Best Personal Loans 2026: Compare Rates & Get Approved (SoFi vs LightStream vs Upstart)
Personal loans can fund home improvements, debt consolidation, or emergencies. With rates varying by lender and credit score, shopping around can save thousands. This guide compares SoFi, LightStream, Upstart, and others for the best personal loan in 2026.
Why Personal Loan Rates Dropped in 2026
According to Bankrate, average three-year personal loan rates fell to 13.83% in late 2025, with five-year loans at 18.46%. Fed rate cuts have helped. Borrowers with good credit (680+) often qualify for single-digit APRs at LightStream and SoFi.
Comparison Table: APR, Fees, Loan Amount
| Lender | APR Range | Loan Amount | Origination Fee |
|---|---|---|---|
| LightStream | 6.24% – 34.89% | $5,000 – $100,000 | None |
| SoFi | 8.75% – 35.59% | $5,000 – $100,000 | None |
| Upstart | 6.40% – 35.99% | $1,000 – $50,000 | 0% – 12% |
| Discover | 7.99% – 24.99% | $2,500 – $40,000 | None |
Origination fees reduce your proceeds. Factor them into total cost.
Pre-Qualification: Check Rates Without Hurting Your Credit
Most lenders offer soft pulls for pre-qualification. You’ll see estimated rates and amounts without a hard inquiry. Apply to multiple lenders within 14–45 days—credit bureaus often treat multiple inquiries as one shopping event.
Practical Case: $15,000 Loan at 10% vs 18% APR
On a five-year $15,000 loan, 10% APR costs about $4,100 in interest. At 18%, you pay $7,600. Shopping for the best rate can save over $3,500.
When to Avoid Personal Loans
Federal student loans: consolidating forfeits income-driven plans and forgiveness. Credit card debt: a 0% balance transfer may beat a loan if you can pay off within the promo period. Run the numbers.
Best Personal Loan for 2026: Our Recommendation
LightStream and SoFi lead for excellent credit. Upstart suits fair credit. Discover offers no origination fees. Pre-qualify with multiple lenders before committing.
Get pre-qualified: Compare at SoFi, LightStream, or Upstart—most soft pulls take under 2 minutes.