How to Find the Best Personal Loans

Whether it’s a planned big purchase or a surprise financial cost, personal loans can give you the funds you need when you need them. There are a great number of reasons to take out a personal loan, but the key is finding the right one.

There are plenty of lenders out there, each with their own offers and eligibility requirements. It’s vital to find one that fits your needs well in order to avoid any costly mistakes. Fortunately, RaptorFi is here with a handy guide and some suggestions to help you find the ideal loan. 

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How to Discover the Best Personal Loan

The very first step in discovering the ideal loan is knowing exactly what you need. Plot it out before you even start looking for a lender. Figure out the amount you need, which kind of rates you prefer, research some repayment terms, and draw up your plan. That way, you have a guideline and a goal in mind when you begin the search.

Don’t go with the first option you see. Both lenders and loans differ greatly, so you don’t want to rush into an option before you’ve explored others. Only when you’ve looked around at various loans can you make a fully informed and strategic decision. 

Where do you start? Well, there are plenty of avenues to explore. You could look up online reviews, ask friends and families for a recommendation, or go to a lender you’ve used before. 

Here are some important loan details to pay attention to while shopping around:

  • Interest rates: The percentage of principal charged for borrowing the money–lower is better.
  • Discounts: Ways to save money on the cost of the loan. (One common discount is a 0.25% rate reduction via auto-pay).
  • Fees: Whether or not they charge origination or processing fees.
  • Eligibility requirements: Do you meet the qualifications to apply for the loan?
  • Term length: How long you have to pay back the loan. 

What Are Some Reasons to Get a Personal Loan?

There are countless reasons to get a personal loan. Though some loans will specify what you can and can’t use the money for, others will let you choose. People take out personal loans for many of the following reasons:

  • Paying off medical bills
  • Buying a house
  • Purchasing a car
  • Funding a wedding
  • Consolidating other debts
  • Starting a business
  • Covering celebration expenses
  • Paying for a funeral
  • Funding a cross-country move

Those are just some of the more common examples. Now, whether or not you should take out a loan for one of those reasons is a personal decision. But the bottom line is a personal loan can give you the funds you need when you need them. Just be wise about why you’re borrowing. 


Raptor Disclaimer: Not every loan lender is featured on our site, and we remind users that there are other opportunities available that we do not showcase. We encourage users to shop around to discover the choice that is best for them and maximize use of scholarships, grants, and federal aid options before resorting to loans.

Raptor may receive referral fees from featured lenders and marketplaces when a user selects a product from an advertiser or partner company on our site, though there is no additional cost to the user for selecting one of these loans. Some users may receive discounts when pursuing a loan through Raptor’s links.

The interest rates shown may or may not directly reflect the rates offered by these lenders and marketplaces, though we review the interest rate index weekly. Raptor uses information from the lenders and marketplaces and the information given from the user in regards to their interest in obtaining a loan. Loan information may be subject to change at any time. Although Raptor strives to provide the most accurate information available to the user, we assume no responsibility for typographical errors or missing information in the content provided.

Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan. Above marks belong to their respective owners.

Prosper Disclaimer: For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.9. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.

Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

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