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Best personal loans for 2021

Compare your personal loan options. Roost looks at loan amount, credit score, and APR to help you find the best loan product for you. 

What is the best personal loan?

The best personal loan for 2021 is SoFi, provided that you have a credit score of over 670 along with an adequate income. This lending company offers rates as low as 5.99 percent. While LendingTree and PersonalLoans.com may be able to provide lower rates, they work with a variety of lenders and may not be able to connect you with a suitable lender at the time you apply for a personal loan.

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    Best personal loans: FAQs

    How do personal loans work?

    Most often, personal loans are unsecured loans, and the lender deposits the funds directly to your bank account. Usually, they are not applied directly to your debt or towards what the loan is for, such as a vacation down payment. It is up to you to make sure the funds loaned to you are applied to the proper debt or payment.

    Do personal loans require collateral?

    Most personal loans do not require collateral. The most common loans that involve collateral include vehicle and home loans. Personal loans are not secured. If you default, it will negatively affect your credit, and the lender can sue you for the balance plus interest and court fees.

    What can I get a personal loan for?

    Personal loans are personal. While a lender may ask what the funds will be used for, the funds can be used in any manner you choose in most situations. That said, most consumers use personal loans to pay off high-interest debt such as credit or store cards.

    How do I get a personal loan with bad credit? 

    If your credit score is below 550 or so, you may have a difficult time finding a loan with competitive terms. If your income is inconsistent, it will be even more difficult. Loans to consider if you have bad credit include private loans or short-term payday loans. If you have a kind friend or family member who can loan you money, write up a written agreement and pay back the loan like you would any other type of loan. Payday loans are not recommended unless you really only need the loan for one week.

    Where can I get a personal loan?

    You can apply for a personal loan through online lenders such as SoFi, Upstart or LendingTree. You can also apply for a personal loan through your bank or credit union. If you have a good credit score, your bank or credit union may be willing to provide you with a low-interest loan. Online lenders might charge a bit more for interest but often lower than credit card rates. 

    Can I refinance a personal loan?

    If you have good credit, you can refinance personal loans as well as other types of loans. You may even be able to refinance with your current lender. If you are in a better financial situation than you were when you took out the loan, you may be able to get a new loan with better terms.

    *Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details. The loan amount shown here doesn’t include possible origination fees charged by the lender. If the lender charges an origination fee, it will be deducted from your loan amount. Consider adjusting your loan amount to account for this.