BEST OF

5 Best Personal Loans With No Origination Fee

A personal loan with no origination fee appeals to borrowers who don't want extra costs. Compare the best personal loans with no origination fee.

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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. When comparing personal loans, it’s a good idea to find ones with no origination fee to reduce the cost of the loan.

Best Personal Loans With No Origination Fee

Our pick for

Personal loans with no origination fee

SoFi
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on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-22.73%

Loan amount

$5,000-$100,000

Min. credit score

680
Get rate

on SoFi's website

Min. credit score

680

Key facts

SoFi charges no fees and offers high loan amounts up to $100,000 that can cover larger home improvement projects, and its loan terms can stretch to seven years.

Pros

  • No fees.

  • Offers co-sign loan options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers unemployment protection.

  • Provides mobile app to manage your loan.

Cons

  • No secured or joint loan option.

  • 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 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/1/22 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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Lightstream
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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 stands out for having no origination or other fees and low rates. It requires good credit, but you can add a co-applicant to increase your approval chances.

LightStream’s loan amounts go up to $100,000 and repayment terms can be extended up to 12 years when used for financing home improvements.

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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Marcus by Goldman Sachs
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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

730
Get rate

on Goldman Sachs' website

Min. credit score

730

Key facts

Marcus does not charge any fees, whether for origination, late payments, overdrafts or prepayment. Marcus also offers direct payment to creditors, making it an option for debt consolidation.

Pros

  • No fees.

  • Wide variety of repayment term options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers direct payment to creditors for debt consolidation loans.


Cons

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

Qualifications

  • Minimum credit score: 720 FICO.

  • May need to provide proof of income, including recent pay stubs or bank statements.

  • May need to provide Social Security number, Individual Tax ID number or a photo ID.

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. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. 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. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

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Discover
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on Discover's website

Discover® Personal Loans

5.0

NerdWallet rating 
Discover

Est. APR

5.99-24.99%

Loan amount

$2,500-$35,000

Min. credit score

720
Get rate

on Discover's website

Min. credit score

720

Key facts

Discover offers personal loans starting at $2,500 with no origination fees and a unique money-back guarantee.

Pros

  • No origination fee.

  • Offers direct payment to creditors with debt consolidation loans.

  • Offers mobile app to manage loan.

  • Able to fund loans within one business day.

  • Wide variety of repayment term options.

Cons

  • Charges late fee.

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

  • No rate discount for autopay.

Qualifications

  • Minimum credit score: 720; borrower average is 750.


  • Must be a U.S. citizen or permanent resident.

  • Must be at least 18 years old.

  • Must have a minimum household income of $40,000.

Available Term Lengths

3 to 7 years

Fees

  • Origination fee: None.

  • Late fee: $39.

Disclaimer

This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 5.99%-24.99% based upon creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 10.99% APR for a term of 72 months, you'll pay just $285 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

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Laurel Road Personal Loan
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on NerdWallet's secure website

Laurel Road Personal Loan

5.0

NerdWallet rating 
Laurel Road Personal Loan

Est. APR

7.00-24.75%

Loan amount

$5,000-$45,000

Min. credit score

700
See my rates

on NerdWallet's secure website

Min. credit score

700

Key facts

Laurel Road offers personal loans with no origination fee and are a strong fit for good-credit borrowers who qualify for a low rate, or fair-credit borrowers who can add a co-signer.

Pros

  • Option to include a co-signer.

  • No origination fee.

  • Offers a .25 percentage point rate discount for setting up autopay.

  • Offers direct payment to creditors.

  • Able to fund loans within 24 hours.

Cons

  • High minimum loan amount.

  • Charges late fee.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score: 700 or 660 with a qualified co-signer.

  • Minimum credit history: Four years and two open accounts.

  • No more than three credit inquiries in the past six months.

  • Maximum debt-to-income ratio: 43% (including mortgage).

  • No delinquencies.

  • Have not filed for bankruptcy.

  • Must be a U.S. citizen or permanent resident.

  • Employed for more than two years.

Available Term Lengths

3 to 5 years

Fees

  • No origination.

  • No prepayment.

  • Late fee: $28 after 15 days.

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What is a loan origination fee?

A personal loan origination fee covers the lender’s cost of processing the loan and is calculated as a percentage of the loan amount, typically between 1% and 10%. Lenders 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 can come with a 5% origination fee. You can either pay the 5% origination fee of $1,000, or reduce your loan by the same amount so you receive $19,000 instead.

Often the APR on a loan will include the origination fee, so be sure to read the fee details from your lender to get a clear picture of your costs. And to save money, or get your full loan amount, identify lenders that offer no-origination fee on personal loans.

Bank personal loans with no origination fee

Most banks offer personal loans with no origination fee. You might consider a bank loan if your bank offers lower rates or other benefits for existing customers.

On the other hand, banks typically don't pre-qualify borrowers so applying at a bank for a personal loan triggers a hard inquiry that can temporarily hurt your credit score.

Here are five banks that charge no origination fee on personal loans:

  • PNC offers a 0.25 percentage point rate discount for customers who sign up for automatic payments from a PNC account. The lender also accepts co-applicants.

  • American Express offers personal loans to existing cardholders who receive preapproval. You can use the loan to pay off credit cards at other banks.

  • Wells Fargo loans are a good fit if you’re an existing customer or live near a Wells Fargo branch, as new customers must apply in person.

  • TD Bank offers rates similar to other lenders plus fast approval and funding time.

  • U.S. Bank is an option for existing bank account holders, with loans for same-day funding once approved.

Other personal loan fees and charges

Here are other costs, besides the origination fee, to keep in mind when comparing personal loans:

Annual percentage rate: APR is the sum of the loan’s interest rate plus all upfront costs, including origination fee. Lenders are required to disclose APR and fees under the Truth in Lending Act. Use APRs to compare the true annual borrowing costs between lenders.

Use our personal loan calculator to see estimated APRs and payments for a personal loan based on your credit score.

Late fee: This common fee is charged when you’ve missed a payment due date, although some lenders allow a grace period (typically between three and 15 days after your due date) 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 be willing to waive a late fee if you request it.

Prepayment fee: While this fee is uncommon on personal loans, some lenders may charge it for paying off the loan early, either with your own money or through a loan refinance.

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.

How to find the best personal loan

Banks, credit unions and reputable online lenders can provide personal loans when you need emergency funds or quick cash. To find the best option, borrowers should research lenders to find the lowest-cost loan but also a payment plan that works for their budget. Prequalifying for a personal loan can help you assess potential loan terms and APRs to find the best lender.

A local credit union or a bank where you are an existing customer can often offer discounts or lower interest rates on loans. But you may need to visit a branch to complete the loan application. Online lenders can be a convenient way to prequalify, apply and receive funding without leaving your home. But always compare different offers from lenders to find the loan that works best for you.

» MORE: Best Online Personal Loans

How to apply for a personal loan

To apply for a personal loan, you’ll need to complete an application from a lender, provide detailed information on your income and debts and have your credit score assessed. Lenders typically have a minimum credit score requirement and a target debt-to-income ratio.

» MORE: How to get a personal loan

Online lenders will often let you prequalify to see rates, terms and offers by doing a soft pull on your credit. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.

Last updated on June 16, 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 Personal Loans With No Origination Fee