:max_bytes(150000):strip_icc()/ScreenShot2021-11-19at10.19.47AM-f4c32b98185a44faa52a810e41088308.png)
:max_bytes(150000):strip_icc()/JaspersonHeadShot1-b5b480f2351248de8fd3e673f7ce6d0d.jpeg)
We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.
Personal loans are a great way to help consolidate your high-interest debt, pay for a home upgrade, or finance a large upcoming expense. They offer flexible repayment terms, relatively low rates, and a simple way to access quick funding for your needs.
But there are many companies to choose from. Some offer low fees, while others offer larger loan amounts. Still, others offer perks to members, including discounts.
To choose the best online personal loans, we evaluated over 40 online lenders based on their interest rates, fees, loan amounts, repayment terms, and hundreds of other data points to ensure our reviews are as unbiased and comprehensive as possible.
Best Online Personal Loans of July 2023
- Best for Loans Above $50,000: SoFi
- Best for Small Loans: PenFed
- Best for Bad Credit: Upgrade
- Best for Fair Credit: Best Egg
- Best for Excellent Credit: Regions
- Best for Debt Consolidation: Discover
- Best for Fast Funding: Rocket Loans
- Best With a Co-Signer: First Tech FCU
- Best for Amex Cardholders: American Express
Best for Loans Above $50, 000 : SoFi
:fill(white):max_bytes(150000):strip_icc()/sofi-f87476558bca4e898f7787713e9f4379.png)
- APR Range: 8.99% - 25.81%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
SoFi is a top pick for big online personal loans, as it offers up to $100,000 in unsecured loans, has repayment terms up to seven years in length, and charges no fees. SoFi is a financial company that also offers quite a few perks to customers, including free financial planning.
No loan fees
Loans up to $100,000
Low rates
Payments can be paused if unemployed
Co-signers not available
Minimum loan amount is $5,000
SoFi personal loans start at $5,000, so you’ll need to borrow quite a bit, but rates can be as low as 8.99% for qualified borrowers. If you lose your job, SoFi offers an unemployment protection program, allowing you to pause payments for up to three months while looking for work. SoFi also offers career counselors (for free) who can assist in finding a new job during this time.
SoFi does not allow co-signers, but you can add a co-applicant to the loan. The application process is quick and can be completed in just a few minutes. The customer service team is also very responsive and helpful.
Overall, SoFi is the top online lender for personal loans, offering better rates and more features than many other lenders.
To qualify for a SoFi personal loan, you must meet the following eligibility criteria:
- Be at least the age of majority in your state and able to enter into a binding contract
- Be a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers); documentation may be required
- Reside in one of the 50 U.S. states or Washington, D.C.
- Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
- Qualify based on financial history, credit score, and other factors
Best for Small Loans : PenFed
:fill(white):max_bytes(150000):strip_icc()/penfed-credit-union_3x1-0af61f4fc44340dc99cd448c2385f73f.png)
- APR Range: 7.74% - 17.99%
- Loan Amount: $600 - $50,000
- Loan Terms: 12 months - 60 months
If you're looking for a small loan, PenFed Credit Union is a great option, offering personal loans as low as $600 with competitive interest rates. Borrowers are also not faced with additional fees, aside from late payment fees.
Borrow as little as $600
Next-day funding available
No loan fees
Must be a PenFed member
5-year term maximum
PenFed requires membership to apply, but membership is free and available in all 50 states (plus Washington D.C.). You can get pre-qualified online to see your rates and terms before completing a full application, so you can check without dinging your credit. And loans may be funded as soon as the next business day.
PenFed’s minimum recommended credit score is 620, and while the lowest rates require excellent credit, the highest rates only reach 17.99%. This makes PenFed a good option for consolidating your debt to lower your interest rates.
If you are looking for a smaller loan with no fees (aside from late fees), PenFed is a great option.
To qualify for a PenFed personal loan, you must meet the following eligibility criteria:
- Be a PenFed member
- Live in the United States
- Be the age of majority as defined by state of residence
- Have a minimum recommended credit score of 620
- Qualify based on financial history, credit score, and other factors
- Borrow a minimum of $600
Best for Bad Credit : Upgrade
:fill(white):max_bytes(150000):strip_icc()/upgrade-d851c5dcffee4cadb258b6a6ff8c843e.png)
- APR Range: 8.49% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 24 months - 84 months
If you have bad credit but need a personal loan, Upgrade is a great option because it requires a minimum credit score of 550. You can also apply with a co-applicant, which can improve your chances of qualifying and getting a better rate, even if you have bad credit.
