Cons: If you have a “fair” credit score, you won’t be eligible for the lowest APR available; you may get a rate as high as % so make sure to always make your monthly payments. You also can’t add a cosigner or co-borrower to your application to improve your chances of approval for a more favorable rate.
Best Egg
Overview: The online lender Best Egg offers unsecured personal loans for everything from debt consolidation and home improvement to moving, child care expenses, and adoption.
The minimum credit is 640, and you won’t be penalized if you want to pay off your loan early or make additional off-schedule payments.
Cons: You need a minimum 700 FICO score and a minimum individual annual income of $100,000 to get the lowest APR available. And if you have “fair” credit, you can’t boost your chances of approval through a co-borrower, cosigner, or collateral.
LendingClub
Pros: Personal loans range from $1,000 to $40,000, with repayment periods between three to five years. You can get a joint loan through LendingClub by adding a cash installment loans West Virginia co-borrower to your application – something not all lenders offer.
Cons: You may have to undergo a more stringent verification process (i.e., providing more documentation to prove income, assets, and debt) due to pullbacks from the COVID-19 recession. If you have excellent credit, you may find better rates elsewhere as the lowest APR is higher than others on the list.
LendingPoint
Overview: LendingPoint is an online-only lender that offers unsecured personal loans to borrowers with “fair” credit” and steady income or employment.
Pros: The minimum credit score is 590, and the loans range from $2,000 to $25,000 with repayment terms between two to five years. You won’t have to pay a prepayment penalty if you decide to pay off your personal loan earlier than scheduled.
Cons: LendingPoint would prefer you be at your job for at least 12 months before applying to a loan, though it’s not a requirement. You need to make at least $35,000 per year, and you can’t add a co-borrower, a cosigner, or collateral to your loan to improve your chances of approval.
Payoff
Pros: The APR range is lower than many of its competitors, you don’t get charged late fees if you’re accidentally late making a payment, and you can receive free FICO score updates.
Cons: To qualify for a Payoff loan, you need at least three years of established credit and a 640+ credit score. You also wouldn’t qualify if you live in Massachusetts, Mississippi, Nebraska, or Nevada, or want to take out a personal loan for anything other than debt consolidation.
Prosper
Overview: Prosper, a peer-to-peer lender, lends to borrowers with fair-to-excellent credit scores who want to consolidate debt and take on home improvement projects.
Pros: Co-borrowers and cosigners are allowed and might help boost your chances of getting approved for a personal loan with a better rate. Prosper’s loans range from $2,000 to $40,000 with repayment terms of three or five years.
Cons: If you don’t have solid credit, you may be stuck with an interest rate at the high end of the spectrum (% APR). Prosper also doesn’t offer secured loans.
Rocket Loans
Overview: Rocket Loans, a subsidiary of Quicken Loans, is a personal loan lender that serves borrowers looking to consolidate debt or finance home improvement projects or auto expenses.
Pros: Rocket offers the lowest minimum credit score (540) of any lenders we reviewed, so you may qualify for a personal loan with a “poor” credit score. You can also get instant e-day funding through Rocket.
