Which loan is best for personal use? This question is about Personal Loans

Which loan is best for personal use?

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This question is about Personal Loans

Gino Rodriguez, Writer

@gino_rodriguez • 12/06/22 This answer was first published on 12/02/22 and it was last updated on 12/06/22.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best kind of loan for personal use is a personal loan, which can be used for just about anything, from debt consolidation to financing a wedding. The best personal loans have competitive rates and high loan amounts, which are determined by factors such as your credit score, income and existing debts.

Personal loans typically fall into two categories: secured and unsecured. Secured personal loans require you to put something up as collateral, such as a car, your home or money in a savings account. Most personal loans are unsecured, though, meaning they don’t require any collateral. Below is a table listing some of the best unsecured personal loan options available.

Best Loans for Personal Use

Lender	APR Range	Loan Amounts	Payoff Period
PenFed	7.74% - 17.99%	$500 - $50,000	12 - 60 months
LightStream	7.99% - 25.99%	$5,000 - $100,000	24 - 84 months
SoFi	8.99% - 25.81%	$5,000 - $100,000	24 - 84 months
Discover	6.99% - 24.99%	$2,500 - $40,000	36, 48, 60, 72 or 84 months
Best Egg	8.99% - 35.99%	$2,000 - $50,000	Up to 60 months
FreedomPlus	7.99% - 29.99%	$5,000 - $50,000	24 - 72 months

For more information, check out WalletHub’s complete picks for the best personal loans. You can then pre-qualify with multiple lenders at once using our free pre-qualification tool.

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Can you get a loan for personal use?

What is the easiest bank to get a personal loan from?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are...

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Is a personal loan good to take out?

A personal loan is good to take out when your expense is necessary, the terms are better than other borrowing methods, and you know you can pay it off on time. Personal loans are particularly good to take out if you have a solid credit score and a steady income because this could help you get a low APR.

Personal loans help you improve your credit over time, too. They will slightly hurt your credit score in...

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