The Top 25 Personal Loan Apps You Need to Know

 So you've finally decided it's time to get a handle on your finances. Paying off high-interest debt and consolidating bills into lower payments can save you money in the long run. But where do you even start? P dozens of personal loan apps and online lenders promise quick approvals, low rates, and easy payments. How do you choose? 



Don't worry; we've researched for you. We've analyzed interest rates, fees, loan amounts, terms, and genuine customer reviews to find the top 25 personal loan apps. Whether you have good credit or bad, want to pay off credit cards, need money for home improvements or big purchases, or want to simplify your bills, there's an app for you on this list. 

Keep reading to find your perfect lending match and take control of your financial well-being. The money you save could change your life.

The Top 5 Peer-to-Peer Lending Apps for Personal Loans


When you need a personal loan and don't want the hassle of a bank, peer-to-peer lending apps are the way to go. These apps connect individual investors with borrowers, often with lower rates and fees than traditional banks. The top 5 peer-to-peer apps for personal loans are:


  1. Prosper - One of the pioneers of peer-to-peer lending. They offer personal loans up to $40,000 with APRs from 5.99% to 35.99%. The application process is quick and easy. Once approved, funds are transferred directly to your bank account within 1 to 3 business days.
  2. LendingClub - They've issued over $50 billion in loans. You can borrow up to $40,000 with no collateral needed. Rates range from 6.95% to 35.89% APR based on your credit. Approval and funding also usually happen within a week or less.
  3. Upstart - They consider your education, job history, and credit score. Loans up to $50,000 with APRs from 6.5% to 35.99% are available. Funds are deposited in 1 to 3 business days after approval. Upstart reports your on-time payments to the credit bureaus to help build your credit.
  4. Peerform - They offer personal loans up to $25,000 with 5.99% to 29.99% APR rates. Peerform accepts applicants with credit scores as low as 600. Funds are available in 1 to 7 business days. They also report payments to help improve your credit.
  5. Avant - Avant provides access to personal loans up to $35,000 with rates from 9.95% to 35.99% APR. They accept applicants with fair to good credit. Once approved, funds are usually available within 1 to 2 business days. Avant also reports on-time payments to credit agencies.


10 of the Best Payday Loans and Advance Apps


A payday loan or cash advance app can be a lifesaver when you need cash fast. Here are 10 of the best options to get you through until your next paycheck:


  1. Dave: This free app gives you up to $75 in overdraft protection and lets you borrow up to $200 for a small fee. Dave deducts the amount from your next paycheck automatically.
  2. Earnin: Another free option, Earnin allows you to withdraw up to $100 daily of the money you've already earned. You pay it back from your next paycheck. Earnin uses your work hours and pay rate to determine how much you can borrow.
  3. Brigit: Brigit analyzes your spending and income to provide up to $250 in overdraft protection or credit that you repay from your next paycheck or within 60 days for a fee. They notify you if your balance is low and can lend you cash instantly.
  4. MoneyLion: This popular app offers 0% APR cash advances up to $250 that you repay within 30 days. They also provide free credit monitoring, budgeting tools, and rewards. Fees may apply for faster funding or extensions.
  5. Dave Banking: Dave Banking is a full-service banking app that provides cash advances of up to $200 with no interest when repaid on time. They have no monthly fees or minimum balances. You only pay for what you borrow.
  6. Chime: Chime bank account holders can instantly get fee-free overdraft coverage of up to $100 or cash advances of up to $200 for a flat fee. Repay the advance from your next direct deposit. They also offer accessible ATMs nationwide, no monthly payments, and automatic savings tools.
  7. Moneylion: Moneylion provides members with instant cash advances of up to $250. The advance is repaid through automatic deductions from your account or paycheck within 30 days. They provide free credit score monitoring, cash-back rewards, and financial education resources. Fees may apply for faster funding or extensions.
  8. Branch: The branch offers free overdraft protection of up to $150 for account holders and charges no interest or fees when repaid on time. They offer free ATM access, cash-back rewards, automatic bill pay, and budgeting tools. The branch determines your overdraft limit based on your spending and income.


5 Personal Loan Apps With Low APRs and No Fees



Marcus by Goldman Sachs



Marcus is Goldman Sachs' online personal loan platform offering unsecured personal loans up to $40,000 with low APRs ranging from 6.99% to 19.99% and no fees. They offer loan terms from 3 to 6 years, so you can choose a monthly payment that fits your budget. Marcus personal loans are a great option if you have good credit and want an easy online application process with fast approval and access to funds within days.


LightStream


LightStream offers personal loans up to $100,000 with low APRs starting at 3.99% for well-qualified borrowers. They do not charge application, origination or prepayment fees. LightStream considers your credit score and credit history but also weighs other factors like your job and income stability. They can offer lower rates by streamlining the online application process. LightStream personal loans are a good choice if you want a more significant loan with a lower fixed rate.


Avant


Avant provides personal loans up to $35,000 with APRs from 9.95% to 35.99% based on your credit. There are no prepayment penalties if you pay off the loan early. Avant may charge an administration fee of up to 4.75%, deducted from the loan amount. They report payments to credit bureaus which can help build your credit history. Avant personal loans are an option if you have fair credit and limited alternatives for personal loans. Loan funds are typically available within 1 to 2 business days after approval.