Low credit score minimum of 550
Co-applicants available
Next-day funding available
Origination fee up to 9.99%
Late payment fees
Upgrade offers personal loans up to $50,000 and has quite a low minimum credit score. It also offers pre-qualification to check your rates online in just minutes without impacting your credit score. Plus, Upgrade offers next-day funding to some applicants as well.
Interest rates start at 8.49%, but if you have bad credit you’ll get closer to the higher end of the range. And Upgrade charges up to 9.99% as an origination fee, which is directly deducted from your loan amount. If you have bad credit and need a personal loan, Upgrade is worth a look; just be prepared to pay for it.
To qualify for a personal loan from Upgrade, you must meet the following eligibility criteria:
- Be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 years old in Alabama and certain other states)
- Provide a verifiable bank account and a valid email address
- Minimum recommended credit score of 550
Best for Fair Credit : Best Egg
:fill(white):max_bytes(150000):strip_icc()/Best-Egg-Logo-7dc5e2bbe6bb46688333587f747d814f.jpeg){kind=logo}
- APR Range: 8.99% - 35.99%
- Loan Amount: $2,000 - $50,000
- Loan Terms: 36 months - 60 months
If you don’t have the best credit your options will be relatively limited, but you can still find lenders with good offers. Best Egg offers up to $50,000 in personal loans, and its minimum recommended credit score of only 640 makes it relatively easy to qualify. Best Egg is a great choice for anyone with fair credit.
Minimum recommended credit score of 640
Flexible loan terms
Pays off creditors directly
Can borrow up to $50,000
Origination fee up to 8.99%
Not available in all states
Best Egg loans are available starting at $2,000 and rates start at 8.99%, although with fair credit you’ll have to expect a higher interest rate than that. If you’re unable to qualify on your own, however, co-signers are not allowed.
Best Egg does charge loan origination fees, ranging from 0.99% to 8.99%, with a minimum 4.99% fee for loans over four years. While it charges fees, Best Egg also pays creditors directly, making it easy to migrate your debts into a single monthly payment and fixed interest rate.
To qualify for a loan from Best Egg, you must meet the following criteria:
- Live in an eligible state; Best Egg loans are not available to residents of Iowa, Vermont, West Virginia, or Washington, D.C.
- Be the age of majority in your state
- Have a personal checking account and a physical mailing address
- Minimum recommended credit score of 600
Best for Excellent Credit : Regions
:fill(white):max_bytes(150000):strip_icc()/regions-bank-logo-6d0f2370b44a4c9d8d5224ec3c3ef878.png){kind=logo}
- APR Range: 8.74% - 29.99%
- Loan Amount: $2,000 - $50,000
- Loan Terms: 36 months - 60 months
For those with excellent credit, Regions bank is a great choice because it offers personal loans at low rates for borrowers with great credit scores. With rates starting at 8.74%, Regions is also ideal for customers looking to fund a project or consolidate debt to lower the amount they pay in interest.
Low minimum APR
No origination fees
Same-day funding available
Only available in 15 states
Up to $100 late payment fee
Regions offers loans from $2,000 up to $50,000 in total, and funding may be available on the same business day you apply. The application process is simple, and you can pre-qualify to see your rates before completing your application. There is a late payment fee of 5%, or up to $100.
Regions bank is only available to customers in select states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, and Texas.
If you live in one of the above states and have excellent credit, Regions may be a good choice.
To qualify for a Regions personal loan, you must meet the following eligibility criteria:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old
- Qualify based on financial history, credit score, and other factors
Best for Debt Consolidation : Discover
:fill(white):max_bytes(150000):strip_icc()/Discover-logo-28a70026a79d4023adafb0f5e2e773cf.jpg){kind=logo}
- APR Range: 7.99% - 24.99%
- Loan Amount: $2,500 - $40,000
- Loan Terms: 36 months - 84 months
Discover is a great place to look for a personal loan if you need to consolidate your debt. Its debt consolidation loans allow you to combine multiple debts into a single payment, ideally at a lower interest rate. Discover will also pay your creditors off directly, taking the headache out of debt consolidation.
Low interest rates
Next-day funding available
No fees (application, origination, prepayment)
No co-signers or co-applicants
$39 late payment fee
Discover is an online financial services company that offers personal loans with no origination or prepayment fees. The rates may be the same for any loan term length, so you can grab the best rates and pay the money back over a longer time period if you wish.
