How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- This guide covers personal loan companies, the most common meaning of "best loan company" for individual borrowers. It does not cover mortgages, auto loans, or business loans.
- Loan cost is set by your APR, which depends on credit, income, and term, plus any origination fee. Compare the APR and total cost, not the monthly payment alone.
- SoFi, LightStream, Discover, and Marcus by Goldman Sachs charge no origination fee, while Upstart, Best Egg, Upgrade, and Prosper charge origination fees on many loans.
- Upstart is the strongest pick for thin credit files, LightStream for excellent credit and large loans, and Discover for debt consolidation with direct payment to creditors.
- This guide gives general information only and is not financial advice. Borrowing costs money, rates change often, and you should check the current APR, fees, and terms on the lender's own site before accepting any offer.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 SoFi | Good to excellent credit, no fees | See website | Free rate check |
 LightStream | Excellent credit and large loans | See website | Free rate check |
 Upstart | Thin credit files and fast funding | See website | Free rate check |
 Discover | Debt consolidation | See website | Free rate check |
 Marcus by Goldman Sachs | No fees and flexible payments | See website | Free rate check |
 Best Egg | Fast funding and secured options | See website | Free rate check |
 Upgrade | Fair credit and joint applications | See website | Free rate check |
 Prosper | Fair credit and long terms | See website | Free rate check |
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The best loan company
Starting priceSee website
Free planFree rate check
SoFi is the best all round personal loan lender for borrowers with good to excellent credit. Loans run from $5,000 to $100,000 with terms of 2 to 7 years, and SoFi charges no origination fee, no late fee, and no prepayment penalty, so the APR you see is close to the true cost. Funding can arrive the same day you sign, and member benefits include unemployment protection, which pauses payments if you lose your job, plus career coaching and financial planning tools.
The catch is qualification. SoFi caters to good and excellent credit borrowers, and its average personal loan borrower has a credit score around 745. If your credit is fair, you may get a higher rate or a decline. For strong credit borrowers who want a large, fee free loan with fast funding, SoFi is the first lender to check.
What we like- No origination fees, late fees, or prepayment penalties
- Loans from $5,000 to $100,000 with terms of 2 to 7 years
- Same day funding possible
- Unemployment protection for qualifying borrowers
Watch out for- Best rates go to good and excellent credit
- Average borrower credit score is high
- No secured loan option
#2LightStream
Best for: Excellent credit and large loans4.7/5 on
G2 (23 reviews, checked Oct 2026)
Visit lightstream.com
Starting priceSee website
Free planFree rate check
LightStream, the online lending division of Truist, is built for borrowers with excellent credit who want the lowest possible rate. It charges no origination fee, no late fee, and no prepayment penalty, and it offers loans from $5,000 to $100,000 for almost any purpose, from cars and home improvement to weddings and medical costs. Terms run up to 7 years for most purposes, and up to 20 years for home improvement loans over $25,000.
LightStream also offers a rate beat program: if you are approved elsewhere at a lower rate for the same loan, LightStream may beat that rate by 0.10 percentage points. The trade off is strict underwriting. LightStream expects strong credit and income, and its best rates require autopay. If your credit is excellent and you want a large loan at a low rate, LightStream is hard to beat.
What we like- No fees of any kind
- Loans from $5,000 to $100,000
- Terms up to 7 years generally, and up to 20 years for large home improvement loans
- Rate beat program for qualifying applicants
Watch out for- Requires good to excellent credit
- Best rates need autopay
- Online only, with no branches
Starting priceSee website
Free planFree rate check
Upstart is the best choice if your credit file is thin or your score alone does not tell your full story. Its underwriting model looks beyond a credit score to education, employment, and income, which helps recent graduates and young workers qualify. Loans run from $1,000 to $75,000 with 3 or 5 year terms, rate checks take about five minutes with a soft credit pull, and most funds arrive the next business day after signing. Upstart's own homepage lists personal loan APRs from 6.3 percent to 35.99 percent based on 5 year rates offered in June 2026.
The cost to watch is the origination fee, which can reach 12 percent and is taken from the loan proceeds, so you receive less than you borrow. APRs at the high end are also steep. Upstart fits borrowers who cannot qualify elsewhere or who value fast approval, but compare its total cost, including the fee, against a fee free lender before accepting.
