Best Personal Loans for December 2024

Why Trust Us

Investopedia collected thousands of data points from dozens of lenders to evaluate the factors most important for borrowers. We used this information to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and other factors to support our mission to provide unbiased, comprehensive reviews and help you make the right financial decisions. Investopedia launched in 1999 and has been researching and evaluating personal loan lenders since 2019.

How We Choose the Best Personal Loans 

Investopedia collected more than 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies to evaluate and rank the best personal loan providers. We identified and collected 45 criteria, including APRs, loan amounts and terms, fees, customer experience, and more. Our criteria and ratings are also informed by speaking to hundreds of borrowers about their personal experiences with personal loan lenders and their views on the process. Research and data collection began on July 23 and concluded on October 18, 2024.

We organized the 45 criteria into four categories. We then scored and weighted 26 criteria to develop our overall star rating for each lender (1,500 data points in all), using the remaining criteria for background and editorial richness. The categories and their weights for this project are:

• Loan Costs (APRs, origination and late fees, autopay discount): 30%
• Borrowing Requirements (Secured loans, membership requirement, minimum credit score, and four other factors): 24%
• Lender Features (Online experience, educational resources, pre-qualification, and seven other features): 24%
• Loan Terms (Loan terms and amounts, funding time, approval process): 22% 

To maintain the integrity of the data following collection and analysis, Investopedia’s compliance team monitors changes to key details, like interest rates and fees. Compliance team members then update our pages to ensure they are accurate as of the date on the byline.

Learn more about how we evaluate personal loans in our complete methodology.