Best Online Personal Loans in 2022
Compare online loans from multiple lenders to find the one with the best rate and features.
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Online loans are a convenient and fast option for borrowing money. These loans typically have annual percentage rates between 6% and 36%, and amounts range from $1,000 to $100,000.
Some online lenders work with fair- to bad-credit borrowers (FICO scores below 690). Lenders that accept borrowers with good and excellent credit (a FICO of 690 or above) sometimes offer features like rate beat guarantees or the option to skip a monthly payment.
Online lenders typically allow borrowers to pre-qualify to see personalized rates on personal loans before applying.
Compare these online lenders and learn the pros and cons of online personal loans. Then, find out what to look for in a lender.
SoFi: Best for online loans for excellent credit.
LightStream: Best for online loans for good credit.
Payoff: Best for online loans for credit card consolidation.
Marcus by Goldman Sachs: Best for online loans for debt consolidation.
Upgrade: Best for online loans for fair credit.
Upstart: Best for online loans for thin credit.
OneMain Financial: Best for online loans for bad credit.
Universal Credit: Best for online loans for small loans.
Rocket Loans: Best for online loans for fast funding.
Online loans are a convenient and fast option for borrowing money. These loans typically have annual percentage rates between 6% and 36%, and amounts range from $1,000 to $100,000.
Some online lenders work with fair- to bad-credit borrowers (FICO scores below 690). Lenders that accept borrowers with good and excellent credit (a FICO of 690 or above) sometimes offer features like rate beat guarantees or the option to skip a monthly payment.
Online lenders typically allow borrowers to pre-qualify to see personalized rates on personal loans before applying.
Compare these online lenders and learn the pros and cons of online personal loans. Then, find out what to look for in a lender.
SoFi: Best for online loans for excellent credit.
LightStream: Best for online loans for good credit.
Payoff: Best for online loans for credit card consolidation.
Marcus by Goldman Sachs: Best for online loans for debt consolidation.
Upgrade: Best for online loans for fair credit.
Upstart: Best for online loans for thin credit.
OneMain Financial: Best for online loans for bad credit.
Universal Credit: Best for online loans for small loans.
Rocket Loans: Best for online loans for fast funding.
Best Online Personal Loans in 2022
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn More |
---|---|---|---|---|---|
![]() SoFi Get rate on SoFi's website | Best for Online loans for excellent credit | 6.99- | $5,000- | 680 | Get rate on SoFi's website |
LightStream Get rate on LightStream's website | Best for Online loans for good credit | 4.99- | $5,000- | 660 | Get rate on LightStream's website |
Happy Money Get rate on Happy Money's website | Best for Online loans for credit card consolidation | 5.99- | $5,000- | 600 | Get rate on Happy Money's website |
Marcus by Goldman Sachs Get rate on Goldman Sachs's website | Best for Online loans for debt consolidation | 6.99- | $3,500- | 660 | Get rate on Goldman Sachs's website |
Upgrade Get rate on Upgrade's website | Best for Online loans for fair credit | 5.44- | $1,000- | 560 | Get rate on Upgrade's website |
Upstart Get rate on Upstart's website | Best for Online loans for thin credit | 5.40- | $1,000- | None | Get rate on Upstart's website |
OneMain Financial Get rate on OneMain Financial's website | Best for Online loans for bad credit | 18.00- | $1,500- | None | Get rate on OneMain Financial's website |
Universal Credit Get rate on Universal Credit's website | Best for Online loans for small loans | 8.93- | $1,000- | 560 | Get rate on Universal Credit's website |
![]() Rocket Loans See my rates on NerdWallet's secure website | Best for Fast online loans | 5.97- | $2,000- | 640 | See my rates on NerdWallet's secure website |
Our pick for
Online loans for excellent credit
Our pick for
Online loans for good credit
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Online loans for credit card consolidation
Our pick for
Online loans for debt consolidation
Our pick for
Online loans for fair credit
Our pick for
Online loans for thin credit
Our pick for
Online loans for bad credit
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Online loans for small loans
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Fast online loans

on NerdWallet's secure website
Rocket Loans

Est. APR
5.97-Loan amount
$2,000-Min. credit score
640on NerdWallet's secure website
Pros and cons of online loans
Loan features vary across online lenders, but you’ll generally encounter these pros and cons with online loans:
Pros
Convenience: You can complete the entire loan process — from pre-qualification to signing — from your computer or, in some cases, your phone. Some banks offer an online loan option, but you may need to visit a branch to complete the application.
No-risk estimates: Most online lenders allow you to pre-qualify and preview estimated rates without affecting your credit score. (All lenders require a hard credit check before you finalize a loan.)
Quick, simple shopping: Online pre-qualification takes a few minutes, and comparison sites allow borrowers to see loan offers from multiple lenders after filling out a single application form. Alternatively, some banks may only service loans in person or require you to visit a branch at some point during the application process.
Credit plus more: Some online lenders look at more than your credit score and credit report when making an approval decision. They may consider your education or occupation, or ask to scan your bank account transactions to assess your financial behavior. This can improve your chances of getting a loan if you’re new to credit or have a low score.
Debt help: With some online lenders, borrowers can opt to have the loan money sent directly to creditors with a debt consolidation loan, removing the burden of paying individual credit cards.
