Updated: June 19, 2025
Advertising & Editorial Disclosure
First Tech offers the best personal loans overall. PenFed is the best lender for debt consolidation. Happy Money is excellent for borrowers with low credit scores, while Truist and Rocket Loans are great options for low interest rates and quick funding, respectively.
MoneyGeek compared lenders based on interest rates, loan terms, application process and customer service to recommend the best personal loans for various needs and circumstances.
First Tech provides the best personal loans, earning a MoneyGeek score of 98 out of 100.
Happy Money offers the best personal loans for those with bad credit scores, with a MoneyGeek score of 94 out of 100.
To secure the best personal loan for you, get prequalified, compare rates and look for perks like rate discounts or direct payments to creditors.
Use our personal loan calculator to estimate your monthly payments. Enter your desired loan amount, repayment term and interest rate.
Say you want to borrow $10,000 to consolidate your debt. You find a lender that offers personal loans with a 36-month repayment term and a 7% interest rate, lower than the average rate of 12.33% based on Federal Reserve data.
To use our personal loan calculator, you'd type in the following information:
Our calculator will show that your estimated monthly payments would be about $309.
Estimate the monthly payment for your loan.
Updated: Jul 8, 2025
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When shopping around for personal loans, follow these strategies to find the best option for your needs and circumstances:
Prequalification lets you preview your potential loan terms without impacting your credit score and provides insight into what different lenders are willing to offer based on your financial history. As a result, you can tailor your loan search to options that you're likely to qualify for and that are financially sensible.
APRs (annual percentage rates) typically offer a clearer picture of the total cost of the loan, as they include both the interest rate and lender fees. By reviewing and comparing APRs, you can find the most cost-effective loan.
Ensure the lender can offer the loan amount you need. This helps you avoid taking a loan that’s too small or too large, which can lead to insufficient funds or unnecessary debt.
Understanding repayment terms helps you align the loan with your financial capability. Optimal terms should balance affordable monthly payments and a reasonable loan duration to minimize total interest costs.
Check if the lender charges common personal loan fees, such as origination fees, late fees or prepayment penalties. This helps you avoid expensive loans that appear cheaper based solely on their interest rates.
Find out if the loan has unique features, such as interest rate discounts or direct payments to creditors, as these can lead to better financial management and savings.
"When considering personal loans, look beyond the advertised interest rates and carefully examine the annual percentage rate (APR). The APR provides a more comprehensive picture of the loan's total cost and includes the interest rate and any additional fees charged by the lender, such as origination fees, processing fees or prepayment penalties.
By comparing the APR ranges offered by different lenders, you can better understand the actual cost of borrowing and make an informed decision that aligns with your financial situation. A lower APR typically leads to lower overall costs, which can mean greater savings over the life of the loan." — Alvin Yam, CFP®
First Tech offers the best personal loans, with a MoneyGeek score of 98 out of 100. It stands out for its excellent customer service, competitive interest rates, and credibility and transparency in its loan terms and process.
A personal loan can be used for various purposes, including debt consolidation, home renovations, major purchases, medical expenses and funding life events. Use the loan for legitimate and planned expenses to ensure financial stability.
Your credit score is crucial in determining your eligibility for a personal loan. A higher score typically results in better interest rates and loan terms.
Prepayment penalties vary by lender, so review your loan agreement. Some lenders allow prepayment without penalties, while others may charge a fee.
The time to receive a personal loan varies. Some lenders offer same-day approval, while others may take several days. Checking with your lender for specific timelines can help you plan accordingly.
If you struggle to make payments, contact your lender to discuss options such as loan modification or temporary forbearance. Address the issue early to avoid defaulting on the loan.
MoneyGeek’s personal loan scoring system provides an overview of each lender’s performance in areas that matter most to borrowers. We assigned scores based on the presence or absence of certain key features in various critical categories.
We completed our analysis in November 2024, considering banks, credit unions, online lenders and financial companies that partner with federally insured institutions to offer personal loans.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.
