Best Personal Loans of 2026: Compare Rates and Lenders
Shopping for a personal loan in 2026 looks different than it did a few years ago. Rates have moved, LendingClub has rebranded as Happen Bank, and Marcus by Goldman Sachs no longer accepts new personal loan applications. The comparison method, however, has not changed: the lenders below are judged on the four numbers that matter most — loan amounts, APR range, repayment terms, and fees.
All figures were compiled from lender disclosures and reputable review sources in October 2026. Rates and fees change frequently, so verify current terms on the lender’s own website before applying. Checking your rate with most lenders below uses a soft credit inquiry, which does not affect your credit score.
SoFi — Best for large loans with low fees
SoFi (Social Finance) started with student loan refinancing and now operates as a full-service online bank. Its personal loans stand out for high maximum amounts and a fee structure that is close to zero.
Key terms
- Loan amounts: $5,000–$100,000
- APR: approximately 6.99%–35.49% fixed. Published starting rates vary by source (some cite 6.49% or 8.74% with all discounts applied) — verify the current floor on SoFi’s site.
- Repayment terms: 24–84 months (2–7 years)
- Origination fee: 0%–7%. SoFi offers a no-fee loan option, or you can choose to pay an origination fee in exchange for a lower interest rate.
- Late fee: $0. Prepayment penalty: $0.
- Minimum credit score: around 680
Who it’s for: Borrowers with good to excellent credit who want to borrow larger amounts — especially for debt consolidation. SoFi also offers unemployment protection (payments can be paused for up to 12 months if you lose your job) and charges no late fees, which is rare. Read our in-depth SoFi personal loans review for full details.
Watch out for: The 680 credit-score bar excludes fair-credit borrowers, and the lowest advertised APRs require autopay/direct-deposit discounts plus top-tier credit — most approved borrowers land well above the floor rate.
Happen Bank (formerly LendingClub) — Best for debt consolidation
LendingClub rebranded as Happen Bank in June 2026. The product is the same personal loan the company has offered for years, and the terms below come directly from the lender’s own published disclosure (valid as of July 2026).
Key terms
- Loan amounts: $1,000–$75,000
- APR: 5.96%–35.96% (per Happen Bank’s disclosure)
- Repayment terms: 24–84 months
- Origination/processing fee: 0%–8% of the loan amount, deducted from your proceeds
- Prepayment penalty: none
- Minimum credit score: around 600
Who it’s for: Fair-to-good-credit borrowers consolidating high-interest credit card debt. Happen Bank can pay participating creditors directly and may offer a rate discount on qualifying consolidation loans. Joint (co-borrower) applications are accepted.
Watch out for: The origination fee comes out of your loan before you see the money. In Happen Bank’s own example, a $15,262 loan with a 6% fee ($916) delivers only $14,346 to the borrower — yet interest accrues on the full amount, for an 18.40% APR. Always compare APR, not the interest rate alone.
Upstart — Best for thin credit files
Upstart uses AI-driven underwriting that weighs education, field of study, and employment history alongside your credit score — one of the few mainstream options for borrowers with a short credit history.
Key terms
- Loan amounts: $1,000–$50,000
- APR: approximately 6.2%–35.99% fixed. Published starting rates vary by source (6.0%–7.8%) — verify the current floor on Upstart’s site.
- Repayment terms: 36 or 60 months only
- Origination fee: 0%–12%, deducted from loan proceeds
- Late fee: $15 or 5% of the past-due amount, whichever is less. Prepayment penalty: $0.
- Minimum credit score: no fixed minimum published; most approved borrowers score around 600 or higher
Who it’s for: Recent graduates and borrowers with limited credit history but stable employment — profiles that traditional score-only underwriting tends to reject.
Watch out for: The 12% origination-fee ceiling is the highest on this list, and you only get two term choices (3 or 5 years). Availability varies by state, so confirm Upstart lends where you live.
Discover Personal Loans — Best bank option with no fees
Discover — now operating as a division of Capital One, N.A. following the acquisition — offers one of the simplest fee structures in the industry: no origination fee and no prepayment penalty, with next-business-day funding on many loans.
Key terms
- Loan amounts: $2,500–$40,000
- APR: 6.99%–24.99%. Some sources cite a 7.99% floor — verify the current range on Discover’s site.
- Repayment terms: 36, 48, 60, 72, or 84 months
- Origination fee: $0. Prepayment penalty: $0.
- Minimum credit score: around 660
Who it’s for: Good-credit borrowers who prefer borrowing from an established bank and want a loan with zero fees and predictable fixed payments.
Watch out for: The $40,000 maximum is lower than SoFi’s or Happen Bank’s. Branding and servicing details may keep evolving after the Capital One acquisition — confirm current terms directly.