Discover’s minimum recommended credit score is 660, and co-signers and co-applicants are not allowed. And Discover is stingy about late payments, charging a $39 fee even if you’re only one day late. If you’re looking to consolidate your debts and save on interest, Discover is a good option, but only if your credit is good enough to qualify on your own.
To qualify for a Discover personal loan, you must meet the following eligibility criteria:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old
- Have a minimum household income of at least $25,000
- Minimum recommended credit score of 660
Best for Fast Funding : Rocket Loans
:fill(white):max_bytes(150000):strip_icc()/rocket-loans-5832854c037d4d5899c8fe030814439b.png)
Rocket Loans
- APR Range: 9.12% - 29.99%
- Loan Amount: $2,000 - $45,000
- Loan Terms: 36 months - 60 months
If you need money fast, Rocket Loans is the first company to look to—if you complete your application and sign the promissory note by 1 p.m. Eastern Time, Rocket Loans will send the funds by Automated Clearing House (ACH) the same day. But, be aware that your bank’s processing time could delay access to the funds.
Same-day funding available
Pre-qualification in a few minutes
Relatively low rates
Origination fee up to 9%
Only two loan term options available
Rocket Loans is a popular online lender offering personal loans that may be funded within the same business day. Pre-qualification is available, showing you your rates after you fill out a quick application, and the process does not hurt your credit score.
Loans are available from $2,000 up to $45,000 in total, but there are only two loan terms to choose from (36 or 60 months). Loans come with an origination fee, which can be up to 9% of the total loan amount; this will be deducted from your loan balance. Overall, Rocket Loans is one of the best lenders for funding your bank account quickly, and the rates aren’t too bad either.
To qualify for a Rocket Loans personal loan, you must meet the following eligibility criteria:
- Be at least 18 years old
- Be a U.S. resident
- Qualify based on monthly income, tax forms, debt-to-income ratio (DTI) and overall credit history
Best With a Co-Signer : First Tech FCU
:fill(white):max_bytes(150000):strip_icc()/First_Tech_Logo_Black-901aa142b5f84b71bd156bb7f018d47c.png){kind=logo}
- APR Range: 7.99% - 18.00%
- Loan Amount: $500 - $50,000
- Loan Terms: 24 months - 84 months
For those unable to qualify on their own, First Tech Credit Union offers personal loans with co-signers. This combined with its lack of loan fees and flexible terms makes it our pick as the best for those with a co-signer.
Co-signers allowed
Loans start at just $500
No loan fees
Longer term loans have high rates
Must be a First Tech member
First Tech loans start at only $500 but are available up to $50,000 for larger needs. There are no loan fees, including application, origination, or prepayment fees. You can add a co-signer to your application, making it easier to qualify for a loan with bad or limited credit. First Tech requires credit union membership to apply, but it’s easy to join and available in all 50 states (and Washington D.C.).
While the loan terms are flexible (from 24 to 84 months), the longer loan terms charge a higher interest rate. If you have poor credit or no credit history and need a co-signer to qualify for a personal loan, First Tech CU is a great option.
To qualify for a loan from First Tech FCU, you must be the age of majority in your state and be a member of the credit union or sign up during the loan application process. To join, you must:
- Have a family or household member that is a member of First Tech FCU
- Work for one of the hundreds of companies on the credit union’s list of partners
- Work or live in Lane County, Oregon
- Belong to the Computer History Museum or the Financial Fitness Association (you can join online; digital memberships start at $15 per year)
Best for Amex Cardholders : American Express
:fill(white):max_bytes(150000):strip_icc()/American-Express-72285a4046a046bc94e2fea5ddfe5731.png)
American Express
- APR Range: 4.98% - 18.98%
- Loan Amount: $3,500 - $40,000
- Loan Terms: 12 months - 36 months
If you already have an American Express credit card, American Express is a great option for personal loans. As a cardholder, you can check to see if you have a pre-approval offer without any fees. Additionally, you can sign up quickly and may save money on interest.
Very low rates available
No origination or prepayment fees
Pre-approval available
Must have an American Express credit card
Must be pre-approved (members can check for pre-approval)
Late fee of $39
American Express is a popular credit card company that offers personal loans to cardholders. Borrowers who receive a pre-approval notice from American Express can apply for a personal loan, and there are no origination or prepayment fees assessed (if you’re a cardholder, you can check to see if you’re pre-approved).
