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Poor (300 - 619)

Fair (620 - 659)

Good (660 - 719)

Excellent (720 - 850)

This Lantern site is operated by SoFi Lending Corp. in cooperation with Even Financial. The preliminary loan offers presented on this site are from lenders that pay SoFi and Even Financial compensation for marketing their products and services on this site. This affects whether a lender is featured on this site and could affect the order of presentation. Lantern by SoFi does not include all lenders in the market nor all of their available offerings.

Personal Loans 101

What’s a personal loan?

A personal loan is a fixed-amount loan that’s distributed as a lump sum. Many people take out personal loans to make a large purchase, pay off medical bills, or consolidate debt. Unlike a secured loan, such as a home loan or a car loan, personal loans are “unsecured.” Unsecured loans are offered with no collateral required, typically giving you more flexibility in how you spend the money.

What should I know about interest rates?

Annual percentage rates (APR) for personal loans are largely determined by your credit score, although it depends on the lender. Your annual income and the amount you wish to borrow are important, too, among other personal financial factors that also vary from lender to lender.

Any tips or tricks I should know while shopping rates?

It’s a good idea to compare personal loan rates from different lenders to find the best deal. If you’re not seeing the rate you want, try lowering the amount you want to borrow or improving your credit score.

Personal loan companies reviewed by Lantern by SoFi:

Info current as of March 2021. The most accurate and up-to-date information can be found on the websites of these lenders.
  • Avant: Avant aims to appeal to a wide range of potential borrowers by offering both secured and unsecured loans. Both types come with an origination fee.
  • Best Egg: Online loans from Best Egg are unsecured and you can use them for many purposes. Loan amounts can go as high as $35,000 but not all annual incomes and credit scores qualify for the highest loan amount.
  • Upstart: Upstart uses so many different data points beyond your credit score, you could stand a better chance of being approved for a loan if you otherwise have a positive financial history.
  • Upgrade: Upgrade loan could be one way to roll multiple payments into one payment—potentially with a lower fixed rate.
  • Marcus: No fees charged by Marcus. Particularly if you have a good credit score (among other qualifying financial factors) and are eligible for Marcus’ more competitive rates.
  • OneMain Financial: For those who have struggled to prequalify for lending elsewhere in part due to their credit scores, OneMain may provide an easy loan application process for financing up to $20,000.
  • Payoff: If you’re struggling with credit card debt, multiple monthly payments, and high interest rates, a Payoff unsecured personal loan may simplify your debt repayment.
  • Lending Point: For those with fair credit history or a lower credit score than many lenders consider, finding affordable lending options can be a challenge, but LendingPoint may be an option for consumers within this niche.
  • LightStream: For applicants with solid credit looking for affordable financing for a personal project or expense, LightStream may be an option to consider.
  • Prosper: Whether you’re looking for an unsecured personal loan for certain qualifying small business expenses or for another purpose, if you have decent credit, Prosper could provide competitive rates for your financing needs.

Top uses for a personal loan:

  • Consolidate debt
  • Pay off high-interest credit card debt
  • Home improvements
Get Personalized Rates

Learn how Lantern by SoFi finds and compares your loan options.

With just a few pieces of information, we can help you find lenders who best match your qualifications and needs. The process goes something like this:

Provide information about yourself and the loan you need.

Compare loan options from our trusted network of lenders.

Apply for a personal loan with the lender of your choice.

Get Personalized Rates

FAQs

Do personal loans hurt your credit score?
Will my credit score increase if I pay off a personal loan?
What credit score do I need for a personal loan?
Can you get a personal loan with a credit score of 550?
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