Credit Karma Personal Loans Reviews

Although Credit Karma can’t loan you money, it can help you save it. In fact, Credit Karma claims that members who compare loan offers through the website save 20%, on average. For those new to personal loans, or who just want to save money, Credit Karma can help you narrow down the best deal without having to do all the legwork yourself.

However, if you’d rather seek out and compare loan offers on your own, you might want to consider an in-person lender, like your local credit union.

Since Credit Karma isn’t a lender, it doesn’t offer any direct personal loans. Instead, it has a personal loan marketplace that can help you find the best loan for your financing needs.

After submitting an application, you can receive personalized loan offers for loans from $1,000 to $50,000. Typically, these offers will include:

• Your estimated annual percentage rate (APR)
• Your estimated monthly payment
• Your estimated interest and fee total
• The loan amount you qualify for
• The likelihood you can officially be approved by the lender for the loan

Since Credit Karma works with many different personal loan lenders to find you the best loan for your needs, the APRs that you are quoted can vary with each lender. Overall, Credit Karma’s loan offers have APRs ranging from as low as 5.4% to 35.99% at the time of publishing.

Credit Karma doesn’t charge any fees for you to use its service, but the lenders it works with might. Depending on the lender, personal loans offered through Credit Karma could come with fees, including origination fees and late payment fees.

To apply for rate quotes through Credit Karma, you’ll need to:

1. Make a Credit Karma account: You need a Credit Karma account before applying for your personal loan rates. To do so, you can either sign in with your Gmail account or provide some basic personal information, including your email address.
2. Fill out the rate quote application: To complete the rate quote application, you’ll need to answer questions about the loan you need and your current finances. Credit Karma will ask you to provide details such as:
   • How much money you need
   • What the loan is for
   • Your individual pretax income
   • Your employment status
   • Your address
   • The last four digits of your Social Security number
3. Review your rates: Credit Karma will provide you with several different loan offers, depending on which you qualify for.

When choosing between the loan offers presented to you, keep in mind that each lender will have its own individual requirements. You’ll need to meet these requirements in order to officially qualify for the loan.

Although Credit Karma isn’t a direct lender, it does offer enough insight into the loans it recommends to be able to compare it to one. When measured side-by-side against Upgrade, for example, Credit Karma’s loan offerings are impressive.

Credit Karma is a legitimate fintech company that was acquired by Intuit in 2020 at a value of $8.1 billion. Originally a credit score monitoring service, it has expanded into an online marketplace for loans, credit cards, mortgages and other financial products.

Although a legit marketplace, Credit Karma was ordered in 2023 by the Federal Trade Commission (FTC) to pay $3 million for misleading some customers with false preapprovals for credit cards. Credit Karma said at the time it disagreed with the FTC’s findings.