Unsecured Loans
The best unsecured personal loans and rates. Plus, get custom offers from up to 5 lenders in minutes.
| Lender | User rating | Best for | APR | Amount | Min. credit score | |
|---|---|---|---|---|---|---|
|
Unsecured loans for bad credit | 7.23% – 24.00% (Test) | Up to $125M | Not specified | ||
|
Unsecured loans for debt consolidation | 6.99% – 35.99% |
$2k – $5M |
580 | ||
|
Unsecured loans with repayment assistance | 7.99% – 24.99% |
$2.5k – $40k |
none | ||
|
Unsecured loans for midsized expenses | 7.99% – 35.99% |
$1k – $36.5k |
660 | ||
|
Joint unsecured personal loans | 7.99% – 35.99% |
$1k – $50k |
580 |
Best for: Unsecured loans for bad credit – Upstart
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
QA Test
- Available to borrowers with bad or no credit
- May receive funds within one business day of accepting loan
- Check your rate without damaging your credit
- Emphasizes factors like education and employment which may make it easier to qualify
- May charge an origination fee with your loan
- Only two repayment terms to choose from (other lenders offer multiple)
- Charges a late payment fee
- Can’t add a second person to your loan
Upstart provides a quick, easy online process for you to check whether you prequalify for an unsecured personal loan.
Like many companies, Upstart does not charge prepayment fees. However, borrowers may owe an origination fee () that’s taken out of the total loan lump sum. Another positive to Upstart is that borrowers can receive their funds within one business day after they’re approved.
Upstart has transparent eligibility requirements, including:
- Age: Be 18 or older
- Administrative: Have a U.S. address, personal banking account, email address and Social Security number
- Income: Have a valid source of income, including a job, job offer or another regular income source
- Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
- Credit score: + (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)
Best for: Unsecured personal loans for debt consolidation – Best Egg
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% – 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
QA Test
QA Test
QA Test
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- Can send funds directly to old creditors if consolidating debt
- Can get loan funds within 24 hours of approval
- See rates without damaging credit score
- Competitive starting interest rates
- Must pay origination fee on all loans ()
- Loans not available in District of Columbia, Iowa, Vermont, West Virginia or U.S. territories
- No option to add second person to your loan
If you need to consolidate loans or credit cards, Best Egg may be a good fit since it allows you to send your loan funds directly to your former creditors to pay them off. With Best Egg , you can also get quick results by finding out whether you qualify for a loan within just a few minutes and receive your funds in one to three days.
However, if you want to get a joint loan, you’ll have to look at other lenders since Best Egg does not allow you to add a second person to your loan. You’ll also be responsible for paying an origination fee of .
You must meet the requirements below to qualify for a Best Egg loan:
- Citizenship: Be a U.S. citizen or permanent resident living in the U.S.
- Administrative: Have a personal checking account, email address and physical address
- Residency: Not live in the District of Columbia, Iowa, Vermont, West Virginia or U.S. territories
- Credit score: 580+
Best for: Unsecured loans with repayment assistance – Discover
The APR ranges from 7.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.
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- Doesn’t charge origination fees
- Offers repayment terms as long as 84 months
- Can get funds within one business day of accepting loan
- Offers repayment assistance programs
- Won’t qualify if you don’t have good to excellent credit
- Can only borrow up to $40,000 (other lenders offer $50,000 or higher)
- Doesn’t offer joint loans
Discover loans come with no fees and several perks, including repayment assistance programs if you have difficulty keeping up with payments. If you find yourself in a tough financial spot, Discover can defer or lower your payments as you get back on your feet. Once you’re approved, you’ll get your money as quickly as the next business day.
If you have fair or bad credit, look elsewhere. Discover unsecured loans require a credit score of or higher for approval.
Best for: Unsecured loans for midsized expenses – LendingPoint
- Can qualify for an unsecured loan even if you have fair credit
- Considers more than just your credit score when checking your application
- Could receive funds within one business day of accepting loan
- May charge an origination fee (up to 10%) on your loan
- Only offers loans up to $36,500 (other lenders offer $50,000 or higher)
- Doesn’t let you add a second person to your loan
LendingPoint is an online lender with a unique AI model that helps it see beyond your credit score when deciding whether to offer you an unsecured loan. This makes it a solid choice for borrowers with fair credit who want access to a loan with no prepayment fees and a fast funding timeline.
