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Best Personal Loans of 2019

Personal loans can be used to finance large purchases, consolidate debt, and more. Compare the top personal loan offers from top-rated lending partners and find rates and conditions that work for you.
Best Overall
  • Loans from $1,000 to $50,000
  • Min. Credit Score: 600
  • APR: 3.99% - 35.99%
  • Comparing Rates Does Not Affect Your Credit Score
  • APR as of December 2019
2
  • Loans from $1,000 to $100,000
  • Min. Credit Score: 600
  • APR: 4.99% - 35.99%
  • $200 Best Rate Guarantee (see Credible terms)
  • APR as of December 2019
3
  • Loans from $1,000 to $50,000
  • Min. Credit Score: 600
  • APR: 4.99% - 35.99%
  • No Collateral Needed
  • APR as of December 2019
4
  • Loans from $100 to $50,000
  • Min. Credit Score: 600
  • APR: 3.99% - 35.99%
  • All Credit Welcome
  • APR as of December 2019

Before you make any personal finance decision, it's important to understand what you're getting. Here are six things you should know if you're considering a personal loan.

1. Personal loans can be a great way to consolidate debt

If you’re trying to pay down debt, having multiple payments each month can make it challenging. A personal loan can help you combine your debts into one simple payment. Sometimes it can also mean you’re paying less overall interest on your debt as well.

2. Your credit score matters

How much money a lender will offer you and the terms of that loan (the interest rate you’ll pay on the debt) will vary. Your credit score is part of what determines these things. If you apply for a loan now but you’re turned down or not offered an interest rate that you like, don’t give up. Work on improving your credit score and apply again in the future.

3. Personal loans can help you raise your credit score

By making regular, on-time payments on your new personal loan, you can actually improve your credit score. In addition, lenders favor borrowers who have a mix of different types of credit lines. By opening a personal loan, you can add some diversity to your credit profile.

4. Personal loans aren’t always a great idea

If you want to go on vacation, buy a car, or pay for school, then a personal loan might not be your best option. There are other ways you can pay for those things that will be less expensive in the long run. Consider opening a savings account and/or looking at financing specially designed for those purposes.

On the other hand, personal loans are a great option for:

  • Consolidating debt
  • Paying down credit cards
  • Covering your moving costs
  • Making home improvements or repairs
  • Paying off medical bills

5. Having a co-signer could be helpful

If you’re worried about qualifying for a personal loan or you simply want to get the best loan terms you possibly can, then talk to a trusted friend or family member about becoming a co-signer on your loan. Your co-signer will be legally responsible for your debt, just like you, but you’ll be the one making the payments.

Just remember to make those payments and never be late, or it could be both a financial and emotional strain on your relationship with your co-signer.

6. It’s important to read all the details

Some personal loans will have an origination fee. Some will let you pay the loan off early and others won’t. Every lender will operate a little differently, so it’s important that you read and understand all the details about your loan.

Don’t be afraid to ask questions and make sure you investigate all your options. Ultimately, this is your personal loan — so make sure it fits your goals, needs, and budget. The right loan for you is out there.

The bottom line on personal loans

Like any financial decision, personal loans come down to being a personal matter. A personal loan can be a great financial choice if you know you’ll be able to make the payments, if you potentially will be paying less in interest over time, and if you plan to use your loan money responsibly.

Taking out a personal loan can actually bring you a great deal of financial freedom — and help you reach your personal goals.

Best Overall
  • Loans from $1,000 to $50,000
  • Min. Credit Score: 600
  • APR: 3.99% - 35.99%
  • Comparing Rates Does Not Affect Your Credit Score
  • APR as of December 2019