For the best personal loans, Forbes Advisor rates SoFi, LightStream, and LendingPoint as top choices, offering low-interest rates for qualified borrowers. LightStream is ideal for home improvement loans, while SoFi is best for those with good to excellent credit.
If you have bad to fair credit, an Upgrade is a good option, and an Upstart is suitable for those with a short credit history. Happy Money is great for credit card consolidation, and Discover is ideal for debt consolidation. When looking for a personal loan, consider banks, credit unions, and online lenders, and if you need funds quickly, choose a lender that offers fast approval and disbursement.
However, be cautious of payday loans, car title loans, and pawnshop loans, as they have high-interest rates and fees. Taking out a personal loan can impact your credit score temporarily, but it isn’t inherently bad for your credit.
Forbes Advisor’s Top-Rated Personal Loans
| Best Overall | Best for Debt Consolidation | Best for Refinancing High-Interest Debt |
|---|---|---|
| LightStream Personal Loans | Happy Money | SoFi Personal Loans |
| – Best for Home Improvement Loans | – Best for Good to Excellent Credit | – Best for High-Interest Debt Refinancing |
If you’re looking for a personal loan, some of the best places to get one are banks, credit unions, and online lenders. If you need funds quickly, choose a lender that offers fast approvals and disbursements. SoFi, LightStream, and LendingPoint are top contenders according to Forbes Advisor’s Best Personal Loans list. These lenders offer low-interest rates to qualified borrowers. LightStream is best for home improvement loans, SoFi is best for good to excellent credit, and LendingPoint is a great option for bad to fair credit. With these options, you can find a personal loan that suits your needs and financial situation.
When it comes to personal loans, it’s important to compare different lenders and their terms to find the best option for you. Consider factors such as interest rates, loan amounts, repayment terms, and any additional fees. Use tools like a personal loan calculator to get an estimate of monthly payments and total interest paid. Remember to borrow responsibly and only take out what you need and can comfortably repay.
Best Overall Personal Loans
For those who are looking for the best personal loans, Forbes Advisor’s rated list includes some top contenders. LightStream, SoFi, and LendingPoint are among the top choices, offering low-interest rates to qualified borrowers.
LightStream stands out as the best overall option, particularly for those seeking home improvement loans. Their competitive rates and flexible repayment terms make it an attractive choice for homeowners looking to fund renovation projects.
SoFi, on the other hand, is an excellent option for borrowers with good to excellent credit. They offer competitive rates and a wide range of loan amounts, making them a popular choice for many.
When considering personal loans, it’s important to compare offers from banks, credit unions, and online lenders. Each has its own advantages and considerations, so it’s crucial to choose the option that best fits your needs and financial situation.
Overall, LightStream and SoFi are among the top choices for those seeking personal loans. Whether you have home improvement projects or excellent credit, these lenders have options to suit your needs.
Best Personal Loans For Different Credit Scores
For individuals with bad to fair credit, Upgrade is an excellent choice for personal loans. They offer competitive interest rates and flexible repayment terms. Upgrade also provides options for debt consolidation, allowing borrowers to simplify their finances and save on interest fees. They have a streamlined online application process, making it quick and convenient to apply for a loan.
If you have a short credit history, Upstart is the best personal loan option for you. Upstart takes into account factors beyond just traditional credit scores when evaluating applications. They consider education, job history, and other personal data to assess creditworthiness. This makes it easier for individuals with limited credit history to qualify for a loan and build their credit profile.
Happy Money is the ideal choice for individuals looking to consolidate credit card debt. They offer competitive interest rates and flexible repayment terms, allowing borrowers to save on interest and pay off their credit card balances faster. With Happy Money, borrowers can simplify their monthly payments and manage their debt more effectively.
If you are specifically looking for debt consolidation, Discover is the best personal loan lender for you. Discover offers attractive interest rates and flexible repayment options. By consolidating your debts with a Discover personal loan, you can simplify your finances, potentially save on interest, and pay off your debts faster.
