The Best Personal Loan Sites For Your Credit Score (in 2017)

Personal loans can be a convenient way to get cash to cover a short-term financial hurdle.

They are also a popular tool for consolidating and eliminating high-interest credit card debt—and their fixed interest rates and payments can certainly save some borrowers money.

However, since personal loans are unsecured, just like credit card debt, borrowers who struggle with self-discipline and those without a great credit history may find that a personal loan will actually cost them in the long run.

This is why potential borrowers should do their homework to understand the personal loan options available to them based on their own credit score.

Each of the following online lenders has different requirements and alternatives for borrowers. They are listed in order of credit score requirements.

Read on to see which one will work best for you:

Upstart

Learn more about Upstart

This is a peer-to-peer lending platform that connects borrowers with accredited investors who fund their loans. What makes Upstart different from other peer-to-peer platforms is the fact that it can use more than just your credit history to determine your creditworthiness. More info…show

  • Loan Minimum/Maximum: $1,000 to $50,000
  • Loan Repayment Terms: 36 months or 60 months
  • Rates: 4.66% – 29.99% APR, fixed.
  • Fees: Origination fee between 1% and 6%. This fee is rolled into your APR. There are no pre-payment fees or check-processing fees. Late fees are either 5% of payment amount or $15, whichever is greater.
  • Minimum Credit Requirements: Experian credit score of 640 or better, unless you have not built up enough credit history to generate a credit score.
  • Get started at Upstart.com

Lending Club

Learn more about Lending Club (read our full review)

Lending Club

Lending Club is currently the largest peer-to-peer lending network, responsible for over $13 billion of loans as of September 2015. It is available to borrowers in every state except Iowa. More info…show

  • Loan Minimum/Maximum: $1,000 to $40,000
  • Loan Repayment Terms: 36 or 60 months
  • Rates: Fixed rates from 5.99% to 35.96%
  • Fees: Origination fee ranges from 1% to 6%. If you choose to pay via check, there is a check-processing fee. There is no prepayment penalty.
  • Minimum Credit Requirements: Experian credit score of 600 or better, strict debt-to-income requirements.
  • Get started with at LendingClub.com

FreedomPlus

Learn more about FreedomPlus

Freedom Plus

If you need money in a hurry, a FreedomPlus loan might be your answer. This lender offers same day online loan approvals and loan funding within 48 hours—within some restrictions. Borrowers can access up to $35,000 from FreedomPlus with fixed rates ranging from 7.93% APR to 29.90% APR. More info…show

  • Loan Minimum/Maximum: $5,000 to $35,000
  • Loan Repayment Terms: 2, 3, 4, or 5 years
  • Rates: Fixed rates range from 7.93% to 29.9%
  • Fees: The origination fee ranges from 1.38% to 5%. There is no prepayment fee. Other fees, such as check processing fees or late fees are not spelled out on the website. It is a good idea for borrowers to fully read all fine print on any loan offers to know if there are other potential fees.
  • Minimum Credit Requirements: A FICO score of 600, $25,000 worth of verifiable income, and no bankruptcies within the last two years.
  • Get started at FreedomPlus.com

Prosper

Learn more about Prosper

Prosper

Like Lending Club, Prosper is a peer-to-peer lending platform that offers better loan rates than those available through a traditional bank. Prosper is available in every state except Iowa, Maine, and North Dakota. More info…show

  • Loan Minimum/Maximum: $2,000 to $35,000
  • Loan Repayment Terms: 36 or 60 months
  • Rates: Fixed rates from 5.99% to 35.97% APR
  • Fees: You pay a closing fee based upon your Prosper Rating, generally between 1% and 5%. Borrowers who pay via mail or phone may have to pay a $15 processing fee each time. There is no prepayment penalty.
  • Minimum Credit Requirements: Experian credit score of 640 or better. Prosper uses a proprietary credit rating system known as Prosper Rating.
  • Get started at Prosper.com

Payoff

Learn more about Payoff (read our full review)

Payoff Logo

This lender is all about helping people get out of debt and achieve financial freedom. Their loan model assumes that borrowers are taking on personal loans in order to pay off credit card debt.You can borrow between $5,000 and $35,000 from Payoff for a fixed rate between 6% and 19.65% and terms between 24 and 60 months. Payoff partners with First Electronic Bank to originate loans—it is neither a bank nor a peer-to-peer lender. More info…show