With a maximum loan amount of $36,500, this lender may be a good choice for those looking to take out a midsized loan to cover expenses. Though LendingPoint may approve you with a credit score as low as 660, you’ll likely only qualify for its highest interest rates if you don’t have good credit.
To get a loan from LendingPoint , you must meet its minimum criteria:
Best for: Joint unsecured personal loans – Upgrade
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/.
- Can apply for a loan with another person
- Available to borrowers with fair credit
- Can get funds within one day of approval
- Charges an origination fee on all loans (1.85%-9.99%)
- Fees for late payments
Not only does Upgrade have loan repayment terms of up to 84 months, but borrowers can also apply for a loan with a second person to improve their chances of approval and get better rates. Upgrade has a quick funding timeline and you may see your money in as little as one day.
However, Upgrade borrowers will have to shell out for an origination fee (1.85%-9.99%) as well as late payment penalties. Upgrade offers unsecured loans for credit card refinancing, debt consolidation, home improvement projects and other large purchases.
To qualify for a loan through Upgrade , you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 580+
What is an unsecured loan?
Unsecured loans don’t require collateral, such as a home, vehicle or savings account, to back the loan.Instead, they are backed only by the borrower’s creditworthiness and promise to repay the loan. A common type of unsecured loan is a personal loan.
Unsecured personal loans generally range from about $1,000 to $50,000. They’re typically repaid in fixed monthly payments over a set period of time, such as two to five years.
They’re offered by banks, credit unions and online personal loan lenders.
Types of unsecured loans
Some of the most common forms of unsecured loans are:
- Personal loans
- Student loans
- Credit cards
Personal loans are lump sums provided by lenders that can be used for a variety of purposes. They carry fixed rates, may come with origination fees and are commonly repaid on a monthly basis.
While personal loans cannot be used for educational or business expenses, student loans are specifically offered to help cover post-secondary education expenses such as tuition, room and board and books. Credit cards, on the other hand, work like a line of credit and are a way for individuals to cover various costs and even earn rewards.
Some payday lenders will advertise unsecured loans with guaranteed approval. This is a risky path to take because these loans come with short terms and often incredibly high interest rates. It’s best to avoid unsecured loans with no credit check or guaranteed approval.
How do unsecured loans work?
To get an unsecured loan, you’ll have to start with a loan application. Lenders often allow you to prequalify for an unsecured loan, so you can see your rates without having to go through a hard credit pull that would impact your credit score. Because you don’t need collateral for an unsecured loan, your approval will depend on your creditworthiness — that is, a lender’s trust in your ability to pay back your debts.
If you choose to proceed with the loan, you’ll have to verify the information you provided, including your identity, income and residency.
Once you’re approved for a loan, you’ll pay it off in monthly installments with fixed interest rates. Unsecured loans typically don’t have prepayment penalties, so you may be able to pay off the loan early without being charged extra, if you choose.
Common uses of unsecured personal loans:
You should use a loan instead of a credit card when you know exactly how much money you need and want consistent monthly payments with a set end date. Credit cards are better for small, ongoing expenses like bills.
Why use LendingTree?
$2.8B in funding
In 2024 alone, LendingTree helped find funding for over $2.8 billion in personal loans.
309,000 loans
In 2024, LendingTree helped find funding for over 309,000 personal loans.
When banks compete, you win
You’d shop around for flights. Why not your loan? LendingTree makes it easy. Fill out one form and get lenders from the country’s largest network to compete for your business.
Tell us what you need
Take two minutes to tell us who you are and how much money you need. It’s free, simple and secure.
Shop your offers
Our users get 18 personal loan offers on average. Compare your offers side by side to get the best deal.
Get your money
Pick a lender and sign your loan paperwork. You could see money in your account in as soon as 24 hours.
How to get low interest rates
Interest rates on unsecured personal loans can vary widely depending on the credit rating of the borrower as well as the loan terms, such as loan amount and length.
Most unsecured personal loan lenders require borrowers to have good or excellent credit (defined as a FICO Score of 670 or above, or a VantageScore of 661 or higher). Your chances of qualifying for a loan will be much lower if you have fair or poor credit, a history of missed payments, debt collections or charge-offs by lenders for debt you were unable to pay.
It’s possible for consumers with good or excellent credit to get a personal loan with a low interest rate, but bad-credit applicants will have a hard time qualifying for an affordable personal loan — if they receive any offers at all. That said, you still may be able to find a reputable provider for a personal loan with bad credit.
