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 U.S.

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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 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 guide to the 15 best personal lenders in the US to help you understand the benefits and features available.

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.

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.   

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.

1. Aura

aura logo. concept: personal loans

Aura is an online lender serving low and middle-income communities who are traditionally left behind by banks.

They offer a simple and transparent loan process, with personal loans that range from $300 to $4,000, fixed and affordable payments, and a maximum 36% annual interest rate. Borrowers with no Social Security Number can use their ITIN instead to start the application process.

The goal of Aura is to build the credit history of their borrowers so they can access better opportunities in the future. Keep in mind that Aura only operates in California, Texas, Illinois, and Arizona.

2. Oportun

oportun logo. concept: personal loans

With loan amounts ranging from $300 to $9,000, 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, they accept lenders with no Social Security Number and only an ITIN or Individual Taxpayer Identification Number.

Their annual interest rates range between 20 and 67%. This option is also great for covering unexpected expenses or cash shortages, as the funding process happens typically the same day. Borrowers are given 6 to 46 months to repay the loan, which makes Oportun personal loans a great option for short-term expense needs.

3. OneMain Financial

onemain financial logo. concept: personal loans

OneMain Financial is the third option for those applicants with only an ITIN.

They offer personal loans for borrowers with low credit scores. They have both secured and unsecured options available, ranging from 24 to 60 months. If you need to pay off credit cards or manage business expenses, they have a solid history providing loans to consumers. The annual interest rates range from 16.05% to 35.99%, and they accept applicants with lower credit scores.

4. 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 2 to 6 years available for the repayment term options. With a maximum loan amount of $100,000, Sofi is an excellent solution for creditworthy borrowers to consolidate debt or pay for large expenses.

5. 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.

6. 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 3 to 5 years.

7. Best Egg

best egg logo. concept: personal loans

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.

8. Payoff

payoff logo. concept: personal loans

With fixed rates and simplified term options, Payoff is a great personal loan option to consolidate credit card debt. They offer between 2 and 5 years for repayment with annual interest rates from 5.65% to 22.59%.

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

9. Upstart

upstart logo. concept: personal loans

This online lender has affordable annual interest rates between 7.54% 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.

10. Marcus

marcus logo. concept: personal loans

Goldman Sachs Banks offers Marcus personal loans for creditworthy applications, with an APR ranging from 5.99% to 28.99%.

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.

11. Laurel Road

laurel road logo. concept: personal loans

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.

12. Upgrade

upgrade logo. concept: personal loans

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. 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.

13. Lending Tree

lending tree logo. concept: personal loans

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.

14. Lending Club

lending club logo. concept: personal loans

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.

15. Rocket Loans

rocket loans logo. concept: personal 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 any prospective borrowers with access to personal loan experts to answer any questions and guide you 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.

Here are the top 15 personal loans at a glance:

Lender Max. Loan Amount APR Loan Term
Aura $4,000 max. 36% 6 to 36 months
Opportun $9,000 20% to 67% 6 to 46 months
OneMain $30,000 16.05% to 35.99% 24 to 60 months
SoFi $100,000 5.74% to 14.70% 24 to 84 months
Citizens Bank $50,000 6.79% to 20.89% 36 to 84 months
Prosper $40,000 6.95% to 35.99% 36 to 60 months
Best Egg $35,000 5.99% to 29.99% 36 to 60 months
Payoff $35,000 5.65% to 22.59% 24 to 60 months
Upstart $50,000 7.54% to 35.99% 36 to 60 months
Marcus $40,000 5.99% to 28.99% 36 to 60 months
Laurel Road $45,000 8.01% 36 to 60 months
Upgrade $50,000 7.99% to 35.89% 36 to 60 months
Lending Tree $50,000 max. 35.99% 2 to 180 months
Lending Club $40,000 6.95% to 35.89% 36 months or longer
Rocket Loans $45,000 7.161% to 29.99% 36 to 60 months

Personal Loans from Camino Financial

You may already know Camino Financial for their excellent business financial solutions, but we also provide personal loans powered by Aura for borrowers in California, Illinois, Arizona, and Texas. We are focused on helping you access affordable capital.

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 personal loans:

  • Loan amounts from $300 to $4,000
  • Funding within 1 to 5 business days
  • Monthly interest rates ranging from 1 to 2.5%  
  • Fixed payment amount and repayment terms from 18 to 60 months

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

Apply for a personal loan right away to get started: the application process can be completed within a few minutes, and you’ll receive an instant loan quote!



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