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Best personal loans for 2024

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 2024 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 8.99 percent. While LendingTree and 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.

Loan Amount
$5,000 – $100,000
8.99% – 29.99%
Credit Score

Product details

  • No origination fees.
  • No pre-payment fees.
  • No late fees.
  • Unemployment Protection* – If you lose your job, they will temporarily pause your payments and help you find a new job.
  • Fixed rates from 8.99% to 29.99% APR (with AutoPay**).
  • Mobile App enables access to your loan.

To qualify:

  • You are at least the age of majority in your state and able to enter into a binding contract.
  • You are a US citizen, permanent resident or visa holder.
  • Need to have a credit score of 670, typically look for 700 or higher…
  • Minimum annual income of $45,000.

Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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.

*If you lose your job through no fault of your own, you may apply for Unemployment Protection. If your loan(s) is/are in good standing at the time you request Unemployment Protection SoFi will, upon
approval, help to modify your monthly SoFi loan payments. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by
applicable law. Benefits are offered in three-month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation.See for details.

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Loan Amount
$1,000 – $50,000
8.49%- 35.97%
Credit Score

Product details

  • View your offers in minutes.
  • Low, fixed-rates, so the rate will never go up on you.
  • No prepayment fees, so you can pay your loan off at any time.
  • Payment flexibility; you can change your payment date to work best for your budget.
  • Rate discount for autopay.
  • Allows secured, co-signed and joint loans.

To qualify:

  • Minimum credit score: 580.
  • No minimum annual income, however average borrower is over $85,000.
  • 3 years minimum credit history.
  • Monthly cash flow of $800+

Terms and conditions:

Personal Loan Upgrade Disclaimer: 

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.97%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at

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Loan Amount
$1,000 – $50,000
Credit Score

Product details

  • Borrowers with little or no credit can apply.
  • Available in all 50 states.
  • 43% lower rates as compared to a credit score-only model.*
  • 99% of applicants get money just 1 business day after accepting their loans**
  • No prepayment penalty: You may pay off part or all of the loan at any time with no fee.

To qualify:

  • Minimum credit score: 580.
  • Minimum income of $12,000/year.
  • Proof of employment or offer thereof. 
  • Have a current bank account and email. 

Terms and conditions

*As of December 31, 2021, and based on a comparison between the Upstart model and a traditional credit-score only model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping

** If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

^ The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 26.57% and 60 monthly payments of $27.29 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $16,376 including a $695 origination fee. APR is calculated based on 5-year rates offered in September 2022. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

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Loan Amount
$1000 – $35,000
5.99% – 35.99%
Credit Score

Product details

  • is not a lender, but has a large network of lenders 
  • Accepts wide range of credit types
  • Loans can be used for any purpose.
  • With a single online application you can receive quotes from multiple lenders 
  • Funding as soon as 1 business day
  • Rates and fees are determined by the individual participating lenders. 

To qualify:

  • Credit Score requirements vary by lender
  • No minimum annual salary, however more providers will respond based on salary
  • Drivers license or state ID number
  • Social Security number, and bank account you are using for the loan

Terms and conditions connects borrowers with lenders or lending partners and thus the specific terms and conditions of the specific lender or lending partner will apply to any loan a borrower takes out. We are compensated by these lenders or lending partners for connecting you with them, and the compensation received may affect which offer you are presented with. Any display of APR, loan amounts, interest or other loan details are estimations only, and actual amounts will vary by lender or lending partner and by borrower. Please note that some lenders or lending partners may perform credit checks as part of their credit transaction approval process. The lender or lending partner you connect with may not offer the best possible terms and borrowers should always compare all available options before making any decisions. In addition, you may be connected with a tribal lender. Tribal lenders’ rates and fees may be higher than state-licensed lenders, and are subject to federal and tribal laws, not state laws.

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Loan Amount
$1,000 – $40,000
 8.30 – 36.00%
Credit Score
600 min

Product details

  • Offers wide range of loan options.
  • Offers joint applications. 
  • Funds available in as few as four days.  
  • Soft credit check.
  • Does not affect your credit score with pre-qualification 
  • Requires an origination fee of 1% – 6% of the loan amount 

To qualify:

  • Minimum credit score: 600+ 
  • Minimum 18 month credit history 
  • Adding a co-borrower may qualify you for lower rate
  • Maximum Debt to Income (DTI) 60%. 40% for joint applications 
  • Budget to cover new loan after existing debts and living expenses

Terms and conditions

Between April 2022 and June 2022, 35% of Personal Loans issued by LendingClub Bank were funded within 24 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand.

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, term length, and making payments as agreed.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,980 for a term of 36 months, with an interest rate 13.49% and a 6.00% origination fee of $1,019, for an APR of 17.89%. In this example, the borrower will receive $15,961 and will make 36 monthly payments of $576. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 8.30% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2022 and are subject to change without notice.

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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.