  • Loan Minimum/Maximum: $5,000 to $35,000
  • Loan Repayment Terms: 2, 3, 4, or 5 years
  • Rates: Fixed rates between 6% and 19.65% APR
  • Fees: The origination fee is based strictly on the repayment term—2% for a two-year-loan, 3% for a three-year, and so on. There are no other fees whatsoever.
  • Get started at Payoff.com

Avant

Learn more about Avant

Avant

Borrowers with poor credit often have nowhere to turn if they need personal loans, which can lead to a downward spiral into payday loans. Now, those types of borrowers can get fast cash with flexible terms and fair rates from Avant. Borrowers can receive loans between $1,000 and $35,000 for terms lasting between 2 and 5 years. More info…show

  • Loan Minimum/Maximum: $1,000 to $35,000
  • Loan Repayment Terms: 2 to 5 years
  • Rates: Fixed rates range from 9.95% to 36% APR
  • Fees: There are no origination, prepayment, or check-processing fees. There is a $25 late fee, which can be refunded if you make three consecutive on-time payments after the late fee is assessed.
  • Minimum Credit Requirements: A FICO score of 580. There are no other hard credit requirements.
  • Get started at Avant.com

LendingTree

Learn more about LendingTree

Lending Tree

This site is an online loan marketplace, where borrowers can fill out a single form in order to receive multiple customized offers from lenders on the LendingTree network. The borrower pays no fees whatsoever in order to use LendingTree. Depending on which lender you choose, however, you may have to pay an application fee, processing fee, and/or closing costs. More info…show

SoFi

Learn more about SoFi (read our full review)

SoFi

SoFi is a non-traditional lender that uses a novel underwriting process. Their approach focuses on only lending to financially responsible borrowers, and they analyze “forward-looking” factors to determine each applicant’s future potential and ability to pay. For instance, as of early last year, SoFi no longer uses FICO credit score in underwriting, but instead takes employment history and other factors into consideration. More info…show

  • Loan Minimum/Maximum: $5,000 to $100,000
  • Loan Repayment Terms: 3, 5, or 7 years
  • Rates: Variable rates range from 4.74% to 11.34%, and fixed rates range from 5.95% to 12.99%. Variable rates are currently capped at 11.49%.
  • Fees: There are no application or origination fees, and there is no prepayment penalty.
  • Get started at SoFi.com

CommonBond

Learn more about CommonBond

CommonBond

This peer-to-peer style platform began as a refinancing tool for student loans, but it has expanded to offer personal loans ranging from $1,000 to $50,000. Borrowers can choose between variable rate loans, which range from 4.50% to 11.35% APR, and fixed rate loans, which range from 5.74% to 12.99% APR. Repayment terms can be as short as two years, or as long as seven. More info…show

  • Loan Minimum/Maximum: $1,000 to $50,000
  • Loan Repayment Terms: 2, 3, 4, 5, 6, and 7 years
  • Rates: Variable rates ranging from 4.5% to 11.35%, fixed rates ranging from 5.74% to 12.99%. (CommonBond offers a 0.25% rate discount for signing up with autopay, which is included in the above rates).
  • Fees: There are no application or origination fees, and there is no prepayment penalty.
  • Get started at CommonBond.com

Earnest

Learn more about Earnest

http://oc.cardsynergy.com/t/?cr=19050&c=246211251&aid=128310&sid=17946&last_updated=1456868459

Like Upstart, Earnest is a lender created for individuals without a long credit history. Instead of focusing on credit scores, Earnest looks at other markers of financial responsibility, such as employment history and salary, savings, income-to-expense ratio, and retirement savings. Earnest analyzes more than 80,000 data points for each prospective borrower, which means you must be comfortable giving the lender permission to scan your bank account. More info…show

Potential borrowers should do their homework to understand the personal loan options available to them. Here are the best personal loan sites for your credit score.

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Last Edited: February 7, 2017 @ 12:07 amThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Emily Guy Birken

Emily Guy Birken is a former English teacher and respected personal finance blogger. She lives in Milwaukee, Wisconsin with her engineer husband and two high-energy little boys. She has written two books: The Five Years Before You Retire and Choose Your Retirement. Emily's thoughts on parenting and life in general are found at The SAHMnambulist.