A personal loan is an unsecured installment loan. If you qualify, you'll receive a lump sum of cash, which you can use for just about any purpose, from home improvements to medical expenses. You'll repay it over time (usually several years), with fixed monthly payments. It's a versatile financial tool, and often cheaper than alternatives like credit cards or short-term, emergency loans.
SoFi is our choice for the best overall personal loan lender due to its low cost, high customer satisfaction ratings, and excellent benefits package. Our decision is based on hundreds of hours of research, including a survey of, and interviews with, recent personal loan borrowers.
As you review our personal loan picks below, keep a few things in mind:
- Your credit score
- How much money you need
- An APR you can afford
- The loan features and services you need
When you've found a match, click the link and get pre-qualified
As long as you’re not looking to consolidate any debt from a Discover card, a Discover personal loan is an excellent choice for debt consolidation. It offers a fast funding time with a next-business-day deposit into your bank account if everything goes smoothly, and its low rates with zero origination fees make it easier to pay back. It was ranked as the third-best personal loan option in 2023 by J.D. Power.1
The downside is that you can only apply as a solo applicant, although you are able to use your household income on your application, so a partner or other family member can still help you out in this area. You can’t apply with a co-signer or co-borrower or use collateral for a Discover loan, however, meaning you’ll need to qualify on your own credit merits. It’s always a good idea to pay on time to avoid damaging your credit, but in this case, it’s especially important given that Discover charges an especially high late payment fee of $39.3
Discover was founded in 1986 as a subsidiary of Sears, Roebuck & Company offering credit card services. It is headquartered in Riverwood, Illinois and has funded more than $10 billion in personal loans.
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