Best Online Loans in June 2024

Compare multiple offers within minutes

Debt Consolidation

Home Improvement

Home Buying

Major Purchase

Other

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Privacy Secured | Advertising Disclosures

Best online personal loans

Written by Carol Pope | Edited by Katie Lowery | Reviewed May 29, 2024

How Does LendingTree Get Paid?

User ratings	Best for…	APR range	Loan terms	Loan amounts	Minimum credit score
	Debt consolidation	8.99% - 35.99%	24 to 60 months	$5,000 - $50,000	620	See Personalized Results
(2) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Excellent customer service	7.99% - 24.99%	36 to 84 months	$2,500 - $40,000	720	See Personalized Results
	Fair-credit loans	7.99% - 35.99%	24 to 72 months	$1,000 - $36,500	660	See Personalized Results
User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Fast funding	6.99% - 25.49% (with autopay)	24 to 84 months	$5,000 - $100,000	Not specified	See Personalized Results
(924) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Excellent-credit loans	8.99% - 35.99%	24 to 60 months	$2,000 - $50,000	560	See Personalized Results
	Joint online loans	8.99% - 29.99% (with discounts) Pricing Disclosure Fixed rates from 8.99% APR to 29.99% 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. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.	24 to 84 months	$5,000 - $100,000	680	See Personalized Results
	Small loans	8.49% - 35.99% (with autopay)	24 to 84 months	$1,000 - $50,000	580	See Personalized Results
	Bad-credit loans	7.80% - 35.99%	36 and 60 months	$1,000 - $50,000	300	See Personalized Results

Read more about how we chose the best lenders for personal loans online.

Online loan lenders at a glance

Achieve: Best for debt consolidation

APR range	8.99% - 35.99%
Loan amounts	$5,000 - $50,000
Loan terms	24 to 60 months
Origination fee	1.99% - 6.99%
Minimum credit score	620

Pros	Cons
APR discount for direct pay during debt consolidation Competitive APRs Accessible to borrowers with fair credit	Charges an origination fee Maximum repayment term shorter than some High minimum loan amount

Pros

Cons

APR discount for direct pay during debt consolidation

Competitive APRs

Accessible to borrowers with fair credit

Charges an origination fee

Maximum repayment term shorter than some

High minimum loan amount

What to know

Thanks to low fixed interest rates, personal loans are a popular choice for consolidating credit card debt. Not only does Achieve have competitive rates for debt consolidation loans, but it also offers an APR discount if you use at least half of your loan funds to pay off existing debt and allow the company to pay your creditors directly. However, Achieve loans start at $5,000 — so if you have a small-to-moderate amount of debt, you’ll need a lender with a smaller minimum loan amount.

Read our full Achieve personal loan review.

Eligibility requirements

As with most personal loans, applicants must provide certain documents, such as proof of income and proof of identity. Achieve applicants must also have a Social Security number, a credit score of 620 or better and an acceptable (but undisclosed) debt-to-income ratio.

See Personalized Results

Discover: Best for excellent customer service

APR range	7.99% - 24.99%
Loan amounts	$2,500 - $40,000
Loan terms	36 to 84 months
Origination fee	None
Minimum credit score	720

Pros	Cons
Three repayment assistance options in case of financial hardship Low maximum APR No origination fee	No joint loans $39 late payment fee Low maximum loan amount

Pros

Cons

Three repayment assistance options in case of financial hardship

Low maximum APR

No origination fee

No joint loans

$39 late payment fee

Low maximum loan amount

What to know

Discover may be known for its credit cards, but it also offers online personal loans. One of Discover’s standout features is its repayment assistance options — if you face unexpected financial hardship, Discover may temporarily pause your payments, lower your payments or extend your loan term. But make sure to stay in touch if you’re facing difficulties, as Discover charges a hefty $39 late payment fee.

Read our full Discover personal loan review.

Eligibility requirements

Discover will review your overall credit history, and you’ll need have a minimum score of 720 to qualify for a personal loan. You’ll also have to earn at least $40,000 in individual or household income, have a physical address and Social Security number, be at least 18 years old and have an active email address.