Amex offers loans from $3,500 up to $40,000. Interest rates are available as low as 4.98% to borrowers with excellent credit, which is about as low as they come. While the rates are great, repayment terms are limited, with terms of only 12 to 36 months available. Late payments will be charged a $39 fee.
To qualify for an American Express personal loan, you must meet the following eligibility criteria:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old
- Be an eligible American Express cardmember
- Qualify based on income, credit profile, and other factors
Final Verdict
Getting a personal loan online has never been easier, and with dozens of companies to choose from you can easily find one that fits your needs. Most lenders provide simple online applications, quick funding, and the ability to qualify even if you don’t have perfect credit.
SoFi is among the best due to its low rates, ease of use, ability to borrow up to $100,000 with no collateral, and excellent support once you become a customer. Plus, it offers protection in case of job loss, allowing you to stop payments and work with a career coach to find another job. All of the companies listed here offer the ability to apply online, and there are options for mostly every borrowing scenario. Just make sure to evaluate the fees before applying.
Compare Providers
| Company | APR Range | Average Origination Fee | Late Fee | Time To Receive Loan | Loan Amount | Latest Repayment |
|---|---|---|---|---|---|---|
| SoFi Best for Loans Above $50,000 | 8.99% - 25.81% | 0.00% | $0.00 | 0 days | $5,000 - $100,000 | 84 months |
| PenFed Credit Union Best for Small Loans | 7.74% - 17.99% | 0.00% | $29.00 | 1 day | $600 - $50,000 | 60 months |
| Upgrade Best for Bad Credit | 8.49% - 35.99% | 1.85%–9.99% | $10.00 | 1 day | $1,000 - $50,000 | 84 months |
| Best Egg Best for Fair Credit | 8.99% - 35.99% | 0.99% - 8.99% | $15.00 | 1 day | $2,000 - $50,000 | 60 months |
| Regions Best for Excellent Credit | 8.74% - 29.99% | 0.00% | 5.00% - $100.00 | 0 days | $2,000 - $50,000 | 60 months |
| Discover Best for Debt Consolidation | 7.99% - 24.99% | 0.00% | $39.00 | 1 day | $2,500 - $40,000 | 84 months |
| Rocket Loans Best for Fast Funding | 9.12% - 29.99% | 1.00% - 7.00% | $15.00 | 0 days | $2,000 - $45,000 | 60 months |
| First Tech Federal Credit Union Best With a Co-Signer | 7.99% - 18.00% | 0.00% | $10.00 to $25.00 | 0 days | $500 - $50,000 | 84 months |
| American Express Best for Amex Cardholders | 4.98% - 18.98% | 0.00% | $39.00 | 3 days | $3,500 - $40,000 | 36 months |
Guide to Choosing the Best Online Personal Loans
Why Should You Apply for an Online Personal Loan?
Online personal loans can be used for a broad range of purposes, and are often more accessible than traditional loans. For that reason, many borrowers opt for an online loan over financing from a traditional bank or credit union.
Here are some common circumstances where an online personal loan may be appropriate:
- You’re facing emergency expenses for things like auto repairs, medical bills, or a funeral.
- You need same- or next-day access to funds.
- You have credit card debt and want to streamline payments with debt consolidation.
- You want access to more competitive rates than those available through local banks and credit unions.
- It’s difficult or impossible to visit a bank in person.
- You don’t qualify for a personal loan through a traditional lender.
Comparing Online Personal Loan Lenders
With so many online lending platforms to choose from, it can be difficult to identify the provider that best fits your borrowing needs. Consider these factors when comparing online personal loan lenders:
- APR range: Personal loan APRs generally range from about 5% to around 35% or higher, with the most competitive rates reserved for the most qualified applicants. Where possible, pre-qualify with lenders to see the rate you’re likely to qualify for before applying and undergoing a hard credit inquiry.
- Loan amounts: Depending on the lender, online personal loan amounts start as low as $500 and extend up to $100,000. Consider how much you need to borrow and choose a lender that’s willing to extend as much—or as little—as you can comfortably afford to repay. Many lenders offer online payment calculators to help determine the monthly cost of various loan amounts.
- Repayment terms: Loan terms are generally between 12 and 60 months. However, some lenders offer lengthier or more flexible terms than others. Keep in mind that shorter repayment terms result in larger monthly payments, and choose a lender with terms that fit your budget.
- Ease of application: Online lenders have convenient application processes that don’t require visiting a branch in person. Still, some lenders have more rigorous applications than others. What’s more, minimum qualification requirements vary by lender, so it's important to choose a provider that’s likely to approve your application.
