Best Online Loans in 2023

Key facts

Pros

• Pre-qualify with soft credit check.

• Direct payment to creditors with debt consolidation loans.

• Fast funding.

• Hardship program.

Cons

• Origination fee.

• No rate discount.

• No joint, co-sign or secured loan options.

• No option to choose initial payment date.

Qualifications

• Minimum credit score: 640.

• Minimum credit history: 3 years and 2 accounts.

• Maximum debt-to-income ratio: 55%.

• Minimum income: None; lender will assess cash flow.

• No bankruptcies filed in past two years.

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.

Key facts

Pros

• No fees.

• Joint loan option.

• Rate discount for autopay.

• Hardship program for borrowers in need.

• Mobile app to manage loan.

Cons

• No option to choose initial payment date.

• High minimum loan amount.

Qualifications

• Must legally be an adult in your state.

• Must be a U.S. 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 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 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. Lowest rates reserved for the most creditworthy borrowers. 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.

Key facts

Pros

• No fees.

• Rate discount for autopay.

• Long repayment terms on home improvement loans.

• Rate Beat program and Experience Guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

• No direct payment to creditors with debt consolidation loans.

Qualifications

• Minimum credit score: 660.

• Several years of credit history.

• 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

Rates quoted are with AutoPay. 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. Rates without AutoPay are 0.50% points higher. 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 $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• Secured and joint loans.

• Multiple rate discounts.

• Mobile app to manage loan payments.

• Direct payment to creditors with debt consolidation loans.

• Long repayment terms on home improvement loans.

Cons

• Origination fee.

• No option to choose your payment date.

Qualifications

• Minimum credit score: 560.

• Minimum number of accounts on credit history: 1 account.

• Maximum debt-to-income ratio: 75%, including the loan you're applying for.

• Minimum length of credit history: 2 years.

• Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: 1.85% to 8.99%.

• Late Fee: $10.

• Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

Key facts

Pros

• Accepts borrowers new to credit.

• Fast funding.

• Option to change your payment date.

• Option to pre-qualify with a soft credit check.

• Offers free financial education

Cons

• May charge origination fee.

• No joint, co-signed or secured loans.

• No mobile app to manage loan.

• Only two repayment term options.

Qualifications

• Minimum credit score: None.

• Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.

• Must have a full-time job or be starting a full-time job in six months.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% - 10%

• Late fee: 5% of past due amount or $15, whichever is greater.

• Returned check fee: $15.

Disclaimer

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. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000). The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. 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. 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 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 Upstart.com website.

Key facts

Pros

• Offers direct payment to creditors with debt consolidation loans.

• Fast funding.

• Offers multiple rate discounts.

• Offers free credit score access.

Cons

• Charges origination fee.

• Borrowers can choose from only two repayment term options.

Qualifications

• Minimum credit score: 560.

• Minimum number of accounts on credit history: 1 account.

• Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.

• Minimum length of credit history: 2 years.

• Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 5.25% to 8.99%.

• Late fee: Up to $10.

Disclaimer

Personal loans made through Universal Credit feature Annual Percentage Rates (APRs) of 11.69%-35.93%. All personal loans have a 5.25% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 36 to 60 months. For example, if you receive a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you would receive $9,300 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. 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.

Key facts

Pros

• Soft credit check to pre-qualify.

• Fast funding.

• Offers mobile app to manage loan payments.

• Option to change your payment date.

Cons

• Reports payments to only two of the three major credit bureaus.

• No joint, co-signed or secured loans.

• No large loan amounts.

• Does not directly pay creditors with debt consolidation loans.

Qualifications

• Minimum credit score: 600. LendingPoint uses FICO score version 9 and VantageScore version 3.

• Minimum credit history: 6 months.

• Maximum debt-to-income ratio: 50%, not including mortgage.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 0% to 8%.

Disclaimer

Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 8% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.90% and origination fee of 8% will have a payment of $331.01 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.