An online personal loan is a great way to fund an emergency expense, pay off credit card debt, or finance a major purchase if you don’t have enough savings to cover the cost. In fact, about 57% of adults have used a personal loan, according to Experian. This may be because average personal loan rates can be significantly lower than credit card rates, especially if you have good credit.
Tip:
The average rate on a two-year personal loan was 12.49% in February 2024, according to the Federal Reserve, compared to an average of 21.59% for credit cards.
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Overview
Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.
It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Overview
Discover Personal Loans offer amounts up to $40,000 with fixed APRs starting at 7.99%. Repayment terms can be from 3 to 7 years and there are no additional fees, as long as you pay on time. The company lends to borrowers nationwide and funds may be available as soon as the next business day after approval.
Discover doesn’t allow cosigners and you’ll need a FICO credit score of 660 or higher to qualify.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
BHG Financial stands out for offering the largest loan amounts - up to $200,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.
Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Note that you can't prequalify for a personal loan with BHG.
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Overview
Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.
It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Overview
Discover Personal Loans offer amounts up to $40,000 with fixed APRs starting at 7.99%. Repayment terms can be from 3 to 7 years and there are no additional fees, as long as you pay on time. The company lends to borrowers nationwide and funds may be available as soon as the next business day after approval.
Discover doesn’t allow cosigners and you’ll need a FICO credit score of 660 or higher to qualify.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
BHG Financial stands out for offering the largest loan amounts - up to $200,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.
Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Note that you can't prequalify for a personal loan with BHG.
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
The best online loans come with low rates, few fees, a choice of repayment terms, quick funding, and superior customer service. To help you narrow your options, our experts evaluated online lenders based on these factors.
Loan Amount
$5,000 to $100,000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Loan Amount
$1,000 to $50,000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Best for no origination fees (and low rates)
Loan Amount
$2,500 to $40,000
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
No discounts offered
Secured loans not available
Overview
Discover Personal Loans offer amounts up to $40,000 with fixed APRs starting at 7.99%. Repayment terms can be from 3 to 7 years and there are no additional fees, as long as you pay on time. The company lends to borrowers nationwide and funds may be available as soon as the next business day after approval.
Discover doesn’t allow cosigners and you’ll need a FICO credit score of 660 or higher to qualify.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Best quick loans for good credit
Loan Amount
$5,000 to $35,000
Excellent customer reviews on Trustpilot
Funding as soon as the next business day
Large loan amounts available
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Overview
Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.
It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Best debt consolidation loans for bad credit
Loan Amount
$1,000 to $50,000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Best home improvement loans and low rates
Loan Amount
$5,000 to $100,000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for high close rates if pre-approved
Loan Amount
$2,000 to $50,000
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for large personal loans
Loan Amount
$20,000 to $200,000
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Not available in IL, ND, and MT
No discounts
Minimum annual income requirement of $100,000
Funding takes at least five days
Overview
BHG Financial stands out for offering the largest loan amounts - up to $200,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.
Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Note that you can't prequalify for a personal loan with BHG.
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Best fast personal loans for all credit types
Loan Amount
$1,000 to $50,000
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
May charge a high origination fee
No discounts offered
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Best bad credit personal loans
Loan Amount
$1,500 to $20,000
Flexible eligibility requirements
Offers secured options
Competitive bad-credit loans
Physical presence
Availability
Origination fees
High starting APR
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
We evaluated the best online loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support.
Each data point was verified by a third party to make sure it was accurate and up to date. Read our full lender rating methodology for more information.
The term “online loan” may refer to any loan that you can apply for online, without visiting a bank or credit union to fill out paperwork. Mortgages, business loans, and auto loans are all available online, but we’ll focus on personal loans available from online lenders in this article.
An online personal loan is a type of installment loan that provides you with a lump sum of cash. You repay the loan in predictable monthly payments based on a fixed interest rate and set repayment term. Interest rates on most personal loans range from around 7% to 36%, depending on your credit, current debt, and income; repayment terms typically range from one to seven years. But some lenders offer longer-term loans for specific purposes, like home improvement.
Loan amounts are often available up to $50,000, though some lenders offer loans $100,000 loans or more if you can qualify. You can use the cash for almost anything, with a few exceptions. Each lender determines which loan purposes it will approve or allow. For instance, Happy Money only offers loans for debt consolidation.
Pros and cons of online loans
Pros
- Lower average interest rates than credit cards
- Prequalify and apply from home
- Fast funding
- Online loan management
- Discounts for autopay and/or direct pay
Cons
- Higher interest rates than some other loan types
- No in-person customer service
- Qualification requirements may be strict
- Must provide personal information online
A 2-year personal loan has an average interest rate over nine percentage points lower than the average rate on credit cards (12.49% vs. 21.59%, respectively), according to the Fed. This difference can make it advantageous to pay off high-interest credit cards with a personal loan, known as debt consolidation or credit card refinancing.
Another benefit of online loans: You can skip the trip to a financial institution and fill out the application from the comfort of your couch. Most online lenders also offer a prequalification process, which allows you to get a rate estimate without hurting your credit. Plus, you can often make payments online or via a mobile app, and many lenders offer autopay discounts and/or direct pay discounts (if loan funds for debt consolidation are sent directly to your creditors).
Tip:
Online lenders typically offer faster funding than brick-and-mortar banks. Some lenders even offer same-day funding if you submit and sign your loan documents before the lender’s same-day funding cut off time.
If you prefer in-person support, it’s not generally available from online lenders, though many do provide customer service by phone. In addition, you’ll need to provide sensitive financial information and access to your bank account on the internet. While most online lenders and loan marketplaces use encryption or other security measures to keep your data safe, you may want to avoid applying for an online loan on a public Wi-Fi network.
