Best Personal Loans of April 2024

Best place to get a personal loan

Personal loans can be obtained from online lenders, banks, and credit unions, with the best option being the one that offers rates, terms, and features that suit your financial situation.

For example, if you value a fast and convenient loan application process, an online lender may be ideal. On the other hand, if lower rates and in-person support are important to you, consider a bank loan or credit union loan.

How to choose the best personal loan

When comparing personal loans, consider the following factors:

Pre-qualification. Many online lenders allow you to pre-qualify and check your estimated interest rate without affecting your credit score. It’s beneficial to pre-qualify with multiple lenders to compare loan features and rates.

Annual percentage rates. APRs provide a comprehensive cost comparison, including interest rates and fees. Use a personal loan calculator to determine monthly payments and total costs.

Funding time. The time it takes to receive a personal loan varies by lender type, with online lenders typically offering faster approval and funding compared to banks and credit unions.

Repayment terms. A variety of repayment terms allows for flexibility in choosing a shorter-term loan with lower interest or a longer term with lower monthly payments, based on your financial situation.

Loan amount. Determine the amount you need and choose a lender that offers suitable loan amounts, ranging from small to midsize or larger loan amounts.


Special features. Look for lenders that offer perks such as autopay rate discounts, unemployment protection, or financial planning services to help you achieve your financial goals.

Personal loan interest rates and fees

Interest rates on personal loans vary by lender and are influenced by factors like credit score, income, and debt-to-income ratio. Consider the average interest rates on personal loans and watch out for additional fees like origination fees, late fees, and insufficient funds charges.

How to get a personal loan

  1. Check your credit. Your credit score plays a significant role in loan qualification and the interest rate you receive. Take steps to improve your credit score and pay down debts before applying for a personal loan.

  2. Pre-qualify with multiple lenders. Pre-qualifying allows you to compare rates and terms from different lenders. Choose the offer that best fits your budget and financial needs.

  3. Apply. Complete the formal application process by submitting required documents for identity and income verification. Upon approval, you can expect to receive funds within a week.

Pros and cons of personal loans

Consider your financial situation and the purpose of the loan to determine if a personal loan is the right choice for you.

Pros

Lower starting APRs than credit cards. Personal loans typically offer lower APRs than credit cards, especially for borrowers with strong credit. Fixed rates and monthly payments provide clarity and predictability in repayment.

Fixed rates and monthly payments. Personal loans provide stability with fixed rates and monthly payments over a defined term, unlike variable rates associated with other financing options.

Flexible loan amounts. Depending on your creditworthiness and the lender, personal loans offer flexible loan amounts that can cover a wide range of expenses.


No collateral. Unsecured personal loans do not require collateral, unlike home equity loans, which can add risk but do not jeopardize your assets.

Cons

Maximum APRs can be high. Borrowers with low credit scores may face higher APRs compared to credit cards.

Possible fees. Additional fees such as origination or late fees may apply to personal loans, impacting the total cost of borrowing.

Increase in debt. Taking on a personal loan adds to your debt load, so it’s crucial to consider the financial implications and ensure you can manage repayment.

Summary of personal loan pros and cons

  • Lower starting APRs than credit cards.

  • Fixed rates and monthly payments.

  • Maximum APRs can be high.

  • Fees are possible, depending on the lender.

  • Increases the debt you owe.

Next step: Pre-qualify for a personal loan


To explore personal loan options, pre-qualify on NerdWallet to compare rates from various lenders affiliated with us. Pre-qualification involves a soft credit check that has no impact on your credit score.

Explore personal loans and lenders in each of these categories:

Discovering the Optimal Destination for Obtaining a Personal Loan

Embark on your journey to secure a personal loan by exploring the realms of online lenders, banks, and credit unions. The ideal choice will align with your unique financial circumstances, offering rates, terms, and features tailored to fulfill your needs.

Consider this: if expediency and seamless application processes are paramount to you, the realm of online lenders may hold the key. On the flip side, if you prioritize lower rates and personalized support, traditional bank loans or credit union options may serve you better.

Decoding the Art of Selecting the Perfect Personal Loan

Unveil the mysteries of the personal loan realm by delving into the following considerations as you navigate through various loan options.

