Borrowing money can be challenging amid today's elevated interest rates, which have made it more expensive to finance a home, car and everyday purchases. Persistent inflation has kept interest rates high over the past couple of years, with prices rising nearly 17% from 2021 to 2023.

Fortunately, inflation is beginning to cool, and interest rates are starting to drop on various loans, including personal loans. These loans provide a large lump-sum payment you can use to consolidate debt, improve your home or for nearly any other purpose. Personal loans typically come with lower interest rates than other credit options, like credit cards, and also carry fixed interest rates and monthly payments that make it easy to budget.

Like other loans, qualifying for a personal loan may depend on your credit, income and a host of other factors. If you're looking for a personal loan you qualify for, it's important to know where to start and what objectives you aim to achieve. Here are our picks for the best personal loans for different scenarios.

Start comparing your top personal loan options online now.

Easiest personal loans to get

To help you get started, we've listed some easiest personal loans to get, broken down into six categories.

• Best overall: SoFi
• Best for good credit borrowers: LightStream
• Best for bad or low credit borrowers: Upstart
• Best for low rates: Discover
• Best for low or no fees: PenFed
• Best for fast funding: U.S. Bank

Best overall: SoFi

SoFi is our choice for the best overall personal loan lender because of its solid mix of valuable features. It provides loans big and small up to $100,000 with fixed repayment terms ranging from two to seven years. Loans come with low interest rates between 8.99% and 29.99% (including rate discounts). 

SoFi also checks the no fees box, with no origination or late fees and no penalty for paying off your loan early. SoFi personal loans could also be a good option if you need fast funding. The lender claims 82% of typical SoFi personal loan applications signed before 7 p.m. EST on a business day were funded the same day. You could also have SoFi pay your credit card lenders for you and receive a 0.25% discount.

Learn more about SoFi personal loans here.

Best for good credit borrowers: LightStream

LightStream transparently states on its website it only approves "good-to-excellent credit profiles." According to FICO credit score ranges, the "good" credit score range begins at 670, so your credit score should generally be at least that or higher to qualify. Of course, higher credit scores improve your approval odds and chances of receiving the best interest rates.

LightStream's APR on personal loans starts at 8.49%, which includes a 0.50% discount if you enroll in automatic payments before the funding of your loan. Personal loan amounts range from $5,000 to $100,000.

Learn more about LightStream personal loans here.

Best for bad or low credit borrowers: Upstart

If you're looking for a personal loan but your credit score is less than ideal, you might consider a personal loan from Upstart. The online lender claims its model differs from the traditional one by considering education, employment and other factors in addition to credit to determine your eligibility.

You may qualify for a loan between $1,000 and $50,000 with a fixed rate ranging from 7.8% to 35.99 APR. Your payment will remain the same during your three- or five-year repayment term, and you can pay off your loan early without incurring a prepayment penalty. 

Best for low rates: Discover

Discover Bank offers personal loans with competitive rates ranging from 7.99% to 24.99% on loans between $2,500 and $40,000. Use the funds to consolidate debt, renovate your home or for virtually any other purpose and pay back the funds in terms from three to seven years.

Be careful when comparing lender rates on personal loans, as many offset low APRs with high fees. However, Discover personal loans don't charge upfront fees as long as you submit your payments on time. If approved, Discover may fund your loan as soon as the next business day. 

Best for low or no fees: PenFed

While low rates are a prime consideration for any loan, so too are low or no fees. Consider that many personal loans include an origination fee ranging from 1% to 5% of the loan amount. That means a $20,000 personal loan with a 5% origination fee would cost you $1,000 in addition to your interest charges.

PenFed personal loans have no such origination fees, helping you save money upfront. You also won't incur a prepayment penalty if you pay off your loan before its term ends. Loan rates start at 8.99% on loans up to $50,000 with next-day funding available. It's worth noting, PenFed has a 4.2 TrustPilot rating with nearly 1,500 reviews.

Best for fast funding: U.S. Bank

U.S. Bank offers unsecured personal loans with a strong balance of competitive rates — which start at 8.74% — and valuable features. This includes fast funding, often within one business day of approval, but it could take up to four days depending on your circumstances.

If you want a personal loan from U.S. Bank, opening one of the bank's checking or savings account first could be wise, as existing customers may qualify for larger loan amounts and longer repayment terms. Loan amounts range from $1,000 to $50,000 (or $25,000 if you're not an existing account holder). Similarly, you can choose a loan term from one to seven years (maximum five-year term for non-customers). U.S. Bank doesn't charge an origination fee or prepayment penalty on its personal loans.

The bottom line

Personal loans can be valuable tools to access cash for a wide variety of purposes, but other affordable lending options may be worth considering. If you want to consolidate debt, a 0% introductory APR balance transfer credit card can help you pay down debt interest-free for a period of up to 21 months. Bear in mind that this option includes a balance transfer fee — usually 3% or 5% of the transfer amount. Home equity loans and HELOCs can also help you tap into your home's equity for cash at lower interest rates. Be aware, however, that these mortgage options require you to secure the loan with your home, meaning you could be putting it at risk if you default.