Best Online Personal Loans of November 2024

Last updated on October 8, 2024
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Nicole Dow
Co-written by 
Writer
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

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NerdWallet’s guide to the best online loans

NerdWallet reviewed more than 35 financial institutions to find the best online loans. See the top online lenders, and keep reading to learn how to get a personal loan online.

  • Upgrade: Best online loan for bad credit

  • Upstart: Best online loan for fair credit

  • LightStream: Best online loan with no fees

  • Reach: Best online loan for debt payoff

  • LendingPoint: Best online loan for fast funding

  • LendingClub: Best for online joint loan

  • SoFi: Best online loan overall

  • Best Egg: Best online loan for good credit

  • Discover: Best online loan for excellent credit

Best online loan for bad credit

Upgrade
5.0
Read full review
Est. APR9.99-35.99%
Est. APR9.99-35.99%
Loan amount$1K-$50K
Loan amount$1K-$50K
Min. credit score580
Min. credit score580
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on Upgrade's website
on NerdWallet
Upgrade
Est. APR9.99-35.99%
Est. APR9.99-35.99%
Loan amount$1K-$50K
Loan amount$1K-$50K
Min. credit score580
Min. credit score580
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on Upgrade's website
on NerdWallet
Pros
  • Secured and joint loans.
  • Multiple rate discounts.
  • Mobile app to manage loan payments.
  • Direct payment to creditors with debt consolidation loans.
  • Long repayment terms on home improvement loans.
Cons
  • Origination fee.
  • No option to choose your payment date.
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.
  • Origination fee: 1.85% to 9.99%.
  • Borrowers can secure a loan using their vehicle.
  • Loan can be funded within one business day after approval.

Best online loan for fair credit

Est. APR7.80-35.99%
Est. APR7.80-35.99%
Loan amount$1K-$50K
Loan amount$1K-$50K
Min. credit scoreNone
Min. credit scoreNone
Repayment terms3 to 7 years
Repayment terms3 to 7 years
on Upstart's website
on NerdWallet
Est. APR7.80-35.99%
Est. APR7.80-35.99%
Loan amount$1K-$50K
Loan amount$1K-$50K
Min. credit scoreNone
Min. credit scoreNone
Repayment terms3 to 7 years
Repayment terms3 to 7 years
on Upstart's website
on NerdWallet
Pros
  • Accepts borrowers with bad credit or thin credit histories.
  • Has a low income requirement.
  • Fast approval and funding.
  • Allows secured loans.
  • Option to change your payment date.
Cons
  • Origination fee.
  • No rate discounts.
  • No joint or co-signed loans.
  • No direct payment to creditors on debt-consolidation loans.
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.
  • Loan can be funded within one business day after approval.
  • Limited repayment terms: 3, 5 or 7 years.
  • Borrowers may qualify for a loan based on college education, job history or residence.

Best online loan with no fees

Lightstream
4.5
Read full review
Est. APR6.99-25.29%
Est. APR6.99-25.29%
Loan amount$5K-$100K
Loan amount$5K-$100K
Min. credit score660
Min. credit score660
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on LightStream's website
on NerdWallet
Est. APR6.99-25.29%
Est. APR6.99-25.29%
Loan amount$5K-$100K
Loan amount$5K-$100K
Min. credit score660
Min. credit score660
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on LightStream's website
on NerdWallet
Pros
  • No fees.
  • Rate discount for autopay.
  • Long repayment terms and large loan amounts.
  • Fast funding.
  • Rate Beat program and Experience Guarantee.
Cons
  • No option to pre-qualify.
  • No direct payment to creditors with debt consolidation loans.
  • High minimum loan amount.
LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
  • Loan can be funded the same day it’s approved.
  • Offers Rate Beat program.
  • Extended repayment terms.

