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5 Best Personal Loans With No Origination Fee 2019

Steve NicastroJuly 30, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

No-origination-fee personal loans appeal to borrowers who don't want extra costs. Compare the best personal loans without this fee.

Summary of Best Personal Loans With No Origination Fee 2019

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Overall personal loan with no origination fee

5.49-17.29%

660

on LightStream's website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

No-fee loans for debt consolidation

8.01-16.30%

660

on Laurel Road's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

No-fee loans for debt consolidation

6.99-28.99%

660

on Goldman Sachs's website

SoFi

SoFi Personal Loan

on SoFi's website

No-fee loans for home improvements

5.99-17.88%

680

on SoFi's website

Earnest

Earnest Personal Loan

on Earnest's website

No-fee loans for home improvements

5.99-17.24%

680

on Earnest's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Overall personal loan with no origination fee

5.49-17.29%

660

on LightStream's website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

No-fee loans for debt consolidation

8.01-16.30%

660

on Laurel Road's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

No-fee loans for debt consolidation

6.99-28.99%

660

on Goldman Sachs's website

SoFi

SoFi Personal Loan

on SoFi's website

No-fee loans for home improvements

5.99-17.88%

680

on SoFi's website

Earnest

Earnest Personal Loan

on Earnest's website

No-fee loans for home improvements

5.99-17.24%

680

on Earnest's website

Our pick for

Overall personal loan with no origination fee

Lightstream

on LightStream's website

LightStream

Lightstream
Min. Credit Score 
660 

Est. APR 
5.49-17.29% 

Loan Amount 
$5,000-$100,000 

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.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • No minimum income specified.

  • Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

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). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. 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 $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

Read Full Review

Our picks for

No-fee loans for debt consolidation

Laurel Road Personal Loan

on Laurel Road's website

Laurel Road Personal Loan

Laurel Road Personal Loan
Min. Credit Score 
660 

Est. APR 
8.01-16.30% 

Loan Amount 
$1,000-$45,000 

on Laurel Road's website


Min. Credit Score

660

Key facts

Laurel Road offers a rate-beat discount and direct payment to creditors for debt consolidation, which means it uses the loan proceeds to pay off your debts for you.

Pros

  • No origination or prepayment fees.

  • Co-sign option.

  • Autopay discounts.

Cons

  • Charges late fees.

  • Lacks flexible payment options.

Qualifications

  • Minimum credit score: 660.

  • Minimum income: None specified.

  • Debt-to-income ratio: Not disclosed.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Prepayment fees: None.

  • Late fees: 5% or $28, whichever is less.

Disclaimer

Read Full Review
Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs
Min. Credit Score 
660 

Est. APR 
6.99-28.99% 

Loan Amount 
$3,500-$40,000 

on Goldman Sachs's website


Min. Credit Score

660

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.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.

  • No co-sign option.

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 660+ credit score.

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. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. 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.

Read Full Review

Our picks for

No-fee loans for home improvements

SoFi

on SoFi's website

SoFi Personal Loan

SoFi
Min. Credit Score 
680 

Est. APR 
5.99-17.88% 

Loan Amount 
$5,000-$100,000 

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

  • Low fixed and variable rates.

  • Flexible payment options.

  • Offers member perks.

Cons

  • Strong credit and income required.

  • Can take 7 days to fund.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 2019 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

Read Full Review
Earnest

on Earnest's website

Earnest Personal Loan

Earnest
Min. Credit Score 
680 

Est. APR 
5.99-17.24% 

Loan Amount 
$5,000-$75,000 

on Earnest's website


Min. Credit Score

680

Key facts

Earnest charges no fees and offers high loan amounts up to $75,000, but has shorter repayment terms than SoFi. The lender requires good credit to qualify, but it also considers your income and savings.

Pros

  • No fees.

  • Flexible payments.

Cons

  • No co-sign or secured loan options.

  • Requires permission to scan checking account.

Qualifications

  • Minimum credit score: 680.

  • Proof of consistent income.

  • No open collections accounts.

  • Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.

Read Full Review

» MORE: Best debt consolidation loans

Bank loans with no origination fees

Most banks offer personal loans with no origination fees. You might consider a bank loan if your bank offers lower rates or other benefits for existing customers. On the other hand, banks typically do not pre-qualify borrowers with a soft credit pull, so applying triggers a hard inquiry that can temporarily hurt your credit score.

Here are four banks that charge no origination fees on personal loans:

  • PNC offers a quarter-point rate discount for customers who sign up for automatic payments from a PNC checking account. The lender also accepts co-applicants.
  • Discover provides free access to your credit score and debt management tools. It also offers low rates and direct payment to creditors for debt consolidation.
  • 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.

Other personal loan fees and charges

Here are other cost-related considerations when comparing personal loans:

Annual percentage rate: APR is the sum of the loan’s interest rate plus all upfront costs, including origination fees. 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.

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 much will your loan cost?

The rate you receive on a personal loan depends heavily on your credit score. The better your score, the lower your rate and the less interest you'll pay over the life of the loan. Use our personal loan calculator to see estimated APRs and payments for a personal loan based on your credit score.

How to pre-qualify for a personal loan

Pre-qualifying for an online loan can get you access to potential loan terms, including the loan’s interest rate. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.

» MORE4 steps to pre-qualify for a personal loan

Last updated on July 30, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Best Personal Loans With No Origination Fee 2019