Comparing Personal Loans is Simple With The Right Tools

*Some links on this page are affiliate links which means that, if you choose to make a purchase, we may earn a small commission at no extra cost to you.  See Affiliate Disclosure.* 

Comparing Personal Loans

Personal loans can be a quick fix for financial needs, they can save you on a rainy day. But then, getting the best personal loan in the United States most times depends on a lot of factors such as your credit history, credit status, and sometimes, the lender you choose. 

However, whether you are in the good, fair, or bad credit score category of personal loan seekers, you could always find the right loans for your needs.

A personal loan comparison will help you determine between different loan offers, get the best personal loan option, and then give you maximum satisfaction out of the loan you want to apply for.

For your convenience, we have outlined some personal loan comparisons based on their APR, quick approval, credit card consolidation, and more. To find an offer that suits your needs in terms of the loan amount, length and APR, dig in.

How Does A Personal Loan Work?

Personal loans are a type of installment payment that delivers a one-time payment of cash to borrowers. The big idea behind a personal loan is to provide urgent financial solutions to customers.

Personal loan amounts are based on an agreement that the customer repays the loan plus interest in monthly installments over the agreed term of the loan. Before applying for a personal loan, some necessary factors to consider are the principal rate, interest, APR, term, monthly payment, and unsecured loan.

Compare Loan Offers After Checking Your Credit Score

Now you know how personal loans work, here’s how you can compare loan offers suitable for you after checking your credit score. This comparison will help you to first determine whether or not people in your credit range can receive a loan. 

Secondly, the APR duration and fees, the available amount to borrow, and how long it will take you to pay off. Finally, you will get to know how long it will take to approve your request.

These parameters can differ based on the lender. However, as soon as you have checked out your options, you can then decide to apply with the company of your choice. 

It is worthy to note that you must cross-check your credit reports with your lender. Cross-checking will help you identify any disputes and errors in your credit reports and correct them before applying.

Below are a few outstanding lenders you can check your odds and potential interest rates with.

Light Stream Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

They are known as the best for large loan amounts.

Annual Percentage Rate (APR)

*Varies. *Potential discount when you sign up for autopay

Loan purpose

Debt consolidation, home improvement, auto financing, medical expenses, wedding, and others

Loan amounts

$5,000 to $100,000*

Terms

24 to 144 months*

Credit needed

Good*

Origination fee

None*

Early payoff penalty

None*

Late fee

None*

Time to receive a loan

0 day*

Pros*

  • Same-day funding is available through ACH or wire transfer
  • Loan amounts up to $100,000
  • No origination fees, no early payoff fees, no late fees
  • LightStream plants a tree for every loan

Cons*

  • Requires several years of credit history
  • No option to pay your creditors directly
  • Not available for student loans or business loans
  • No option for pre-approval on the website (but pre-qualification is available on some third-party lending platforms)

Sofi Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

Borrower perks

Annual Percentage Rate (APR)

*Varies. *Potential rate discount when you sign up for autopay

Loan purpose

Its loans can be used for almost any goal. 

Loan Amount 

$5,000 – $100,000*

Terms

24 to 84 months*

Credit needed

650*

Origination fee

None*

Early payoff penalty

None*

Late fees

None*

Time To Receive Loan

0 Days*

Pros*

  • Borrowers can pre-qualify for loans
  • Loans are available in 49 U.S. states
  • Option to refinance personal loans.

Cons*

  • Loans less than $5,000 aren’t offered
  • Fairly high minimum credit score requirement (650)

Discover Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

Best for debt consolidations.

Discover Bank Annual Percentage Rate (APR)

*Varies. *Potential rate discount when you sign up for autopay

Loan purpose

To consolidate many types of debt.

Loan Amount 

$2,500 – $35,000*

Terms

36 to 84 months*

Credit needed

Score not disclosed*

Origination fee

None*

Late fee

$39*

Time To Receive Loan 

1 Day*

Pros*

  • No origination fees
  • Excellent customer satisfaction ratings
  • The same-day decision for most applicants
  • Used to pay your creditors directly
  • No loan restrictions

Cons*

  • Credit score requirements not disclosed
  • Must have $25,000 or more annual income
  • Has a penalty fee for late payment.

Upgrade Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

Best for small loans and bad credits.

Annual Percentage Rate (APR) 

*Varies. *Potential rate discount when you sign up for autopay

Loan Amount 

$1,000 – $50,000*

Terms

Credit needed

550*

Origination fee

2.90% to 8.00%*

Early payoff

None*

Late fee

None*

Time To Receive Loan

1 Day*

Pros*

  • Pre-qualification option available
  • Low minimum credit score 

requirement

  • Next-day funding offered

Cons*

  • High origination fees
  • Average APR is high
  • No option to refinance personal loans
  • available in Washington, D.C. 

Rocket Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

If you need money quickly, Rocket Loans is a great option as it offers same-day funding and may even approve borrowers with less-than-perfect credit.

Annual Percentage Rate (APR) 

*Varies. *Potential rate discount when you sign up for autopay

Loan Amount

$2,000 – $45,000*

Terms

36 or 60 months.*

Origination fee

1% to 6%*

Time To Receive Loan

1 Day*

Pros*

  • Same-day funding available
  • Starting APRs (with autopay discount) are low

Cons*

  • Has origination fees of up to 6%
  • Only two repayment term options (36 or 60 months).

Navy Federal Credit Union Personal Loans * This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

This is a personal loan majorly for people in service like the military, Navy, etc.

Annual Percentage Rate (APR)

*Varies. *Potential rate discount when you sign up for autopay

Loan Amount

$250 – $50,000*

Terms

36 to 180 months*

Origination fee

None*

Early payoff

None*

Late fee

$29*

Time To Receive Loan

1 Day*

Pros*

  • Same-day funding available
  • Long repayment terms up to 180 months

Cons*

  • Must be a credit union member
  • Has late payment fees
  • Starting APR is slightly high
  • Has a penalty for late payment
  • Only for qualified service members.

First Midwest Bank Personal loans *This is a hypothetical example and does NOT represent the current rates, terms, etc. for this personal loan

Annual Percentage Rate (APR)

*Varies. *Potential rate discount when you sign up for autopay

Loan purpose

You can use this loan for various purposes, including debt consolidation, home improvements, medical costs, and some other big expenses.

Loan Amount

$5,000 – $35,000*

Terms

12 to 84 months*

Credit needed

Not disclosed*

Origination fee

None*

Early payoff

Penalty*

Late fee*

Time To Receive Loan 

1 Day

Pros*

  • Long repayment terms up to 84 months are available
  • Borrowers can apply with a co-signer or co-borrower
  • Charges no origination fees
  • borrowers can apply with a co-signer or co-borrower

Cons*

  • High minimum loan amount ($5,000)
  • Loans are available in only 24 states
  • Doesn’t disclose minimum credit score requirements
  • Doesn’t offer a pre-qualification option
  • will need to pay a documentation fee of $150

Generally, the best personal loans to go for are loans with $0 origination fees, low APRs of as low as 3.99%, and loan amounts of up to $100,000 with a wide range of payoffs.

Knowing how the whole process of borrowing will go, from your application time to final reimbursement is key to making personal loans work for you. 

Conclusion

Although there are tons of other beneficial personal loan options for everyone, make sure to note the credit requirements that each available loan has. Highlight the ones you are likely to qualify for and then do your comparison. From the options listed above coupled with a proper search, rest assured you’re going to make the right decision. You can compare personal loans before you apply for a personal loan by using the personal loan comparison page on our site.