See Personalized Results

LendingPoint: Best for fair-credit loans

APR range	7.99% - 35.99%
Loan amounts	$1,000 - $36,500
Loan terms	24 to 72 months
Origination fee	Up to 10%
Minimum credit score	660

Pros	Cons
Flexible repayment terms Competitive minimum APR May be attainable even if your credit isn’t perfect	Low maximum loan amount Potentially high origination fee Does not allow co-borrowers

Pros

Cons

Flexible repayment terms

Competitive minimum APR

May be attainable even if your credit isn’t perfect

Low maximum loan amount

Potentially high origination fee

Does not allow co-borrowers

What to know

LendingPoint uses AI modeling to assess risk, not just an applicant’s FICO Score. As a result, it may approve those with fair credit when other lenders have turned them down. LendingPoint’s loan amounts are narrow compared to some lenders, but you’ll have up to 72 months to pay back what you borrow.

Read our full LendingPoint personal loan review.

Eligibility requirements

Although LendingPoint evaluates more than your credit score, it doesn’t define exactly what creditworthiness means to them. Generally, you’ll need to make at least $35,000 a year, have a credit score of at least 660, be at least 18 years old and possess a government-issued ID, Social Security number and verifiable bank account in your name. Further, note that LendingPoint loans aren’t available in Nevada or West Virginia.

See Personalized Results

LightStream: Best for fast funding

APR range	6.99% - 25.49% (with autopay)
Loan amounts	$5,000 - $100,000
Loan terms	24 to 84 months
Origination fee	None
Minimum credit score	Not specified

Pros	Cons
Same-day loan funding may be available Large loans amounts with long repayment terms Has a $100 customer satisfaction guarantee	Must have good-to-excellent credit to qualify High minimum loan amount Users report glitchy mobile app experience

Pros

Cons

Same-day loan funding may be available

Large loans amounts with long repayment terms

Has a $100 customer satisfaction guarantee

Must have good-to-excellent credit to qualify

High minimum loan amount

Users report glitchy mobile app experience

What to know

Many people turn to online loans because they need funds quickly. If LightStream approves your loan application before 2:30 pm ET on a business day, you could receive your loan funds that same day (limitations apply). Unfortunately, you can’t prequalify for a personal loan with this lender, so you’ll need to agree to a hard credit check to see if you meet LightStream’s requirements.

Read our full LightStream personal loan review.

Eligibility requirements

LightStream doesn’t disclose its minimum credit score requirements, but it only lends to those with good-to-excellent credit. Applicants will also need several years of credit history, an undisclosed amount of assets, stable income and a record of on-time payments.

See Personalized Results

Prosper: Best for excellent-credit loans

APR range	8.99% - 35.99%
Loan amounts	$2,000 - $50,000
Loan terms	24 to 60 months
Origination fee	1.00% - 9.99%
Minimum credit score	560

Pros	Cons
Low minimum APR for excellent-credit borrowers Co-borrowers allowed Can change payment due date if needed	Potentially slow funding timeline Charges many fees Customer service unavailable on Sundays

Pros

Cons

Low minimum APR for excellent-credit borrowers

Co-borrowers allowed

Can change payment due date if needed

Potentially slow funding timeline

Charges many fees

Customer service unavailable on Sundays

What to know

Prosper offers one of the lowest starting APRs on the market for excellent-credit borrowers. But as a peer-to-peer lender, Prosper probably isn’t ideal if you need money fast — you may need to wait up to 14 days for an individual investor to fund your loan. If you can’t qualify by yourself, you can add a co-borrower. However, a co-borrower could further lengthen the approval process, since Prosper will have to evaluate their creditworthiness as well as yours.

In addition, although Prosper’s interest rates are competitive, this lender charges quite a lot of fees. These include an origination fee (1.00% - 9.99% of your loan amount), late payment fees, check payment fees and insufficient fund fees.

Read our full Prosper personal loan review.

Eligibility requirements

Other than its minimum credit score requirement of 560, applicants must have a personal bank account and a Social Security number. Beyond this, Prosper doesn’t specify the other factors it evaluates. It does, however, offer a prequalification process so you can check your eligibility with just a soft credit pull. Prosper loans aren’t available in Iowa or West Virginia.