How Personal Loans Affect Your Credit Score
Personal loans can have a short-term impact on your overall credit score. While taking out a personal loan itself is not bad for your credit score, it can affect it in a number of ways. One of the main ways it can affect your score is by increasing your overall debt utilization ratio. This is the ratio of your total debt to your total available credit. When you take out a loan, it increases your debt and can lower your credit score temporarily. Additionally, taking out a personal loan may make it more difficult for you to obtain additional credit until the loan is paid back. Lenders may be hesitant to lend to someone who already has a high level of debt. Therefore, it’s important to carefully consider the impact on your credit score before taking out a personal loan.
Best Unsecured Loans
Forbes Advisor’s rated list of the best personal loans comes from SoFi, LightStream, and LendingPoint. They offer low-interest rates to qualified borrowers.
Best Options For Borrowers With Good Credit
Best overall: LightStream Personal Loans
Best for debt consolidation: Happy Money
Best for refinancing high-interest debt: SoFi Personal Loans
Here Are Our Picks For The Best Personal Loans:
- LightStream: Best for home improvement loans
- SoFi: Best for good to excellent credit
- Upgrade: Best for bad to fair credit
- Upstart: Best for short credit history
- Happy Money: Best for credit card consolidation
- Discover: Best for debt consolidation
Which Bank Is Easiest To Get A Personal Loan?
If you’re looking for a personal loan, some of the best places to get one are banks, credit unions, and online lenders. If you need funds quickly, choose a…
What Type Of Personal Loan Is Easiest To Get Approved For?
The easiest types of loans to get approved for don’t require a credit check and include payday loans, car title loans, and pawnshop loans — but they’re also highly predatory in nature due to outrageously high-interest rates and fees.
Does Taking Out A Personal Loan Hurt Your Credit?
A personal loan can affect your credit score in a number of ways—both good and bad. Taking out a personal loan isn’t bad for your credit score in and of itself. However, it may affect your overall score for the short term and make it more difficult for you to obtain additional credit before that new loan is paid back. How Personal Loans Affect Your Credit Score – Investopedia
Best Unsecured Loans Debt Examples
- Best personal loans for good credit: USAA personal loan
- Best personal loans for debt consolidation: Capital One personal loan
- LightStream personal loan
- Chase personal loans
- Personal loan calculator
- SoFi loans
Frequently Asked Questions Of Best Personal Loans
What Is The Best Personal Loan Out There?
For the best personal loan options, Forbes Advisor suggests considering SoFi, LightStream, and LendingPoint. These lenders offer low-interest rates to qualified borrowers. LightStream is great for home improvement loans, SoFi is ideal for applicants with good to excellent credit, and LendingPoint specializes in debt consolidation.
Make sure to compare different lenders to find the best fit for your needs.
Which Bank Is Easiest To Get A Personal Loan?
LightStream and SoFi are some of the banks that offer the easiest personal loans to get.
What Type Of Personal Loan Is Easiest To Get Approved For?
The easiest type of personal loan to get approved for is one that does not require a credit check. Examples include payday loans, car title loans, and pawnshop loans. However, be aware that these loans often have high-interest rates and fees.
Does Taking Out A Personal Loan Hurt Your Credit?
Taking out a personal loan can affect your credit score in the short term, making it harder to get new credit. However, it’s not inherently bad for your credit.
Conclusion
To find the best personal loans, look no further than Forbes Advisor’s rated list. SoFi, Lightstream, and LendingPoint are top contenders with their low-interest rates for qualified borrowers. Lightstream is the go-to for home improvement loans, while SoFi is ideal for those with good to excellent credit.
Upgrade and Upstart cater to those with bad credit and short credit history, respectively. For credit card consolidation, Happy Money is the top choice, while Discover excels in debt consolidation. Remember to choose wisely, as personal loans can impact your credit score in both positive and negative ways.