Whether you want to consolidate debt, finance a home improvement project or need access to a large stream of money, a personal loan can be a helpful tool. With lower interest rates and more flexible repayment terms than credit cards, personal loans offer financing for a variety of uses.

We’ve evaluated the major national personal loan providers and highlighted the best personal loan options below. As interest rates continue to rise, you can expect personal loan rates to also climb throughout the year. We’ll update this list regularly as interest rates change and new loan products are released.

Rates as of Aug. 3, 2022.

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SoFi

  • APR: 7.99% to 23.43% (with AutoPay)
  • Repayment terms: 2 to 7 years
  • Funding amounts: $5,000 to $100,000
  • Funding timeline: Up to 7 days
  • Origination fee: None
  • Other fees: None
  • Minimum credit score required: 680

SoFi’s personal loans have low rates, a $100,000 maximum loan amount and no origination, administrative or late fees. It’s also one of the few lenders that’s transparent about its credit score requirements — though all loan providers take into account factors such as credit history and debt-to-income ratio when determining eligibility. It’s worth noting that SoFi routinely runs promotions on its site. At the moment, the company is offering a bonus of up to $310 on some loans.

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Avant

  • APR: 9.95% to 35.99%
  • Repayment terms:1 to 5 years
  • Funding amounts: $2,000 to $35,000
  • Funding timeline: Next business day
  • Origination fee: Up to 4.75%
  • Other fees: late payment: $25
  • Minimum credit score required: 600

For those with less than excellent credit — referred to as fair credit by lenders — Avant could be a good loan option. Though the company will accept a loan application from anyone, applicants with a score of 600 or higher “have the best chance of being accepted,” according to a company representative. 

As with most financial products, if you have a less stable financial standing or consistent credit card debt, you should expect to pay higher fees and more interest for a personal loan. Avant charges up to 4.75% in administrative fees, depending on factors including your credit history and where you live. And if your credit score is 600 or lower, you will likely end up with a higher APR. Avant’s top rate annual percentage rate is a whopping 35.99%, which could end up costing you thousands of dollars in interest over the course of a loan. Proceed with caution.

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