Best Personal Loans With No Origination Fees

SoFi is our top choice for personal loan lenders with no origination fees. Through SoFi, you can borrow up to $100,000 and take up to seven years to repay the loan. Depending on your loan amount, you could receive your loan funds as soon as the same day you apply. 

Plus, SoFi has other benefits, such as autopay discounts and unemployment protection that allows you to postpone payments while you search for a new job. 

SoFi’s loan minimum is higher than that of other lenders, and larger loan amounts—meaning $20,000 or more—may take longer to process and disburse.

Credit unions are nonprofit organizations, so they often offer lower fees and better rates than other lenders. PenFed is no exception; borrowers can borrow $600 to $50,000 with competitive rates. 

For borrowers with less-than-perfect credit, PenFed could be a good choice because it allows applicants to apply with co-borrowers and co-signers. If you can apply with someone who has a high credit score and a reliable source of income, you could improve your chances of qualifying for a loan without origination fees. 

Although some lenders offer loan disbursement as soon as the same day you apply, PenFed’s loans can take a few days to process. And to qualify for a loan, you must become a PenFed member. Membership is open to the public, but you will need to open a savings account with at least $5 first.

For borrowers with very good to excellent credit—meaning a score of 740 to 850—LightStream offers the lowest rates on personal loans. Its rates vary by loan use; loans used to purchase cars come as low as 5.99%, while other uses like debt consolidation or home renovations have rates as low as 6.99%. 

LightStream offers longer loan terms than many lenders and doesn’t charge late fees, and you can receive loan funds as soon as the same day you apply. 

LightStream limits its loans to those with strong credit histories, so many people won’t qualify. And it has a higher loan minimum than some other lenders, so it may not be a good fit if you need a smaller amount of cash. 

With Discover, you can apply for a personal loan entirely online and receive the loan funds as soon as the next business day. Discover is also an excellent choice if you’re planning on consolidating high-interest debt because Discover will pay your creditors directly on your behalf. 

Discover offers a rare 30-day guarantee. If you change your mind and no longer want the loan within 30 days of its disbursement, you can return the loan and Discover will cancel it without charging you any interest.

Discover does have a lower loan maximum than many other lenders; the most you can borrow is $40,000. And you must qualify for a Discover loan by yourself since it doesn’t allow co-signers or co-borrowers. 

If you are an active-duty service member or veteran—or are the spouse or child of one—you may qualify for a personal loan from Navy Federal Credit Union. Navy Federal offers competitive interest rates and a broad range of loan amounts. 

Depending on how you intend to use the loan, you may be able to choose a longer loan term than other lenders offer. For example, Navy Federal loans used for home improvements can have terms as long as 15 years, giving you a much more manageable monthly payment for large projects.

Not everyone will qualify for a Navy Federal loan; you must be a qualifying member of the credit union. And there are loan minimums required to take advantage of the longer loan terms. 

Lenders without origination fees generally require high credit scores. But First Tech is a credit union, so it’s able to offer reduced fees and accept borrowers with less-than-perfect credit. It also offers joint and co-signed loans, helping you qualify for lower rates than you’d get by yourself. 

To qualify for a loan, you must be a member of the First Tech Federal Credit Union. However, First Tech’s membership criteria are broad, so you can likely qualify. You may be eligible for membership if you meet one of the following requirements: 

• You have a family member or household member that is already part of the credit union.
• You or a family member work for one of the credit union’s partner employers.
• You live or work in Lane County, Oregon.
• You belong to the Computer History Museum or the Financial Fitness Association (you can join either organization online). 

If you need a personal loan and are already a Wells Fargo customer, taking out a loan from the bank has some advantages. Wells Fargo offers loans for as much as $100,000, and you can take up to seven years to repay them. 

As a Wells Fargo customer, you can qualify for valuable interest rate discounts. Depending on the type of bank account you have and your balance, you could reduce your interest rate by as much as 0.25% with Wells Fargo’s relationship discounts.

Only current Wells Fargo customers are eligible for personal loans; if you aren’t a customer yet, you’ll need to visit a branch and open a bank account first. And Wells Fargo’s reputation for customer service is less than stellar.

If you’re a Citibank customer with an open deposit account, you can apply for a Citibank loan online and borrow up to $30,000. If you qualify, the money can be deposited into your Citi deposit account as soon as the same day you apply. Citigold and Citi Priority customers can qualify for a 0.25% interest rate discount.

Citibank’s personal loans are limited to existing customers, and your deposit account must have been open for at least 12 months before you’ll be eligible for a loan.