What we like- Approves borrowers with short credit histories using education and employment data
- Loans from $1,000 to $75,000
- Next business day funding in most cases
- No prepayment penalty
Watch out for- Origination fee up to 12 percent on many loans
- APR range up to 35.99 percent
- Terms limited to 3 or 5 years
Starting priceSee website
Free planFree rate check
Discover is the strongest pick for debt consolidation. Its personal loans run from $2,500 to $40,000 with terms of 3 to 7 years, and Discover can send loan proceeds directly to your creditors, which removes the temptation to spend the money elsewhere and speeds up payoff. There is no origination fee and no prepayment penalty, and customer service is US based.
The limit is the $40,000 maximum, which may not cover larger debts, and the best rates go to good credit borrowers. Discover also offers a 30 day money back style guarantee: if you change your mind within 30 days, you can return the funds with no interest. For borrowers consolidating credit card debt into one fixed payment, Discover is a clean, trusted choice.
What we like- No origination fee and no prepayment penalty
- Loans from $2,500 to $40,000 with terms of 3 to 7 years
- Can send funds directly to your creditors for consolidation
- US based customer service
Watch out for- Maximum loan of $40,000 is lower than SoFi or LightStream
- Best rates need good credit
- No secured loan option
#5
Marcus by Goldman Sachs
Best for: No fees and flexible payments
Visit marcus.com
Starting priceSee website
Free planFree rate check
Marcus by Goldman Sachs is the simplest loan on this list: no fees, fixed rates, and fixed monthly payments, with no surprises. Loans run from $3,500 to $40,000 with terms of 3 to 6 years, and Marcus lets you change your monthly payment date and defer one payment after making 12 on time payments, which helps when cash flow gets tight. Checking your rate uses a soft pull and does not affect your credit score.
Marcus caps loans at $40,000 and does not accept joint applications, so couples borrowing together will need another lender. Its rates are competitive but rarely the lowest for excellent credit borrowers, who may do better at LightStream. If you want a fee free loan from a major bank with flexible payment options, Marcus is an excellent, low stress choice.
What we like- No fees at all, including no origination, late, or prepayment fees
- Loans from $3,500 to $40,000 with terms of 3 to 6 years
- Flexible payment options including payment deferral
Watch out for- Maximum loan of $40,000
- No joint applications
- No secured loan option
- Rates are mid range for excellent credit
Starting priceSee website
Free planFree rate check
Best Egg is a fast, flexible lender with both unsecured and secured personal loans. Unsecured loans run from $2,000 to $50,000 with 3 to 5 year terms, and funding can arrive within 24 hours after approval. Its secured homeowner loan uses home fixtures as collateral (not the whole home) and offers lower average rates for qualifying homeowners. A direct pay option sends funds to creditors for debt consolidation and can lead to better rates.
The origination fee, from 0.99 to 9.99 percent depending on your profile, is the main cost to check, since it reduces the cash you receive. Best Egg is not available in a handful of states, including Iowa, Vermont, and West Virginia, so confirm eligibility first. For borrowers who want fast funding and the choice of a secured rate, Best Egg is a strong option.
What we like- Loans up to $50,000 with funding in 24 hours in many cases
- Secured loan option for homeowners with lower rates
- Direct pay to creditors for consolidation
- Rate check with no credit score impact
Watch out for- Origination fee from 0.99 to 9.99 percent
- Not available in every state
- Best rates need strong credit and income
Starting priceSee website
Free planFree rate check
Upgrade is the best pick for fair credit borrowers who want flexibility. It accepts scores around 580 to 600, allows joint applications (which can improve approval odds and rates), and offers loans from $1,000 to $75,000 with terms of 2 to 7 years. Rate checks are free and do not affect your credit score, and funds can arrive within a day after verification. Upgrade also offers a rewards checking account and a credit card, which may suit borrowers who want one financial home.
The origination fee, from 1.85 to 9.99 percent, and APRs up to 35.99 percent mean weaker credit borrowers pay a high total cost, so compare the APR carefully and borrow only what you need. Upgrade also offers secured loans, but those require collateral. For fair credit borrowers who need a flexible, fast loan, Upgrade is a solid choice.
What we like- Accepts fair credit with minimum scores around 580 to 600
- Joint applications allowed
- Loans from $1,000 to $75,000 with terms of 2 to 7 years
- Funding within a day of verification
- No prepayment penalty
Watch out for- Origination fee from 1.85 to 9.99 percent
- APRs up to 35.99 percent for weaker credit
- Secured loans need a vehicle or home as collateral
Starting priceSee website
Free planFree rate check
Prosper, America's first peer to peer lending marketplace, now operates as an online lender offering personal loans up to $50,000. Terms run up to 6 years, which is longer than most rivals and lowers the monthly payment, though it raises total interest. Funding can arrive the next business day after acceptance and verification, and there is no prepayment penalty, so you can pay the loan off early without a fee.
