BEST OF

Best Online Loans in 2022

Compare online personal 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. Online personal loans typically have annual percentage rates between 6% and 36%, and amounts range from $1,000 to $100,000.

Some online lenders work with borrowers who have fair or bad credit (scores below 690). And lenders that accept borrowers with good and excellent credit (scores above 689) sometimes offer features like rate-beat guarantees or the option to skip a monthly payment.

Online lenders typically allow borrowers to pre-qualify and see personalized rates before applying.

Here is how online lenders compare, the pros and cons of online personal loans, and how to get one.

  • 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.

  • Universal Credit: Best for online loans for bad credit.

  • SeedFi: Best for online loans for small loans.

  • LendingPoint: Best for online loans for same-day funding.

Best Online Loans in 2022

Our pick for

Online loans for credit card consolidation

Happy Money
Get rate

on Happy Money's website

Happy Money

4.5

NerdWallet rating 
Happy Money

Est. APR

5.99-24.99%

Loan amount

$5,000-$40,000

Min. credit score

640
Get rate

on Happy Money's website


Min. credit score

640

Key facts

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

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.

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Our pick for

Online loans for excellent credit

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

6.99-22.23%

Loan amount

$5,000-$100,000

Min. credit score

680
Get rate

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.

  • 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 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.

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Our pick for

Online loans for good credit

Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

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.

  • 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.

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Our pick for

Online loans for debt consolidation

Marcus by Goldman Sachs
Get rate

on Goldman Sachs' website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.99-24.99%

Loan amount

$3,500-$40,000

Min. credit score

660
Get rate

on Goldman Sachs' website


Min. credit score

660

Key facts

With zero fees and customizable repayment terms, Marcus offers one of the best personal loans for borrowers with good credit.

Pros

  • No fees.

  • Rate discount for autopay.

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

  • Direct payment to creditors with debt consolidation loans.

Cons

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score: 660 FICO.

  • Must have U.S. bank account.

  • Must provide Social Security number or Individual Tax ID number.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

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Our pick for

Online loans for fair credit

Upgrade
Get rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

7.46-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website


Min. credit score

560

Key facts

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

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%.

  • Late Fee: $10.

  • Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% 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 Upgrade.com/bank-partners.

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Our pick for

Online loans for thin credit

Upstart
Get rate

on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

5.42-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None
Get rate

on Upstart's website


Min. credit score

None

Key facts

Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.

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).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 www.upstart.com website.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 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. 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. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

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Our pick for

Online loans for bad credit

Universal Credit
Get rate

on Universal Credit's website

Universal Credit

4.5

NerdWallet rating 
Universal Credit

Est. APR

11.69-35.93%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Universal Credit's website


Min. credit score

560

Key facts

Universal Credit's personal loans offer competitive rates and some flexibility to bad-credit borrowers.

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%.

  • 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% 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 .

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Our pick for

Online loans for small loans

SeedFi Borrow & Grow Personal Loan
See my rates

on NerdWallet's secure website

SeedFi Borrow & Grow Personal Loan

5.0

NerdWallet rating 
SeedFi Borrow & Grow Personal Loan

Est. APR

12.96-29.99%

Loan amount

$1,750-$8,000

Min. credit score

520
See my rates

on NerdWallet's secure website


Min. credit score

520

Key facts

SeedFi's Borrow & Grow Plan offers emergency cash to bad-credit borrowers and helps to build savings. Rates can be high compared to other bad-credit lenders.

Pros

  • Soft credit check to pre-qualify.

  • Reports payments to the three major credit bureaus.

  • No origination or prepayment fees.

  • Helps borrowers build savings.

  • Fast funding.

Cons

  • No co-signed or joint loan option.

  • No option to choose your initial payment date.

  • Only small loans available.

Qualifications

  • Minimum credit score: 520; borrowers with no credit score may be accepted.

  • Minimum annual income: $10,000.

  • Must have an active bank account.

  • Must have a Social Security number or individual tax identification number.

Available Term Lengths

24 to 45 months

Fees

  • Late fee: $15; any fees are returned once the loan is repaid.

