Popular Personal Loans of 2023
Unveiling the most popular personal loans of 2023. Are the loan options favored by borrowers across the US the perfect fit for your financial needs?
Our experts choose the best products and services to help make smart decisions with your money (here's how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Popular loans cover a spectrum of lenders, from local brick and mortar institutions to online fintech companies that cater to the needs of borrowers all over the US. From personal loans designed for those with excellent credit, to small dollar loans meant to help build credit: These loans are from some of the most searched brands on the internet.
But "most searched" doesn't always mean "good." We've done the research to help you sort through the results and see which loans live up to the hype. For a more complete look, see our list of the best personal loans.
Popular Personal Loan Reviews
LendingClub Personal Loans
LendingClub offers an advantage by allowing you to include a coborrower in your loan application. This means that if your credit score isn't high enough to qualify for a credit card debt loan, you can seek help from a cosigner to increase your chances of approval.
Another benefit is that LendingClub has a low minimum loan amount of just $1,000. This is particularly useful if you only need to consolidate a small amount of debt.
What to watch out for: There are some fees to be mindful of when considering LendingClub. It charges an origination fee, which can range from 3.00% to 8.00% of your total loan amount. This fee will be added to your loan's APR, so factor it into your repayment calculations.
Additionally, late payments may result in a late fee and other penalties if your payment is more than 15 days overdue.
LendingClub Personal Loans Review
Avant Personal Loans
Avant is a standout online lender for personal loans because it caters to borrowers with credit scores as low as 600, making it accessible to people who might not qualify with other lenders.
What to watch out for: One of the main concerns is the administrative fees, which can go up to 4.75%. These fees, along with undisclosed late payment and returned payment fees, make Avant's fees higher than many other lenders on the market.
Additionally, the interest rates from Avant tend to be on the higher side. While it's a good option for those with credit scores in the lower 600s, borrowers with better credit might find more competitive rates elsewhere.
Prosper Personal Loans
Prosper stands out for its speedy loan approval process, with most loans getting approved within one day. After approval, the funds are typically deposited into your bank account within one to three business days, depending on your bank's processing time.
A significant advantage of Prosper is the option to include a cosigner to enhance your chances of qualifying for a loan you might not have otherwise been eligible for or to secure a lower interest rate.
What to watch out for: Prosper's qualification requirements can be quite strict. To be eligible for an emergency personal loan, you need to meet several criteria, such as having a minimum credit score of 640, a debt-to-income ratio below 50%, and fewer than five credit bureau inquiries (excluding duplicate inquiries) within the last six months.
OneMain Financial Personal Loans
OneMain Financial can be a strong choice for those seeking emergency loans with bad credit, as it does not require a minimum credit score for loan approval.
Another advantage is the quick processing of loan funds. In some cases, you might receive your emergency loan on the same day you apply, providing much-needed financial assistance promptly.
What to watch out for: The origination fees charged by OneMain Financial can be quite substantial, and they vary based on the state you live in. The origination fee can be either a flat fee ranging from $25 to $500 or a percentage of the loan's value, ranging from 1% to 10%.
OneMain Financial Personal Loans Review
Discover Personal Loans
Discover sets itself apart from other lenders with its unique 30-day money-back guarantee. Within 30 days of receiving your loan, you have the option to return the funds via check without incurring any interest charges. This feature can be beneficial if you find a better lender with lower interest rates or if you no longer require the full loan amount you originally requested.
Another advantage of Discover is its flexible repayment terms, ranging from three to seven years, providing you with options to manage your loan cost over time. Additionally, you have the freedom to pay off your loan early without facing any additional fees.
What to watch out for: Discover's hefty late fee can go up to $39. Falling behind on payments and incurring late fees can increase the overall cost of your loan. Some other lenders on the list do not charge such fees, so it's essential to consider this aspect when choosing the best loan option for your needs.
Discover Personal Loans Review
SoFi Personal Loans
For individuals with a high balance seeking debt consolidation, SoFi personal loans may be an excellent choice. SoFi offers debt consolidation loans of up to $100,000, making it a strong option for managing significant debt. Additionally, SoFi doesn't charge any application, prepayment, or origination fees, offering a more transparent and cost-effective borrowing experience.
SoFi goes beyond standard offerings by providing unique features like unemployment protection, offering borrowers the security of up to three months of forbearance if they become unemployed.
What to watch out for: SoFi's personal loans come with stringent requirements, requiring a minimum credit score of 680, and may cater more to borrowers with higher incomes and stronger credit profiles.
Achieve Personal Loans
Achieve stands out as a good choice for borrowers looking to secure a moderate to sizable loan amount, as it offers high minimum and maximum loan limits. This flexibility allows borrowers to access a substantial amount of money. Moreover, Achieve's willingness to accept co-borrowers makes it an attractive option for those seeking better interest rates, especially when compared to other lenders that do not allow co-borrowers.
