Find your best loan rate

Most mainstream lenders want 660 or higher to qualify at competitive rates. At 720+, you get the best APRs. Scores below 620 may still qualify through lenders who specialize in fair-credit borrowers, but rates jump fast. Before you apply, pull your credit report and check it for errors. Even a small correction can meaningfully move your score, and that move shows up in your rate.

Many online lenders fund loans within 1-3 business days of approval. Some, like LightStream, offer same-day funding if you finish the application and get approved before 2:30 p.m. EST. Traditional banks usually take longer, sometimes up to a week. Credit unions often have competitive rates but slower processing. If speed matters, focus on online lenders and have your documents ready before you apply.

An origination fee is a one-time charge the lender takes for processing your loan, usually pulled from your loan amount before it lands in your account. Fees range from 0% (LightStream, SoFi, Marcus, Discover) to as high as 9.99% at some lenders. Translation: the rate on the marketing page is not the cost. Always compare APRs, which include the origination fee. A loan with no fee at 10% APR is usually cheaper than one at 8% with a 5% origination fee.

Most major online lenders, including every one in our top picks, do not charge prepayment penalties. You can pay early and save the interest with no fee. Some traditional banks and alternative lenders still tack on prepayment fees, so check the terms before you sign. Paying off early is one of the cleanest ways to cut total interest cost.

Unsecured personal loans, the most common kind, do not require collateral. Secured loans are backed by an asset like your car or a savings account. Secured loans usually carry lower rates because the lender has less risk, but you can lose the asset if you default. Most people comparing rates online are shopping unsecured loans. Secured loans make sense when your credit score makes unsecured rates too expensive to swallow.