LightStream: Best for online loans with no fees
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for online loans for excellent credit
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade: Best for online loans for bad credit
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Discover® Personal Loans: Best for online loans overall
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
Qualifications:
Key Facts:With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.Qualifications:- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 yearsFees:- Origination fee: None.
- Late fee: $39.
Upstart: Best for online loans for fair credit
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Best Egg: Best for online loans for good credit
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
LendingClub: Best for online loans for joint borrowers
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
LendingPoint: Best for online loans for fast funding
Qualifications:
Key Facts:LendingPoint personal loans, for good- and fair-credit borrowers, are funded quickly and have some flexible features.
Qualifications:- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
Reach Financial Personal Loans: Best for online loans for debt payoff
Qualifications:
Key Facts:Reach Financial provides credit card consolidation loans to borrowers with good credit. The lender offers customizable repayment terms, but lacks other flexible features and transparency.Qualifications:- Minimum credit score: 660.
- Minimum credit history: 3 years and 1 account.
- Minimum net income: $1,000 left after monthly bills, such as rent and other debt installments, are paid.
- Acceptable income sources: Employment, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. resident who lives in one of the 41 states where the company does business, or Washington, D.C.
Available Term Lengths:2 to 5 yearsFees:- Origination fee: 4% to 8%.
- Late fee: $15.
- Non-sufficient funds fee: $25.
LightStream: Best for online loans with no fees
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for online loans for excellent credit
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade: Best for online loans for bad credit
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Discover® Personal Loans: Best for online loans overall
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.Qualifications:- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 yearsFees:- Origination fee: None.
- Late fee: $39.
Upstart: Best for online loans for fair credit
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Best Egg: Best for online loans for good credit
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
LendingClub: Best for online loans for joint borrowers
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
LendingPoint: Best for online loans for fast funding
Qualifications:
Key Facts:LendingPoint personal loans, for good- and fair-credit borrowers, are funded quickly and have some flexible features.
Qualifications:- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
Reach Financial Personal Loans: Best for online loans for debt payoff
Qualifications:
Key Facts:Reach Financial provides credit card consolidation loans to borrowers with good credit. The lender offers customizable repayment terms, but lacks other flexible features and transparency.Qualifications:- Minimum credit score: 660.
- Minimum credit history: 3 years and 1 account.
- Minimum net income: $1,000 left after monthly bills, such as rent and other debt installments, are paid.
- Acceptable income sources: Employment, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. resident who lives in one of the 41 states where the company does business, or Washington, D.C.
Available Term Lengths:2 to 5 yearsFees:- Origination fee: 4% to 8%.
- Late fee: $15.
- Non-sufficient funds fee: $25.
Our guide to the best online lenders
The best online lenders offer personal loans with affordable monthly payments to borrowers across the credit spectrum. Here’s what stands out about our picks for the best online personal loans.
Discover: Best online loans overall
Discover’s low rates, lack of origination fees and wide repayment terms make it a favorable option for many borrowers. The lender offers next-day funding and is available nationwide.
SoFi: Best online loans for excellent credit
While SoFi doesn’t have a specific minimum credit score requirement, the lender told NerdWallet the average credit score for its borrowers is 745. Borrowers with excellent credit (a score of 720 or higher) may find it easy to qualify.
Best Egg: Best online loans for good credit
The average credit score for a Best Egg personal loan ranges from 680 to 720, according to the lender. Borrowers with good credit (a score from 690 to 719) align with the typical credit profile for Best Egg borrowers.
Upstart: Best online loans for fair credit
Upstart doesn’t have a strict credit score requirement, making it favorable for borrowers with fair credit (scores from 630 to 689). The lender uses an underwriting model that factors in alternative data points, such as education and work history, rather than relying heavily on credit scores.
Upgrade: Best online loans for bad credit
Upgrade has a minimum credit score requirement of 580, making it a fitting option for bad-credit borrowers (those with scores below 630). It also offers various credit-building tools, such as free credit score access, a credit score simulator and personalized recommendations to boost your credit.
LightStream: Best online loans with no fees
LightStream’s personal loan comes with no origination fees, late fees or non-sufficient funds fees, which is rare for online lenders. Its maximum loan amount of $100,000 is also unique among lenders.
LendingPoint: Best online loans for fast funding
LendingPoint says it provides loan approval decisions within five minutes of receiving a completed application and funds approved loans within 24 hours. A quickly funded loan can be essential if you need to borrow money for an emergency.
