Best Personal Loans for 2023: Discover Top Options

Loan Amount: $5,000 to $100,000

Credit Score Minimum: 660

Annual Percentage/APR range: 3.99% to 19.99%

LightStream is a consumer lending platform that offers unsecured personal loans for as little as $5,000 to $100,000. This lender is a good option because they offer a wide range of borrowing amounts. Typically, repayment terms are available from two to seven years, making it an excellent choice for desired repayment time frames.

In addition to flexible repayment terms, LightStream has no origination fees, late fees, or prepayment fees. They are known for their low-interest rates and fast approval and funding.

LightStream is a good choice as we have rated it best for overall personal loan rates compared to its competitors.

Loan Amount: $5,000 to $100,000

Credit Score Minimum: 650

Annual Percentage Rate/APR range: 6.99% to 22.23%

SoFi was founded in 2011 and has extended more than $50 billion in loans and is known for lending high loan amounts and loan term extensions. As loan amounts vary in each state, SoFi offers loans from $5,000 to $100,000, making it a good option for those who have good credit and want a large lump sum of money.

Loan terms range from two to seven years, although they also grant term extensions. SoFi requires a minimum credit score of 650 and an annual income of at least $45,000. They also allow prospective borrowers to submit joint-applications for spouses but do not allow co-signers.

SoFi is a great choice for those seeking larger loan amounts. 

Loan Amount: $500 to $50,000

Credit Score Minimum: 650

Annual Percentage Rate/APR range: 5.99% to 17.99%

PenFed was originally designed to serve only U.S. military members and veterans, federal employees, and retirees but has recently expanded its offerings to non-military individuals. They are partnered with many federal organizations such as:

• The American Society of Military Comptrollers
• Coast Guard Auxiliary Association
• Navy League of the United States
• United States Army Warrant Officers Association

PenFed offers fixed, low-interest rates on loans that start from $600 to $50,000. PedFeds personal loan rates vary from 5.99% to 17.99% considering your credit score and application requirements. PenFed also boasts no title or deed requirements, no early payoff penalties, and no origination fees.

One more thing to consider when comparing lenders is that PedFed requires you to become a member upon loan approval and acceptance. Membership is free, but you will be required to make a small deposit into your PedFed account once you become a member.

PenFed is a promising option for U.S. citizens, mostly veterans, and federal agents, with low rates for a credit union.

Loan Amount: $1,000 to $50,000

Credit Score Minimum: 680

Annual Percentage Rate/APR range: 5.49% to 17.99%

U.S. Bank offers unsecured personal loans ranging from $1,000 to $50,000 to U.S. residents and bank account holders. Loan terms can range from 12 to 60 months. U.S. Bank also offers rates that range from 5.49% to 17.99%, depending on your credit score and history. They also offer a .50% rate deduction if you choose autopay.

U.S. Bank charges no origination fee and no prepayment penalties. Applying for a loan can easily be done online for U.S citizens and current bank account holders.

U.S. Bank is our number one choice for existing U.S. bankers.

Loan Amount: $3,000 to $100,000

Credit Score Minimum: No requirement

Annual Percentage Rate/APR range: 5.74% to 24.24%

Wells Fargo offers personal loan amounts between $3,000 and $100,000 with repayment terms of 12 to 84 months. If you choose a repayment loan term of 84 months, your monthly payment will be lower as opposed to a 12-month term, but you will end up paying more in interest.

Wells Fargo offers rates from 5.74% to 24.24% for qualifying customers and a .25% relationship discount if you are a Wells Fargo bank account holder. As well, if you do not choose auto-pay, rates can increase to 5.99% to 24.99%.

Wells Fargo’s existing customers can enjoy hassle-free online applications. Still, new customers will need to visit a Wells Fargo bank branch to open an account and apply for a personal loan. 

Wells Fargo does not have branches in these U.S. states: 

• Indiana
• Kentucky
• Louisiana
• Ohio
• Oklahoma
• Maine
• Massachusetts
• Michigan
• Missouri 
• New Hampshire
• Vermont
• West Virginia

As a current Wells Fargo account holder, they would be the best option for personal loans.

Loan Amount: $1,000 to $50,000

Credit Score Minimum: 600

Annual Percentage Rate/ APR range: 5.4% to 34.99%

Upstart has been making a name for itself due to its artificial intelligence and machine-learning approach to borrower applications and qualifications. Upstart has estimated that they have approved 27% more loans than possible with a traditional lending process.

Due to Upstart’s competitive rates of 5.4% to 34.99% and lower credit minimum of 600, borrowers are turning towards Upstart for their personal loan needs. 

They also offer loan terms of three to five years, which can be more restrictive than other competing lenders out there and are available in all but two states, West Virginia and Iowa. 

Upstart is a good option for those desiring a loan under $1,000. 

Loan Amount: $2,500 to $35,000

Credit Score Minimum: 660

Annual Percentage Rate/ APR range: 5.99% to 24.99%

Discover stands out for personal loans because of its online and easy app access and quick funding. They offer loan amounts of $2,500 to $35,000 with loan terms between three and seven years. This provides a flexible repayment plan that fits best with your monthly budget.

Discover does not charge origination fees or early repayment fees but, on the downside, charges a late payment fee and does not offer an auto pay discount.

The biggest perk is that Discover offers 0% interest if the personal loan is repaid within 30 days, which makes it an attractive option compared to other lenders.