One size does not fit all when it comes to personal loans.

The rate difference for a personal loan boils down to a few key factors.

Generally, the higher your credit score, the lower your interest rate.

The type of lender you choose is important too.

Banks tend to charge the highest interest rates because they are the most risk-averse and have high operation costs.

Online lenders, by contrast, don’t have the same overhead costs as banks and are competing for your business, so they tend to offer better rates.

If you go the online route, loan marketplaces are the best place to start your search.

Marketplaces, such as LendingTree, allow you to submit one application and instantly compare rates from the lenders in their network.

If you’re looking for the best online lenders, start with these industry leaders:

1. LendingTree

Best for: Borrowers with fair credit and above - Easily shop around

  • Loan Marketplace
  • All Credit Scores
  • Loan Amount: $5,000 to $50,000
  • APR range: 3.99% - 35.99%


2. Credible

Best for: Borrowers with good credit who want to compare multiple offers

  • Loan Marketplace
  • Minimum Credit Score: All credit scores
  • Loan Amount: Up to $5,000 to $100,000
  • APR range: 4.99% - 35.99%


3. AmOne   

Best for: Borrowers with low credit who need funds fast

  • Loan Marketplace
  • All Credit Scores
  • Loan Amount: Up to $1,000 to $40,000
  • APR range: 4.99% - 35.99%


MORE: Answer 5 questions to find the right lender for you >>

4. LendingPoint

Best for: Borrowers with poor credit who want a direct lender

  • Direct Lender
  • Minimum Credit Score:  All credit scores
  • Loan Amount: Up to $3,500 to $40,000
  • APR range: 15.49% - 35.99%


Shopping around can save borrowers 35% on the interest of their loan. The added advantage of a marketplace is that borrowers can apply with multiple lenders without having a hard credit check (which can negatively affect your score). If you’re looking for more information on the top lenders of 2019, take a look at our expert reviews and helpful advice.