000 to $100,000
|
Via Credible.com’s Website
|
||
660
|
7.9% to 35.99%
|
$1,000 to $40,000
|
Via Credible.com’s Website
|
||
Does not disclose
|
8.99% to 17.99%
|
$600 to $50,000
|
Via MoneyLion’s Website
|
||
640
|
8.95% to 17.48%
|
$5,000 to $40,000
|
Via Credible.com’s Website
|
||
Does not disclose
|
8.74% to 24.99%
|
$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers
|
Via MoneyLion’s Website
|
||
620
|
6.70% to 35.99%
|
$1,000 to $50,000
|
Via Credible.com’s Website
|
||
600
|
7.99% to 35.99%
|
$1,000 to $36,500
|
Via MoneyLion’s Website
|
The above personal loan rates are accurate as of March 3, 2025. Some APRs and loan amounts are available for certain loan purposes.
Compare Personal Loan Options
As you shop for a personal loan, it can be difficult to narrow down your options. The first step to being able to compare your options is to prequalify with the lenders that may work best for you. Prequalification doesn’t impact your credit score and can give you an idea of the rates, terms and loan amounts you could be offered.
Once you have your prequalification offers, use these loan features to find the best personal loan for your financial situation.
Annual Percentage Rate (APR)
A loan’s APR includes both interest and standard fees, and is the cost of borrowing money. To find the lowest-cost loan, look for the lowest interest rate or APR offered to you. Keep in mind that although APR can help determine which loan is best for you, other loan features can help narrow down your options.
Fees
Loan fees vary by lender, and while some may be included in the APR—such as origination fees—there are other separate fees. For instance, some lenders don’t charge late fees for late payments and others don’t charge prepayment penalties if you repay your loan early. If you could be charged either of those fees during repayment, it may be best to find a lender that won’t penalize you for that.
Loan Amounts
Each lender advertises different loan amount ranges and the loan amount lenders offer to you could also be different from what you request. If that’s the case, eliminate the lenders that don’t offer the loan amount you need to cover your financial needs.
Perks
Perks are another feature that can be used to compare your loan options. Some lenders offer interest rate discounts if you sign up for autopay, and lenders may also offer direct payment to creditors for debt consolidation loans.
Terms
The time you’re given to repay a loan, or term, will vary by lender. As you consider your options, look for lenders offering loans with terms that work for you and your budget. A loan calculator can help determine the payments and terms you can afford.
What should prospective borrowers consider when choosing a personal loan?
How To Apply for a Personal Loan
If you’re looking to apply for a loan, follow these steps:
- Check your credit. The first step to getting a loan is checking your credit report. Make sure there aren’t any errors on it, and if there are, contact the three major credit bureaus to correct any mistakes. You can use your credit to help determine which lenders may work with you.
- Determine financial need. A crucial part of getting a loan is determining how much money you need to borrow. This can help you narrow down which lenders to apply with, but it can also help prevent over-borrowing. Along with a loan calculator, you can find the terms and amounts that work for you.
- Shop around. Once you know your qualifications, such as credit and income, find lenders where you’ll meet the eligibility requirements and that offer the loan you’re looking for.
- Prequalify. Prequalifying with a personal loan lender can give you an idea of the rates and terms you could be offered without impacting your credit. This can help you make a decision on which lender works best for you before submitting a loan application.
- Submit an application. Once you’ve found the best lender for you, gather any necessary documentation such as proof of identity, income verification and proof of address. Then, you can submit an application.
- Begin repayment. If a lender approves your application, you can then accept the loan amount. Once you do that, you’ll receive the loan and begin repayment. Setting up autopay can help make sure you won’t miss any payments.
How To Qualify for a Loan
Lenders use several different factors to determine whether or not you’re eligible for a loan. To qualify for a loan, you’ll need to meet certain requirements for each of these categories.
- Credit score. Lenders will look at your credit score and history to determine how you’ve handled debt in the past. To qualify for most personal loans, you’ll need a credit score of 600 or higher.
- Income. Lenders will use your income to evaluate your ability to repay a loan. In many cases, lenders don’t disclose exact income requirements but do require enough income to cover loan payments. Lenders consider traditional income along with other forms, such as alimony, government assistance and child support.
- Debt-to-income (DTI) ratio. Your DTI compares your income to your current debt payments. This shows lenders if you can afford additional debt payments with your current income. Often, lenders look for a DTI of less than 36%.
- Collateral. If you’re applying for a secured loan, you’ll need sufficient collateral to back your loan. This can be a car, your 401(k) or other assets. Keep in mind that if you fail to repay a secured loan, your lender can take possession of the collateral as loan repayment.
Pros and Cons of Personal Loans
Before getting a personal loan, it’s important to consider the pros and cons.
PROS | CONS |
---|---|
Fixed, predictable payments
|
High interest rates
|
Can lower interest rates with debt consolidation
|
Long terms can make repayment difficult
|
Can help build your credit
|
Fees and other charges
|
Can be used for nearly any expense
|
Can require collateral
|
Fast funding turnaround
|
Can damage your credit
|
Current Average Personal Loan Interest Rates
Personal loan interest rates fluctuate frequently and can vary by loan term. Although you may not be offered the current average rates, they can help determine what you can expect.

