{"id":317,"date":"2022-06-15T22:38:46","date_gmt":"2022-06-15T22:38:46","guid":{"rendered":"http:\/\/marshalllodge.co.uk\/?p=317"},"modified":"2023-11-23T15:16:18","modified_gmt":"2023-11-23T15:16:18","slug":"9-best-personal-loans-of-2023","status":"publish","type":"post","link":"http:\/\/marshalllodge.co.uk\/index.php\/2022\/06\/15\/9-best-personal-loans-of-2023\/","title":{"rendered":"9 Best Personal Loans of 2023"},"content":{"rendered":"
As easy as it is to use credit cards<\/a> to pay for unexpected expenses or anticipated major outlays, high interest rates can keep those loan balances outstanding for a long time. A better strategy may be to take a look at personal loans<\/a>.\u00a0<\/p>\n These are unsecured installment loans that are generally available for any purpose. Not only do they have lower interest rates, but at the end of the term, the loan is gone forever.<\/p>\n We compiled this list of the 10 best personal loans for 2023 to help you find the right one for you.<\/p>\n Here are our picks for the 10 best personal loans for 2023, with more information on each provided in the summary reviews below:<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $600 to $100,000 Credible isn\u2019t a direct lender but an online loan marketplace. That means you can complete a single application on their website and receive personal loan offers from multiple lenders. Credible<\/a> <\/strong><\/a>also offers mortgages<\/a>, credit cards, student loans<\/a>, and student loan refinances.<\/p>\n Because it\u2019s an online loan marketplace, there are participating lenders who will make loans to borrowers with credit scores as low as 580. <\/p>\n That makes Credible the go-to personal loan source for people with fair or average credit. That\u2019s important because people with lower credit scores are often those who most need personal loans.<\/p>\n But not only do they offer personal loans, mortgages, and credit cards, but also student loans and student loan refinancing.<\/p>\n Credible will pay you $200 if you can find a lower personal loan rate from another source. That practically guarantees they provide the lowest rates.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $1,000 to $100,000 LendingTree is another online loan marketplace offering personal loans for up to $100,000 with terms as long as 12 years. And like Credible, it\u2019s also a source for mortgages, credit cards, and car loans.<\/p>\n Based on our search on the site, LendingTree<\/a> has no fewer than 11 lenders providing personal loans. Not only does that include some of the biggest personal loan lenders in the industry, but also some of the lenders we\u2019ve listed in this guide.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $1,000 to $100,000 Fiona<\/a> is a financial services platform that offers personal loans for just about any purpose. You can borrow up to $100,000, with rates starting at 4.99% APR and terms ranging from 24 to 84 months.<\/p>\n Like Credible and LendingTree, Fiona is an online loan marketplace where you can get quotes from competing lenders by completing a single application.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $3,500 to $40,000 Marcus by Goldman Sachs<\/a> may be the perfect personal loan source for debt consolidation. That\u2019s because they offer terms ranging from 36 to 72 months, with current interest rates ranging between 6.99% and 19.99%. That will enable most borrowers to consolidate and eliminate credit cards with interest rates well above 20%.<\/p>\n Marcus by Goldman Sachs is also famous for its high-interest online savings accounts<\/a>. That can be the perfect platform for both paying off all debt and accumulating fresh savings.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $5,000 to $100,000 *Personal Loan Disclaimer<\/strong><\/a>: <\/strong>Fixed rates from 8.99% APR to 25.81% 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 05\/19\/23 and are subject to change without notice.\u00a0<\/em><\/p>\n Not all applicants qualify for the lowest rate. <\/em>The<\/em> lowest rates <\/em>are<\/em> 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, <\/em>your<\/em> creditworthiness, <\/em>your<\/em> income, and a variety of other factors.<\/em><\/p>\n Loan amounts range from $5,000\u2013 $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%-6%, which will be deducted from any loan proceeds you receive. See <\/em>Personal Loan eligibility details.