Where Can I Get a Personal Loan?
Written by
Karen Doyle
Edited by
Melanie Grafil
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There’s no single best place to get a personal loan ë the best place for you depends on your credit and income, the amount you need to borrow, and how quickly you want the money.
However, you do have several options for where to go, including banks, credit unions and online lenders. The right choice will depend on your circumstances.
Here’s what you need to know about where you can get a personal loan.
Where You Can Get a Personal Loan
The table below outlines the options for getting a personal loan and how they differ.
| Lender | How Fast | What You Need | Good For |
|---|---|---|---|
| Bank | 1 to 5 days | Good credit, steady job | Larger loans, lower rates |
| Credit Union | 1 to 7 days | May need to join first | Lower rates, friendly service |
| Online Lender | Same day and up to 3 days | Fair credit, proof of income | Fast approval, easy to apply |
| Loan App | In a few minutes and up to one day | Basic info | Small loans, emergencies |
| Peer-to-Peer Lending | 3 to 7 days | Credit check | Those who don’t want to use a bank |
Banks
If you already have a relationship with a bank and have good credit and proof of income, you can start there. Banks typically offer competitive rates, and some banks offer a better rate if you also have a checking or savings account, or both with them.
Here are some examples:
Wells Fargo
Wells Fargo offers personal loans with interest rates as low as 6.74% APR for a $10,000, 3-year loan if you have been a customer for at least 12 months and sign up for automatic payments.
TD Bank
TD Bank offers personal loans for $2,000 to $50,000, with interest rates ranging from 8.99% to 23.99% APR. Loan terms range from 36 to 60 months.
A bank may be your best option if you have good or excellent credit, and if you are or can become a customer.
Credit Unions
Credit unions can often offer lower rates than banks, as well as more flexible terms. Credit unions are owned by their members, so rates tend to be lower. You must be a member of a credit union to use its services, including getting a personal loan. Some, but not all, credit unions restrict membership to certain groups or geographic locations.
PenFed Credit Union
PenFed Credit Union offers personal loans for up to $50,000 with terms up to 60 months, with interest rates starting at 8.99% APR. You have to be a PenFed member, but membership is open to anyone.
First Tech Federal Credit Union
First Tech Federal Credit Union personal loan rates start at 7.89% APR for up to $50,000. You must be a credit union member. Membership is open to employees of over 900 tech companies, residents of Oregon, and family or household members of current members.
A credit union may be your best option if you are or qualify to become a member and have good credit and employment history.
Good To Know
The National Credit Union Administration (NCUA) caps the interest rate credit unions can charge at 18% APR, so your rate will never be higher than that.
Online Lenders
Online lenders offer fast approval — often the same day. It’s easy to compare rates among online lenders as the application process is quick and easy. If you have excellent credit, online lenders offer very good rates, but if your credit is poor, the rates can be very high.
SoFi®
SoFi offers personal loans with terms from two to seven years. Rates range from 8.99% APR to 35.49% APR. These rates require that you have autopay and direct deposit with SoFi.
Upstart
Upstart offers personal loans in amounts from $1,000 to $50,000 and terms of three or five years. Interest rates range from 6.60% to 35.99% APR. Upstart charges an origination fee that is deducted from the loan amount that is disbursed, so be sure to factor that in.
An online lender may be your best choice if you want to get your money in a hurry or want to easily compare rates from multiple lenders.
Loan Apps
Loan apps can provide quick cash in a pinch. Sometimes referred to as “payday loans,” these apps advance you money based on previous direct deposit activity in your checking account. These apps are best for small loans or quick cash to hold you over until payday.
Brigit
Brigit is a subscription service that links to your bank account and lets you get cash quickly based on your direct deposit activity. You pay $8.99 or $14.99 per month for the ability to borrow against your future direct deposit.
When you request an advance, you select the date that Brigit will withdraw the funds to pay back the advance. The maximum advance amount is $250, but not everyone qualifies for that amount.
Earnin
Earnin is a payday advance app that can pay you early. You link it to your bank account, and you can access your direct deposit two days earlier for a fee of $2.99. You can access up to $150 per day or $750 per pay period.
Loan apps are best for those who cannot qualify for a traditional loan or just need a little cash ahead of payday.
