Personal loans can help you pay a big expense or consolidate debt.
But you’re gonna wanna choose your lender wisely to get the best deal.
Heres our guide to personal loans and the best lenders of 2025.
What Is a Personal Loan?
You borrow a lump sum and repay it in fixed monthly payments over a set period.
Other common uses include covering a big expense like a wedding or vacation.
Who Is the Best Personal Loan Lender?
We consistently recommendSoFi, which provides particularly fast funding.
you could also use a comparison site likeAmOneto get offers from multiple lenders.
How Much of a Personal Loan Can I Get?
Personal loans offered by online lenders and traditional financial institutions tend to range between $5,000 and $40,000.
However, some may start as low as $1,000, while others go to $100,000 or more.
Interest rates depend on your credit score but are most often between 8% and 36%.
Repayment periods typically range between two and seven years.
How Can I Get a Personal Loan With Bad Credit?
The Top Personal Loan Lenders
The biggest selling point will likely be the cost of your loan.
But there are other costs to consider.
Who Can Take Out a Personal Loan?
Any individual can apply for a personal loan for just about any purpose.
You might have alternatives, like delaying a purchase and saving the money.
Know where you stand before applying bychecking your credit score.
4.Compare lenders.Our ranking of the best personal loans is a great place to start!
Checking reviews like ours and comparing loan offers through marketplaces can help you see lenders side by side easily.
Check lender requirements and options for loan terms before applying and dinging your credit history.
7.Complete an system.Choose a loan you want, and fill out an system with the lender.
Weve rounded up the answers to the most commonly asked questions.
Shop online or use a lending marketplace to compare options before applying and dinging your credit report.
While theyre steadily improving, most traditional banks have lengthier personal loan approval processes than online lenders.
Online lending companies use technology to assess your app quickly and make loan offers almost instantly.
Funding typically comes within one business day, and some even offer same-day funding.
Lenders want to see this to assess whether it’s possible for you to accommodate another loan payment.
Contributor Timothy Moore has written about personal finance with specialities in banking and insurance since 2012.
The Penny Hoarder staff contributed to this report.
