Grace Enfield, Content Writer
@grace_enfield
Signature loans are legit if you get one from a reputable lender that is authorized to provide loans in your state. You may want to avoid signature loans that don’t require a credit check, however, as they often have high APRs and relatively short repayment periods. Signature loans from payday lenders and auto title lenders aren’t worth it, either. They typically have extremely expensive fees and very short repayment periods.
The best signature loans from a reputable lender are from LightStream because the company offers loan amounts of $5,000 - $100,000, APRs of 5.99% - 24.49% and repayment periods of 24 - 84 months. LightStream also has an A+ rating from the Better Business Bureau and has been BBB-accredited since 2021.
Below is a comparison of the best signature loans on the market. Keep in mind that you will need excellent credit to receive the best rates.
Legit Signature Loans for April 2023
| Company | Loan Amounts | APRs | BBB Rating |
| $5,000 - $100,000 | 5.99% - 24.49% | A+ | |
| $3,500 - $40,000 | 6.99% - 24.99% | A+ | |
| $5,000 - $100,000 | 8.99% - 23.43% | A+ | |
| $2,000 - $50,000 | 8.99% - 35.99% | A+ | |
| $5,000 - $50,000 | 7.99% - 29.99% | A+ | |
| $1,000 - $50,000 | 5.35% - 35.99%, typically | A+ |
For more information, check out WalletHub’s complete picks for the best signature loans. Then, you can estimate your potential rates with our free pre-qualification tool.
Upstart Disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
2023 Best Signature Loans
Compare OffersPeople also ask
Is it hard to get a signature loan?
A signature loan is hard to get approved for if you have a credit score below 580 or limited income, since lenders use your track record as a borrower and your ability to repay a loan to determine whether it’s safe to approve you for a signature loan. Some signature... read full answer
Do signature loans still exist?
Yes, signature loans still exist, and you can get them from banks, credit unions, and online lenders. To get a signature loan, which is just an unsecured personal loan, you’ll need to be at least 18 years old, have enough income to afford the loan and have a bank account.
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