Prosper accepts fair credit borrowers, with minimum scores around 600 to 640, but those borrowers face APRs up to 35.99 percent and an origination fee from 1 to 9.99 percent. All loans are made by WebBank, Prosper's partner bank. For borrowers who want a long term and a well established platform, Prosper is worth a rate check, especially against Upgrade and Upstart for the same loan amount.
What we like- One of the oldest online lenders, with 20 years of history
- Loans up to $50,000 with terms now up to 6 years
- Next day funding in many cases
- No prepayment penalty
Watch out for- Origination fee from 1 to 9.99 percent
- APRs up to 35.99 percent
- Fair credit borrowers face higher rates
- Loans are made by a partner bank
How we chose
We compared personal loan companies that lend across the US today, publish loan amounts and terms, and offer a free rate check with a soft credit pull. We weighed loan amounts, term lengths, origination and other fees, funding speed, credit score flexibility, and joint or secured options. Because APRs are personalized and third party sources disagree on current ranges, we listed starting prices as "See website" and described fees and terms that are stable across sources, rather than quoting a single APR range that could mislead. We favored lenders with no prepayment penalty and a clear fee structure.
How to choose a loan company
Start with the total cost, not the monthly payment. A longer term lowers your payment but raises total interest, sometimes by thousands of dollars. Compare APRs for the same loan amount and term across at least three lenders, and add any origination fee to the cost. A loan with a lower APR but a 9 percent origination fee can cost more than a slightly higher APR loan with no fee.
Check your rate before you apply
Use free rate checks with soft credit pulls at several lenders. A soft pull does not affect your credit score, while a hard pull, which happens when you accept an offer, can lower it slightly. Only accept an offer after you have compared the APR, monthly payment, total interest, fees, and term side by side, and confirm there is no prepayment penalty if you plan to pay early.
Borrow only what you need, for the shortest term you can afford
A personal loan is fixed debt with a fixed payment, which makes budgeting easier than a credit card, but it still costs interest every month. Borrow the smallest amount that solves the problem, choose the shortest term whose payment fits your budget, and keep an emergency buffer so a missed payment does not trigger late fees or credit damage.
Watch for high cost traps
Be cautious with APRs above 30 percent, which are common for fair and poor credit but very expensive over time. If your rate is that high, consider whether a credit union, a secured loan, or waiting to improve your credit score would cost less. Never borrow to pay another loan unless the new loan clearly lowers your total cost and you have a plan to avoid new debt.
Frequently asked questions
What is the best loan company overall?
SoFi is the best all round choice for good to excellent credit, thanks to no fees, loans up to $100,000, and fast funding. LightStream may beat it on rate for excellent credit, Upstart for thin credit files, and Discover for debt consolidation. The best lender for you depends on your credit, loan size, and purpose.
How much can I borrow with a personal loan?
Most lenders on this list offer $1,000 to $100,000, with SoFi and LightStream at the top end and Discover and Marcus capped at $40,000. Your approved amount depends on credit, income, and debt to income ratio, and not every applicant qualifies for the maximum.
What credit score do I need for a personal loan?
Good to excellent credit (670 and above) gets the best rates at SoFi, LightStream, Discover, and Marcus. Fair credit borrowers (580 to 669) can qualify at Upstart, Upgrade, Best Egg, and Prosper, but at higher APRs and often with origination fees. Checking your rate with a soft pull shows your real offer without affecting your score.
How fast can I get a personal loan?
Same day funding is possible at SoFi and LightStream for approved borrowers, next business day at Upstart, Discover, Best Egg, Upgrade, and Prosper, and 1 to 4 days at Marcus. Funding speed depends on verification, your bank, and when you accept the offer.
Do personal loans have origination fees?
Some do and some do not. SoFi, LightStream, Discover, and Marcus charge no origination fee. Upstart charges up to 12 percent, Best Egg 0.99 to 9.99 percent, Upgrade 1.85 to 9.99 percent, and Prosper 1 to 9.99 percent. The fee is usually taken from the loan proceeds, so you receive less than you borrow.
Is a personal loan better than a credit card for debt?
Often yes, if the loan APR is lower than your card APR and you stop adding card debt. A personal loan gives a fixed rate, a fixed payment, and a payoff date, while cards carry variable rates and no end date. If the loan APR is close to your card APR, or you plan to keep spending on cards, a loan may not help.
Sources we checked (8)
- https://www.sofi.com
- https://www.lightstream.com
- https://www.upstart.com
- https://www.discover.com
- https://www.marcus.com
- https://www.bestegg.com
- https://www.upgrade.com
- https://www.prosper.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.