Where Can I Get a Personal Loan? 5 Best Options To Know

If you’re looking for a personal loan, you likely have more options than you even realize. Banks, credit unions, online lenders, loan apps and peer-to-peer (P2P) platforms all offer personal loans, each with their own unique pros and cons. The best place to get a personal loan depends on your credit, how much you need to borrow and how fast you need it.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Quick Take

• You can get a personal loan from a bank, credit union, online lender, loan app or P2P platform.

• Loan amounts typically range from a few hundred dollars to $100,000, depending on the lender and your qualifications.

• Annual percentage rates (APRs) go up to 36% and are heavily impacted by your credit score.

• Online lenders and loan apps tend to offer the fastest funding, which could be as quick as same-day or next-day options.

• Banks and credit unions often offer the lowest rates but may have stricter requirements.

• The best place to get a personal loan is wherever you can qualify for the lowest APR, with terms you can comfortably repay on time.

What Are the Best Places to Get a Personal Loan?

Here’s a quick overview of the most common options for places to get a personal loan:

Keep in mind that these are general ranges and benchmarks for each option based on current market data. Offers can also vary significantly by lender, and will be impacted by factors like your credit score, income and more.

Here’s an example:

• You have consistent high income, a great credit score and a straightforward application with all the required documentation. You could be approved at a competitive rate quickly.

• That same lender may take a week or more to approve someone with a more complicated application, or give someone with a lower credit score a higher APR.

If you’re running into issues getting approved, it may be worth understanding why you can’t get a loan and what lenders are looking for.

How Do Banks, Credit Unions and Online Lenders Compare?

Banks

• Best for: Borrowers with good credit and an established relationship.

• Speed: Typically one to five business days for straightforward applications

• Requirements: Good credit score, steady income, sometimes an existing account

Banks are a solid starting point if you already have an account there, have good credit and want traditional personal loans.

Many of the best banks offer relationship discounts, which means you may qualify for a lower rate if you have a checking or savings account with them. That existing relationship can also speed up the approval process.

For example, Wells Fargo offers personal loans with rates starting at 6.74% APR for existing customers who enroll in autopay, while TD Bank offers loans up to $50,000 with APRs ranging from 7.99% to 23.99%.

Credit Unions

• Best for: New and existing members who want low, predictable rates.

• Speed: Typically one to seven days.

• Requirements: Membership, good credit, proof of income.

Credit unions are member-owned, which means profits go back to members in the form of lower rates and fees. The National Credit Union Administration (NCUA) actually caps interest rates at 18% APR, so no matter what, you won’t be paying more than 18%.

The catch? You typically need to be a member to borrow. Some of the best credit unions are open to anyone. PenFed Credit Union, for example, allows anyone to join and offers personal loans up to $50,000 starting at 6.09% APR with autopay.

Others restrict membership based on specific eligibility criteria like location-based residency or employment with specific companies.

Online Lenders

• Best for: Borrowers who want fast funding or an easy way to compare rates.

• Speed: Same day to three business days.

• Requirements: Varies, with some accepting fair credit, though proof of income is typically required.

Online lenders are often the fastest and most flexible option. You can compare rates from multiple lenders in minutes, and many offer same-day or next-day funding. They also tend to be more willing to work with borrowers who have fair credit, though rates often climb as credit scores drop.

Loan Apps

• Best for: People who need a small amount of cash quickly and can repay it soon.

• Speed: Minutes to one business day.

• Requirements: Active bank account with regular direct deposit history.

Loan apps aren’t traditional personal loans. They’re short-term cash advances based on your direct deposit history. They’re fast and easy to use, but they’re designed for small, relatively urgent needs and not large purchases.

For example, Earnin lets you access up to $150 per day from your paycheck early for a small fee.

P2P Platforms

• Best for: Borrowers who prefer non-bank lenders and don’t mind a slightly longer process.

• Speed: Typically three to seven days, but can be more.

• Requirements: Credit check required — usually 600 minimum

P2P lending platforms connect borrowers directly with individual investors. Instead of borrowing from a bank, you’re borrowing from people who have funded a pool of loans. Rates can be competitive, but most platforms require a minimum credit score and many charge origination fees.

For example, Proper offers loans with APRs ranging from 8.99% to 35.99% and origination fees of 1% to 9.99%.

Which Lender Is Best for Your Situation?

Choosing the right lender depends on your priorities — whether that’s getting the lowest rate, fast funding or more flexible approval criteria.

• Low rates 👉 Banks or credit unions

• Fast funding 👉 Online lenders or loan apps

• Flexible approval 👉 Online lenders or P2P platforms

• Small, short-term cash 👉 Loan apps

Can You Get a Personal Loan Without a Bank Account?