- Funding speed: If you need the money quickly, compare loan options based on each lender’s standard funding speed. While some offer same-day funding, next-day disbursements are more common and others take several business days to process. Keep in mind that the time it takes to receive funds can depend on your financial institution.
- Lender reputation: Before committing to a lender, read online reviews and, where possible, talk to friends and family who’ve already worked with that financial institution. Reviews can offer valuable insight into how long the approval process takes, the quality of the lender’s customer support team, and whether average borrowers actually qualify for competitive rates.
How to Apply for a Personal Loan Online
The application process for online personal loans is lender-specific. However, most lenders follow the same general application and underwriting process. Follow these basic steps to apply for a personal loan online:
- Complete an online application: Navigate to the lender’s website and start an application by providing necessary information such as employment and income details, Social Security number, loan purpose, and how much you intend to borrow. Depending on the lender, this may involve pre-qualifying to see the rate you might receive, which usually doesn’t require a hard credit check.
- Review and accept the loan offer: Some online lenders provide multiple loan offers based on the information provided as part of pre-qualification. After pre-qualifying, select an appropriate loan offer to continue your application and verification process.
- Await verification and approval: Once you choose a loan offer, the lender will conduct a deeper review of your application and begin the verification process. This is generally the point at which a lender performs a hard credit inquiry, which will appear on your credit reports and can impact your credit score. You may need to submit additional documentation to verify your income and employment.
- Receive funds: After verifying your loan application, the lender will disburse loan funds to the account specified in your application or directly to your creditors. Depending on the lender, funds may be available as soon as the same day, while other providers may take several business days to disburse funds. From there, most lenders let customers manage their accounts through an online portal or mobile app.
Frequently Asked Questions
-
Is It Safe to Get a Personal Loan Online?
Getting a personal loan online is as safe as getting financing from a traditional bank, as long as the lender has a secure website and is otherwise reputable. Before submitting personal information online, prospective borrowers can confirm that the lender has an up-to-date SSL certificate, and all data is adequately protected via encryption. Applicants can also read reviews and look up complaints lenders have received from agencies such as the Consumer Financial Protection Bureau.
-
Can You Get an Online Personal Loan With No Credit Check?
Finding an online loan (or any type of financing) with bad credit can be difficult. If you’re searching for bad credit loans, you may find lenders that advertise “no credit check loans” or “guaranteed approval.” Any such promises should be a red flag. According to the Federal Trade Commission, a lender that isn’t interested in your credit score or history might be running an advance-fee loan scam.
-
Can I Get a Personal Loan Online Instantly?
Many online lenders offer instant approval (if you can qualify) when you apply for financing. However, once you qualify for a loan, the lender may require you to complete some additional steps. For example, you may need to send documentation verifying your identity and income. Some lenders offer next-day or even same-day loan disbursement, but the time it takes to get your loan can vary depending on the lender’s ability to verify your information and your bank’s processing time.
-
What Is the Easiest Online Loan to Get Approved For?
This can vary depending on your credit score. If you have bad credit, Upgrade is the place to look. It has a minimum credit score requirement of 550, offers borrowers the ability to apply with a co-applicant, and has a quick pre-qualification process that allows you to check your rates online without impacting your credit score.
-
Which Bank Is Best for an Instant Personal Loan?
On this list, Rocket Loans is the best option for fast funding. While it varies depending on your bank's processing time, if you submit all the necessary documents by 1 p.m. Eastern time, you can receive the funds the same day.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.
:max_bytes(150000):strip_icc()/GettyImages-1309118129-521c1d7b2e784cbe872c57a52e42984f.jpg)
bymuratdeniz / Getty Images
:max_bytes(150000):strip_icc()/Primary-Image-how-to-pre-qualify-for-a-loan-7484054-5b146c6eb62a422cb69feab518ce6676.jpg)
:max_bytes(150000):strip_icc()/GettyImages-816570876-9888b30acd734f3aa1e7e639421dfebd.jpg)
:max_bytes(150000):strip_icc()/GettyImages-819459354-d08ca68e21d148f789e5acd7bab4937b.jpg)
:max_bytes(150000):strip_icc()/GettyImages-1405397621-d36db8e134dd46c9976369cb9c72daa9.jpg)
:max_bytes(150000):strip_icc()/GettyImages-913438746-147ef5fa57424f70a5c6ff0396ecebec.jpg)
:max_bytes(150000):strip_icc()/businessownertalliesreceipts-c8c8134d700b49af89ee6c437b6a526e.jpg)