Upgrade — Best for fair credit and joint applications
Upgrade is a fintech lending platform (loans issued through partner banks) that has built its reputation on serving fair-credit borrowers, with a standout feature for anyone consolidating debt: it can send loan funds straight to your creditors.
Key terms
- Loan amounts: $1,000–$50,000
- APR: 7.74%–35.99% fixed (some sources cite a 7.99% floor)
- Repayment terms: 24–84 months
- Origination fee: 1.85%–9.99%, deducted from loan proceeds
- Late fee: up to $10. Prepayment penalty: $0.
- Minimum credit score: around 580–600
Who it’s for: Fair-credit borrowers, especially those consolidating credit card balances — direct creditor payoffs simplify the process and may come with a rate discount. Full joint applications are accepted, which can help if your own credit or income alone would not qualify.
Watch out for: Unlike SoFi or Discover, there is no zero-fee option — every Upgrade loan carries an origination fee. Secured loan options exist but put your collateral at risk if you fall behind.
What happened to Marcus by Goldman Sachs?
If you are working from an older “best personal loans” list, you may see Marcus recommended. That advice is outdated: Marcus stopped accepting new personal loan applications in 2023 and now focuses on high-yield savings accounts and CDs.
Compare the lenders side by side
| Lender | Loan amounts | APR range | Terms | Origination fee | Min. credit score |
|---|---|---|---|---|---|
| SoFi | $5,000–$100,000 | ~6.99%–35.49%* | 24–84 mo. | 0%–7% (optional) | ~680 |
| Happen Bank (LendingClub) | $1,000–$75,000 | 5.96%–35.96% | 24–84 mo. | 0%–8% | ~600 |
| Upstart | $1,000–$50,000 | ~6.2%–35.99%* | 36 or 60 mo. | 0%–12% | ~600 |
| Discover | $2,500–$40,000 | 6.99%–24.99%* | 36–84 mo. | $0 | ~660 |
| Upgrade | $1,000–$50,000 | 7.74%–35.99% | 24–84 mo. | 1.85%–9.99% | ~580–600 |
* Starting APR varies by source and includes autopay/direct-deposit discounts where offered. Verify the current floor on each lender’s website.
How to choose the right personal loan
Compare APR, not the interest rate alone
The annual percentage rate (APR) folds the interest rate together with upfront fees such as origination charges, so it reflects the true yearly cost of borrowing. A loan advertised at a low interest rate with a 10% origination fee can easily cost more than a slightly higher-rate loan with no fees. When lenders present personalized offers, line up the APRs — that is the apples-to-apples number.
Match the lender to your credit score
Lenders sort themselves roughly by credit tier. SoFi and Discover generally want scores around 680 and 660 respectively. Happen Bank, Upstart, and Upgrade work with scores in the high 500s to mid-600s, though borrowers at the lower end should expect APRs toward the top of the range. If your score sits below the mid-500s, improving it before applying — paying down card balances, disputing errors, avoiding new inquiries — usually saves more than any lender choice.
Look at total cost, not just the monthly payment
A longer term shrinks the monthly payment but stretches out interest charges, often substantially. As a rule of thumb, pick the shortest term whose payment still fits comfortably in your budget. And because origination fees are deducted upfront, check the net amount you will actually receive: if you need $20,000 in hand, a loan with a 6% fee means borrowing about $21,277.
Prequalify with several lenders
Rate-checking with these lenders uses a soft credit inquiry, so gathering three or four personalized offers costs nothing in credit-score terms — a hard inquiry appears only if a loan is funded. Compare APR, fee, term, and net proceeds side by side, then decide.
Frequently asked questions
Will checking my rate hurt my credit score?
No — prequalification uses a soft inquiry, which does not affect your score. A hard inquiry is recorded only if you accept an offer and the loan is funded, and its effect is typically small and temporary.
How quickly can I receive the money?
It varies by lender and how fast you complete verification. SoFi and Discover advertise same- or next-business-day funding for eligible borrowers; Happen Bank, Upstart, and Upgrade commonly fund within one to three business days after signing.
Can I get a personal loan with fair credit?
Yes. Happen Bank, Upstart, and Upgrade all approve borrowers in the fair-credit range (roughly 580–669). Expect a higher APR, and watch origination fees closely — they take a bigger bite when rates are already high.
Is there a penalty for paying off a personal loan early?
None of the five lenders above charge a prepayment penalty, according to their published terms. That said, policies can change — confirm the absence of a prepayment fee in your loan agreement before you sign.
Disclaimer
Loan amounts, APR ranges, terms, and fees shown here were compiled in October 2026 and change frequently. Always verify current terms, eligibility requirements, and state availability on the lender’s official website before applying. This article is for general educational purposes only and is not financial advice. Consider speaking with a qualified financial professional about your individual situation before taking on debt.