The best personal loans of September 2026

Personal loans are forms of installment credit, repaid in regular increments over a set period. They have lower interest rates than credit cards, making them a good option for home renovations, weddings, medical bills and other needs.

When compiling the best personal loans, CNBC Select evaluated dozens of lenders using a variety of criteria, including interest rates, fees, loan amounts, term lengths, fund disbursement, discounts and customer service.

Read more about how we made our selections in our methodology below.

Who's this for? Upstart looks at other factors beyond credit when determining eligibility, including education, income and employment history. It also allows you to apply with a co-applicant.

Standout benefits: You can borrow anywhere from $1,000 to $75,000 and choose a three-year or five-year term. Funds are typically available the next business day if you accept the loan on a weekday before 5 p.m. ET.

Who's this for? LightStream, the online lending arm of Truist Bank, offers low-interest loans with a wide range of repayment terms, 24 to 240 months (2 to 20 years).

Standout benefits: Funds may be available the same day if you apply on a business day and are approved by 2:30 p.m. ET.

Who's this for? While many banks cap personal loans at $50,000, SoFi offers financing up to $100,000. If your application is approved by 5:30 p.m. ET, you can be eligible for same-day funding.

Standout benefits: SoFi doesn't charge origination fees or prepayment penalties. SoFi Plus members are eligible for complimentary financial planning and discounts on new personal loans. Deferment and forbearance options are available for eligible borrowers experiencing unemployment or other financial hardship.

Who's this for? PenFed is a federal credit union that offers membership to the general public. While most lenders have a $1,000 minimum for loans, you can get a $600 loan from PenFed with terms ranging from one to five years.

Standout benefits: Some credit unions are difficult to become members of, but with PenFed, you just have to keep $5 in a qualifying savings account to receive your funds.

Who's this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. You can receive your money as early as the next business day, provided that your application was submitted without any errors. Otherwise, your funds will take no more than a week.

Standout benefits: If you're getting a debt consolidation loan, Discover can pay your creditors directly.

Who's this for? Since it will send payments directly to your creditors, Happy Money is great for consolidating credit card debt. It approves loans ranging from $5,000 to $50,000, with terms of 24 to 60 months.

Standout benefits: Happy Money's team performs quarterly check-ins during your first year that help improve your relationship with money through personality, stress and cash flow assessments.

Who's this for? If you have a sudden car repair or medical bill, you don't have time to wait. Happen Bank will fund qualified borrowers within 24 hours of approval. You also get a 15-day grace period before late fees apply and can make a one-time change to your due date.

Standout benefits: The minimum credit score requirement starts around 600, which is lower than many traditional banks. You can also add a co-applicant, which improves the chances of approval.

Who's this for? Borrowers who struggle to qualify can apply to Upgrade with a co-applicant or use a vehicle title loan to improve their chances and lower their rate.

Standout benefits: Upgrade accepts applicants with credit scores as low as 580 and offers rate reductions for autopay, homeowners, secured loans and direct pay to creditors.

A personal loan is a form of installment credit that can be an affordable way to finance major expenses. Before taking out a loan, however, make sure you have a plan to pay it off.

Loan terms typically range from six months to seven years. The longer the term, the lower your monthly payments will be — but you're likely to pay more in interest in the long run.

Once you're approved, the funds are typically deposited directly into your account. If you use the money for debt consolidation, however, you may be able to have the lender pay your creditors directly.

Each month, you'll make a payment that includes a portion of the money you borrowed plus interest. If you want to pay some or all of the balance before the due date, check whether your lender has a prepayment penalty. None of the lenders on our list have early payoff penalties.

Personal loans have very few restrictions. People frequently use the money for:

• Debt consolidation
• Home renovations
• Vehicles
• Weddings
• Funerals
• Vacations
• Medical bills
• Emergency expenses

Personal loans usually cannot be used to pay for education, small business expenses, a deposit on a home loan, gambling or illegal purposes. Read your loan terms carefully and check with the lender about any restrictions.