Best online loan for debt payoff

Est. APR5.99-35.99%
Est. APR5.99-35.99%
Loan amount$3.5K-$40K
Loan amount$3.5K-$40K
Min. credit score660
Min. credit score660
Repayment terms2 to 5 years
Repayment terms2 to 5 years
on NerdWallet
Est. APR5.99-35.99%
Est. APR5.99-35.99%
Loan amount$3.5K-$40K
Loan amount$3.5K-$40K
Min. credit score660
Min. credit score660
Repayment terms2 to 5 years
Repayment terms2 to 5 years
on NerdWallet
Pros
  • Direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Customizable repayment terms.
  • Hardship program for borrowers in need.
Cons
  • Origination fee.
  • No co-signed, joint or secured loan options.
  • Reports payments to only two of the three major credit bureaus.
Reach Financial personal loans are available exclusively for consolidating credit card and other unsecured debts, and Reach can send funds to your creditors the same day you're approved.
  • Loan can be funded the same day it’s approved.
  • Customizable repayment terms between 24 and 60 months.
  • Offers hardship program with payment pause for up to 90 days.

Best online loan for fast funding

Est. APR7.99-35.99%
Est. APR7.99-35.99%
Loan amount$1K-$37K
Loan amount$1K-$37K
Min. credit score640
Min. credit score640
Repayment terms2 to 6 years
Repayment terms2 to 6 years
on NerdWallet
Est. APR7.99-35.99%
Est. APR7.99-35.99%
Loan amount$1K-$37K
Loan amount$1K-$37K
Min. credit score640
Min. credit score640
Repayment terms2 to 6 years
Repayment terms2 to 6 years
on NerdWallet
Pros
  • Fast funding.
  • Option to change your payment date.
  • Small loan amounts.
  • Well-rated mobile app with free credit score access.
  • Ability to refinance.
Cons
  • Origination fee.
  • Reports payments to only two of the three major credit bureaus.
  • No joint, co-signed or secured loan options.
  • No large loan amounts.
LendingPoint personal loans are a solid borrowing option for fair- and bad-credit borrowers. They are funded quickly and have some flexible features.
  • Loan can be funded within one business day after approval.
  • Borrowers can pre-qualify for a loan.
  • Mobile app offers convenience to manage the loan.

Best for online joint loan

Est. APR9.06-35.99%
Est. APR9.06-35.99%
Loan amount$1K-$40K
Loan amount$1K-$40K
Min. credit score600
Min. credit score600
Repayment terms2 to 6 years
Repayment terms2 to 6 years
on NerdWallet
Est. APR9.06-35.99%
Est. APR9.06-35.99%
Loan amount$1K-$40K
Loan amount$1K-$40K
Min. credit score600
Min. credit score600
Repayment terms2 to 6 years
Repayment terms2 to 6 years
on NerdWallet
Pros
  • Joint loan option.
  • Direct payment to creditors with debt consolidation loans.
  • Option to pre-qualify with a soft credit check.
  • Option to change your payment date.
Cons
  • Origination fee.
LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.
  • Loan can be funded within one business day after approval.
  • Flexible payment date.
  • Offers loans starting at $1,000.

Best online loan overall

Est. APR8.99-29.99%
Est. APR8.99-29.99%
Loan amount$5K-$100K
Loan amount$5K-$100K
Min. credit scoreNone
Min. credit scoreNone
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on SoFi's website
on NerdWallet
Est. APR8.99-29.99%
Est. APR8.99-29.99%
Loan amount$5K-$100K
Loan amount$5K-$100K
Min. credit scoreNone
Min. credit scoreNone
Repayment terms2 to 7 years
Repayment terms2 to 7 years
on SoFi's website
on NerdWallet
Pros
  • Multiple rate discounts.
  • Fast funding.
  • Large loan amounts.
  • Joint loan option.
  • Mobile app to manage loan.
Cons
  • No option to choose initial payment date.
  • High minimum loan amount.
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
  • No required fees.
  • Loan can be funded the same day it’s approved.
  • Rate discount available for direct payments to creditors.

