Best Online Personal Loans of 2026

How to choose an online lender

Consider online personal loans if you need money soon. Online lenders’ application and funding processes are often quicker than banks and credit unions — you may receive funds the same or next day after approval.

Our picks for the best online lenders stand out among the 30+ lenders we evaluate. When comparing these lenders, look closely at the annual percentage rates (APR), as well as fees and repayment terms. Those factors determine the total cost of borrowing.

Also consider qualification factors — particularly your credit score, which can heavily influence your approval. Your specific needs matter, too, whether you want to consolidate debt, apply with a co-signer or get the loan extra fast.

NerdWallet’s guide to the best online lenders

Funding speed was a key factor we considered when evaluating online lenders. We also chose lenders based on credit score requirements and loan purpose. Here’s what we like about these lenders, as well as potential downsides to consider.

Upstart: If you have fair or bad credit

Why we like it: Most personal loan lenders heavily weigh applicants' credit score to determine whether they qualify. Upstart takes a different approach. It has no credit score requirement and considers applicants with low scores or no credit history. It factors in non-traditional criteria, such as borrowers' education and work backgrounds, to make lending decisions.

Keep in mind: Loans through Upstart may have an origination fee up to 12%. The origination fees charged by other lenders are typically below 10%.

Discover: If you have good or excellent credit

Why we like it: If you’re able to qualify and your goal is to avoid extra costs, Discover delivers. Unlike many other lenders, it charges no origination fees, late fees or other fees. It also offers competitive rates, with its maximum APR lower than that of most other online lenders.

Keep in mind: Discover’s minimum credit score is high — 660 — and the lender says its average borrower has a 750 credit score. It also doesn’t offer rate discounts for setting up autopay, which many other lenders do.

LendingClub: If you want to consolidate debt

Why we like it: LendingClub takes some of the work out of consolidating debt by sending your loan funds directly to your creditors. Beyond that, it offers a rate discount for choosing that option. That discount is on top of one of the lowest minimum APRs of the many lenders we review.

Keep in mind: LendingClub may charge an origination fee of up to 8%.

LightStream: If you want to finance a home improvement project

Why we like it: LightStream offers special terms for home improvement loans, including loan amounts as high as $100,000 and repayment terms up to 20 years on loans over $25,000. For reference, many other lenders cap amounts at $50,000 and terms at five or seven years.

Keep in mind: Unlike other online lenders, LightStream doesn’t let you pre-qualify directly from its website. (However, you may be able to check your personalized rates with a soft credit check via partner sites like NerdWallet.)

Upgrade: If you’d benefit from a co-signer

Why we like it: Upgrade is one of the few online lenders that lets you add a co-signer to your loan application. This can be helpful if your credit isn’t great — adding a co-signer with better credit or higher income can boost your odds of approval or help you get a lower rate or higher loan amount.

A co-signer doesn’t have access to the loan but must make payments if you default.

Keep in mind: Upgrade charges an origination fee from 1.85% to 9.99%.

Best Egg: If you need a secured loan

Why we like it: Securing a loan with collateral — something valuable that you own — may help you get a lower rate, higher loan amount or longer repayment term. Best Egg lets borrowers secure a loan with permanent fixtures in their homes, like cabinets or light fixtures.

Keep in mind: Best Egg charges an origination fee of 0.99% to 9.99%. And if you don’t repay your loan, the lender can take your collateral.

SoFi: If you need your loan ASAP

Why we like it: Online lenders typically fund loans faster than banks and credit unions. But even among online lenders, SoFi stands out. The lender says it can make approval decisions the same or next day, and borrowers who sign their loan agreement by 5:30 p.m. ET on a business day may receive funds that same day.

SoFi is also the only lender on this list that offers joint loans, which means two people can access and share responsibility for payments.

Keep in mind: SoFi’s minimum loan amount is $5,000, while many other lenders offer loans starting around $1,000 or $2,000. And while SoFi has no minimum credit score requirement, it also says its average borrower has a score of 745.

Rates and monthly payments for online personal loans

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.

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.

How to get a personal loan online

Most online lenders let you check personalized rates before formally applying. Here’s what the process looks like.

Step-by-step video guide to getting a personal loan

» MORE: How to get a personal loan

Tips for qualifying if you have bad credit

It can be harder to qualify for a personal loan with a credit score below 600, but some online lenders have low credit score requirements or weigh other factors when assessing applications. Still, borrowers with bad credit tend to qualify for rates on the higher end of a lender's range.

Here are ways borrowers with bad credit can strengthen an application for an online loan:

» MORE: Boost your chances of personal loan approval

How to avoid predatory lenders

There are plenty of reputable online lenders, but they compete alongside predatory lenders that offer payday and other no-credit-check loans.

These types of loans should be considered only as a last resort after you’ve exhausted alternatives to high-cost loans.

Watch for these warning signs:

Sky-high APRs: Predatory loans charge extremely high rates — sometimes in the triple digits. The costs are often framed as fees, such as $20 for every $100 borrowed. For a typical two-week payday loan, that translates to an APR of about 521%. You can use a payday loan calculator to compare costs.

No credit check: Lenders that don't assess your credit or income can't determine if you can actually afford to repay the loan. They make up for this risk with high fees and short terms that make repayment difficult for borrowers.

Payments aren’t reported to credit bureaus. Predatory lenders typically don’t report on-time payments, meaning the loan won’t help you build credit. But they may report missed payments or loans in default, which hurts your credit score.

Consumer complaints. Check the lender’s rating, customer reviews and complaints on sites like the Better Business Bureau and the Consumer Financial Protection Bureau’s complaint database.

Alternative borrowing options

Before committing to a personal loan, consider if another financing option would work better for your situation.

Personal loans from banks and credit unions. Banks and credit unions are less likely to charge origination fees and may offer lower rates, particularly if you’re already a customer or member. These institutions may fund your loan more slowly than online lenders, and some larger banks, including Bank of America and Chase, don't offer personal loans.

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.

Home equity financing: If you own a home, you could take out a home equity loan or home equity line of credit (HELOC). For both, you borrow against the value of the home minus what you owe on your mortgage. Home equity loans provide a lump sum, while HELOCs work like a credit line you can draw from as needed. Interest rates for these options are lower than for unsecured personal loans, because your home serves as collateral. Repayment terms are longer, too.

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.

Next steps

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.