Personal loans can help cover big-ticket expenses such as weddings, funerals, surprise medical bills and more. And when you can complete the entire process online, from application to getting your money, loans are convenient too.
But you don't want to waste your time (and possibly money) with any random lender you find on the web. That's why CNBC Select evaluated dozens of lenders, looking at key factors such as interest rates, fees, loan amounts and more to compile this list. Find out which lender is right for you and apply for your loan.
Best personal loans that offer an online application process
Compare personal loan offers
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Best for long repayment terms
LightStream Personal Loans
Annual Percentage Rate (APR)
6.94% - 25.29%* APR with AutoPay
Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, and others
Loan amounts
$5,000 to $100,000
Terms
24 to 240 months* dependent on loan purpose
Credit needed
Good
Origination fee
None
Early payoff penalty
None
Late fee
None
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Pros
- Same-day funding available through ACH or wire transfer (conditions apply)
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Who's this for? LightStream offers low-interest loans with flexible terms. Eligible borrowers can select loan repayment terms as long as 240 months, the longest repayment term mentioned on this list.
Standout benefits: You'll generally receive your funds on the same day as long as you apply during a banking business day, your application is approved, you can electronically sign your loan agreement — you won't need to visit a physical branch to sign anything — and you verify your direct deposit banking account information by 2:30 p.m. ET. Even if you can't make the deadline, you should be able to receive your funds on the next business day, making this an especially appealing option for anyone in need of funding in a pinch.
Best for debt consolidation
Happy Money
Annual Percentage Rate (APR)
11.72% - 17.99%
Loan purpose
Debt consolidation/refinancing
Loan amounts
$5,000 to $40,000
Terms
24 to 60 months
Credit needed
Fair/average, good
Origination fee
1.5% to 5.5% (based on credit score and application)
Early payoff penalty
None
Late fee
None
Terms apply.
Pros
- Peer-to-peer lending platform makes it easy to check multiple offers
- Loan approval comes with Happy Money membership and customer support
- No early payoff fees
- No late fees
- Fast and easy application
- U.S.-based customer service
Cons
- Higher loan minimums ($5,000)
- Must submit soft inquiry to see origination fees and other details
How Payoff is designed to help you stay motivated:
- Offers borrowers a dedicated "Empowerment Science" team that is available to take questions and provide encouragement
- Free personality tests, stress assessments and cash flow trackers to help borrowers understand their money management style and nail down better habits
- Free FICO tools help members track their progress*
*Based on a study of Happy Money Members between February 2020 to August 2020, members who use a Happy Money Loan to eliminate at least $5,000 of credit card balances reportedly see an average FICOÂ Score boost of 40 points. (Results may vary and are not guaranteed.)
Who's this for? Happy Money offers personal loans for debt consolidation. The lender refers to its debt consolidation loan as The Payoff Loan™. According to Happy Money's website, borrowers who used The Payoff Loan™ to pay off debt have increased their FICO score by as much as 40 points.
Standout benefits: Happy Money doesn't charge late payment fees, or early payoff penalties if you decide to pay off your debt faster than you initially intended, but there is an origination fee based on your credit score and application.
Best for larger loan amounts
SoFi Personal Loans
Annual Percentage Rate (APR)
8.99% - 29.49% when you sign up for autopay
Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
Loan amounts
$5,000 to $100,000
Terms
24 to 84 months
Credit needed
Good to excellent
Origination fee
No fees required
Early payoff penalty
None
Late fee
None
Terms apply.
Pros
- No origination fees required, no early payoff fees, no late fees
- Unemployment protection if you lose your job
- DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
- Can have more than one SoFi loan at a time (state-permitting)Â
- May accept offer of employment (to start within the next 90 days) as proof of income
- Co-applicants may apply
Cons
- Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
- No co-signers allowed (co-applicants only)
Fixed rates from 8.99% APR to 29.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Who's this for? SoFi allows potential borrowers to apply for as much as $100,000, making it the first stop of anyone shopping for a huge loan.
Standout benefits: SoFi allows you to choose between variable or fixed APRs, which is a bit uncommon since lenders usually only offer fixed rates. A variable-rate loan can save you money if you feel interest rates will fall in the future, but they lack the predictability that fixed rates provide.