It’s difficult but not impossible to get a personal loan without a bank account. Most lenders — including online lenders — require a bank account to disburse funds and collect payments.

That said, some lenders may provide options:

• Credit unions can be the most flexible. Some allow you to open a membership with as little as $5, and then apply for a loan from there. This is a low barrier of entry if you’re otherwise qualified.

• Online lenders typically don’t require you to have an existing account with them. However, they do need somewhere to send the funds, so a bank account in general is still typically required.

• Loan apps often require an active bank account. They also typically require that account to have a direct deposit history, so they won’t be an option without one.

What Should You Look for in a Lender?

When considering different lenders, keep these factors in mind:

• APR: This is your total cost of borrowing, including interest and fees. Always compare APRs across lenders and look at the rate you’re likely to qualify for instead of just the advertised minimum.

• Fees: Watch for origination fees, prepayment penalties and high late payment fees. A lender with a slightly higher rate but no origination fee could cost less, depending on the other loan terms.

• Funding speed: If you need money quickly, prioritize lenders that offer same-day or next-day funding.

• Loan amounts and terms: Make sure the lender offers the amount you need and repayment terms that fit within your budget.

• Customer reviews: Lenders will always present themselves favorably on their own websites. Check third-party review platforms to see what real borrowers say about the experience.

How Do You Apply for a Personal Loan?

When applying for a personal loan, the process is fairly straightforward. Here’s what to expect:

1. Check your credit: Pull credit reports from all three credit bureaus at AnnualCreditReport.com. This gives you an idea of your current standing, but also look for any errors that could be dragging your score down.

2. Compare lenders: Use the guidance above as a starting point, and narrow down to two or three lenders that fit your credit profile and borrowing needs.

3. Prequalify with a soft pull: Most lenders allow you to check your estimated rate without affecting your credit score. Do this with a few lenders before committing to a full application process.

4. Gather your documents: You’ll typically need a government-issued ID and proof of income through documentation like pay stubs, tax returns or bank statements. Some lenders may ask for additional documentation.

5. Submit your application: Once you choose a lender, complete the full application. The lender will run a hard inquiry at this stage, which can temporarily lower your score by several points. For that reason, avoid applying to multiple lenders simultaneously.

6. Accept and receive funds: If you’re approved and you accept the loan terms, funds will be deposited directly into your bank account. The time frame depends on the lender.

How Do You Choose the Right Loan?

The right loan is the one you can qualify for at the lowest rate possible, with a monthly payment that fits comfortably in your budget.

Here are a few quick tips:

• If you already have a relationship with a bank or credit union, start there. You may get a better rate as an existing customer.

• If speed matters most, start your search with an online lender that advertises quick review and funding processes.

• If you only need a small amount to bridge a gap, a lending app may be the simplest solution.

Whatever you choose, make sure you understand the full cost of the loan — including any fees and your APR — before signing on the dotted line. And only borrow what you genuinely need and can comfortably afford to repay.

Key Takeaways

• You can get a personal loan from plenty of different types of lenders, including credit unions, banks, loan apps, online lenders or P2P platforms, but each has its own unique pros and cons.

• Banks and credit unions typically offer the most competitive rates, but may require good credit and an existing relationship.

• Online lenders may be the best choice if you’re prioritizing speed or easy rate comparisons.

• Always compare APRs — not just interest rates — and factor in costs like origination fees before choosing a lender.

• You can prequalify with a soft credit pull before submitting your full application, allowing you to rate shop while protecting your credit score.

Getting a Personal Loan FAQs

Where is the easiest place to get a personal loan? 

Online lenders are typically the easiest option for getting a personal loan. The application process is quick, requirements may be more flexible than traditional banks, and many work with borrowers across a range of credit scores.

Can I get a loan with bad credit? 

Yes, you can get a personal loan with bad credit, though your options are more limited and interest rates will typically be higher. Some online lenders like Upstart consider factors beyond your credit score — such as employment history and education.

How fast can I get approved for a personal loan? 

Online lenders can approve straightforward applications and deposit funds as quickly as the same or next business day. Banks and credit unions typically take several days to a week, while peer-to-peer platforms typically take a week.

Do I need a bank account to get a personal loan? 

Yes, most lenders require you to have a bank account to deposit funds and collect payments, and this is likely a condition for loan approval. If you don’t have one, you can open a basic checking account.

What happens if I get denied for a personal loan? 

If you get denied for a personal loan, start by finding out why, as lenders are required to provide an adverse action notice that explains why. Then, you can take action. If you need to improve your credit, reduce your debt-to-income ratio, or find a co-signer.

Karen Doyle contributed to the reporting for this article.

Photo credit: Geber86 / Getty Images