⚡ Expert Review

Best Personal Loans

Last updated: March 2026 5 products reviewed 65 hours tested Mercilium Editorial Team
🏆 Editor's Top Pick ★★★★★
LightStream
★★★★★ 5.0/5

Offers exceptionally low rates for borrowers with excellent credit and a wide range of loan purposes.

Rates from 6.99% APR

Visit LightStream →

Quick Comparison: All 5 Options

ProductPriceRatingBest For

How We Tested

65Hours Tested
18Products Evaluated
100%Independent
Evaluation criteria:

    Sources: G2, Capterra, Trustpilot

    In-Depth Reviews

    #1
    LightStream

    LightStream

    Editor's Top Pick
    ★★★★★5.0/5

    Pros

    • ✓ Very low interest rates for well-qualified borrowers
    • ✓ No origination fees, prepayment penalties, or late fees
    • ✓ Wide variety of loan purposes accepted
    • ✓ Fast funding, often same-day

    Cons

    • ✗ Requires excellent credit for best rates
    • ✗ No pre-qualification option without a hard credit pull
    Rates from 6.99% APRVisit LightStream →
    #2
    SoFi

    SoFi

    Best for Debt Consolidation
    ★★★★☆4.8/5

    Pros

    • ✓ No origination, late, or prepayment fees
    • ✓ Unemployment protection program
    • ✓ Competitive rates for good credit
    • ✓ Flexible repayment terms

    Cons

    • ✗ Higher minimum credit score requirement
    • ✗ Not available in all states
    Rates from 8.99% APRVisit SoFi →
    #3
    Upgrade

    Upgrade

    Best for Fair Credit
    ★★★★☆4.6/5

    Pros

    • ✓ Accepts fair credit scores (580+)
    • ✓ Fast funding available
    • ✓ Offers joint applications
    • ✓ Credit health tools included

    Cons

    • ✗ Origination fees can be high (up to 9.99%)
    • ✗ Higher interest rates compared to prime lenders
    Rates from 8.49% APRVisit Upgrade →
    #4
    Marcus by Goldman Sachs

    Marcus by Goldman Sachs

    Most Transparent
    ★★★★☆4.4/5

    Pros

    • ✓ No fees of any kind (origination, late, prepayment)
    • ✓ Fixed interest rates and predictable payments
    • ✓ Excellent customer service
    • ✓ Option to defer one payment after 12 consecutive on-time payments

    Cons

    • ✗ Requires good to excellent credit
    • ✗ No joint loan applications
    Rates from 6.99% APRVisit Marcus by Goldman Sachs →
    #5
    Payoff (by Happy Money)

    Payoff (by Happy Money)

    Best for Credit Card Debt
    ★★★★☆4.2/5

    Pros

    • ✓ Specializes in credit card debt consolidation
    • ✓ Potentially lower interest rates than credit cards
    • ✓ No late fees or prepayment penalties
    • ✓ Offers financial wellness tools

    Cons

    • ✗ Origination fees apply (up to 5%)
    • ✗ Only for credit card debt consolidation
    • ✗ Requires a minimum FICO score of 600
    Rates from 5.99% APRVisit Payoff (by Happy Money) →

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