Friendly banker or lender in suit consulting young couple,in bank office. Concept: Best Personal Loans
Zoey Bullock
By: zoey_bullock
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Top 15 Personal Loans in the US

Are you wondering if a personal loan can help you achieve your financial goals? Personal loans can be used for several reasons, whether you plan to consolidate debt, pay off credit card debt, use it for home repairs or a family vacation, or simply pay for a big or unexpected expense upfront.

Want to know the best part? You can also use personal loans for business purposes when you don’t meet the requirements for a business loan. At Camino Financial, we have evaluated many personal loans, and we’ve compiled this list of the 15 best personal lenders in the US to help you understand and compare the benefits and features available.

Three generation Hispanic family standing in the park, smiling to camera, selective focus. concept: personal loans

Benefits of personal loans

For many reasons, personal loans can make sense for you:

  • Usually, it’s easier to qualify for personal loans than for business loans.
  • There are fewer requirements in general and less paperwork involved.
  • Many lenders don’t require a high credit score. However, if you do have strong credit, you may be able to qualify for competitive interest rates.
  • There are many loan options available (but not all of them) with no collateral required: this means you don’t need to secure the loan against your property or assets.
  • The interest rates and monthly payments are usually fixed to help you plan your monthly expenses.
  • The approval process in personal loans is much faster than in business loans.

This said, have in mind that most loan amounts are limited to around $40,000, with a few lenders who allow more significant amounts. However, if the limited amount still fits your needs, personal loans could be the best option for you.   

We recommend that you check your credit history regularly so you can make sure you apply for a loan that is right for you.

Top 15 Personal Loans

We’ve compiled the 15 best personal loans to give you a comprehensive guide to the terms and features of each. Be sure to find the loan that’s right for you by considering the maximum loan amount, APR, loan term, and any other relevant features.

We’ve even added some options that accept ITIN.

1. Oportun

oportun logo. concept: personal loans

With loan amounts starting at $300 and up to $10,000, Oportun is a great option for borrowers who have no credit history or bad credit.

This company provides lending services to the Latino community, and, like Aura, it accepts lenders with no Social Security Number and only an ITIN or Individual Taxpayer Identification Number.

Their APR is capped at 35%. This option is also great for covering unexpected expenses or cash shortages, as the funding process happens typically on the same day. Borrowers are given six to 46 months to repay the loan, which makes Oportun personal loans a great option for short-term expense needs.

They also have a secured personal loan (which requires collateral) for people that maybe don’t have a great credit score but son’t want to pay high interest rates.

Apply here

2. OneMain Financial

onemain financial logo. concept: personal loans

OneMain Financial is another option for those applicants with only an ITIN. It offers personal loans for borrowers with low credit scores, with both secured and unsecured options available, ranging from 24 to 60 months.

If you need to pay off credit cards or manage business expenses, this institution has a solid history of providing loans to consumers. You can borrow from $1,500 to $20,000, and the annual interest rates range from 18% to 35.99%.

Apply here

3. SoFi

sofi logo. concept: personal loans

If you have a solid credit score, SoFi offers exceptionally competitive rates for a much longer-term.

They are a trusted resource for refinancing student loans or other significant expenses, with two to six years available for the repayment term options. With a maximum loan amount of $100,000 and low rates ranging from 5.99% APR to 18.72%, Sofi is an excellent solution for creditworthy borrowers to consolidate debt or pay for large expenses.

4. Citizens Bank

citizens bank logo. concept: personal loans

This bank is an excellent choice for debt consolidation, with loan options available for amounts between $5,000 and $50,000.

Citizens Bank does require a 680 minimum credit score, which makes it ideal for individuals who have an established credit history. With no fees for origination or prepayment, you can choose from a term between 36 to 72 months. Affordable annual interest rates of 6.79% to 20.89% make these personal loans ideal to use for cash or expense needs.

5. Prosper

prosper logo. concept: personal loans

If you need to cover large purchases or consolidate debts, Prosper can be a good option with annual interest rates that range from 6.95% to 35.99%. You can borrow anywhere from $2,000 to $40,000, subject to credit approval.

However, keep in mind that this lender does charge an origination fee, ranging anywhere from 1 to 5% of the total loan amount. It is a great solution for those who are looking for a repayment term between three to five years.

6. Best Egg

For individuals with strong credit, Best Egg offers low annual interest rates ranging from 5.99% to 29.99%. The minimum credit score to apply is 640, and the loan amounts range from $2,000 to $35,000.

This loan is best for individuals with fair to excellent credit, with a median income at or above $60,000. Many people use Best Egg loans for personal and business expenses as well as home improvements.

7. Payoff

With fixed rates and simplified term options, Payoff is a great personal loan option to consolidate credit card debt. They offer loans between $5,000 and $35,000, two and five years for repayment and annual interest rates from 5.65% to 22.59%.

Keep in mind that this lender charges origination fees of up to 5%, but there are no other common fees associated with the loan.

8. Upstart

Upstart is an online lender that has affordable annual interest rates between 8.13% and 35.99%, estimated to save borrowers up to 24% when compared with credit card rates. Not only does Upstart make sure there is no prepayment penalty, but they also offer a simple application process for borrowing up to $50,000.

9. Marcus

Goldman Sachs Banks offers Marcus personal loans for creditworthy applications, with an APR ranging from 6.99% to 19.99%.