LendingClub: Best online loans for joint borrowers
Joint loans aren’t common among online lenders, but LendingClub lets borrowers add a co-borrower to their loan application. A co-borrower with a higher credit score or income could boost your chances of qualifying for a personal loan or getting a better rate.
Reach Financial: Best online loans for debt payoff
Reach Financial’s personal loans are exclusively used for credit card consolidation and debt payoff. These loans can help you refinance up to $40,000 of debt with APRs starting in the single digits.
» MORE: Where to get a personal loan
Online loans and their rates
Personal loans from online lenders tend to have a streamlined application process and are typically funded within a day or two after loan approval. Online loans can be used for almost any purpose, including emergencies, home repairs or debt consolidation.
Lenders evaluate your credit score, income and debt to determine whether you qualify and at what annual percentage rate. Online loans are available to borrowers across the credit spectrum, but the APR tends to be higher if you have bad credit (a score below 630).
Financial experts recommend a rate below 36% for a loan to be affordable. Here’s a snapshot of average estimated personal loan APRs based on credit score ranges.
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 12.74%. |
Good | 690-719. | 16.61%. |
Fair | 630-689. | 19.92%. |
Bad | 300-629. | 21.64%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from Feb. 1, 2025, through Feb. 28, 2025. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
Plug your estimated APR into our personal loan calculator along with your desired loan amount and loan term to find out how much your monthly payments could be. A longer repayment term will give you lower monthly payments, but will cost more in interest overall.
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
03 / 2030
| Payment date | Principal | Interest | Monthly payment | Principal balance |
|---|---|---|---|---|
| Mar 2025 | $129.14 | $83.33 | $212.47 | $9,870.86 |
| Apr 2025 | $130.21 | $82.26 | $212.47 | $9,740.65 |
| May 2025 | $131.30 | $81.17 | $212.47 | $9,609.35 |
| Jun 2025 | $132.39 | $80.08 | $212.47 | $9,476.96 |
| Jul 2025 | $133.50 | $78.97 | $212.47 | $9,343.46 |
| Aug 2025 | $134.61 | $77.86 | $212.47 | $9,208.85 |
| Sep 2025 | $135.73 | $76.74 | $212.47 | $9,073.12 |
| Oct 2025 | $136.86 | $75.61 | $212.47 | $8,936.26 |
| Nov 2025 | $138.00 | $74.47 | $212.47 | $8,798.26 |
| Dec 2025 | $139.15 | $73.32 | $212.47 | $8,659.11 |
| Jan 2026 | $140.31 | $72.16 | $212.47 | $8,518.80 |
| Feb 2026 | $141.48 | $70.99 | $212.47 | $8,377.32 |
| Mar 2026 | $142.66 | $69.81 | $212.47 | $8,234.66 |
| Apr 2026 | $143.85 | $68.62 | $212.47 | $8,090.81 |
| May 2026 | $145.05 | $67.42 | $212.47 | $7,945.76 |
| Jun 2026 | $146.26 | $66.21 | $212.47 | $7,799.51 |
| Jul 2026 | $147.47 | $65.00 | $212.47 | $7,652.03 |
| Aug 2026 | $148.70 | $63.77 | $212.47 | $7,503.33 |
| Sep 2026 | $149.94 | $62.53 | $212.47 | $7,353.39 |
| Oct 2026 | $151.19 | $61.28 | $212.47 | $7,202.20 |
| Nov 2026 | $152.45 | $60.02 | $212.47 | $7,049.74 |
| Dec 2026 | $153.72 | $58.75 | $212.47 | $6,896.02 |
| Jan 2027 | $155.00 | $57.47 | $212.47 | $6,741.02 |
| Feb 2027 | $156.30 | $56.18 | $212.47 | $6,584.72 |
| Mar 2027 | $157.60 | $54.87 | $212.47 | $6,427.12 |
| Apr 2027 | $158.91 | $53.56 | $212.47 | $6,268.21 |
| May 2027 | $160.24 | $52.24 | $212.47 | $6,107.98 |
| Jun 2027 | $161.57 | $50.90 | $212.47 | $5,946.41 |
| Jul 2027 | $162.92 | $49.55 | $212.47 | $5,783.49 |
| Aug 2027 | $164.27 | $48.20 | $212.47 | $5,619.22 |
| Sep 2027 | $165.64 | $46.83 | $212.47 | $5,453.57 |
| Oct 2027 | $167.02 | $45.45 | $212.47 | $5,286.55 |