<\/em><\/strong><\/a>\u00a0<\/em><\/p>\n Not all applicants qualify for the lowest rate. The lowest rates are reserved for the most creditworthy borrowers. <\/em><\/p>\n Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including your creditworthiness, income, and other factors. See <\/em>APR examples and terms<\/em><\/strong><\/a>.<\/em><\/p>\n Autopay:<\/strong> The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by automatic monthly deduction from a savings or <\/em>checking account<\/em><\/a>. <\/em><\/p>\n 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.<\/em><\/p>\n Direct Deposit Discount:<\/strong> 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 (\u201cDirect Deposit Account\u201d), you must have an open Direct Deposit Account within 30 days of the funding of your loan. <\/em><\/p>\n 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\u2019s reasonable procedures and requirements, to be determined at SoFi\u2019s sole discretion.\u00a0<\/em><\/p>\n 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 <\/em>l<\/em>oan.<\/em><\/p>\n SoFi<\/a> is practically synonymous with student loan debt refinancing<\/a>, which was the original purpose of the company. But it has dramatically expanded its product menu to include other types of loans, including personal loans and credit cards.<\/p>\n They also offer comprehensive financial services, including investing, budgeting, banking, insurance, and credit scores. And if you\u2019re one of the 3.5 million SoFi members, you may even have access to free financial advisors<\/a>.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $5,000 to $100,000 LightStream is the online personal loan program for Truist Bank (formerly SunTrust). The company is a direct lender, offering personal loans up to $100,000 for just about any purpose. <\/p>\n They charge low rates with terms of up to 144 months. The ability to stretch your payments over 12 years can make LightStream<\/a> the perfect source for a personal loan for home improvement.<\/p>\n However, LightStream is also on the higher end of the personal loan qualification spectrum. Their loans are designed for those with good or excellent credit, including no history of delinquencies. <\/p>\n They also require that you be well-established financially, and own real estate<\/a> and financial assets.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $2,000 to $50,000 Best Egg<\/a> has a strong reputation for customer service. The company has a Better Business Bureau rating of A+<\/strong><\/a>, which is the highest rating the agency provides. <\/p>\n Meanwhile, they also score 4.89 out of 5 stars among consumers reporting to the BBB. That\u2019s extraordinary, considering consumers often harbor something less than positive feelings about their lenders.<\/p>\n Best Egg is a direct lender, with loans provided by New Jersey-based Cross River Bank. Though the minimum credit score requirement is 600, the company requires a minimum individual income of $100,000.<\/p>\n Minimum\/Maximum Loan Amount:<\/strong> $5,000 to $40,000 Payoff (now rebranded as Happy Money<\/a>) is a direct online lender providing personal loans. But unlike other personal loan lenders, these loans are available only for debt consolidation. That may be why the company calls itself Payoff<\/em>.\u00a0<\/p>\n Loans are available in amounts up to $40,000, with rates as low as 5.99% APR. You\u2019ll have a choice on the loan term of either 24 or 60 months. But expect to pay an origination fee as high as 5%.<\/p>\n The big advantage with Payoff<\/a> is that they accept higher debt-to-income ratios. While most personal loan lenders will allow the ratio to go as high as 40% or 45%, Payoff will consider borrowers with a debt-to-income ratio as high as 50%.<\/p>\n Minimum\/Maximum Loan Amount: $1,000 to $50,000 Upstart<\/a> offers personal loans and other financing arrangements. That includes auto loan refinancing<\/a>, medical loans, and home improvement loans. You can borrow as much as $50,000 with rates starting as low as 3.09% APR.\u00a0<\/p>\n With a minimum credit score requirement of just 600, Upstart will be a good choice for borrowers with average or fair credit.<\/p>\n But the big advantage with Upstart is that they\u2019ll consider borrowers with a limited credit history or even no credit history at all. However, if you fall into this category, it\u2019s likely that loan amounts will be more limited.<\/p>\nTable of Contents<\/h3>\n<\/div>\n