If you are looking for a loan with a fixed interest rate and no origination fee, this is one of the most competitive options. You can use the funds to pay for business expenses or your cash flow needs with loan term options between 36 and 72 months.

10. Laurel Road

This online lender offers competitive terms for low to middle-income small businesses.

Not only does Laurel Road has low rates and flexible terms and conditions, but if you need money fast, you can get approved within two days and receive your money within just two more. They feature an easy-to-use online application and payment calculator. You can also receive discounts if you sign up for autopay directly from your bank for each payment.

We don’t recommend applying for several personal loans with different lenders at the same time. This can damage your credit score. It’s better to research all the lenders you’re interested in and apply only with the one that better fits you.

11. Upgrade

By applying for a personal loan through Upgrade, you can find out if you’re approved within minutes.

This online lender offers friendly terms and conditions for unsecured personal loans for up to $35,000. They have low fixed rates and affordable monthly payments, and there are no prepayment penalties. They also provide their customers with access to credit monitoring and educational resources to help them better manage their financial wellbeing and credit score.

12. Lending Tree

Lending Tree is actually a marketplace that allows you to shop around for the best rates on personal loans.

Numerous lenders use Lending Tree to connect with a variety of borrowers. Given the variety of lenders, you’re likely to find a personal loan that works for your needs. Lending Tree allows you to select what you want to use the personal loan for, so you can find one that is tailored to your goals.

13. Lending Club

In today’s world, you have numerous options at your fingertips for finding personal loans from a variety of sources.

Lending Club is a peer-to-peer platform connecting individuals looking to borrow with individuals looking to invest. You can get reasonable terms and conditions through Lending Club, even if you have a low credit score. It usually takes around seven days from the time you apply until you receive your money in your bank account. You can borrow up to $40,000.

14. Rocket Loans

As is implied by the name, Rocket Loans guarantees a quick application and approval process so you can get your money fast. They also provide prospective borrowers with access to personal loan experts to answer any questions and guide them through the process.

In addition to priding themselves on the simplicity of their system, Rocket Loans also caters to a wide range of individuals. That way, you’re likely to be able to find a personal loan with conditions that work for your personal circumstances.

15. LightStream

LightStream is an online lending division of SunTrust Bank.

They offer a simple and transparent loan process, with personal loans that range from $5,00 to $100,000, fixed and affordable payments, and an annual percentage rate between 4.49% and 20.49%. 

The goal of LightStream is to help customers focus on their needs instead of on the lending process. They do this by offering an easy, fast and paperless process. The downside is that they service lenders with good credit scores: you need a minimum score of 660.

Do banks offer personal loans?
Most banks (if not all of them) offer this type of credit, although they tend to have more stringent requirements and may take a little longer. Talk to a representative from your bank to get more information.

Here are the top 15 personal loans at a glance:

Lender Max. Loan Amount APR Loan Term
Oportun $10,000 20% – 67% 6 – 46 months
OneMain $20,000 18% – 35.99% 24 – 60 months
SoFi $100,000 5.99% – 18.72% 24 – 84 months
Citizens Bank $50,000 6.79% – 20.89% 36 – 84 months
Prosper $40,000 6.95% – 35.99% 36 – 60 months
Best Egg $35,000 5.99% – 29.99% 36 – 60 months
Payoff $35,000 5.65% – 22.59% 24 – 60 months
Upstart $50,000 8.13% – 35.99% 36 – 60 months
Marcus $40,000 6.99% – 19.99% 36 – 60 months
Laurel Road $45,000 8.01% 36 – 60 months
Upgrade $35,000 7.99% – 35.89% 36 – 60 months
Lending Tree $50,000 max. 35.99% 2 – 180 months
Lending Club $40,000 6.95% – 35.89% 36 months or longer
Rocket Loans $45,000 7.161% – 29.99% 36 – 60 months
LightStream $100,000 4.49% – 20.49% 24 – 84 months

Is it a Good Idea to Get a Personal Loan?

Personal loans could be a great tool to finance your personal needs.

You see, debt is not always bad. When debt allows you to accomplish your goals and it doesn’t hurt your finances, it’s a great idea to acquire debt (in the form of a personal loan or a credit card, for example). It all depends on what you plan to do with the loan and if it will have a good ROI (Return On Investment).

You also need to make sure that the loan has fair interest rates. If you have an excellent personal credit score, you might be able to get better terms, therefore, cheaper loans.

Can I use a personal loan for my business?

Many people decide to get personal loans to finance their business needs.

While this is not a bad practice (especially for newer businesses), it will always be better to get a business loan if you want to seriously invest in your business. Why? Well, business loans will offer you bigger amounts that will allow you to really grow your business.

Do you need a business loan?

Business Loans from Camino Financial

At Camino Financial, we are focused on helping you access affordable capital through excellent business financial solutions.

For those who are not able to obtain funding from traditional banks, Camino Financial has fewer qualification requirements. We offer the best available rates and terms, and the paperwork required during the whole process is minimal. These are some of the features of our business loans:

  • Loan amounts from $5,000 to $400,000
  • Funding as fast as 2 business days
  • Annual interest rates ranging from 12% to 40%  
  • Fixed payment amount and repayment terms from 24 to 60 months

Our business loans can be used to cover business purchases, debt consolidation, and a wide range of other business expenses. Camino Financial will ensure you choose the loan option that best fits your needs and will help you navigate the whole borrowing process.

The application process can be completed within a few minutes, and you’ll receive an instant loan quote!

Apply for a business loan right away!



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