Cons
Costlier than credit unions and some banks: On average, loans from online lenders are not as cheap as those from credit unions. Since each online lender uses its own underwriting formula, you may get different rates from each. If you're an existing customer at a bank that offers personal loans, that bank could offer you a lower rate as well. Compare rates from multiple lenders before you take an online loan.
No face time: Some online lenders have physical locations, but many offer loan servicing online only. This can be a challenge if you ever want to speak to a lender face to face.
Smallest loans not available: Loans under $500 may be hard to find at rates below 36%. Many online lenders have loan minimums between $1,000 and $2,000. A local credit union may be able to provide smaller loans.
Predators lurk: Reputable online lenders compete alongside predatory online lenders. Reputable lenders have APRs that top out at 36% and check your credit and ability to repay the loan. Predatory lenders advertise that they don’t check credit. You pay the cost of this added risk in the form of APRs that can top 400%.
Are online loans safe?
The safety of online loans depends on the type of lender. For example, payday loans are quick ways to get a small amount of cash online — usually less than $1,000 — and you don't need good credit to get one. But payday loans are expensive, charging annual percentage rates as high as 400% that cause borrowers to have to borrow again, resulting in a cycle of debt.
If you’re looking for a small loan, online personal loans have lower rates and more manageable repayment terms, even if your credit is bad. Many can fund a loan for as little as $1,000 within one business day of applying for it.
No-credit-check online loans
You may also come across online lenders that offer no-credit-check loans. These lenders do not review your credit history and can be just as predatory as payday loans, with rates in the triple digits.
Loan amounts typically range from $100 to several thousand dollars and are repaid in fixed amounts over several months. Borrowers with lower credit scores may be attracted to the smaller loan amounts and the lack of a credit check, but these loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans.
How much will an online loan cost?
The rate you receive on an online loan depends a lot on your credit score and debt-to-income ratio. The better your score, the lower your rate, and the less interest you’ll pay over the life of the loan.
The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest costs over time. The table below shows rates you can expect based on your credit score. You can also calculate your monthly payments with NerdWallet's personal loan calculator.
How's your credit? | Score range | Estimated APR |
Excellent | 720-850. | 10.5%. |
Good | 690-719. | 15.5%. |
Fair | 630-689. | 20.8%. |
Bad | 300-629. | 26.1%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from July 1, 2020, to July 31, 2021. Rates are estimates only and not specific to any lender.
How to shop for a loan online
Here are a few questions to ask as you search for online loans:
How's your credit? Many online lenders consider additional factors, such as your education history or profession, in conjunction with your credit score and credit history. Still, if your score is average or poor, it's worth taking steps to build your credit.
Is the APR below 36%? The sum of the interest rate and all fees is known as the annual percentage rate, and the APR you receive largely depends on your credit. Financial experts and consumer advocates agree that 36% APR is the acceptable limit for a loan to be affordable to a borrower. If an online lender offers rates above 36%, it could be hard to manage the monthly payments, even if they fit into your budget.
Have you compared online loan features? Some online lenders offer features like flexible payment dates, the option to refinance an existing personal loan or add a co-borrower or co-signer. Consider and compare loan features like these when shopping for an online loan.
How to apply for an online loan
Pre-qualify. Check rates with multiple online lenders and compare offers. The pre-qualification process involves a soft credit check, which doesn’t affect your credit score.
Select a lender and loan option. Pick the online loan with the rate, monthly payment, loan amount and term that best fit your budget and financial needs.
Collect loan documents. Upload the required documents, which may include a form of identification and proof of income such as a pay stub or W-2.
Complete the application and submit. Once you’ve read and understand the fine print of your loan, submit the application. Once approved, you may receive your loan within a day or two, depending on the lender.
» MORE: How to apply for a personal loan
Next step: Pre-qualify on NerdWallet
Pre-qualifying on NerdWallet may get you personalized offers from from multiple lenders. You can then compare rates, terms and loan features and choose the online loan that best fits your budget and financial goals.
Last updated on December 17, 2021
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
To recap our selections...
NerdWallet's Best Online Personal Loans in 2022
- SoFi: Best for Online loans for excellent credit
- LightStream: Best for Online loans for good credit
- Happy Money: Best for Online loans for credit card consolidation
- Marcus by Goldman Sachs: Best for Online loans for debt consolidation
- Upgrade: Best for Online loans for fair credit
- Upstart: Best for Online loans for thin credit
- OneMain Financial : Best for Online loans for bad credit
- Universal Credit: Best for Online loans for small loans
- Rocket Loans: Best for Fast online loans
Frequently asked questions
The best online loan helps you reach a money goal, such as consolidating debt or covering a large expense, without creating financial stress. Interest rates and terms are typically based on your income and credit, and different lenders offer features that may be important to you, like payment flexibility or access to credit scores.
Some online lenders specialize in fast funding. Some of these lenders can get the money to you the same business day you're approved, while others can fund it within one or two business days. Compare offers from multiple lenders to get the one with the lowest annual percentage rate.
Yes, just like brick-and-mortar banks that offer personal loans, some online lenders offer co-sign loans that allow you to add someone who might have a higher credit score or income to your loan application, boosting your chances of approval.