Best online loan for good credit

Est. APR7.99-35.99%
Est. APR7.99-35.99%
Loan amount$2K-$50K
Loan amount$2K-$50K
Min. credit score600
Min. credit score600
Repayment terms3 to 5 years
Repayment terms3 to 5 years
on Best Egg's website
on NerdWallet
Est. APR7.99-35.99%
Est. APR7.99-35.99%
Loan amount$2K-$50K
Loan amount$2K-$50K
Min. credit score600
Min. credit score600
Repayment terms3 to 5 years
Repayment terms3 to 5 years
on Best Egg's website
on NerdWallet
Pros
  • Wide range of loan amounts.
  • Secured loan options.
  • Direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Free credit score monitoring.
Cons
  • Origination fee.
  • No rate discounts.
  • No mobile app to manage loan.
Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.
  • Loan can be funded within one business day after approval.
  • Direct payments to creditors.
  • Borrowers can secure a loan using their home fixtures or vehicle.

Best online loan for excellent credit

Est. APR7.99-24.99%
Est. APR7.99-24.99%
Loan amount$2.5K-$40K
Loan amount$2.5K-$40K
Min. credit score660
Min. credit score660
Repayment terms3 to 7 years
Repayment terms3 to 7 years
on Discover's website
on NerdWallet
Est. APR7.99-24.99%
Est. APR7.99-24.99%
Loan amount$2.5K-$40K
Loan amount$2.5K-$40K
Min. credit score660
Min. credit score660
Repayment terms3 to 7 years
Repayment terms3 to 7 years
on Discover's website
on NerdWallet
Pros
  • No origination fee.
  • Fast funding.
  • Direct payment to creditors with debt consolidation loans.
  • Wide variety of repayment term options.
  • Available nationwide.
Cons
  • No rate discount.
  • Late fee.
  • No co-sign or joint loan option.
With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
  • No origination fee.
  • Loan can be funded within one business day after approval.
  • Borrowers can manage the loan using the Discover mobile app.

On this page

What is an online loan?

An online loan is a personal loan where the entire loan process — from pre-qualification to signing — happens online, on a computer, tablet or mobile phone. The primary benefit of online loans is fast funding: approval may be instant, and qualified borrowers may receive loan funds the same or next day.

Online personal loan amounts typically range from $1,000 to $100,000, and your credit score, income and debt determine whether you qualify. Borrowers receive funds in a lump sum and repay the loan in fixed monthly installments over the loan term, typically two to seven years.

Online loans can be used for almost any purpose, including emergencies, home repairs or debt consolidation. Loans are available to borrowers across the credit spectrum, but the annual percentage rate 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.

Some of the best online loans include features like flexible payment dates or the ability to add a co-borrower. Compare loan features when shopping for a personal loan online.

🤓

Nerdy Tip

The best online loans are from trustworthy lenders that offer affordable rates and ample time to repay the loan. Reputable lenders assess the borrower’s ability to make payments, typically by reviewing the borrower’s income and credit history. Look for lenders that report payments to the three major credit bureaus — Experian, Equifax and TransUnion.

Average online loan rates

Online lenders often use credit scores to determine annual percentage rates for personal loans. Here’s a snapshot of average estimated APRs based on credit score ranges.

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

11.31%.

Good

690-719.

13.99%.

Fair

630-689.

17.79%.

Bad

300-629.

21.19%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from Sept. 1, 2024, through Sept. 30, 2024. 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%.

Pros and cons of online personal loans

It’s a good idea to weigh the pros and cons when deciding whether to go with an online lender versus an in-person lender, like a bank or credit union. Certain features may vary, but here is generally what you can expect with online loans:

Pros

  • Fast and convenient application process and funding.
  • Ability to pre-qualify with a soft credit check.
  • Easy comparison shopping.
  • May offer direct payment to creditors with debt consolidation loans.

Cons

  • Rates may be higher than rates from credit unions and some banks.
  • The smallest loans, below $500, may not be available.
  • No in-person customer service.
  • Can be hard to distinguish reputable online lenders from predatory lenders.