| Nov 2027 | $168.42 | $44.05 | $212.47 | $5,118.13 |
| Dec 2027 | $169.82 | $42.65 | $212.47 | $4,948.31 |
| Jan 2028 | $171.23 | $41.24 | $212.47 | $4,777.08 |
| Feb 2028 | $172.66 | $39.81 | $212.47 | $4,604.42 |
| Mar 2028 | $174.10 | $38.37 | $212.47 | $4,430.32 |
| Apr 2028 | $175.55 | $36.92 | $212.47 | $4,254.76 |
| May 2028 | $177.01 | $35.46 | $212.47 | $4,077.75 |
| Jun 2028 | $178.49 | $33.98 | $212.47 | $3,899.26 |
| Jul 2028 | $179.98 | $32.49 | $212.47 | $3,719.28 |
| Aug 2028 | $181.48 | $30.99 | $212.47 | $3,537.81 |
| Sep 2028 | $182.99 | $29.48 | $212.47 | $3,354.82 |
| Oct 2028 | $184.51 | $27.96 | $212.47 | $3,170.31 |
| Nov 2028 | $186.05 | $26.42 | $212.47 | $2,984.25 |
| Dec 2028 | $187.60 | $24.87 | $212.47 | $2,796.65 |
| Jan 2029 | $189.17 | $23.31 | $212.47 | $2,607.49 |
| Feb 2029 | $190.74 | $21.73 | $212.47 | $2,416.75 |
| Mar 2029 | $192.33 | $20.14 | $212.47 | $2,224.42 |
| Apr 2029 | $193.93 | $18.54 | $212.47 | $2,030.48 |
| May 2029 | $195.55 | $16.92 | $212.47 | $1,834.93 |
| Jun 2029 | $197.18 | $15.29 | $212.47 | $1,637.75 |
| Jul 2029 | $198.82 | $13.65 | $212.47 | $1,438.93 |
| Aug 2029 | $200.48 | $11.99 | $212.47 | $1,238.45 |
| Sep 2029 | $202.15 | $10.32 | $212.47 | $1,036.30 |
| Oct 2029 | $203.83 | $8.64 | $212.47 | $832.47 |
| Nov 2029 | $205.53 | $6.94 | $212.47 | $626.93 |
| Dec 2029 | $207.25 | $5.22 | $212.47 | $419.69 |
| Jan 2030 | $208.97 | $3.50 | $212.47 | $210.71 |
| Feb 2030 | $210.71 | $1.76 | $212.47 | $0.00 |
How to get a loan online
1. Check your credit
It’s not required, but a good first step before applying for an online loan is to check your credit report and fix any errors, such as inaccurate accounts or wrongly reported payment history. Doing so can boost your credit and get you a lower rate on a loan. You can get your free credit report on NerdWallet or at AnnualCreditReport.com.
2. Pre-qualify and compare online offers
Most online lenders let you pre-qualify for a personal loan within minutes using a soft credit check, which allows you to preview estimated rates without impacting your credit score. You may need to supply basic personal information, including your Social Security number, and details about your desired loan. Compare offers from multiple online lenders to find the lowest interest rate. If rates are similar between lenders, compare other loan features, like flexible payment dates or the ability to add a co-borrower.
3. Submit a formal application
After comparing offers from multiple lenders, pick the online loan that best fits your budget and financial needs. Apply for the personal loan online by uploading the required documents, which may include a form of identification and proof of income such as a pay stub or W-2. The lender will perform a hard credit check after you apply, which will cause your credit score to dip a few points.
4. Sign loan documents and get funded
If you’re approved for the loan, you’ll receive loan documents to sign electronically. Make sure to read and understand the fine print of your loan. Funding time varies, but many online lenders can fund loans within a couple days. Some offer same-day funding. Once the money is in your account, make sure to add your monthly loan payment to your budget. Your first payment is typically due in 30 days, and any missed payments can cause late fees and hurt your credit.
» MORE: How to manage your personal loan
» MORE: Where to get a personal loan
Tips for getting an online loan with bad credit
Borrowers with bad credit (scores below 630) may qualify for a rate on the high end of a lender's range. However, there are some online lenders that look beyond credit scores and use alternative criteria — like cash flow, employment and education history — when assessing a borrower’s application.
