45 Top Personal Loan Companies

How to compare personal loan lenders

Personal loans range from low-rate loans to short-term installment loans with very high costs. The APR, which includes interest and most fees, is the clearest way to compare offers of the same length.

• Total cost. Look at the full amount you will repay, not just the monthly payment. A longer term lowers payments but usually raises total cost.
• Fees. Origination fees may be deducted from the amount you receive. Ask about late fees and whether there is a penalty for paying early.
• Licensing. In the US, many lenders must be licensed in your state. Some apps work through a partner bank. Check the lender's disclosures page.
• Repayment method. Many lenders take automatic payments from your bank account. Know how to change or stop that authorization.

Warning signs and common complaints

A company that guarantees approval regardless of credit, or asks for a fee before you receive the loan, is showing a common sign of an advance-fee scam. Legitimate lenders deduct fees from the loan or add them to it; they do not ask for gift cards or wire transfers.

Reviews of real lenders often mention payments taken on the wrong date, difficulty reaching support, and aggressive collection calls. Keep copies of your loan agreement and payment confirmations. If you are struggling, contact the lender early and ask about hardship options.

CandorRated shows who runs each lender's website, how long its domain has existed and what contact details were found. Brand-new domains imitating known lenders are a red flag.

Frequently asked questions

Does checking my rate hurt my credit?

Prequalification usually does not. Submitting a full application usually does, slightly and temporarily.

Can I pay off a personal loan early?

Many lenders allow it without a fee, but check your agreement for a prepayment penalty.