Best for quick funding
Avant Personal Loans
Annual Percentage Rate (APR)
9.95% to 35.99%
Loan purpose
Debt consolidation, major expenses, emergency costs, home improvements
Loan amounts
$2,000 to $35,000
Terms
24 to 60 months
Credit needed
Poor/Fair
Origination fee
Administration fee up to 9.99%
Early payoff penalty
None
Late fee
Up to $25 per late payment after 10-day grace period
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Lends to applicants with scores lower credit scores
- No early payoff fees
- Can pre-qualify with a soft credit check (no hard inquiry)
- Quick funding (often by the next day)
- Late payment grace period of 10 days
Cons
- Origination fee
- Potentially high interest (caps at 35.99% APR)
- No autopay APR discount
- No direct payments to creditors (for debt consolidation)
- No co-signers
Who's this for? Avant can typically provide loans as soon as the next business day once you've been approved, providing plenty of incentive for going forward with an online application. The lender offers personal loan amounts as low as $2,000 and as high as $35,000, making it a solid choice for those who need to borrow a moderate amount of money.
Standout benefits: Avant is one lender that will consider applicants with a less-than-ideal credit score, including applicants with credit scores under 600 — keep in mind, however, that the higher your credit score is the more likely you are to receive the lowest available rate. Before applying for this loan, see if you pre-qualify for a rate that's on the lower end of the APR range.
Best for a lower credit score or no credit history
Upstart Personal Loans
Annual Percentage Rate (APR)
7.8% - 35.99%
Loan purpose
Debt consolidation, credit card refinancing, wedding, moving or medical
Loan amounts
$1,000 to $50,000
Terms
36 and 60 months
Credit needed
Credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don't have a credit score)
Origination fee
0% to 12% of the target amount
Early payoff penalty
None
Late fee
The greater of 5% of last amount due or $15, whichever is greater
Terms apply.
Pros
- Open to borrowers with fair credit (minimum 300 score)
- Will accept applicants who have insufficient credit history and don't have a credit score
- No early payoff fees
- 99% of personal loan funds are sent the next business day after completing required paperwork before 5 p.m. Monday through Friday
Cons
- High late fees
- Origination fee of 0% to 10% of the target amount (automatically withheld from the loan before it's delivered to you)
- $10 fee to request paper copies of loan agreement (no fee for eSigned virtual copies)
- Must have a Social Security number
Who's this for? Upstart makes an ideal lender for anyone with a low credit score or no credit history. The company requires you have a minimum credit score of just 300, and will sometimes approve applicants with no credit history at all.
Standout benefits: You can apply for loan amounts as low as $1,000 and as much as $50,000, making it appealing to those who might want to err on the lower end of this funding range.
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More on our picks for best online personal loan lenders
LightStream
LightStream provides personal loans for just about every purpose except for higher education and small businesses. LightStream also doesn't charge any origination, administration or early payoff fees, while its loan repayment terms range from 24 to 240 months, making them some of the longest terms on our list.
Loan amounts
$5,000 to $100,000
Loan terms
24 to 240 months, depending on loan purpose
Happy Money
Happy Money's mission is to help consumers get out of credit card debt once and for all, which is why its loans are geared specifically toward debt consolidation. You can't use a Happy Money loan for home renovations, major purchases, education, etc.
Loan amounts
$5,000 to $40,000
Loan terms
24 to 60 months
SoFi
Like other lenders, SoFi offers a 0.25% discount on your APR for signing up for autopay and doesn't charge any late fees or prepayment penalties. Once you apply and get approved for a SoFi personal loan, your funds should be available within a few days of signing your agreement.
Loan amounts
$5,000 to $100,000
Loan terms
24 to 84 months
Avant
Avant doesn't charge any penalties for paying your loan off early, however, there is an origination fee of up to 4.75% and a late fee of up to $25 following a 10-day grace period.
Loan amounts
$2,000 to $35,000
Loan terms
24 to 60 months
Upstart
Upstart doesn't charge any penalties for paying off your balance early. It does, however, charge an origination fee (up to 12% of the amount borrowed) and a late fee ($15 or 5% of the past due balance, whichever is greater).
