What to know first: Personal loan interest rates currently range from about 8 percent to 36 percent, with the average rate in America at 12.21 percent. The lowest rates go to the most creditworthy borrowers with the highest credit scores.
Bankrate’s team of financial experts evaluated and vetted the top personal loan lenders to make sure they offer the best terms and most competitive rates in the market. Our methodology considers four main categories: affordability, availability, customer experience and transparency. Read more about how we made our final picks below
- SoFi – Best for High Loan Amounts For New York
- LightStream – Best for Low Interest Rates For New York
- LendingPoint – Best for Fast Funding & Below-Average Credit
- Upgrade – Best for Bad Credit For New York
- Universal Credit – Best for Comparing Multiple Offers
- Discover – Best for No Interest If Repaid Within 30 Days
- Upstart – Best for Loans as Low as $1000 For New York
- Avant – Best for Range of Repayment Options For New York
SoFi – Best for High Loan Amounts
We picked SoFi® personal loans for their high loan limits and extended loan terms. Loan amounts range from $5,000 to $100,000 while repayment terms range from 24 to 84 months. This is a flexible option for borrowers with sufficient credit (minimum of 650) and annual income (at least $45,000).
- Prequalification with soft credit check
- Funding in as little as one to two days
- High loan amounts and lengthy terms
- Does not offer direct payment to third-party creditors for debt consolidation
- Some applicants report difficult qualification standards
- Co-signers are not permitted
Eligibility:
- Minimum credit score required: 650
- Minimum annual income: $45,000
- Co-signers not permitted
Loan uses:
- Medical expenses
- Credit card consolidation
- Home projects
- Moving costs
LightStream – Best for Low Interest Rates For New York
We picked LightStream because it offers low interest rates along with a rate-beat program and offers a 0.50% rate discount for borrowers who enroll in autopay. Lightstream also charges no origination, late payment or prepayment fees.
- No origination, prepayment or late fees
- Low, competitive rates
- Fast approval and funding
- No prequalification process
- No due date flexibility
- Limitations on use of loan proceeds
Eligibility:
- Applicants should have several years of credit history
- Minimum credit score: 660
- Can’t prequalify
Loan uses:
- Large expenses
- Finance land, timeshares and tiny homes
- Home project
LendingPoint – Best for Fast Funding & Below-Average Credit
We picked LendingPoint because it offers personal loans to borrowers with fair credit scores or scores below 670. It also offers quick turnaround times, making itself a strong option for prospective borrowers.
- Quick funding
- Low credit score requirements
- No prepayment penalty
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada and West Virginia
Eligibility:
- Minimum credit score: 600
- Must live in a state other than Nevada or West Virginia
- Doesn’t allow co-signers or co-applicants
Loan uses:
- Debt consolidation
- Home project
- Medical expenses
Upgrade – Best for Bad Credit For New York
We picked Upgrade because of its low minimum credit score requirement of 580, making it a great option for borrowers with bad credit. The lender also doesn’t have a minimum income requirement.
- Low minimum credit score requirement
- Borrowers can use loans to cover business expenses
- Offers direct lender payoff for debt consolidation loans
- High APR range
- Charges fees for origination, late payment and insufficient funds
Eligibility:
- Minimum credit score: 580
- No minimum income requirement
- Allows co-applicants
Loan uses:
- Debt consolidation
- Home projects
- Large expenses
- Business expenses
Universal Credit – Best for Comparing Multiple Offers
We picked Universal Credit because it offers loans between $1,000 to $50,000 through its partners, allowing you to find the best option for your situation. Repayment terms range from three to seven years.
- Flexible qualification requirements
- Next-day funding
- No prepayment penalty
- High APRs
- All personal loans charge a 5.25% to 9.99% origination fee
Eligibility:
- Minimum credit score: 580
- Minimum income requirement: Does not disclose
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Large expense
- Home project
Discover – Best for No Interest If Repaid Within 30 Days
We picked Discover personal loans because borrowers who repay them within 30 days avoid interest. Otherwise, you’ll have between three to seven years to repay your loan with interest.
- Option to pay off creditors directly
- No origination fees or prepayment penalties
- Directly pays creditors
- Charges late fees
- Low maximum loan amount
Eligibility:
- Minimum credit score: 660
- Minimum household income: $25,000
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Medical bills
- Business expenses
- Home renovation
Upstart – Best for Loans as Low as $1000 For New York
Upstart Personal Loan Details
Loan Amounts & Terms
- Loan amounts. Upstart offers fixed-rate upstart loans between $1,000 and $50,000. However, there are state-specific minimums in Massachusetts ($7,000), Ohio ($6,000), New Mexico ($5,100) and Georgia ($3,100).
