Best Unsecured Personal Loans – No Collateral Required

Best Unsecured Personal Loans - No Collateral Required

Unsecured personal loans are one of the most flexible borrowing methods since they require no collateral. This means that you don’t have to use an asset like your car or your home in order to secure the loan, which can provide huge peace of mind!

Unsecured personal loans can be used for a wide variety of expenses, including home additions, emergency repairs, big-ticket items like furniture and electronics, and more. The best unsecured loans have competitive rates, low fees, and an easy online application process.

Below are some of the best lenders that offer unsecured personal loans.

Overview of the best unsecured personal loans

Lender APR Loan amount Term length
Figure Varies Up to $50,000 Varies
Fiona Varies Varies Varies
Credible starting at 3.99% APR (with AutoPay)* $600 to $100,000 12 to 84 months
Payoff 5.99% to 24.99% APR $5,000 to $40,000 24 to 60 months
LightStream 2.49% to 19.99% APR $5,000 to $100,000 24 to 144 months
OneMain 18.00% to 35.99% APR $1,500 to $20,000 24 to 60 months
Avant 9.95% to 35.99% APR $2,000 to $35,000 24 to 60 months
Upstart 8.94% to 35.99% APR $1,000 to $50,000 36 to 60 months


  • The Best Personal Loans With No Collateral Required - FigureAPR – Varies.
  • Loan amount – Up to $50,000.
  • Term length – Varies.

If you’re looking for an unsecured personal loan with a quick and easy application process, Figure is a great option. You can apply in just a few minutes from the comfort of your own home, and checking your rate won’t affect your credit score.

Figure offers personal loans of up to $50,000, with rates and term lengths that vary depending on your eligibility and how much you want to borrow. Borrowers can choose from multiple fixed-term options that come with simple, predictable monthly payments.

Figure’s automated application process means that applying online is quick and easy. If your application is accepted, you can receive funding in just a few days, making this a great option for borrowers who need cash on a quicker timetable.

If you have any questions about your loan, you can access Figure’s customer service team any day of the week with any comments or concerns.

Learn more about Figure or read our full Figure review.


  • The Best Personal Loans With No Collateral Required - FionaAPR – Varies.
  • Loan amount – Varies.
  • Term length – Varies.

Unlike some of the companies on this list, Fiona isn’t actually a lender in and of itself. Instead, Fiona is a search, comparison, and recommendation engine where you can shop for personal finance products and compare rates between different lenders. 

You can apply entirely online, get matched with top providers, and receive funds right away if you’re approved. Using Fiona is entirely free to use and it won’t affect your credit score.

Because Fiona allows you to shop multiple different lenders in one convenient platform, it’s easy to compare different unsecured personal loans in order to make sure that you’re getting the best deal possible. If you have any questions along the way, Fiona’s library of personal finance articles can help you make informed decisions about borrowing and spending.

Learn more about Fiona or read our full Fiona review.


  • The Best Personal Loans With No Collateral Required - CredibleAPR – starting at 3.99% APR (with AutoPay)*.
  • Loan amount – $600 to $100,000.
  • Term length – 12 to 84 months.

Like Fiona, Credible is an online marketplace that allows borrowers to compare different lenders in order to find the financial products that best meet their needs. Unsecured loans offered through Credible have loan amounts ranging from $600 all the way up to $100,000, making Credible a great option whether you need a small loan of only a few hundred dollars for an emergency expense or a large loan of tens of thousands of dollars for an expensive renovation project.

While specific rates vary depending on the lender, Credible partners with lenders that offer loans with rates starting at 3.99% APR (with AutoPay)*. Borrowers with good credit may be able to qualify for lower rates. Term lengths vary from 12 to 84 months.

Another nice feature that Credible offers is the ability to fine-tune your search results in order to more accurately compare products. For example, you can view offers from lenders based on factors including the loan amount you need, your credit score, and the APR for the loan.

It’s fast and free to apply online, and checking your rates won’t impact your credit score. Because Credible features offers from multiple different lenders, it’s easy to compare your options in one place and make an informed decision about the best personal loan for you.

Learn more about Credible or read our full Credible review.


  • The Best Personal Loans With No Collateral Required - PayoffAPR – 5.99% to 24.99% APR.
  • Loan amount – $5,000 to $40,000.
  • Term length – 24 to 60 months.

As the name implies, loans from Payoff are specially designed to help borrowers consolidate high-interest debt. If you’re struggling with mountains of credit card debt, are trying to get out from under a predatory payday loan, or have other high-interest debt that’s weighing you down, Payoff can help you to consolidate it at a lower rate.

Because Payoff helps borrowers consolidate debt, it simplifies the repayment process, allowing borrowers to deal with just one simple monthly payment instead of juggling loans and credit cards from multiple different lenders.