What to watch out for: For individuals seeking smaller loan amounts, Achieve may not be the best fit, as it requires a minimum loan of $5,000. Borrowers in need of lesser funds should consider other lenders that offer smaller loan options. Additionally, some lenders might provide the advantage of avoiding origination fees, which can contribute to the overall cost of the loan.
Achieve is a great choice for borrowers seeking moderate to sizable loans and considering co-borrowers for better rates. Still, those looking for smaller loans or exploring fee-free options may need to explore other lending alternatives.
Axos Bank Personal Loans
Axos Bank offers an advantage with its substantial maximum loan amount. It allows borrowers to access up to $50,000, making it ideal for covering significant expenses like home improvements. The APR range is competitive, with lower rates available to those with better credit scores and financial situations. Moreover, the prequalification feature enables borrowers to check personalized rates without affecting their credit score, allowing them to compare options from different lenders.
Axos also provides flexibility with no prepayment penalties, allowing borrowers to save on interest by paying off their loans early. Funds are available quickly, typically within two days of accepting the loan offer, ensuring timely financial assistance.
What to watch out for: Axos has a high minimum loan amount of $5,000, which may not be suitable for individuals seeking smaller loans. Moreover, the lender requires a minimum credit score of 720, which may pose challenges for borrowers with lower credit scores.
Axos charges origination and late fees, although they are lower compared to some other lenders, and the lack of co-signed loans may limit options for those with poor credit.
Axos Bank Personal Loans Review
Alliant Credit Union Personal Loans
Alliant Credit Union offers a significant advantage over competitors with its speedy loan approval and funding process, often providing same-day approval and funding. This efficiency sets it apart, as many other lenders have slower approval processes.
Alliant Credit Union does not charge any origination fees and does not impose late payment penalties, resulting in reduced overall loan costs for borrowers.
For added peace of mind, Alliant Credit Union provides an option to purchase debt protection for your loan. This protection covers situations such as death, disability, and involuntary unemployment, safeguarding borrowers from unexpected events that could make loan repayment difficult. The monthly cost for this protection is reasonable, at $1.99 per $1,000 of the outstanding loan balance.
What to watch out for: Alliant has a high minimum loan amount compared to many other lenders, so it might not be the best choice if you only need a little money. Also, you must be an Alliant member to get a loan. It's not hard to qualify for membership: If you join Foster Care to Success, Alliant will cover the $5 fee.
Alliant Credit Union Personal Loans Review
Oportun Personal Loans
Oportun may be a suitable option for borrowers looking for smaller loan amounts, as it offers a low minimum loan of $300.
Another advantage of Oportun is its accessibility for borrowers with bad credit, as prior credit history is not a requirement for loan qualification. For individuals aiming to establish or improve their credit profile, an Oportun loan could serve as a helpful tool.
What to watch out for: Opportun loans have many downsides: Oportun's loan maximum is limited to $10,000, which may not be sufficient for those seeking larger funds, and its high APRs mean someone with a good or excellent credit score should get better rates shopping elsewhere. Oportun loans are only available in 37 states, the lender charges an origination fee of up to $300, and if you have to overdraw your account to pay your bill and Oportun must return that money to your bank, it will charge you $15.
Oportun loans should really only be considered by borrowers with poor or no credit history, who can't get better rates and terms with another lender.
Compare Popular Loan Offers
Why You Shouldn't Pick a Loan Based on Popularity
When looking for a personal loan, it's essential to compare multiple lenders based on their interest rates, fees, and terms. While a low-interest rate is crucial, it's also vital to consider any associated fees, such as origination fees and application fees.
Many lenders allow you to prequalify for a personal loan, which gives you an opportunity to see the rates and terms they can offer without undergoing a hard credit inquiry. This way, you can avoid a temporary dip in your credit score caused by multiple hard inquiries.
While some personal loan companies charge origination fees and other fees, the personal loans market is competitive, and many lenders offer fee-free options for qualifying borrowers. Paying attention to fees is essential to ensure the overall cost of your debt remains manageable.
To find the best personal loan for your needs and budget, compare lenders based on competitive interest rates, minimal or no fees, affordable monthly payments, and suitable loan terms. If you require funds quickly, consider quick personal loan options.
Qualifying for a personal loan typically involves meeting specific criteria, including a certain credit score, proof of employment, and an ability to repay the debt. While some lenders may lend to individuals with lower credit scores, they might require collateral or charge higher interest rates. Improving your credit score before applying can help you secure better rates and terms.
Lenders will also assess your debt-to-income ratio to ensure you can handle the loan payments. To find the best possible rates and terms, compare offers from multiple lenders and take the necessary steps to improve your credit score if needed. Shopping around and considering various lenders will help you make an informed decision and find a personal loan that suits your requirements.