Here are ways bad-credit borrowers can strengthen an application for an online loan:
Choose a co-signed or joint loan. Add a co-signer or co-borrower to the loan application to boost your eligibility or get a lower rate or higher loan amount. Your co-applicant is responsible for the loan amount and any fees if you fail to repay.
Get a secured loan. Most personal loans are unsecured, but some lenders offer secured loans that require collateral, like your car or a savings account, to guarantee the loan. You risk losing the collateral if you default on the loan.
Choose a lower loan amount. Lenders may view a large loan amount as risky, so opt to borrow only what you need.
Build your credit. If you don’t need the loan immediately, do what you can to build your credit before applying.
Are online loans legit?
There are plenty of reputable online lenders, but they compete alongside predatory online lenders. The best online lenders offer affordable rates (APRs that top out at 36%) and ample time to repay a loan.
Reputable lenders will check your credit and assess your ability to repay the loan by reviewing your income and existing debts. Look for lenders that report payments to the three major credit bureaus — Experian, Equifax and TransUnion.
Avoid predatory lenders
Predatory lenders can entice borrowers with easy access to cash, but since they typically don’t check credit, you’ll pay for the added risk with sky-high interest rates. These types of loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans:
No-credit-check loans are usually for a few thousand dollars or less and are repaid in fixed amounts over a few weeks to several months. They don’t check your credit score as part of the application process, and lenders tend to charge APRs well above 100%.
Online payday loans are a fast way to get loans for amounts less than $1,000, especially if you don’t have good credit. Payday lenders typically withdraw repayments directly from your bank account on the due date. These loans have APRs close to 400%, which can quickly lead borrowers to owe more in interest than the original loan.
Alternatives to online personal loans
Bank loans: Banks may offer lower rates than some online lenders, plus special discounts or perks for existing customers. However, bank loans typically require borrowers to have good or excellent credit scores, and funding times may be slower than with an online lender.
Credit union loans: Credit unions typically offer small to mid-sized personal loans at low rates, though you must be a member to get a credit union loan. Federal credit unions cap APRs at 18%. These lenders tend to consider your full financial picture when you apply and may qualify borrowers with fair or bad credit.
Zero-interest credit cards: You’ll pay no interest on expenses you charge during the introductory rate period of a zero-interest credit card, typically the first 15 to 21 months. After that, rates can jump up to almost 30%. Credit card companies often require good to excellent credit in order to get one of these cards.
Cash advance apps: If you need a small loan of $500 or less, a cash advance app can be a fast, no-credit-check option with low fees. You may need to repay the advance as soon as your next paycheck, so this option works only if your budget can withstand it.
Buy now, pay later: “Buy now, pay later” plans can be used for purchases at most retailers. These payment plans split your purchase into equal installments, typically due in two-week increments. Most BNPL plans don’t charge interest or require a hard credit pull, but their convenience can lead to overspending.
Other ways to make money: If you have extra time, consider picking up online work like freelancing, selling items you no longer use or other ways to earn income. The time investment and amount you earn will vary, but it could allow you to avoid borrowing altogether.
Last updated on February 25, 2025
Frequently asked questions
The safety of online loans depends on the type of lender. While shopping for a loan, watch for signs of predatory lending and choose reputable lenders that assess your ability to repay the loan.
The best online loan helps you reach a money goal, such as consolidating debt or covering a large expense, without creating financial stress. Interest rates and terms are typically based on your income and credit. Some online lenders offer personal loan features that may be important to you, like payment flexibility or access to credit scores.
Cash advance apps are alternatives to online personal loans that give you early access to your next paycheck. Advance amounts range from about $50 to $500, and you may receive the funds within hours. Watch for fees that can make cash advances expensive.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Online Lenders for Personal Loans of 2025
- LightStream: Best for online loans with no fees
- SoFi Personal Loan: Best for online loans for excellent credit
- Upgrade: Best for online loans for bad credit
- Discover® Personal Loans: Best for online loans overall
- Upstart: Best for online loans for fair credit
- Best Egg: Best for online loans for good credit
- LendingClub: Best for online loans for joint borrowers
- LendingPoint: Best for online loans for fast funding
- Reach Financial Personal Loans: Best for online loans for debt payoff
