Where is the best place to borrow money?
Banks or credit unions typically offer the lowest annual percentage rates (APRs), which represent the total cost of borrowing, for personal loans. Loan amounts range from a few hundred dollars to $50,000 or more. Some banks provide an additional APR discount to existing customers.
- Best for bad credit: Avant Personal Loans.
- Best for flexible terms: OneMain Financial Personal Loans.
- Best for no credit history: Upstart Personal Loans.
- Best for fast approval: LendingPoint Personal Loans.
- Best for small loan amounts: Oportun.
| Company | Forbes Advisor Rating | LEARN MORE |
|---|---|---|
| SoFi® | 4.0 | Compare Rates Via Credible.com's Website |
| LightStream | 4.0 | Compare Rates Via Credible.com's Website |
| LendingPoint | 4.0 | Compare Rates Via Fiona.com's Website |
| Upgrade | 3.5 | Compare Rates Via Credible.com's Website |
The best place to take out a personal loan is from the lender that offers you the lowest interest rate and fewest fees, and makes it easy to complete an application with a quick disbursem*nt. When it comes to borrowing money, you have a few different choices, including online lenders, banks, and credit unions.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
If you need to borrow money immediately, the most popular options are personal loans, credit card cash advances, payday loans, and pawnshop loans.
The best quick loans overall are from LightStream. The company provides funding as soon as the same day you apply, has an APR range of 7.49% - 25.99%, and offers loan amounts of $5,000 - $100,000. To qualify for a loan from LightStream, borrowers must have a credit score of at least 660.
| App | Maximum loan amount | Google Play rating |
|---|---|---|
| Brigit | $50-$250 | 4.6/5 |
| Chime | $20-$200 | 4.7/5 |
| Dave | Up to $500 | 4.4/5 |
| MoneyLion | Up to $500 | 4.5/5 |
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
No-credit-check loans skip the credit check and use other criteria to approve borrowers. For example, a lender might look at your income or bank account balance instead. Or it may ask for collateral and grant you a loan based on its value. Once approved, you'd pay the loan back just as you would any other type of loan.
Is it better to get a loan from a bank or lender?
Since the process of getting a bank loan is more rigorous, banks are typically able to offer lower interest rates and sometimes provide perks for existing customers. Online lenders are less regulated than banks, allowing faster application processes and more lenient eligibility requirements.
PNC is the best bank for quick personal loans because it typically offers approval and funding in 1 - 2 business days. While PNC doesn't have branches in every state, it's possible to apply online or by phone from anywhere in the U.S. PNC also offers secured loans for bad credit.
Credit unions tend to offer lower rates and fees as well as more personalized customer service. However, banks may offer more variety in loans and other financial products and may have larger networks that can make banking more convenient.
A hardship loan provides funds that can help you get by during a difficult financial time. This loan can help bridge an income gap or cover an emergency. Borrowers are typically approved within a day or two and receive funds in less than a week.
You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.
Having a strong credit score and credit history is vital to qualify for a $30,000 personal loan. Lenders have varying requirements, but a good credit score is often necessary to secure a sizable loan. Additionally, a high credit score can lead to lower interest rates and more favorable loan terms.
| Company | Forbes Advisor Rating | Loan amounts |
|---|---|---|
| EarnIn | 4.5 | Up to $750 |
| MoneyLion | 4.0 | $500 |
Payactiv would be our top pick for ease, speed, cost, and loan amounts, but you can only get Earned Wage Access through Payactiv if your employer is a partner. Borrowing limits are set by your employer, too. But you could potentially borrow up to $1,000 if you have direct deposit set up and up to $500 if you don't.
The easiest online loans to get with bad credit are typically payday loans, installment loans, or loans from lenders that specialize in subprime borrowers. These loans often require no credit check or have lower requirements, but they come with high interest rates and fees.
Typically, the minimum credit score required for most credit providers to begin considering your personal loan application is 550. Anything below that is considered a poor credit score, and this can put your chances of loan approval very much in the danger zone. Now, this can vary from lender to lender.
Who is most likely to get approved for personal loan?
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.
You need a credit score of 580 or higher to qualify for a $5,000 personal loan in most cases. Other common requirements for a $5,000 loan include being at least 18 years old, having enough income to afford the monthly payments, and owning a valid bank account.
| Company | Maximum advance limit | Monthly subscription fee |
|---|---|---|
| Dave | $500 | $1 |
| Empower | $250 | $8 |
| Brigit | $250 | None; $8.99–$14.99 for premium plans |
| Chime | $200 | None |
MoneyLionNerdWallet partners with MoneyLion to help you get cash advances up to $500 into your account within minutes, allows you to extend repayment dates, and has no mandatory fees. Here are eight apps that let you borrow against future earnings, and some less expensive options to consider.
PayPal Working Capital is a business loan of a fixed amount, with a single fixed fee. The loan and fee are repaid automatically with a percentage of your PayPal sales (a minimum payment is required every 90 days).
