How to Find the Best Personal Loan

The best personal loan is one that offers competitive rates and terms, a fast application process and easy access to your money. It’s also a lender that listens to your needs and financial goals and treats you with consideration and respect throughout your relationship. These lenders offer low or no origination fees, flexible loan amounts and terms and competitive interest rates based on your creditworthiness.

The rate you receive on a personal loan is determined by your credit score, income, outstanding debt and history of on-time payments. The lowest rates typically go to borrowers with excellent credit scores, high incomes and a low debt-to-income ratio. But even if you have good credit, it’s worth shopping around for the lowest available rates to make sure you’re getting the most competitive deal.

Discover offers a variety of flexible personal loan options with low or no origination fees, and quick funding. Its online application is user-friendly and offers a helpful dashboard that shows your loan details in real time. It also provides an option to pay off your debt with the proceeds of your loan, which can reduce your overall interest rate by eliminating late and overdue payments.

A few lenders, including SoFi and Happy Money, specialize in personal loans to pay off existing credit card debt. These lenders often charge a lower rate than what you’d find on a new personal loan and reward borrowers with a discount for allowing them to pay off their credit cards directly.