Average Personal Loan Interest Rates by Credit Score
Lenders use your credit score to determine how risky it is to lend money to you. The lower your credit score, the higher your risk—and as a result, the more likely it is that any loan offers will have high interest rates.

Alternatives to a Personal Loan
Although a personal loan can be an effective tool to cover an emergency expense, it may not be right for everyone. Before getting a personal loan, consider the alternative funding options available to you.
- Payday alternative loan. Payday alternative loans (PAL) are available from some credit unions in amounts up to $2,000. Interest rates on these loans are capped at 28%, and loan terms can reach up to six months.
- Home equity financing. If you’ve established equity in your home, a home equity loan or home equity line of credit (HELOC) can be a cheaper financing option compared to personal loans. Keep in mind, these financing options are secured by your home, so if you default, your lender can take possession of your home.
- Credit cards. If you need to cover a short-term financial emergency with a small amount of money, a credit card can be an effective tool if you have a plan to repay your debt. Since credit cards carry high APRs, if you don’t repay your debt by the end of your statement period, you can start accumulating interest and fees quickly.
- Cash advance app. Cash advance apps offer small sums of money with short repayment terms. If repaid on time, these cash advances can have minimal costs, but if you miss a payment, fees can add up quickly.
- Friends and family. If you have friends or family that you can borrow money from, this can be the cheapest and most efficient way to cover a financial emergency. If you do borrow money from a loved one, be sure to write up a promissory note outlining the loan terms so you both have the same expectations on repayment.
Methodology
We reviewed 31 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan costs. 35%
- Loan details. 20%
- Eligibility and accessibility. 20%
- Customer experience. 15%
- Application process. 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Personal Loans Rating Methodology.

Frequently Asked Questions (FAQs)
What is a good interest rate on a personal loan?
A good interest rate on a personal loan is one that’s lower than the national average for borrowers with excellent credit. However, the interest rate you receive depends on several factors, and lenders frequently charge other fees that can make a loan more expensive. To minimize costs, maintain a good to excellent credit score (at least 670).
How many personal loans can you have at once?
You may have more than one personal loan with one specific lender or multiple loans with different lenders. However, some lenders may set a limit to how many loans you can have open through them, such as two loans. Plus, opening multiple loans can make you appear as a riskier borrower and lower your qualification chances.
How long does it take to get a personal loan?
Typically, it doesn’t take long to get a personal loan. Some lenders offer online applications with automated approvals and same-day funding. Most lenders, however, take a few business days to a week to process your application and disburse your funds.
If the lender needs to verify any information with you, it can take longer. Once you apply for a loan, look for any communication from your lender so you can respond promptly.