These are the most important features to consider when shopping for a loan:

• APR: Consider the interest rates you're being offered. Having a higher credit score usually qualifies you for a lower interest rate.
• Fees: It's common for personal loans to carry an application fee, origination fee and/or late payment fee. A lender may also charge a fee if you pay off the loan early.
• Loan terms: The term is the amount of time you have to repay the loan in full. In general, longer loan terms mean smaller monthly payments, which is advantageous for managing monthly cash flow. But it also means you'll pay more in interest over the life of the loan.
• Disbursement timeline: Most lenders will fund personal loans within three to five business days of approval, though the most expedient lenders can disburse funds the same day or one business day later.

• Sit down with your budget and determine how much money you need to borrow and how much you can afford to repay each month.
• Shop for loans with several different lenders to find the best rate and term. You can usually enter your personal information into a rate estimation tool on the lender's website. This is just a soft inquiry on your credit report, so your credit score shouldn't take a hit. (You can also try out CNBC Select's personal loan comparison tool for free.)
• Once you've chosen a lender, gather the required documents and submit your application. Aside from your name, address, Social Security number and contact information, you may need to submit pay stubs, proof of address and bank account information.
• After you're approved, you'll accept the terms by signing the loan agreement. Your money should be deposited into your account within a few days.

Here are some common personal loan terms you need to know before applying:

• Co-applicant/co-borrower: A co-applicant, or co-borrower, attaches their name (and financial details) to the application. They jointly own the asset or debt and are equally responsible for repaying it.
• Co-signer: A co-signer agrees to help you qualify for the loan, but they do not have ownership of any asset the loan is used on. A co-signer's credit is negatively affected if the main borrower misses payments or defaults.
• Origination fee: A one-time upfront charge subtracted from your loan to pay for administrative and processing costs. It is usually between 1% and 5%, but sometimes it is charged as a flat-rate fee.
• Prepayment penalty: Because lenders expect to get paid interest for the full term of your loan, you may be charged a fee for paying off the balance early.
• Unsecured vs secured loans: Most personal loans are unsecured, meaning they are not tied to collateral. However, if you have bad credit, you may be able to use a vehicle, home or other asset as collateral. If you don't repay the loan on time, the lender may be able to claim the asset.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine the best personal loans, CNBC Select analyzed offerings from more than two dozen banks, credit unions and online lenders.

When narrowing down our list, we focused on the following features:

• APR: We considered the interest rate and overall cost of borrowing for each lender.
• Fees: We considered whether a lender charged an origination or application fee, late fees or returned-payment fees. None of the lenders on this list charge a prepayment penalty.
• Repayment terms: We gave more weight to lenders with a variety of repayment terms.
• Loan amounts: We considered the minimum and maximum loan amounts borrowers could borrow from each lender we reviewed.
• Eligibility requirements: When possible, we considered the credit score and debt-to-income ratio needed for loan approval. We also considered whether co-signers or collateral are allowed.
• Funding: We prioritized lenders who made funding available the same or next business day. For debt consolidation loans, we also considered whether lenders paid creditors directly
• Discounts: We considered whether lenders had rate reductions for autopay, existing customers or for other categories.
• Rate and terms transparency: We considered whether rates, fees, eligibility requirements, and loan terms are clearly disclosed on the lender's website.
• Customer experience: We weighted lenders with evening and weekend customer service hours more heavily, as well as those with robust, easy-to-navigate mobile and web interfaces.
• Reputation: We reviewed lenders' Better Business Bureau ratings and third-party reviews from sites like TrustPilot. We also considered any lawsuits or regulatory actions
• Availability: We gave more weight to lenders that operate in all or most U.S. states.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

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*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of three years would result in 36 monthly payments of $313.32.

Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, 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 02/23/26 and are subject to change without notice. Not all rates and amounts are 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 creditworthiness, income, and other factors.