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ClearValue Lending

Personal

Personal Loans

Unsecured personal loans for debt consolidation, home improvements, medical bills, and major purchases — ranked by APR, term, and approval credit-box.

ClearValue Lending Team· Scored against ClearValue's published methodology·Updated

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What to know before you compare

Personal loans are unsecured installment loans — fixed term, fixed monthly payment, no collateral. Used for debt consolidation, home improvement, medical bills, weddings, and large one-time purchases. The 2026 market splits between bank lenders (cheaper, slower, tighter credit-box) and online/fintech lenders (faster, broader credit-box, higher APR).

The buying guides below rank by APR + term flexibility + realistic approval at typical FICO bands. See personal loan vs. line of credit if you're deciding between a lump sum and a revolving option, or HELOC vs. personal loan if you're a homeowner weighing collateral against speed. Scored against ClearValue's published methodology. Updated September 2026.

◆ ClearValue editorial analysis

Personal lending is at a record — and splitting by risk tier

TransUnion's Q2 2026 Consumer Credit Industry Insights Report found personal loan originations reached 6.4 million loans in Q1 2026, up 19.5% from 5.4 million loans in Q1 2025 — the fourth straight quarter of double-digit origination growth. Outstanding personal loan balances hit a record $281 billion in Q2 2026, up 9.6% from $246 billion a year earlier, spread across 26.9 million borrowers (+8.3% year-over-year).

The growth isn't uniform across the credit spectrum: subprime origination volume grew 29% year-over-year in Q1 2026, more than triple super-prime's 9% growth — lenders are extending more credit at the riskier end of the market even as balances broaden overall. For the wider context, the Federal Reserve's G.19 consumer credit release showed nonrevolving credit (the category personal installment loans sit within, alongside auto and student debt) growing at a 4.8% seasonally adjusted annual rate in July 2026, reaching $3,815.8 billion outstanding in June 2026 — personal loans remain a small but fast-growing slice of that total.

Primary sources: TransUnion — Q2 2026 Consumer Credit Industry Insights Report (newsroom.transunion.com) · Federal Reserve — G.19 Consumer Credit release, July 2026 (federalreserve.gov)

Analysis by the ClearValue Editorial Team, applying our published scoring methodology.

This analysis combines cited public data (Federal Reserve, FDIC, FTC, CFPB, SBA/USDA, NAIC, ICI, BLS) with ClearValue's own cost math and category comparison — it is not proprietary ClearValue portfolio data. Rates, APYs, fees, and program terms move; figures carry an as-of date and you should verify current numbers at the linked primary sources and with the provider before deciding. Educational information, not financial, legal, or tax advice.

Frequently asked questions

What credit score do you need for a personal loan?+

Requirements vary by lender. Many online lenders extend personal loans starting around 580-640 FICO, though the lowest advertised APRs are generally reserved for borrowers above 720. Below roughly 600, options narrow and rates rise sharply. Lenders also evaluate income, existing debt, and debt-to-income ratio — a strong income profile can sometimes offset a middling score, and vice versa.

How does a personal loan work?+

A personal loan is an unsecured installment loan: you borrow a fixed amount, then repay it in equal monthly payments over a set term, typically two to seven years. The interest rate is usually fixed, so the payment stays the same for the life of the loan. Because most personal loans are unsecured, approval and pricing rest on creditworthiness rather than collateral. See how to get a personal loan for the application steps.

What can a personal loan be used for?+

Most personal loans are general-purpose and can fund debt consolidation, home improvements, medical bills, weddings, moving costs, or large one-time purchases. Some lenders restrict use — commonly prohibiting post-secondary tuition, gambling, or business expenses — so check the loan agreement. Debt consolidation and credit-card refinancing are among the most common and financially sound uses — see is a personal loan worth it for debt consolidation for the math on when it lowers your blended rate.

What is the difference between a secured and unsecured personal loan?+

An unsecured personal loan requires no collateral; approval depends on credit and income, and the lender's only recourse on default is collection or legal action. A secured loan is backed by an asset — a savings account, vehicle, or CD — which the lender can claim if you default. Secured loans often carry lower rates or open access for thinner credit profiles, but they put the pledged asset at risk.

Does prequalifying for a personal loan affect your credit?+

Most lenders let you prequalify or check estimated rates using a soft credit inquiry, which does not affect your score and lets you compare offers. A hard inquiry — which can lower your score by a few points — generally happens only when you formally submit an application and accept terms. Prequalifying with several lenders within a short window is a common way to shop without meaningful credit impact.

How fast can you get a personal loan?+

Many online and fintech lenders fund approved personal loans within one to three business days, and some offer same- or next-day funding. Traditional banks and credit unions can take several business days to a couple of weeks. Speed depends on verification — having income documents, identity, and bank details ready typically shortens the timeline. Faster funding does not necessarily mean a higher rate — see Discover vs. Best Egg personal loans for a head-to-head on funding speed and rate.

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