Prosper


Prosper offers unsecured personal loans up to $40,000 with fixed rates starting at 6.95%. They do not charge any application, origination or prepayment fees. Loan terms are 3 or 5 years. Prosper considers your credit score, income, and other factors to determine your rate. Personal loans through Prosper can help consolidate high-interest debt or pay for home improvements, medical expenses or other major purchases. Funds are usually available within 1 to 3 business days after your loan is approved.


Upstart


Upstart provides personal loans up to $50,000 with APRs ranging from 7.27% to 35.99% based on your credit and other factors like your job and education. There are no origination or prepayment fees. Upstart looks beyond your credit score to determine your loan eligibility and terms. Personal loans from Upstart can be used to pay off credit cards, student loans, medical bills, or business financing. Funds are typically deposited within one business day of your loan being approved.



The Top 5 Loan Apps for Bad Credit Borrowers



If you have bad credit, qualifying for a personal loan from a traditional bank can be challenging. However, several online loan apps specialize in lending to borrowers with poor or limited credit histories. These apps use alternative data and algorithms to evaluate your creditworthiness—many report loan payments to the credit bureaus, allowing you to build credit over time.


OppLoans


OppLoans provides personal loans up to $4,000 for borrowers with bad credit. Interest rates are higher than average, but fixed rates and terms predict payments. They report on-time payments to help improve your credit score. You'll need a steady income, a bank account, and a few references to qualify.


LendingPoint


LendingPoint considers more than your credit score when approving personal loans up to $25,000. They look at your earning potential, savings, and other factors. Loans have APRs of 9.99% to 35.99% and terms of 2 to 6 years. Payments are reported to credit bureaus to help build credit. You'll need a minimum 620 credit score, proof of income, and a bank account to qualify.


CashUSA


CashUSA is not a direct lender but connects borrowers with lousy credit to third-party lenders offering personal loans up to $10,000. APRs vary significantly by the lender. Loan terms are typically 3 to 5 years. Most lenders report payments to credit bureaus, which could help improve your credit. The application process is fast, but interest rates may be higher than other options.


bad credit loans


BadCreditLoans isn't a lender but matches borrowers with poor credit to personal loan offers from third-party lenders. Loans range from $500 to $5,000 with APRs of 5.99% to 35.99%. Terms are usually 3 to 5 years. Many lenders report to credit bureaus, which helps you build credit. The application only takes a few minutes, but interest rates can be high. You'll need a minimum income of $1,000/month and an active checking account.


NetCredit


NetCredit provides personal loans up to $10,000 for those with bad credit. APRs range from 34% to 155%, with 2 to 5 years loan terms. They report payments to credit bureaus to help build your credit score over time. You'll need a minimum income of $1,200/month, an active checking account, and at least two references to qualify. NetCredit's high-interest rates should only be considered if other options are unavailable.


5 Personal Loan Apps Offering the Best Customer Experience


When choosing a personal loan app, the customer experience is critical. Here are 5 top personal loan apps known for providing an exceptional customer experience.


SoFi


SoFi aims to provide a simple, fast loan process. They are known for excellent customer service and education. SoFi offers fixed-rate personal loans from $5,000 to $100,000, APRs from 5.74% to 18.85%, and loan terms of 3 to 7 years. They also report payments to credit bureaus to help build your credit.


Upstart


Upstart uses AI technology to determine your loan eligibility based on factors beyond your credit score. This can help those with little or no credit get approved for a personal loan. Upstart offers loans from $1,000 to $50,000 with APRs from 6.88% to 35.99% and 3 to 5-year terms. They are known for fast funding, often within one business day.


Payoff


Payoff specializes in personal loans to pay off high-interest credit cards. They offer consolidation loans from $5,000 to $35,000 with fixed rates from 5.99% to 24.99% APR and 2 to 5-year terms. Payoff helps create a payoff plan and provides resources to manage your finances better. They report payments to bureaus to help improve your credit.


Prosper


Prosper is a peer-to-peer lender connecting borrowers with individual investors. They offer personal loans from $2,000 to $40,000 with three or 5-year terms and fixed rates from 6.95% to 35.99% APR. Prosper aims for a simple application process, with most people getting approved or denied within minutes. 

Funding typically takes 1 to 3 business days.


Avant


Avant focuses on providing access to personal loans for those with average credit. They offer loans ranging from $2,000 to $35,000 with up to 4.75% administration fees and APRs from 9.95% to 35.99%. Avant features fast approval, often within minutes, and quick funding. They report payments to credit bureaus to help rebuild your credit history.


In summary, while there are many personal loan options, focusing on customer experience can help ensure you get the right loan for your needs. The top apps provide excellent service, fast and straightforward processes, and resources to help you pay off debt and improve your financial well-being.


Conclusion


So there you have it, the 25 leading personal loan apps that can help you access much-needed cash quickly and easily. With options ranging from short-term loans for unexpected bills to larger installment loans that you pay off over time, you now have plenty of choices to find an app that suits your unique needs. The key is to research, compare offers carefully, read reviews from other customers, and ensure you understand all fees and repayment terms before you borrow. 


While these apps make getting money fast and convenient, you still need to go in with your eyes open. If used responsibly, personal loan apps can be a lifesaver. If not, they can lead to a dangerous debt cycle. But armed with the knowledge of the top players, you can now make an informed choice and borrow with confidence whenever the need arises.

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