8 Online Loans: Shop for Personal Loans in 2020

on LightStream's website

LightStream

5.0

Min. Credit Score

660

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

on LightStream's website

Min. Credit Score

660

Key facts

LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose.

Pros

No fees.
Competitive rates among online lenders.
Rate discount for autopay.
Special features including rate beat program and satisfaction guarantee.

Cons

No option to pre-qualify on its website.
Requires several years of credit history.

Qualifications

Minimum credit score: 660.
Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.
Strong payment history with few or no delinquencies.
Investments, retirement savings or other evidence of an ability to save money.
Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com, which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

on SoFi's website

SoFi

5.0

Min. Credit Score

680

Est. APR

5.99 - 20.69%

Loan Amount

$5,000 - $100,000

on SoFi's website

Min. Credit Score

680

Key facts

Sofi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

Pros

No fees.
Offers co-sign and joint loan options.
Rate discount for autopay.
Offers unemployment protection.
Provides mobile app to manage your loan.

Cons

No secured loan option.

Qualifications

Must legally be an adult in your state.
Must be a US citizen, permanent resident or visa holder.
Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Our picks for

Online loans for debt consolidation

These lenders offer loans that help borrowers stay disciplined and pay off debt.

on Payoff's website

Payoff

4.5

Min. Credit Score

640

Est. APR

5.99 - 24.99%

Loan Amount

$5,000 - $40,000

on Payoff's website

Min. Credit Score

640

Key facts

Payoff offers loans and ongoing support to help fair- and good-credit borrowers consolidate credit card debt.

Pros

Competitive rates among online lenders.
Offers direct payment to creditors.
Reports payments to all three major credit bureaus.
No prepayment or late fees.

Cons

Charges origination fee.
No rate discount for autopay.
Requires several years of credit history.

Qualifications

Minimum credit score: 640.
Minimum credit history: Three years.
At least two open accounts on credit report.
Maximum debt-to-income ratio: 50% (excluding mortgage).
Free cash flow: At least $1,000.
Zero credit delinquencies.
Must be able to provide income verification.
No bankruptcies filed within the past two years.
Must provide Social Security number.

Available Term Lengths

2 to 5 years

Fees

Origination fee: 0% - 5%.

Disclaimer

This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

Min. Credit Score

660

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website

Min. Credit Score

660

Key facts

Marcus personal loans stand out with low rates, zero fees and a wide range of repayment terms.

Pros

No fees.
Competitive rates among online lenders.
Wide variety of repayment term options.
Rate discount for autopay.
Offers direct payment to creditors for debt consolidation loans.

Cons

No co-sign, joint or secured loan option.
Funding could take up to four business days.

Qualifications

Minimum credit score: 660.
Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.
Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.
May need to provide proof of income, including recent pay stubs or bank statements.

Available Term Lengths

3 to 6 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Our picks for

Online loans for bad credit

These lenders are available for borrowers with bad credit, offering flexibility and fast funding.

on Avant's website

Avant

4.0

Min. Credit Score

550

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

on Avant's website

Min. Credit Score

550

Key facts

Avant's low starting rates make it a good option for borrowers with low credit scores and income.

Pros

Able to fund loans the next business day.
Option to change your payment date.
Soft credit check with pre-qualification.
Offers secured loan option.

Cons

Charge an origination fee.
Does not offer direct payment to creditors with debt consolidation loans.
No co-sign or joint loan option.

Qualifications

Minimum credit score of 550.

Available Term Lengths

2 to 5 years

Fees

Administrative fee: Up to 4.75%.
Late fee: $25 (most states).
Unsuccessful payment fee: $15 (most states).

Disclaimer

A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC

on OneMain Financial's website

OneMain Financial

4.0

Min. Credit Score

None

Est. APR

18.00 - 35.99%

Loan Amount

$1,500 - $20,000

on OneMain Financial's website

Min. Credit Score

None

Key facts

OneMain is an option for bad-credit borrowers, but it comes with high starting rates and an origination fee.

Pros

Option to choose your payment date.
Offers joint and secured loans.
Able to fund a loan the same or next business day.
Offers online educational resources.

Cons

Rates are high compared to other online lenders.
Charges origination fee.
Does not offer direct payment to creditors on debt consolidation loans.

Qualifications

Minimum credit score: None.
Maximum debt-to-income ratio: None.
Minimum income: Not disclosed; average is $45,000.

Available Term Lengths

2 to 5 years

Fees

Origination fee: $25 to $400 or 1 - 10%

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Our picks for

Online loans for fair credit

These lenders offer loans to borrowers with at least a 620 credit score.

on Upgrade's website

Upgrade

5.0

Min. Credit Score

580

Est. APR

6.94 - 35.97%

Loan Amount

$1,000 - $50,000

on Upgrade's website

Min. Credit Score

580

Key facts

Upgrade offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Pros

Allows secured, co-signed and joint loans.
Offers rate discount with direct payment to creditors on debt consolidation loans.
Rate discount for autopay.

Cons

Charges origination fee.
Charges late fee.

Qualifications

Minimum credit score: 580.
Minimum annual income: None; average borrower income is $87,000.
Minimum credit history: 3 years.
Minimum number of accounts on credit history: 2.
Minimum monthly free cash flow: $800.
Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.
Average loan amount is $10,000.
Average repayment term is 40 months.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 2.9% to 8%.

Disclaimer

Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

on Upstart's website

Upstart

4.5

Min. Credit Score

580

Est. APR

6.16 - 35.99%

Loan Amount

$1,000 - $50,000

on Upstart's website

Min. Credit Score

580

Key facts

Upstart is a good option for those who have short credit histories and promising financial futures.

Pros

Accepts borrowers new to credit.
Able to fund loans within one business day.
Offers direct payment to creditors with some debt consolidation loans.

Cons

Borrowers can choose from only two repayment term options.
Charges origination fee.

Qualifications

Minimum credit score: 580.
Minimum credit history: none, this lender accepts borrowers with credit history too limited to produce a FICO score.
Minimum gross income: $12,000.
Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.
Must have U.S. residential street address where borrower resides (unless military personnel on active duty).
Must be at least 18 years old.
Valid email account required.
Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 0% - 8%.
Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

1)This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 2) § Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. 3) ‡ The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.