Personal loans with no origination fee can help save money on the overall cost of a loan while providing the full loan amount to borrowers.
Checking rates is free and won't impact your credit score.
Best for Large loan amounts
2025 NerdWallet award winner
6.49 - 24.89%
$5K - $100K
660
2 to 7 years
LightStream is a solid option for good- and excellent-credit borrowers, with no fees and a promise to beat competitors’ rates.
Read our review of LightStreamLightStream is a solid option for good- and excellent-credit borrowers, with no fees and a promise to beat competitors’ rates.
Read our review of LightStreamBest for Fast funding
2025 NerdWallet award winner
7.99 - 24.99%
$2.5K - $40K
660
3 to 7 years
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Read our review of Discover® Personal LoansWith competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Read our review of Discover® Personal LoansBest for Joint loans
2025 NerdWallet award winner
8.74 - 35.49%
$5K - $100K
None
2 to 7 years
SoFi offers large online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Read our review of SoFi Personal LoanSoFi offers large online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Read our review of SoFi Personal LoanBest for Amex cardholders
6.99 - 19.99%
$3.5K - $50K
None
1 to 5 years
American Express personal loans have competitive rates and fast funding, but they’re only available to preapproved cardholders.
Read our review of American Express Personal LoanAmerican Express personal loans have competitive rates and fast funding, but they’re only available to preapproved cardholders.
Read our review of American Express Personal LoanOur team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
A personal loan origination fee covers the lender’s processing cost and is calculated as a percentage of the loan amount, typically between 1% and 10%. Lenders most often deduct the fee upfront from the loan proceeds, but it can also be rolled into the balance.
For example, a $20,000 personal loan with a 5% (or $1,000) origination fee means you receive $19,000 instead of the full loan amount. You’ll still repay $20,000, plus interest.
The annual percentage rate on a loan will include the origination fee, so be sure to read the fee details of your loan agreement to get a clear picture of the costs. To get your entire loan amount, identify lenders that offer no origination fees on personal loans. To save money, look for the loan with the lowest APR.
» COMPARE: Current average rates for personal loans
Online lenders are more likely than traditional banks and credit unions to offer personal loans with origination fees. However, the following online lenders don’t charge an origination fee:
» MORE: Where to get a personal loan
Most banks offer personal loans with no origination fee. Consider a bank loan if your bank offers lower rates or other benefits for existing customers.
Here are banks that charge no origination fee on personal loans:
» COMPARE: Best unsecured personal loans
Origination fees for personal loans are rare at credit unions, which often have lower interest rates and flexible terms compared to other lenders. APRs at federally chartered credit unions are capped at 18%. Credit unions tend to be a good choice for borrowers with bad or fair credit (credit score of 300 to the low 600s) because they consider your history as a member.
» MORE: Credit union loans offer low rates, flexible terms
Here are other costs, besides the origination fee, to keep in mind when comparing personal loans:
Annual percentage rate: The annual percentage rate, or APR, is the sum of the loan’s interest rate plus all upfront costs, including the origination fee. Lenders are required to disclose APR and fees under the Truth in Lending Act. Use APRs to compare the actual annual borrowing costs between lenders.Use our personal loan calculator to see estimated APRs and payments for a personal loan based on loan amount, rate and term.
Nerdy Tip
If the loan you’re considering has a lower annual percentage rate than other loan options, it’s the most affordable choice — even if it charges an origination fee, and the others don’t. That’s because APR includes origination fees, so it’s ultimately the best way to compare total loan costs. The lower the APR, the more affordable the loan.
Late fee: This common fee is charged when you miss a payment due date, although some lenders allow a 10- to 15-day grace period before charging it.
To avoid late fees, consider setting up payment reminders or automatic payments via ACH debit, which authorizes lenders to deduct the loan payment directly from your bank account. Lenders may also waive a late fee if you request it.
Insufficient funds fee: Also called an overdraft fee, this may be charged (on top of a late fee) if you’ve signed up for autopay but don’t have enough cash in your bank account to cover the loan payment. Consider setting up an alert with your bank if your balance falls below the monthly payment amount.
» MORE: How to get a personal loan