Rates range from 5.99% to $24.99% APR, which is substantially lower than many forms of high-interest debt such as credit cards, title loans, and payday loans. This means that you can save on interest while you work on paying down your debt.

Loan amounts range from $5,000 to $40,000, so even if you have a hefty debt burden, Payoff can still be a good option. On the other hand, if you’re trying to consolidate debt of less than $5,000, Payoff probably isn’t the best choice. Term lengths range from 24 to 60 months.

Learn more about Payoff or read our full Payoff review.


  • The Best Personal Loans With No Collateral Required - LightStreamAPR – 2.49% to 19.99% APR.
  • Loan amount – $5,000 to $100,000.
  • Term length – 24 to 144 months.

If you’re looking for a lender for an unsecured personal loan that comes highly reviewed by borrowers, LightStream is a great option. The lender is ranked number one in customer satisfaction for personal loans in the J.D. Power 2020 U.S. Consumer Lending Satisfaction Study, with many satisfied customers weighing in.

LightStream also features an easy online application process that takes just a few minutes and allows you to check your rates for free. If your application is approved, you can receive funding as soon as the same day. You can use a personal loan from LightStream for a wide range of expenses, from a medical expense to a wedding to a home improvement project.

Rates range from 2.49% to 19.99%, which are some of the most competitive ranges available. Borrowers can access loans from $5,000 to $100,000, making LightStream a flexible borrowing option no matter how much money you need. Term lengths range from 24 to 144 months.

LightStream has some of the most attractive personal loans for prospective borrowers, but they’re also more difficult to qualify for. Borrowers should have several years of credit history, a good credit score, and stable and sufficient income in order to be approved for a loan.


  • The Best Personal Loans With No Collateral Required - OneMain FinancialAPR – 18.00% to 35.99% APR.
  • Loan amount – $1,500 to $20,000.
  • Term length – 24 to 60 months.

Many of the lenders on this list take pride in their online-only application process and digital-first strategy. That said, some customers prefer in-person assistance when it comes to making significant financial decisions. If you’d like to visit a physical bank branch in order to take out a personal loan, then OneMain is a good option.

Before applying for a loan, you can check online using OneMain’s website to see if you prequalify. If you prequalify, you’ll then visit a OneMain bank branch and speak to a lending specialist. You’ll also have to verify some personal information about yourself, including your income, expenses, employment, and collateral.

OneMain is also unique in that it offers both secured and unsecured loans. While unsecured loans are often a better option for consumers, secured loans may be easier to qualify for, especially if you have poor credit.

OneMain offers loan amounts ranging from $1,500 to $20,000. Rates range from 18.00% to 35.99%, and borrowers can qualify for term lengths of 24, 36, 48, or 60 months. Because OneMain does require a visit to a physical branch, it may not be ideal for customers who prefer an entirely online application process. That said, for those who appreciate personalized, in-person service, OneMain is a great option.

Learn more about OneMain or read our full OneMain review.


  • The Best Personal Loans With No Collateral Required - AvantAPR – 9.95% to 35.99% APR.
  • Loan amount – $2,000 to $35,000.
  • Term length – 24 to 60 months.

If you’re interested in an unsecured personal loan and need access to cash immediately, Avant makes it simple and easy to access funds in as little as one business day. You can apply online in minutes, and receive money in your account in as little as a day if you’re approved.

It’s free to apply online, and checking your rates won’t affect your credit score. Loan amounts range from $2,000 to $35,000, making Avant a good fit for projects big and small. Term lengths vary from 24 to 60 months.

Rates vary from 9.95% to 35.99%. While these rates are fairly competitive, borrowers may be able to qualify for even lower rates from some lenders if they have excellent credit. That said, Avant still offers affordable loans for borrowers who may not be able to qualify for extremely competitive loans.

Another nice feature of Avant is their friendly, information customer service. If you have any questions about your loan or the application process, you can always reach out for help and advice. Avant also features a handy mobile app that allows you to manage your loan on the go.

Learn more about Avant or read our full Avant review.


  • The Best Personal Loans With No Collateral Required - UpstartAPR – 8.94% to 35.99% APR.
  • Loan amount – $1,000 to $50,000.
  • Term length – 36 to 60 months.

If you need a personal loan but don’t have the best credit score, it can be difficult to qualify for a loan without having to provide collateral such as a vehicle or savings account. Luckily, Upstart’s unique approach to credit and lending means that more borrowers qualify for a loan, even those with little to no credit history.

According to Upstart, they approve as many as 27% more borrowers than traditional lenders. Rather than base lending decisions solely on credit scores, Upstart takes a variety of factors into account and uses artificial intelligence to make informed lending decisions that can improve access to credit for customers.

