• APR Range: 4.99% to % (no autopay discount)
• Minimum Credit Score: 620
• Loan Amounts: $600 to $50,000

PenFed may approve applicants with credit scores as low as 620 for a personal loan, and membership is open to anyone in the United States. Many credit unions have strict membership requirements, making PenFed stand out from the competition.

Not only is it easy to become a member of PenFed Credit Union (membership is open to anyone in the United States), but you don’t have to be a member to apply for a personal loan. Rather, PenFed will allow you to become a member after you’re approved. Most credit unions require you to be a member before applying for a loan.

PenFed membership is open to people living in all 50 states, the District of Columbia, and military bases in Guam, Puerto Rico, and Okinawa.

You might get approved by PenFed with a credit score as low as 620. While this isn’t as low as some of the competition, it’s still much lower than many other lenders. PenFed offers personal loans ranging from $600 up to $50,000, with repayment terms of 12 to 60 months. If you’re approved, funding can happen as soon as the next business day. Plus, this lender doesn’t charge origination fees and it offers a low APR range of 4.99% to %.

Until at least , credit unions can’t charge any more than 18% interest on loans. Plus, many credit unions have flexible approval requirements, allowing applicants to get approved even without perfect credit. This means you might be able to get a better rate from a credit union and get approved easier than with many other types of lenders.

Best for Fast Loans : First Tech Federal Credit Union

• APR https://installmentloansgroup.com/installment-loans-me/ Range: 6.7% to 18% (no autopay discount)
• Minimum Credit Score: Not disclosed
• Loan Amounts: $500 to $50,000

Not only is membership to First Tech Federal Credit Union available in all 50 states but it also offers same-day funding, something most of the competition doesn’t offer.

Unlike most of the personal loan providers we evaluated, First Tech Federal Credit Union e day you apply for a loan. This funding speed is fast.

To apply for a personal loan, you’ll need to be a First Tech Federal Credit Union member. As a member, you may be able to get a loan of $500 to $50,000 with a repayment term of 24 to 84 months, and a rate as low as 6.7% to 18% (no origination fees).

First Tech’s membership is open to people in all 50 states who are associated with specific employers (e.g., Microsoft, Google, and other tech companies), are related to current credit union members, belong to the Financial Fitness Association (available to anyone at an annual cost of $8), or meet certain other criteria.

First Tech doesn’t disclose its minimum credit score requirements, but you don’t need to have perfect credit to qualify for a personal loan. Instead, it will look at your overall creditworthiness (e.g., your credit score, credit history, and income) when deciding if you qualify.

Best Peer-to-Peer Lending : LendingClub

• APR Range: 7.04% to % (no autopay discount)
• Minimum Credit Score: 620
• Loan Amounts: $1,000 to $40,000

LendingClub is one of the most reputable peer-to-peer lending companies, facilitating personal loans to more than 3 million members since 2007. This lender offers a pre-qualification option, so applicants can check their rates without affecting their credit score.

LendingClub is a well-respected peer-to-peer lender that’s helped provide personal loans to more than three million members since its founding in 2007. It offers personal loans of $1,000 to $40,000 with repayment terms of 36 or 60 months.