CLEARBORROW · UPDATED NOVEMBER 12, 2026
Personal loans: compare amounts, costs and lenders
A personal loan gives you a lump sum that you repay in scheduled payments, usually monthly and usually without collateral. Compare offers on the same amount by APR, fees deducted at funding and total repayment, not by the monthly payment alone. Banks and credit unions are often cheaper than online high-cost lenders; matching websites only pass your request on.
What is a personal loan?
A personal loan is money borrowed for personal, family or household use and repaid in installments over a set term. Most are unsecured, so the lender relies on your credit history and income rather than collateral. The CFPB describes how these loans work, including that lenders look at your ability to repay and that missed payments can lead to fees and credit damage: CFPB: personal installment loans ↗.
The label covers very different products. A credit union loan at a moderate rate and an online loan with a triple-digit APR can both be called personal loans, so the name tells you little about price.
Personal loans by amount
The amount you need changes which products are realistic and which costs matter most.
| Amount you need | What usually changes | Guide |
|---|---|---|
| $100 to $300 | Many lenders’ minimums are higher; an advance or a bill arrangement may fit better | $100 to $300 loans |
| About $500 | Fees deducted at funding can leave you short of $500 | $500 personal loans |
| $1,000 to $2,000 | Monthly installments become common; compare term length and total cost | $1,000 to $2,000 loans |
| About $50 | Most lenders will not go this low; apps or a due-date change usually cost less | $50 loans |
| $3,000 | APR and term change the total far more than anything else | $3,000 loans |
| $5,000 | The maximum at several high-cost lenders; check deducted fees | $5,000 loans |
| $10,000 | Usually five-year terms; fewer high-cost lenders go this high | $10,000 loans |
| Small amounts in general | Minimums, usable cash and repayment fit | Small personal loans |
| Larger amounts over months or years | Rate, term and origination fee drive the total | Installment loans |
Independent lender reviews
These lenders are not ClearBorrow partners; we review them from their own published terms: Oportun (APR up to 35.99%), NetCredit (34.99%–99.99%), OppLoans (99%–195%) and RISE (about 60%–299%). Mainstream online lenders: Upstart, Avant, OneMain, Upgrade, LendingClub (Happen Bank), Best Egg, SoFi and CreditNinja.
Personal loans by credit situation
With bad credit, compare small personal loans for bad credit and installment loans for bad credit. With a short or thin credit file, see loans with fair or no credit history. If you want to avoid a hard inquiry altogether, read no credit check loans first: they tend to cost more.
Other situations have their own checks: no job, no income verification, students and military and veterans.
Where to get a personal loan
- Banks and credit unions. Often the lowest rates for members with steady income. Federal credit unions can also offer small payday alternative loans. See bank and credit union personal loans.
- Online lenders. Fast applications and a wide price range, from mainstream rates to very high-cost products. Check the lender’s name and state license before signing.
- Loan matching services. Websites that send one request to many lenders. They do not lend themselves. See direct lenders vs matching services and our service reviews.
- Peer-to-peer platforms. Investors fund the loan through a platform. See peer-to-peer personal loans.
How to compare personal loan offers
The APR includes interest and certain fees, so it is the better number for comparing offers of the same amount and term (CFPB: interest rate vs APR ↗). Also check whether an origination fee is deducted from the money you receive (CFPB: personal loan fees ↗).
Example: $2,000 over 24 months with equal monthly payments. Our arithmetic, not an offer.
| Scenario | Cash you receive | Monthly payment | Total repaid | Cost vs cash received |
|---|---|---|---|---|
| 24% interest, no fee | $2,000.00 | $105.74 | $2,537.81 | $537.81 |
| 24% interest, 5% fee deducted | $1,900.00 | $105.74 | $2,537.81 | $637.81 |
| 36% interest, no fee | $2,000.00 | $118.09 | $2,834.28 | $834.28 |
The deducted fee does not change the payment, but you receive $100 less, so the real cost of the money you can use rises. Use the loan calculator with your own figures, and read how to compare loan offers.
Personal loan or something else?
A personal line of credit lets you draw only what you need (CFPB: personal line of credit ↗). For a gap of a few days, compare cash advance apps; for a one-payment loan, read payday loans and installment vs payday loans before deciding. To combine debts, see small debt consolidation loans.
Before you apply
- Prequalify where a lender offers a soft check; a full application usually brings a hard inquiry (CFPB: credit inquiries ↗).
- Borrow the amount you need, not the maximum offered, and confirm the cash you will actually receive.
- Check the payment against your budget after essential bills, including a month when income is late.
- Never pay a fee up front to “guarantee” a loan; legitimate lenders do not ask for that (FTC: advance-fee loans ↗).
- Read the Truth in Lending disclosure: APR, finance charge, amount financed and total of payments.
Personal loan questions
How much can I borrow with a personal loan?
It depends on the lender, your income and your credit. Advertised maximums are not offers; ask for the amount you need and check the minimum.
Does checking my rate hurt my credit?
A soft-check prequalification does not affect your score. A formal application usually triggers a hard inquiry, which can lower it slightly for a while.
Are personal loans cheaper than payday loans?
Usually, but not always. Some online installment loans carry APRs in the hundreds. Compare APR and total repayment on the same amount.
How fast can I get a personal loan?
Some lenders fund within days, but timing depends on approval, verification and your bank. Do not plan a bill payment around an advertised speed.
Sources
- CFPB: what is a personal installment loan ↗
- CFPB: personal installment loan fees ↗
- CFPB: interest rate vs APR ↗
- CFPB: hard and soft credit inquiries ↗
- CFPB: personal line of credit ↗
- FTC: advance-fee loan scams ↗
Sources checked November 12, 2026. Worked examples are hypothetical, not offers. How we use sources.