Upstart offers loans ranging from $1,000 to $50,000, with rates from 8.94% to 35.99% APR. Term lengths range from 36 to 60 months. You can apply online, check your rates without hurting your credit, and receive your funds in as little as one business day.

If you have extremely poor credit, you still may not qualify for an unsecured personal loan from Upstart. But if your credit score is in the “fair” range, or if you haven’t yet had time to build up sufficient credit history, Upstart is a great option.

Learn more about Upstart or read our full Upstart review.

How we came up with our list of the best loans unsecured personal loans

We took several factors into account when researching the best unsecured loans. First and foremost, the lender needed to offer loans that didn’t require any collateral, such as a car, home, or savings account.

We also looked for loans with an easy application process and fast funding. Many lenders enable borrowers to receive funds in as little as a day or less, with an application process that takes only a few minutes.

We included lenders that allow borrowers to prequalify for personal loans without affecting their credit. This is especially important for borrowers who plan to compare rates and apply for loans from multiple lenders since too many hard inquiries in a short period of time can damage their credit.

Finally, we looked for loans with low rates and consumer-friendly policies. The lower the rate of your personal loan, the less you’ll have to pay in interest during the duration of your term length.

Why should you use an unsecured personal loan?

Unsecured personal loans are a popular form of borrowing for a wide variety of different situations.

You want to consolidate high-interest debt

If you’re stuck with a pile of debt in the form of high-interest credit cards and payday loans, a personal loan can help you to consolidate that debt at a lower interest rate and come up with a sustainable plan to pay it off over time.

You have a big expense on the horizon

If you know you have a large expense on the horizon, such as a home improvement project, a personal loan is a great way to secure funding for the project upfront that you then pay back over time with interest.

You are looking for an alternative to credit cards

While many people’s first taste of borrowing comes in the form of a credit card, these cards are often accompanied by high interest rates. If you know you’ll need to borrow money, a personal loan can offer more attractive rates that save you money on interest. 

Why shouldn’t you use an unsecured personal loan?

Unsecured personal loans have their place, but they’re not the best fit for everyone. Here is why you shouldn’t use them.

You could avoid paying interest if you pay upfront

If you have the funds to pay for an expense like a car repair or a home renovation, it usually makes sense to pay for it upfront rather than borrowing money. Since personal loans accumulate interest that you’ll have to pay back over time, making a purchase in cash can save you money.

You have poor credit

If you have poor credit, you may not be able to qualify for an unsecured personal loan. If you need to borrow money, you may want to consider a secured loan, which uses a valuable asset like a home or vehicle as collateral.

Most important features of unsecured personal loans

Here are some features to keep in mind when applying for an unsecured personal loan.


The APR is one of the most important factors when it comes to a personal loan since it will determine how much you’ll owe in interest over the life of the loan. You should try to secure a personal loan with the lowest APR possible.

Loan amount

When applying for a personal loan, you should try to take out the lowest loan amount possible. Only take out the amount that meets your needs. Many lenders offer flexible loan amounts depending on your situation.

Term length

The term length refers to the time it will take you to pay back the loan. While a longer term length may result in lower monthly payments, it can also mean that you pay more in interest. So, you should think carefully about how long you want the term length to be.

Application process

You should look for a lender that offers a quick and easy application process. Many lenders allow borrowers to apply online in just a few minutes.

Funding time

Depending on how fast you need funds, funding time can be a deciding factor when it comes to personal loans. Many lenders offer fast funding in as little as one day.

Fees and penalties

Unsecured personal loans usually have some fees and penalties associated with them. If possible, you should look for a loan that comes with few fees, and charges low, reasonable fees for things like a late payment.

Other perks

Many lenders offer additional perks along with their loans, like helpful customer service and mobile apps. If there’s a particular perk that’s especially important to you, be sure to review offerings from different lenders to make sure you’re satisfied.

Alternatives to unsecured loans

If you don’t qualify for an unsecured loan, there are other options available.

Secured loan

A secured loan requires some form of collateral, such as a vehicle, home, or savings account. If you’re unable to make payments on your loan, the lender can seize your collateral. These types of loans are typically easier to qualify for than unsecured loans.

Credit cards

If you’re looking to build credit or want to finance small or unpredictable expenses, credit cards are often a better option than a secured loan. Many credit cards also offer additional rewards and perks like cash back, points, and travel benefits.

Line of credit

A line of credit combines elements of both a personal loan and a credit card. Like a loan, you apply through a lender such as a bank or credit union. Like a credit card, you can borrow only as much as you need. This flexible option is ideal for funding projects where you don’t know the final cost up-front.