Loan amounts
$1,000 to $50,000
Loan terms
36 and 60 months
Can I get a loan with a 450 credit score?
It may still be possible to get a loan with a 450 credit score if you shop around with lenders that accept applicants with bad credit. In fact, a few lenders may consider credit scores as low as 300.
However, even if you get approved for a loan, you can be charged interest rates on the higher end of the lender's APR range. You may also be offered unfavorable repayment terms.
Because of this, it's generally advisable to improve your credit score before applying for a loan. If you need funding in a pinch and can't improve your score fast enough, you may consider getting a co-signer to help you qualify for better rates and terms.
Is it better to go through a bank or online lender for a personal loan?
When considering a traditional bank or online fintech company as a personal loan lender, the best option ultimately depends on your needs.
For instance, if you're applying with less-than-ideal credit, you may have trouble getting approved by traditional banks. An online lender, however, can often show more flexibility with its lending requirements.
Another consideration is the amount of funding you plan to apply for. Traditional banks may have higher minimum funding amounts so if you need to borrow way less, look into other lending options.
Pros
- You receive the funding as a lump sum so you can use it as needed.
- The funding can be used for pretty much anything (with the exception of a few prohibited uses)
- There is a high likelihood that you can find a lender with requirements that suit your circumstances.
- Getting a co-signer can make the approval process easier.
Cons
- If you have a lower credit score you may be required to put up collateral to secure the loan.
- You may have to pay origination fees, late fees, an application fee and/or a prepayment penalty.
Frequently Asked Questions (FAQs)
How do you get a loan when no one will approve you?
If you aren't able to qualify for a personal loan given your current financial and credit history, consider applying with a co-signer. A co-signer with healthy credit may help you get approved and receive better interest rates and loan terms.
What is the easiest loan to get approved for?
Some of the easiest loans to get approved for may be lenders with lower credit requirements or lenders that consider applicants with insufficient credit history. Keep in mind that these loans can come with higher interest rates. Payday loans are also typically easier to get approved for, however, they can also come with near-six-figure interest rates. Because of this, payday loans are typically an absolute last resort.
What credit score is needed for a personal loan?
Most lenders look for good to excellent credit, but some consider fair/average credit scores as well.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best personal loans.
Our methodology
To determine which personal loans were the best, CNBC Select analyzed dozens of U.S. personal loans offered by banks (both online and brick-and-mortar) and large credit unions that come with no origination or sign up fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.
When narrowing down and ranking the best personal loans for excellent credit, we focused on the following features:
- No origination or sign up fee:Â Most of the lenders on this list charge borrowers an upfront fee for processing your loan.
- Fixed rate APR:Â Variable rates can go up and down over the lifetime of your loan, but having a fixed rate APR means you'll lock in a particular interest rate for the duration of your loan's term so monthly payments won't vary and your budget will be easier to plan out.
- Flexible minimum and maximum loan amounts and terms:Â Each lender on the list provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
- No early payoff penalties:Â These lenders do not charge borrowers for paying off loans early.
- A streamlined application process:Â We considered whether or not each lender offered same-day approval decisions and a fast online application process.
- Customer support:Â Every loan on our list provides customer service via telephone, email or secure online messaging. We also chose lenders with an online resource hub or advice center that helps educate customers about the personal loan process and their finances.
- Fund disbursement:Â The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders, which we noted above, offer the ability to pay your creditors directly.
- Autopay discounts:Â We noted which lenders reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
- Creditor payment limits and loan sizes:Â The lenders listed above provide loans in a variety of sizes, ranging from $500 to $100,000. While each lender advertises its respective payment limits and loan sizes, completing the pre-approval process can give you a better idea of what your interest rate and monthly payment will be for your desired loan amount.
After reviewing the above features, we sorted our recommendations according to the best for overall financing needs, debt consolidation and refinancing, small loans and next-day funding.
While the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate, once you accept your loan agreement, a fixed rate APR guarantees your interest rate and monthly payment will remain consistent throughout the entire term of the loan.
Keep in mind that your APR, monthly payment and loan amount all depend on your credit history and creditworthiness. Because of this, lenders will conduct a hard credit inquiry and request a full application, which typically includes proof of income and address, as well as identity verification, among other required personal and financial information.Â
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