Pros of online loans

  • Fast and convenient: You can quickly complete the entire loan application process from your computer or phone. Several online lenders provide same- or next-day funding. The best online lenders also have mobile apps to manage your loan.

  • Ability to pre-qualify: Most online lenders let you pre-qualify within a few minutes using a soft credit check, which allows you to preview estimated rates without impacting your credit score. (All lenders require a hard credit check before you finalize a loan.)

  • Easy to compare rates between lenders: Though rates differ between lenders, comparison websites allow borrowers to fill out one application and see loan offers from multiple lenders. This is easier than banks or credit unions that may only service loans in person or require you to visit a branch during the application process.

  • Debt help: With some online lenders, borrowers can opt to have the loan money sent directly to creditors with a debt consolidation loan, removing the burden of paying off individual credit cards yourself.

Cons of online loans

  • Can be more expensive than credit unions and some banks: On average, loans from online lenders are not as cheap as those from credit unions. And if you already have a relationship with a bank, it may offer you lower rates than online lenders. Compare rates from multiple lenders before you take out an online loan.

  • Smallest loans not available: Online loans under $500 may be hard to find at rates below 36%. Many online lenders have loan minimums from $1,000 to $2,000. Some credit unions may be able to provide smaller loans starting at $250.

  • No in-person customer service: Most online lenders only service loans digitally. This can be a challenge if you ever want to speak to a representative face-to-face.

  • Predators lurk: Reputable online lenders compete alongside predatory online lenders. Reputable lenders check your credit and ability to repay, and they usually have APRs that top out at 36%. Predatory lenders typically don’t check credit, and you pay for the added risk with APRs well above 100%.

How to get a loan online

1. Check your credit score

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. Calculate your loan payments

Once you’ve checked your credit report, consider how much you want to borrow and how long you need to pay off the loan. Use a personal loan calculator to see your estimated monthly payments with a selected loan amount, rate and repayment term. A longer repayment term will give you lower monthly payments, but will cost more in interest overall.

3. Pre-qualify and compare online offers

Compare offers from multiple online lenders to find the lowest interest rate. This process, known as pre-qualification, involves a short application and soft credit check only, so it won’t hurt your credit score. You may need to supply basic personal information, including your Social Security number, and details about your desired loan.

4. Submit your 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.

5. Get funded

Once approved, you’ll receive the 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 day or two. 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 hurt your credit and cause late fees.

Online loans for bad credit

Borrowers with bad credit scores (scores below 630) may qualify for a rate on the high end of a lender's range or be approved for a lower amount when compared to borrowers with good or excellent credit (scores above 689).

Some online lenders who offer loans to bad-credit borrowers look beyond credit score when assessing a borrower’s application. They may consider factors like cash flow, employment and education history, which can help your chances of approval.

There 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.

  • Build your credit. If you don’t need the loan immediately, do what you can to build your credit before applying.

Predatory online loans

No-credit-check and payday loans can seem like easy options for short-term cash needs. However, these loans can be predatory and expensive, with rates in the triple digits.

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. Since they don’t check your credit score as part of the application process, lenders tend to charge sky-high interest rates for these loans.

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.

Both no-credit-check and payday loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans.

Alternatives to online personal loans

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.

Frequently asked questions about the best online loans

  • 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.

Pre-qualify on NerdWallet

Last updated on October 8, 2024

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.

To recap our selections...

NerdWallet's Best Online Personal Loans of November 2024

  • SoFi Personal Loan: Best for Online loans overall
  • Discover® Personal Loans: Best for Online loans for excellent credit
  • Upstart: Best for Online loans for fair credit
  • LightStream: Best for Online loans with no fees
  • LendingPoint: Best for Online loans for fast funding
  • Best Egg: Best for Online loans for good credit
  • Reach Financial Personal Loans: Best for Online loans for debt payoff
  • Upgrade: Best for Online loans for bad credit
  • LendingClub: Best for Online loans for joint loans
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