- Loan terms. Borrowers have access to personal loan terms of three or five years—36 or 60 months.
Loan Costs
- APR. Rates range from 7.8% to 35.99%. Upstart does not offer autopay discounts like other providers.
- Origination fees. Upstart charges 0% to 8%. This is a one-time fee that’s deducted from the loan proceeds before they are delivered to the borrower.
- Late fees. If a borrower fails to pay the full monthly payment amount within 10 calendar days of its due date, Upstart charges a late fee equal to 5% of the past due amount or $15, whichever is greater.
- Prepayment penalty fees. Upstart does not charge prepayment penalties for borrowers who wish to pay off their loan early.
- Unsuccessful payment fee. There is a $15 charge per occurrence when bank transfers (ACH) or checks are returned or fail due to insufficient funds—or for any other reason.
- Paper copy fees. upstart loans charges borrowers a one-time fee of $10 if they request physical copies of records and withdraw eSign consent.
Perks & Features
- Hardship program. Borrowers can apply to temporarily suspend loan payments if they experience economic hardship, like job loss. Keep in mind, however, that interest continues to accrue during this period.
How to Qualify for an Upstart Personal Loan
upstart loans Personal applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
Credit Score Requirements
Borrowers must have a minimum FICO or Vantage score of 600 to qualify for a personal loan. However, Upstart does consider non-conventional variables—like college education, job history and residence. Even applicants who don’t have enough credit history to have a FICO score may be accepted. In addition to credit score, Upstart’s AI platform considers:
- The borrower’s debt-to-income (DTI) ratio
- Whether the borrower has any bankruptcies or delinquent accounts
- Number of credit report inquiries in the last six months, not including any inquiries related to student loans, vehicle loans or mortgages (must be fewer than six)
Income Requirements
Upstart borrowers must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies.
Co-signers and Co-applicants
Upstart does not allow prospective borrowers to apply for a personal loan with a co-signer. Likewise, co-applicants are not permitted—loan applicants are evaluated on their own merits.
Customer Reviews
Upstart has 4.9 stars on TrustPilot and is generally well-reviewed across a number of consumer platforms. Positive reviews focus largely on the ease of the application process and the convenience of Upstart’s credit card consolidation loans. Negative reviews tend to focus on problems associated with bill payments, customer support responses and Covid-19 related assistance.
How to Apply for an Upstart Personal Loan
Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. Follow these steps to apply for an Upstart personal loan:
- Prequalify. Start by submitting an online prequalification form to find out your interest rate and APR. In addition to basic contact information, the form will request details about your education, income, savings and recent loans. It only takes about five minutes to receive a rate quote, and Upstart will only run a soft credit inquiry so your credit score will not be impacted.
- Verify your bank account. After submitting your rate inquiry, Upstart will ask you to verify your bank account. You may also be asked to upload supporting documents and may be contacted via phone to verify your information. At this time, Upstart will also run a hard credit check, which will show up on your credit report.
- Await approval. With Upstart’s AI-driven system, it’s able to approve almost all loans immediately. In the first quarter of 2021, Upstart approved 71% of its loans instantly.
- Sign loan agreement & receive funds. Once you sign, loan proceeds are sent directly to the borrower’s personal bank account within one or two business days.
- Make payments. After loan funds are disbursed, borrowers can find their specific repayment date on their promissory note. Your first payment will be about 20 to 40 days from your loan origination date.
Time to Receive Funds
Most loans that are accepted before 5 p.m. EST, Monday through Friday are funded on the next business day. However, when loan terms are accepted after 5 p.m., the funds are not transferred until the following—or second—day. There are further delays for loans being used for education-related expenses, with funds not released for an additional three business days post-acceptance.
Overall, Upstart reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Once the money is disbursed, borrowers have the ability to change their monthly payment date through Upstart’s online portal.
Avant – Best for Range of Repayment Options For New York
We picked Avant personal loans because of their flexible repayment terms of two to five years. We also liked its low minimum credit score requirement, giving access to more prospective borrowers.
- Secured and unsecured loan options available
- Low credit score requirement (580)
- Loan terms available up to 60 months
- Charges an upfront administrative fee
- High starting APR for prime borrowers
- Co-signers and co-applicants not allowed
Eligibility:
- Minimum credit score: 580
- Minimum income: $20,000
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Large expenses
- Home projects