Be on the lookout for lenders advertising unsecured loans for bad credit or unsecured loans with no credit check — these often aren’t standard personal loans. Most likely, they are payday loans, which are often predatory and come with short repayment terms and high interest rates.
- Enlist the help of a cosigner. If you have less-than-ideal credit, lenders might be more willing to work with you (as well as offer better loan terms) when you have a cosigner for your loan.
- Apply for a secured loan instead. Secured personal loans require you to put up an asset you own, such as a vehicle, as collateral.
- Improve your credit and reapply. You can check and monitor your credit score for free with LendingTree Spring.
Average APRs by credit score
LendingTree customers can receive loan offers from our partners. Here’s the average APR offered to customers in the following credit bands:
| Credit score range | Average APR | Monthly payment | Interest | Total cost |
|---|---|---|---|---|
| 800-850 (excellent) | 12.50% | $132.90 | $1,379.20 | $6,379.20 |
| 740-799 (very good) | 15.74% | $141.04 | $1,769.75 | $6,769.75 |
| 670-739 (good) | 28.72% | $176.33 | $3,463.69 | $8,463.69 |
| 580-669 (fair) | 92.45% | $396.46 | $14,029.85 | $19,029.85 |
| 300-579 (poor) | 260.34% | $1,084.84 | $47,072.20 | $52,072.20 |
There is no universal minimum credit score for an unsecured personal loan. Every lender has its own eligibility requirements. Some lenders specialize in working with borrowers who have bad credit. Upstart , for instance, offers loans to borrowers with credit scores as low as .
Alternatives to unsecured loans
Personal line of credit
A personal line of credit is a type of revolving credit account that allows you to borrow a sum of money (up to a certain amount) and pay it off over time.
Unlike a loan, you do not have to borrow the entire lump sum all at once. You can choose how much you want to borrow at a given time, and interest will only be charged on the amount of money you borrow. A personal line of credit does not come with fixed rates like personal loans do, so your payments will vary month to month.
0% intro APR credit cards
When you use a credit card, you’ll typically have to pay interest if you don’t pay off the balance before the payment due date arrives. However, some companies offer 0% intro credit card promotions to help borrowers avoid interest charges.
With this approach, customers can avoid paying interest on their purchases even when the payment due date arrives. However, the 0% APR generally only lasts for a certain period of time, often 12 to 21 months.
Home equity line of credit
Like a personal line of credit, a home equity line of credit (HELOC) is also a type of credit account that revolves. The difference is that a HELOC is dependent on the borrower’s home equity.
When you buy a house, you’ll gain equity as you pay it off (or if the value of your home increases). With a HELOC, you can borrow against that equity up to a determined amount. Like a personal line of credit, a HELOC typically does not come with fixed rates. Instead, these rates tend to rise and fall with the financial market.
Frequently asked questions
Unsecured debt isn’t backed by collateral. For example, your typical credit card debt is unsecured — if you default, nothing is seized. Mortgage debt, on the other hand, is secured debt. If you default, you could lose your home.
Personal loans can be secured or unsecured, but they’re typically unsecured. Secured personal loans require some kind of collateral, such as a car or savings account.
Unsecured personal loans offered by banks, credit unions and other lenders can cover your short-term cash needs, but make sure you’re able to budget for the monthly payments. These loans are safe as long as you are able to make payments and understand that you could be paying a significant amount in interest, depending on your loan size and APR.
Our methodology
In order to find the best unsecured loans, we reviewed more than 30 lenders. We rated lenders on 19 individual criteria related to the following categories:
According to our standardized rating system, the best unsecured loans come from Best Egg, Discover, Happy Money, LendingPoint, LightStream, PenFed Credit Union, SoFi, Upgrade and Upstart.
Rates and terms: We prioritize lenders that offer competitive interest rates, valuable discounts and flexible loan terms and amounts.
Accessibility: We favor lenders who make their loans available to a wide range of people by having low credit score requirements or offering joint loans. Lenders also get points for making the application process as seamless as possible and for an easy (and quick) money transfer once you’re approved.
Repayment experience: We evaluate each lender’s reputation, awarding points for high consumer reviews and penalizing lenders with recent sanctions from the Consumer Financial Protection Bureau. Lenders with easy-to-use mobile apps and good customer service get additional points.
We review and fact check our picks regularly to ensure that you’re getting solid financial advice to make your next money move.