Read Full Review

Our pick for

Online loans for same-day funding

LendingPoint
Get rate

on LendingPoint's website

LendingPoint

4.5

NerdWallet rating 
LendingPoint

Est. APR

7.99-35.99%

Loan amount

$2,000-$36,500

Min. credit score

600
Get rate

on LendingPoint's website


Min. credit score

600

Key facts

LendingPoint accepts low credit scores and has flexible payments. Rates are high but comparable to competitors.

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 7%.

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 7% 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, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. 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.

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Pros and cons of online loans

It’s a good idea to weigh the pros and cons when deciding whether to go with an online lender versus an in-person lender like a bank or credit union. Certain features may vary from lender to lender, but here is generally what you can expect 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 let you pre-qualify within a few minutes and preview estimated rates without impacting your credit score. (All lenders require a hard credit check before you finalize a loan.)

  • Quick and simple shopping: Since each online lender uses its own underwriting formula, the rates can differ between lenders. Comparison websites allow borrowers to fill out one application to see loan offers from multiple lenders. This is easier than banks or credit unions that may only service loans in person or require you to visit a branch during the application process.

  • More than credit score: Some online lenders look beyond your credit score and credit report when making an approval decision. They may consider your education or occupation, or ask to look at your bank account transactions to understand your financial behavior. These alternative ways to assess an application 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 off individual credit cards.

Cons

  • More expensive than credit unions and some banks: On average, loans from online lenders are not as cheap as those from credit unions. And if you already have a relationship with a bank, it may offer you lower rates than online lenders. Compare rates from multiple lenders online and offline before you take out an online loan.

  • No face time: Some online lenders have physical locations, but many only service loans digitally. This can be a challenge if you ever want to speak to a representative face-to-face.

  • Smallest loans not available: Online loans under $500 may be hard to find at rates below 36%. Many online lenders have loan minimums from $1,000 to $2,000. Some credit unions may be able to provide smaller loans starting at $250.

  • Predators lurk: Reputable online lenders compete alongside predatory online lenders. Reputable lenders check your credit and ability to repay, and they usually have APRs that top out at 36%. Predatory lenders typically don’t check credit, but you pay for the added risk with APRs well above 100%.

Are online loans safe?

The safety of online loans depends on the type of lender. It’s always recommended to do your research and choose reputable lenders.

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.

Payday and no-credit-check online loans

You may also come across online lenders that offer no-credit-check loans and payday loans. While they seem like easy options that don’t require credit checks, both of these types of loans can be predatory with rates in the triple digits.

No-credit-check loans do not review your credit history and can be expensive. The loan amounts typically range from $100 to several thousand dollars and are repaid in fixed amounts over several months. But these loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans.

Online payday loans are a fast way to get loans for amounts less than $1,000, especially if you don’t have good credit. Once you have received your loan, payday lenders typically draw directly from your bank account for payments. But these loans are not cheap, with APRs close to 400%, which can quickly lead borrowers to owe more in interest than the original loan.

How to get online loans for bad credit

There are ways to qualify for online loans for borrowers with fair or bad credit. For example, you can add a co-signer or co-borrower to the loan application to boost your eligibility or get a lower rate or higher loan amount. This person is responsible for the loan amount and any fees if you fail to repay.

You can also apply for a secured loan, which requires putting up collateral, like your car or a savings account, to help guarantee the loan. However, you risk losing the collateral if you default on the loan.

If you don’t need the loan immediately, you can take steps to build your credit before applying.

How to shop for a loan online

Here are a few questions to ask as you search for online loans.

How's my credit? Know your credit score before starting an application. It can give you an idea of how much a loan may cost you and affect your budget. Many online lenders consider additional factors, such as your education history or profession, in conjunction with your credit score and credit history.

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 has rates above 36%, it could be hard to manage the monthly payments, even if they fit into your budget.

Use a personal loan calculator to get an idea of estimated rates and payments on a personal loan.

Have I compared online loan features? Some online lenders offer features like flexible payment dates, an option to refinance an existing personal loan, or the ability to add a co-borrower or co-signer. Consider and compare loan features like these when shopping for an online loan.

How to get a loan online

  1. Pre-qualify. Check rates with multiple online lenders and compare offers to find the lowest interest rate. The pre-qualification process involves a soft credit check, which doesn’t affect your credit score.

  2. 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.

  3. 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.

  4. 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.

Last updated on September 8, 2022

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 Loans in 2022

Frequently asked questions