When applying for a personal loan it is important to first conduct thorough research into available loan companies and the type of loan you need. The absolute best loan companies to consider have credible reputations with consumers as well as the Better Business Bureau (BBB) and other financial regulatory institutions. 

The best loan companies also offer competitive APRs and flexible loan terms for qualified borrowers. Most people in the U.S. hold checking accounts with a bank or credit union. Many Americans also hold savings accounts. Your bank or credit union has final say on what is approved for a personal loan based on your credit rating and income level, but it is worth inquiring to find out.

Your bank or credit union is most likely a local institution with which you are both comfortable and familiar.

Obtaining a personal loan in this way allows monthly payments, automatically deducted, from an already-established checking or savings account.

It is also possible to apply for personal loans online through various other lending institutions.

Many high-quality loan companies exist nationwide. Borrowers with good to great credit are able to do comparison shopping between various loan companies to get the best rate and terms available. 

Borrowers with bad credit are also capable of comparison-shopping, although their options are more limited. Loan companies such as The Lending Tree, Best Egg and SoFi boast solid reputations with consumers and offer various rates and terms on personal loans. 

Credible, AmONE and LightStream are also credible loan companies, as are banks such as Bank of America, Wells Fargo, Chase and more. The best personal loan company for you is the one offering the lowest APR, the friendliest terms and full amount of money you need to borrow for your specific purposes.