Online loans are a convenient and fast option for borrowing money. Rates typically range from about 7% to 36%, and loan amounts range from $1,000 to $100,000.
Checking rates is free and won't impact your credit score.
Best for good or excellent credit
2025 NerdWallet award winner
7.99 - 24.99%
$2.5K - $40K
660
3 to 7 years
Best for co-signed loans
2025 NerdWallet award winner
7.74 - 35.99%
$1K - $50K
600
2 to 7 years
Best for debt consolidation
2025 NerdWallet award winner
7.90 - 35.99%
$1K - $60K
600
2 to 7 years
Best for home improvement
2025 NerdWallet award winner
6.49 - 24.89%
$5K - $100K
660
2 to 7 years
Best for secured loans
6.99 - 35.99%
$2K - $50K
600
3 to 5 years
Best for bad or fair credit
6.70 - 35.99%
$1K - $75K
None
3 to 5 years
Best for fast funding
2025 NerdWallet award winner
8.74 - 35.49%
$5K - $100K
None
2 to 7 years
Our 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.
Personal loans from online lenders have a streamlined application process and fast funding. You’ll typically receive funds within a day or two after loan approval.
Online loans can be used for almost any purpose, including emergencies, home repairs or debt consolidation.
Here’s how our picks for the best online lenders stand out.
Discover offers small to mid-sized loans with competitive rates, no fees and wide repayment terms. Borrowers must have a credit score that’s at least 660, though the lender says its average borrower has a 750 credit score.
Upgrade is one of the few major online lenders that lets borrowers add a co-signer to their loan application. A co-signer with better credit or a higher income can boost the odds of loan approval or could help the primary borrower get a lower rate or higher loan amount.
If you’re using the loan to consolidate debt, LendingClub will send the funds directly to your creditors, saving you from having to take that step. The lender also has a rate discount for those who opt to have LendingClub pay off their creditors directly.
LightStream offers loan amounts up to $100,000 with terms of up to 20 years for home improvement loans that are more than $25,000. These loan amounts and terms exceed those of most other online lenders.
Best Egg offers two ways to secure a personal loan. You could use a vehicle as collateral or permanent fixtures in your home, like cabinets or light installments. These secured loan options can help you get a lower rate, higher loan amount or longer repayment term.
Upstart has no credit score requirement and considers applicants with low credit scores or no credit history. The lender factors in non-traditional criteria, such as a borrower’s education and work background, to make lending decisions.
If you need a loan fast, SoFi has same-day funding. Just make sure you sign your loan agreement by 5:30 p.m. ET on a business day.
Financial experts recommend personal loans have an annual percentage rate below 36% to be considered affordable. The loan with the lowest rate will be the least expensive.
Here’s a snapshot of average estimated personal loan APRs based on credit score ranges.
Borrower credit rating | Score range | Estimated APR |
|---|---|---|
Excellent | 720-850. | 11.81%. |
Good | 690-719. | 14.48%. |
Fair | 630-689. | 17.93%. |
Bad | 300-629. | 21.65%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from January 1, 2024, through December 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
Plug your estimated APR into our personal loan calculator along with your desired loan amount and loan term to find out how much your monthly payments could be. A longer repayment term will give you lower monthly payments but will cost more in interest overall.
Estimated monthly payment
$309.92
Total interest over 3 years
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
Interest rate
7.25%
Loan term (years)
3
If you’re getting an online personal loan, you will apply and manage payments from your computer or mobile device. There are no face-to-face interactions with a loan officer or customer service representative. You don’t have to schedule appointments or drive to a brick-and-mortar location.
Here are other ways online loans may differ:
Accessibility. You won’t need a membership or an existing relationship with an online lender to qualify for a loan, unlike getting a loan from credit unions and some banks.
Credit requirements. Online lenders tend to offer loans to borrowers across the credit spectrum. Bank loans, on the other hand, usually require borrowers to have good or excellent credit. Credit unions consider your full financial picture when you apply and may qualify borrowers with fair or bad credit.
Funding speed. Funding times through online lenders may be faster than with banks and credit unions, especially if getting the loan requires a trip to a branch.
Rates and discounts. Banks and credit unions may offer lower rates than some online lenders — plus special discounts or perks for existing customers. Federal credit unions cap APRs at 18%.
» MORE: How to get a personal loan
Some online lenders have low credit score requirements or look beyond credit scores when assessing a borrower’s application. Still, borrowers with bad credit tend to qualify for rates on the higher end of a lender's range.
» MORE: How to get a personal loan with bad credit
Here are ways borrowers with bad credit can strengthen an application for an online loan:
» MORE: Boost your chances of personal loan approval
There are plenty of reputable online lenders, but they compete alongside predatory online lenders.
Predatory lenders that offer payday loans and other no-credit-check loans can entice borrowers with easy access to cash. But they often have triple-digit interest rates and short repayment periods.
These types of loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans.
The best online personal loans have rates under 36% and come with ample time to repay the loan.
Reputable lenders check your credit and review your income and existing debts to assess your ability to repay the loan. Look for lenders that report payments to the three major credit bureaus — Experian, Equifax and TransUnion.
» MORE: Where to get a personal loan
Zero-interest credit cards: You’ll pay no interest on expenses you charge during the introductory rate period of a zero-interest credit card — typically the first 15 to 21 months. After that, rates can jump up to almost 30%. Credit card companies often require good to excellent credit to get a zero-interest card.
Cash advance apps: If you need a small loan of $500 or less, a cash advance app can be a fast, no-credit-check option with low fees. Repayment can be due as soon as your next paycheck, so make sure you’ll have the funds to cover it.
Buy now, pay later: “Buy now, pay later” plans can be used for purchases at many retailers. These payment plans split your purchase into equal installments, typically due in biweekly increments. Most BNPL plans don’t charge interest or require a hard credit pull, but their convenience can lead to overspending.
If an online personal loan is the best choice for you, pre-qualify with multiple lenders through NerdWallet. You’ll see results within minutes.
Pre-qualifying is free and won’t impact your credit score.
The safety of online loans depends on the type of lender. While shopping for a loan, watch for signs of predatory lending and choose reputable lenders that assess your ability to repay the loan.
The best online loan helps you reach a money goal, such as consolidating debt or covering a large expense, without creating financial stress. Interest rates and terms are typically based on your income and credit. Some online lenders offer personal loan features that may be important to you, like payment flexibility or access to credit scores.
Cash advance apps are alternatives to online personal loans that give you early access to your next paycheck. Advance amounts can be up to $500, and you may receive the funds within hours. Watch for fees that can make cash advances expensive.
