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Best Personal Loans With No Origination Fee

Updated on May 1, 2025
Jackie Veling
Written by 
Lead Writer & Content Strategist
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked
Ronita Choudhuri-Wade
Co-written by 
Lead Writer
Jackie Veling
Written by 
Lead Writer & Content Strategist
Ronita Choudhuri-Wade
Co-written by 
Lead Writer
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked

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.

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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

Best Personal Loans With No Origination Fee

Lender
NerdWallet Rating
Learn more
Lightstream

LightStream

4.5
/5
Best for Personal loans with no origination fee
Rate discount

6.49-25.29%

$5,000-$100,000

660

Laurel Road Personal Loan

Laurel Road Personal Loan

4.5
/5
Best for Personal loans with no origination fee

8.99-23.35%

$5,000-$45,000

680

SoFi

SoFi Personal Loan

5.0
/5
Best for Personal loans with no origination fee
Rate discount

8.99-35.49%

$5,000-$100,000

None

What is a loan origination fee?

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 from your lender to get a clear picture of your costs. To save money or get your entire loan amount, identify lenders that offer no-origination fees on personal loans.

Bank personal loans with no origination fee

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:

  • American Express offers personal loans solely to existing cardholders who receive pre-approval.

  • Citibank promises no fees of any kind and the ability to qualify for multiple rate discounts, which lowers the amount of interest you pay. 

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

  • TD Bank offers fast approval and funding time but is only available in a limited number of states. 

  • Truist Bank offers fast funding and the option to add a co-borrower, which can help you qualify for a personal loan.

  • U.S. Bank is best for existing bank account holders, offering personal loans with same-day funding once you’re approved.

  • Wells Fargo loans are a good fit if you’re an existing customer, and it offers the ability to pre-qualify with a soft credit check.

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: 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’ve missed a payment due date, although some lenders allow a 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.

How to get a personal loan with no origination fee

  1. Research lenders: Start by compiling a list of a few lenders that don’t charge origination fees. Sites like NerdWallet are a good place to start, though you can also check with your bank and your local credit union. Most lenders clearly list origination fees — or lack thereof — on their website. 

  2. Pre-qualify if possible: Pre-qualification involves a soft credit check and allows you to compare different loan options with no impact to your credit score. Banks and credit unions are less likely to offer pre-qualification than online lenders. If the lenders you’re considering don’t offer pre-qualification, look for eligibility requirements listed on the lender’s website (like minimum credit score or minimum income) before applying. 

  3. Submit your application: Once you’ve settled on the best lender for your needs, it’s time to submit your application. Most applications can be submitted online and require personal details, including your Social Security number and proof of identity and income, as well as details about the loan you want, such as loan amount, desired repayment term and loan purpose.

  4. Get funded: Once you’re approved for a personal loan, lenders can typically deposit the funds in your account within a few days, though some online lenders offer same-day funding.

Last updated on May 1, 2025

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How we chose the best personal loans

Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.

35+

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.

70+

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.

Star rating categories

We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
Affordability

25%

We review lenders’ annual percentage rate offerings at least twice per year and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.
Customer experience

20%

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.
Underwriting and eligibility

20%

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.
Loan flexibility

20%

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.
Application process

15%

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

5.0

Overall score

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 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.
To recap our selections...

NerdWallet's Best Personal Loans With No Origination Fee

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