How To Get a $25,000 Personal Loan (May 2024 Guide) (2024)

Interest Rate (APR)6.99% to 25.49%Term Options24 months to 144 monthsLoan Size Offered$5k to $100k

LightStream Overview

LightStream is an online lender that makes it simple to apply for personal loans. LightStream stands out for charging no fees and one of the widest ranges of loan terms, from 24 to 144 months. But to qualify, you need to have good or excellent credit.

Pros & Cons

Pros Fast application can be completed in minutes Funds may be available the same day No fees or prepayment penalties Autopay discount available for 0.5% off Cons Wide range of stated rates means limited clarity during the research and application process Only available for good-to-excellent credit profiles No in-person branches to visit

LightStream Eligibility Requirements

LightStream prefers good to excellent credit scores, so around 670 to 850 on the commonly used FICO scale. LightStream will also evaluate your financial profile to ensure that you have sufficient income and assets to handle paying down the loan alongside any debt you already have. You must also have a valid Visa or MasterCard credit card for verification purposes.

Interest Rate (APR)8.99% to 29.49%Term Options24 months to 84 monthsLoan Size Offered$5k to $100k

SoFi Overview

SoFi offers personal loans from $5,000 to $100,000 and terms from two to seven years. You can get support from their customer service over chat and phone so you can feel confident during the application and loan closing process.

Pros & Cons

Pros Same-day personal loan funding is available Autopay discount of 0.25% Fixed interest rates for the term of your loan No origination fees, prepayment penalties or late fees for qualified borrowers “Unemployment protection” may pause your payments if you lose your job Cons May charge an origination fee up to 6% Credit score of 670 or more may be necessary Not available in all states

SoFi Eligibility Requirements

SoFi considers credit history alongside current income and financial history during the approval process. If you are not currently employed, you must have an offer of employment starting within the next 90 days. SoFi is not licensed in all states, so you shouldverify state eligibilitybefore applying.

Interest Rate (APR)7.99% to 17.99%Term Options12 months to 60 monthsLoan Size Offered$600 to $50k

PenFed Overview

Not everyone needs a large personal loan, and that’s where lender PenFed comes in. PenFed Credit Union offers loans from $600 to $50,000. However, if you need money fast, PenFed may not be the best option. You’ll need to join the credit union to qualify, and it does not offer same-day funding.

Pros & Cons

Pros No fees for early payoff origination or other hidden fees Small loans available from $600 Competitive rates ranging to the lower end of potential rates Cons Must become a member of PenFed Credit Union to receive funds Loans capped at $50,000 No same-day fund delivery available

PenFed Eligibility Requirements

PenFed does not state a required credit score for eligibility, but does indicate that a score of at least 580 is needed in general for personal loans. PenFed offers prequalification resulting in several preapproved offers to choose from for your official application. Borrowers must become members of PenFed Credit Union before taking on the loan.

Interest Rate (APR)7.99% to 24.99%Term Options36 months to 84 monthsLoan Size Offered$2.5k to $40k

Discover Overview

Discover is a familiar name offering personal loans from $2,500 to $40,000 with competitive rate options. Loans are available in 36- to 84-month terms. However, you can’t get money delivered to you the same day, and you’ll need to pay a late fee if you’re behind on a payment.

Pros & Cons

Pros Competitive low rates available for desirable applicants Smaller loans available, starting at $2,500 No prepayment penalties Cons Wide range of rates makes it difficult to know what to expect during the application process Discover charges late fees No same-day funds available Loans capped at $40,000

Discover Eligibility Requirements

Discover requires that borrowers be U.S. citizens or permanent residents and at least 18 years old. They must have an individual or household income of at least $25,000. Borrowers must provide a physical address and email address during the application process.

Interest Rate (APR) 7.80% to 35.99%

Upstart Overview

Sometimes, a loan can help you improve a bad credit history by consolidating debt, but getting approved for apersonal loan with a low credit scorecan be difficult. Upstart takes into consideration things like your education* and employment weighted alongside your credit score to give you the best chance of approval.

Pros & Cons

Pros Available for some borrowers with bad credit Small loan amounts available starting at $1,000** Fixed interest rates for simple budgeting No prepayment fees Cons Loans capped at $50,000 Wide range of interest rates with some on the high end (up to 35.99%***) make Upstart loans potentially expensive Upstart loans may come with origination fees of up to 12%

Upstart Eligibility Requirements

Upstart loan applicants must have a valid U.S. street address, be 18 years old, have a valid email and verifiable personal information such as Social Security number and date of birth. Borrowers must have a regular source of income providing at least $12,000 per year. Applicants must also meet minimum credit requirements such as at least one consumer credit report, no new adverse credit changes, no recent bankruptcies, no current delinquent accounts, a debt-to-income ratio maximum of 45% to 50% and fewer than six credit inquiries in the last six months for credit outside student loans, vehicle loans or mortgages. Upstart is not available to residents of West Virginia or Iowa.

Interest Rate (APR)8.74% to 24.99%Term Options12 months to 60 months (for non-customers)Size Offered$1k to $50k

U.S. Bank Overview

Sometimes, it pays to borrow from a new bank, and that’s what customers may find when applying for a personal loan from U.S. Bank. Customers of U.S. Bank often see better borrowing perks versus non-customer applicants, including a lower required credit score, double the borrowing potential and extended terms.

Pros & Cons

Pros Minimum required FICO score of 660 required Loan terms from 12 to 84 months Loan amounts from $1,000 to $50,000 No origination fees or prepayment penalties Autopay discount of 0.5% available Cons Non-U.S. Bank customers need a higher minimum required FICO score of 720 Non-U.S. Bank customer loan terms are limited to a maximum of 60 months Non-U.S. Bank customer loan amounts are limited to $25,000

U.S. Bank Eligibility Requirements

U.S. Bank requires a FICO Score of 660 or above for personal loans for current customers looking to borrow. Borrowers who are not customers will need a FICO Score of 720. Applicants must be able to provide a Social Security number, physical address and employment information.

Interest Rate (APR)8.49% to 35.99%Term Options24 months to 84 monthsLoan Size Offered$1k to $50k

Upgrade Overview

Upgrade is an online lender that helps customers qualify for loans from $1,000 to $50,000. Customers may get rate discounts by using autopay and having debt paid off directly.

Pros & Cons

Pros No prepayment fees Offer to get a $200 bonus when you open an Upgrade checking account Adjustable payment dates to meet your budget needs Cons Origination fee of 1.85% to 9.99% Upstart does charge late fees Best rates require autopay and applicable direct debt payoffs

Upgrade Eligibility Requirements

Loan applicants with fair creditmay be considered by Upgrade, however applicants will need to provide income and identity documents.

Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k

Wells Fargo Overview

For customers looking to borrow from a lender with the option for in-person branch visits, Wells Fargo personal loans are worth consideration. Loans are available from $3,000 to $100,000 with terms ranging from 12 to 84 months. However, Wells Fargo only offers existing customers personal loans, so applicants must have an account for at least 12 months.

Pros & Cons

Pros No origination or closing fees No prepayment penalty Relationship discount of 0.25% to 0.5% is available to those with a qualifying checking account and making automatic payments from a Wells Fargo deposit account Cons Must be a Wells Fargo customer for at least 12 months to apply Wells Fargo may charge late fees If autopay turns off, monthly payments and interest rates may increase

Wells Fargo Eligibility Requirements