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Our Picks for Best Personal Loans of October 2023<\/h2>\n
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Best Personal Loans \u2013 Company Reviews<\/strong><\/h2>\n
Credible: Best for Fair Credit<\/strong><\/h3>\n
APR Range:<\/strong> 5.20% APR \u2013 35.99% APR
Fees:<\/strong> Varies by lender
Loan Terms:<\/strong> 24 to 84 months
Minimum Credit Score:<\/strong> 580<\/p>\nLendingTree: Best for Comparison Shopping<\/strong><\/h3>\n
APR Range:<\/strong> 4.37% to 35.99% APR
Fees:<\/strong> 0% to 10%
Loan Terms:<\/strong> 24 to 144 months
Minimum Credit Score:<\/strong> 585<\/p>\nFiona: Best for High Loan Amounts<\/strong><\/h3>\n
APR Range:<\/strong> 4.99% to 35.99% APR
Fees:<\/strong> Varies by lender
Loan Terms:<\/strong> 24 to 84 months
Minimum Credit Score:<\/strong> Varies by lender<\/p>\nMarcus by Goldman Sachs: Best for Debt Consolidation<\/strong><\/h3>\n
APR Range:<\/strong> 6.99% to 19.99% APR
Fees:<\/strong> None
Loan Terms:<\/strong> 36 to 72 months
Minimum Credit Score:<\/strong> 660<\/p>\nSoFi: Best for Recent College Grads<\/strong><\/h3>\n
APR Range:<\/strong> *8.99-25.81% APR
Fees:<\/strong> None
Loan Terms:<\/strong> 24 to 84 months
Minimum Credit Score:<\/strong> 680<\/p>\nLightStream: Best for Home Improvement Loans<\/strong><\/h3>\n<\/p>\n
APR Range:<\/strong> 2.99% to 19.99% APR
Fees: <\/strong>None
Loan Terms: <\/strong>24 to 144 months
Minimum Credit Score:<\/strong> High, but not specified<\/p>\nBest Egg: Best Customer Service<\/strong><\/h3>\n
APR Range:<\/strong> 5.99% to 35.99% APR
Fees: <\/strong>0.99% to 5.99%
Loan Terms:<\/strong> 36 or 60 months
Minimum Credit Score:<\/strong> 600<\/p>\nPayoff: Best for High Debt-To-Income ratios<\/strong><\/h3>\n
APR Range:<\/strong> 5.99% to 24.99% APR
Fees:<\/strong> 0% to 5%
Loan Terms: <\/strong>24 or 60 months
Minimum Credit Score:<\/strong> 640<\/p>\nUpstart: Best for Limited Credit History<\/strong><\/h3>\n
APR Range: 3.09% to 35.99% APR
Fees: 0% to 8%
Loan Terms: 36 or 60 months
Minimum Credit Score: 600<\/p>\nBest Personal Loans of 2023<\/h4>\n
\n\n
\n LENDER<\/strong><\/th>\n LOAN AMOUNT RANGE<\/strong><\/th>\n APR RANGE<\/strong><\/th>\n FEES<\/strong><\/th>\n LOAN TERMS RANGE<\/strong><\/th>\n MINIMUM CREDIT SCORE<\/strong><\/th>\n FEATURES<\/strong><\/th>\n<\/tr>\n<\/thead>\n\n \n Credible<\/strong><\/td>\n $600 \u2013 $100,000<\/td>\n 4.60% \u2013 35.99%<\/td>\n Varies<\/td>\n 24 \u2013 84 months<\/td>\n 580<\/td>\n Online Loan Marketplace, Multiple Loan Offers<\/td>\n<\/tr>\n \n LendingTree<\/strong><\/td>\n $1,000 \u2013 $100,000<\/td>\n 4.37% \u2013 35.99%<\/td>\n 0% \u2013 10%<\/td>\n 24 \u2013 144 months<\/td>\n 585<\/td>\n Online Loan Marketplace, Multiple Lenders<\/td>\n<\/tr>\n \n Fiona<\/strong><\/td>\n $1,000 \u2013 $100,000<\/td>\n 4.99% \u2013 35.99%<\/td>\n Varies<\/td>\n 24 \u2013 84 months<\/td>\n Varies by lender<\/td>\n Online Loan Marketplace, High Loan Amounts<\/td>\n<\/tr>\n \n Marcus by Goldman Sachs<\/strong><\/td>\n $3,500 \u2013 $40,000<\/td>\n 6.99% \u2013 19.99%<\/td>\n None<\/td>\n 36 \u2013 72 months<\/td>\n 660<\/td>\n Debt Consolidation, Favorable Loan Terms<\/td>\n<\/tr>\n \n SoFi<\/strong><\/td>\n $5,000 \u2013 $100,000<\/td>\n 8.99% \u2013 25.81%*<\/td>\n None<\/td>\n 24 \u2013 84 months<\/td>\n 680<\/td>\n Diverse Financial Services, Member Benefits<\/td>\n<\/tr>\n \n LightStream<\/strong><\/td>\n $5,000 \u2013 $100,000<\/td>\n 2.99% \u2013 19.99%<\/td>\n None<\/td>\n 24 \u2013 144 months<\/td>\n High, not specified<\/td>\n Online Personal Loan Program, Low Rates<\/td>\n<\/tr>\n \n Best Egg<\/strong><\/td>\n $5,000 \u2013 $40,000<\/td>\n 5.99% \u2013 24.99%<\/td>\n 0% \u2013 5%<\/td>\n 24 \u2013 60 months<\/td>\n 640<\/td>\n Excellent Customer Service, Direct Lender<\/td>\n<\/tr>\n \n Payoff<\/strong><\/td>\n $1,000 \u2013 $50,000<\/td>\n 3.09% \u2013 35.99%<\/td>\n 0% \u2013 8%<\/td>\n 36 \u2013 60 months<\/td>\n 600<\/td>\n Debt Consolidation, High Debt-To-Income Ratios<\/td>\n<\/tr>\n \n Upstart<\/strong><\/td>\n Up to $50,000<\/td>\n 3.09% \u2013 35.99%<\/td>\n 0% \u2013 8%<\/td>\n Varies<\/td>\n 600<\/td>\n Financing for Various Purposes, Inclusive Credit History Assessment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n Personal Loan Guide<\/strong><\/h2>\n
What Is a Personal Loan?<\/strong><\/h3>\n