Since personal loans are unsecured, many lenders have rigorous financial requirements. You’ll generally need to have good credit and enough income to comfortably afford your new and existing debt payments, although some online lenders are more welcoming to bad credit borrowers. You also may pay a higher interest rate than you would with some secured loans, like home equity loans and auto loans.
- Check your finances: Compare your credit score and income to the lender’s minimum requirements to see which lenders you’re more likely to qualify with, and evaluate your budget to determine the monthly payment range you can afford.
- Compare rates: Prequalify with a handful of lenders and compare your estimated rate along with the term options each lender offers. Pay attention to the loan’s annual percentage rate (APR), which includes interest and upfront fees, like an origination fee.
- Compare repayment terms: Sometimes you can lower the overall cost of your loan by choosing a shorter repayment period. Most lenders offer 1- to 7-year repayment terms, but some loans can last 10 or more years, especially if used for home improvements or to buy a boat or RV.
- Compare fees: Some lenders charge an origination fee upfront. This can range as high as 12%, depending on your credit and where the lender caps such fees. Some lenders also charge late fees and insufficient funds fees.
- Compare discounts: Some lenders give rate discounts if you choose autopay or allow the lender to pay your creditors directly when using the loan to consolidate debt. Even a quarter of a percentage point could save you hundreds of dollars over the term of the loan.
- Select a loan offer: Make sure you can afford the monthly payment for the loan you choose, but bear in mind that you’ll pay less interest with a shorter term, and they may come with lower interest rates as well.
- Formally apply: Proceed with the loan offer of your choice. This will usually trigger a hard credit check, which could cause a small dip in your credit score. You may also be required to upload documents that prove your identity, income, and employment information.
- Sign your loan documents: Check that you’re happy with the final rate offer and review your loan agreement carefully before signing. You should receive the funds within a few days.
Check Out: Best Fast Personal Loans
It can be challenging to get an online loan with a poor credit score, but it’s not impossible. If you’re struggling, we have a few tips that can help with eligibility:
- Consider bad credit lenders: Some lenders use AI underwriting to look at a wider variety of financial data and approve more borrowers with lower credit scores. For example, Upstart has no minimum credit score requirement and may approve students and college graduates with no credit history, depending on other criteria.
- Apply with a co-signer or co-applicant: If you have a friend or family member with good credit who is willing to cosign your loan, you may have a better chance of getting approved at a lower rate. That’s because they agree to repay the loan if you can’t, which reassures the lender. Applying jointly with a co-applicant, like your spouse, can have a similar benefit.
- Look for online secured loans: If you offer an asset as collateral for a loan, that gives the lender recourse if you fail to repay, which lowers the risk. That can make it easier to get approved if you have bad credit. For example, Upgrade offers an auto-secured loan.
- Improve your credit: Check your credit report at AnnualCreditReport.com. If there are errors that may be dragging down your score, be sure to dispute them. Then, take steps to improve your credit score, like paying down debt and making on-time payments. While these strategies take time, a tool like Experian Boost may provide a small score increase in seconds, which may help you qualify for an online loan.
If an online loan doesn’t seem like the right fit for your financial needs, consider alternative options, including:
- Personal loan from a bank or credit union: If you’re looking for personalized support, apply for a personal loan at your local bank or credit union. Credit unions tend to offer lower rates, but you’ll need to join as a member. Many credit unions also offer payday alternative loans, which may be a good alternative if you have bad credit.
- 0% APR credit card: If you’re looking to fund a major expense that you can pay off within 21 months, consider a credit card with a no-interest introductory offer, like the Wells Fargo Reflect Card.
- 401(k) loan: If you have a 401(k) plan that allows loans, you may be able to borrow from it at a lower interest rate relative to an online loan, and the interest goes back into your account. There’s no credit score requirement, either, but there are risks and limitations, such as lost investment growth and severe tax consequences if you can’t repay the loan.
- Cash advance app: If you just need a few hundred dollars fast, consider a cash advance app, which does not require a credit check but may come with fees. MoneyLion is a good option to consider.
- Home equity loan: If you’re looking for a large loan with a low interest rate that you can pay back over a long term, consider a home equity loan, which allows you to borrow against the equity in your home. However, beware the risk of foreclosure if you fail to repay, and you’ll need to have sufficient home equity to qualify.
- Non-loan options: While an online loan can be a great financial tool, it also requires you to take on more debt. If you’re already struggling to make ends meet, you should explore government benefits or ask for help from your friends or family. If you’re overwhelmed by credit card debt, consider talking to a nonprofit credit counseling agency.
Applying for an online loan is quick and easy, and you can skip the trip to the bank. You’ll provide your Social Security number and answer a few questions through an online portal. If you’re approved, you’ll get a lump sum of money, typically within a few days. You’ll repay the loan in monthly installments with interest over time.
You can get an online loan directly from an online lender, like SoFi or Lightstream, or you can use a loan marketplace to compare your options in one place.
Payday loans can trap borrowers in debt. While it’s easy to get an online payday loan with no credit check, you’ll need to repay the loan within weeks, and payday lenders in some states charge fees equivalent to and over 400% APR. Since many borrowers renew their loans, fees can mount further. If you need money in a pinch, consider a cash advance app or payday alternative loan (PAL) from a credit union instead.
Hilary Collins has contributed to the reporting of this article.
Meet the contributor:
Lindsay Frankel
Lindsay Frankel has been in personal finance for over eight years. Her work has been featured by MSN, CNN, FinanceBuzz, and The Balance.