Peer-to-Peer Platforms
Peer-to-peer lending platforms take money from investors and loan it out to borrowers. The interest the borrowers pay goes back to the investors, after covering the platform’s costs. They often charge an origination fee, so be sure to add that into your calculations if you’re comparing rates.
Prosper
Prosper offers peer-to-peer loans with interest rates ranging from 8.99% to 35.99% APR and an origination fee ranging from 1% to 9.99% of the amount of the loan. Your credit score must be at least 640 to qualify for a loan from Prosper.
LendingClub
LendingClub provides personal loans with interest rates that range from 7.90% to 35.99% APR, with an origination fee ranging from 0 to 8.00%.
A peer-to-peer lending company may be best for you if you like the idea of borrowing from a person instead of a bank, and don’t mind paying an origination fee.
Can I Get a Personal Loan Without Being a Member of a Bank?
You can get a personal loan even if you don’t already have an account at the bank, but you may get a better rate if you have or open a deposit account, e.g., checking or savings.
Credit unions require you to be a member before you can get a loan. This may be a simple as opening a shared savings account with $5, or you may have to qualify by working in a certain field or living in a particular area.
Online lenders don’t usually have these kinds of requirements, so you can often get a personal loan without having another account there.
Tip: Some banks offer better terms to existing customers — it may be worth checking both.
What To Look for in a Lender
These are some things to keep an eye on when you’re researching a lender.
APR
When evaluating lenders for a personal loan, look for a low annual percentage rate (APR), but be sure you’re comparing your rate at each lender. You may not qualify for the lowest rate.
Fees
Look for origination fees, prepayment penalties and other fees. Lenders that have these may still be your best choice, but be sure you factor them in.
Find Out How Long It Takes
If you need the money in a hurry, check to see how long approval and disbursement take. Some lenders can get you funds the same or the next day.
Check Reviews
Lenders will always put their best foot forward on their website, so pay attention to what customers have to say.
Is a Personal Loan Right for You?
A personal loan might be a good fit for you if you need a lump sum of money fast, you want to consolidate high-interest debt like credit cards, and you have a plan and the income to make the payments on time.
It might not be wise for you to get a personal loan if you won’t be able to afford the monthly payment, you don’t have a good reason for needing the money, or you already have a lot of debt.
How To Apply for a Personal Loan
Here’s a step-by-step guide to applying for a personal loan.
- Check your credit score. Request a credit report from the three credit bureaus and check for inaccuracies.
- Compare lenders and get prequalified if you can. You want to apply to only one lender if possible.
- Choose your loan amount and term. Make sure the payments will be affordable for you.
- Gather the necessary documents. You’ll need identification, like a driver’s license or passport, and proof of your income, such as pay stubs or a tax return. Some lenders may have additional requirements.
- Submit your application either online or in person. When you apply, the lender will do a “soft” credit pull, meaning they will check your credit score in such a way that it does not impact your score. Once approved, they will do a “hard” pull, which will impact your score. For this reason, you don’t want to apply to multiple lenders at once.
Final Thoughts: Pros and Cons of Each Personal Loan Option
When shopping for a personal loan, make sure you choose the be one for your specific situation. If you have a banking or credit union relationship already, that may be the best choice for you if your interest rate is comparable.
If you’re in a hurry to get your funds, an online lender may be your best option. For short-term, small money needs, a lending app could be the way to go. A peer-to-peer platform may be the best choice if you don’t want to work with a bank.
The best loan for you is the one that provides you with the funds you need, and that you are able to pay back as agreed.
FAQs About Getting a Personal Loan
Here are answers to some of your most frequently asked questions about getting a personal loan.- How fast can I get a personal loan?
- Some lenders can approve your loan and send you the money the same day, or the following day. Others may take a few days or weeks to evaluate your application and send the funds.
- Can I apply with bad credit?
- You can, but if your credit is poor, you may not get approved. Most lenders will do a "soft" credit pull before approving you, so checking with multiple lenders shouldn't hurt your score.
- Do personal loans hurt my credit?
- Your credit score may drop a bit when you apply for a personal loan. But if you make your payments as agreed, your score should increase when you've paid it off.
- What if I get denied?
- If you get denied for a personal loan, you may be able to get the money you need from another lender, with a payday loan, or from friends or family.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000- $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
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