Pre-qualification. Harness the power of pre-qualification to estimate your interest rate without impacting your credit score. Embrace the wisdom of comparing multiple lenders and their offerings to make an informed decision.

Annual percentage rates. Dive into the realm of APRs that encapsulate both interest rates and fees, providing a clear cost comparison. Envision your financial landscape by utilizing a personal loan calculator to decipher monthly payments and overall expenses.

Funding time. Unlock the secrets of varying funding timelines based on lender types, with online lenders offering swift approvals and disbursements compared to the potential delays with banks and credit unions.


Repayment terms. Embrace the freedom of choosing from a plethora of repayment options, allowing you to tailor your loan to align with your financial goals and constraints.

Loan amount. Navigate through the diverse offerings of loan amounts from different lenders to find the perfect match for your financial endeavors, whether you seek a modest sum or a substantial financial boost.

Special features. Uncover hidden gems like autopay discounts or unemployment protection offered by certain lenders that could elevate your financial journey and help you achieve your aspirations.

Best Personal Loans of April 2024

In today’s fast-paced world, financial flexibility has become more important than ever. Whether you need to cover unexpected expenses, consolidate debt, or fund a major purchase, a personal loan can provide the financial boost you need. However, with so many options available in the market, it can be overwhelming to choose the right personal loan that fits your needs. To help you navigate through the sea of choices and find the best personal loans of April 2024, we have compiled a list of top lenders offering competitive rates and terms.

1. First National Bank
First National Bank has been a trusted name in the banking industry for years, and they continue to offer excellent personal loan options in April 2024. With competitive interest rates and flexible repayment terms, First National Bank makes it easy for borrowers to find a loan that suits their needs. Whether you need a small loan to cover unexpected expenses or a large loan for a major purchase, First National Bank has you covered.

2. Wells Fargo
Wells Fargo is another reputable lender that offers a variety of personal loan options to fit different financial needs. With low interest rates and no origination fees, Wells Fargo is a popular choice among borrowers looking for a hassle-free borrowing experience. Whether you need to consolidate debt, pay for a wedding, or fund a home improvement project, Wells Fargo has a loan option for you.

3. Chase
Chase bank is known for its customer-friendly approach to banking, and their personal loan options are no exception. With competitive rates and flexible repayment terms, Chase makes it easy for borrowers to find a loan that fits their budget. Whether you need a loan for a major expense or a small loan for emergencies, Chase has a solution for you.

4. Discover
Discover is a popular online lender that offers personal loans with competitive rates and no origination fees. Discover’s easy online application process and quick funding make it a convenient option for borrowers who need funds fast. Whether you need a loan for debt consolidation, home improvements, or any other purpose, Discover has a loan option that fits your needs.

5. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a well-known online lender that offers personal loans with competitive rates and no fees. With flexible repayment terms and a quick application process, Marcus makes it easy for borrowers to get the funds they need quickly. Whether you need a loan for a major purchase or to cover unexpected expenses, Marcus has a loan option that fits your needs.


Choosing the Best Personal Loan for You

When considering which personal loan is the best fit for you, it’s important to consider several factors, including interest rates, repayment terms, fees, and customer service. Before applying for a personal loan, take the time to compare offers from different lenders to find the best deal. Look for a lender that offers competitive rates, flexible repayment terms, and excellent customer service to ensure a positive borrowing experience.

Additionally, be sure to read the fine print of the loan agreement carefully to understand all terms and conditions before signing. Look out for any hidden fees or penalties that may apply, and make sure you are comfortable with the repayment schedule before agreeing to the loan. By doing your research and choosing a reputable lender, you can find the best personal loan for your needs in April 2024.

In conclusion, the best personal loans of April 2024 offer competitive rates, flexible terms, and excellent customer service to help borrowers meet their financial goals. By comparing offers from different lenders and choosing a reputable lender that fits your needs, you can find a personal loan that provides the financial boost you need. Whether you need funds for emergencies, debt consolidation, or major purchases, there is a personal loan option out there for you. Start your search today and take control of your finances with the best personal loan for you.