See Personalized Results

SoFi: Best for joint personal loans

APR range	8.99% - 29.99% (with discounts) Pricing Disclosure Fixed rates from 8.99% APR to 29.99% 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. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Loan amounts	$5,000 - $100,000
Loan terms	24 to 84 months
Origination fee	0.00% - 7.00% (optional)
Minimum credit score	680

Pros	Cons
Flexible repayment terms No fees required Could get funds the same day you apply	High minimum loan amount Must have good credit Minimum APR isn’t the lowest

Pros

Cons

Flexible repayment terms

No fees required

Could get funds the same day you apply

High minimum loan amount

Must have good credit

Minimum APR isn’t the lowest

What to know

Between its large loans, extended terms and unique borrower benefits, SoFi could be the best place to look for an online joint loan. Joint loans can be helpful if you’re looking to repair something you own with another person, such as your home. Depending on your credit score, you might qualify for a lower APR with another lender, but the extra percentage or two could be worth it for the product SoFi provides.

While SoFi doesn’t require an origination fee, borrowers can opt to pay 0.00% - 7.00% in exchange for a lower interest rate. Be sure to crunch the numbers to understand whether a small fee is worth the reduced interest rate in your case.

Read our full SoFi personal loan review.

Eligibility requirements

With a minimum credit score requirement of 680, not everyone will qualify for a SoFi loan. Applicants must be at least 18 years old and either be a U.S. citizen or meet certain immigration or residency requirements. In addition, SoFi only approves borrowers who have a job or job offer that starts within 90 days, earn sufficient monthly income and have an acceptable amount of current debt.

See Personalized Results

Upgrade: Best for small personal loans

APR range	8.49% - 35.99% with autopay
Loan amounts	$1,000 - $50,000
Loan terms	24 to 84 months
Origination fee	1.85% - 9.99%
Minimum credit score	580

Pros	Cons
Low minimum credit score requirement Wide range of loan amounts May get funds within one business day	Possible high origination fee Charges fees for late payments and insufficient funds High maximum APR

Pros

Cons

Low minimum credit score requirement

Wide range of loan amounts

May get funds within one business day

Possible high origination fee

Charges fees for late payments and insufficient funds

High maximum APR

What to know

If you’re looking for a small personal loan, you may want to check out Upgrade. This lending platform facilitates loans between its partner lenders and potential borrowers. Upgrade offers loans as little as $1,000 to people with credit scores as low as 580. However, if you have excellent credit, you may qualify for lower rates elsewhere, due to its comparatively high maximum APR and potentially high origination fee.

Read our full Upgrade personal loan review.

Eligibility requirements

Like many other lenders, Upgrade doesn’t disclose its exact requirements beyond a credit score of 580 or higher. Upgrade also reviews your credit utilization rate and payment history. Applicants must be the age of majority in their state, a U.S. citizen, permanent resident or a valid visa holder, and have a verifiable bank account and email address.

See Personalized Results

Upstart: Best for bad-credit borrowers

APR range	7.80% - 35.99%
Loan amounts	$1,000 - $50,000
Loan terms	36 and 60 months
Origination fee	0.00% - 12.00%
Minimum credit score	300

Pros	Cons
Offers loans to borrowers with no or bad credit Low APRs for excellent-credit borrowers Could get funds the next business day	Could come with a high origination fee Limited repayment terms No co-applicants

Pros

Cons

Offers loans to borrowers with no or bad credit

Low APRs for excellent-credit borrowers

Could get funds the next business day

Could come with a high origination fee

Limited repayment terms

No co-applicants

What to know

Upstart offers low APRs for eligible applicants, but this lending platform really shines when it comes to personal loans for borrowers with bad credit. And while this lender doesn’t guarantee approval, it does consider all credit scores and even borrowers who don’t have enough credit history to produce a score. If you do qualify with Upstart, you may face a high APR and double-digit origination fee. Still, these could be worthwhile concessions if other lenders have denied your loan application.

Read our full Upstart personal loan review.

Eligibility requirements

To get a loan through Upstart, you must be a U.S. citizen or permanent resident who’s at least 18. You’ll also need a Social Security number, bank account, email address and a full-time job, full-time job offer or another source of steady income. Along with your credit score, Upstart also assesses your debt-to-income ratio.

What is an online loan?

An online loan is a personal loan that you obtain online instead of at a physical location, like a brick-and-mortar bank or credit union. A personal loan provides a lump sum of money that you can use for almost anything, including debt consolidation and large expenses like home improvements.

Difference between an online loan vs. bank loan

As the name implies, the online lending process takes place on a lender’s website. While you may have to speak to a representative on the phone at some point, the entire application process is done remotely. However, banks and credit unions may require an in-person visit to a local branch.

You may also have an easier time qualifying for an online loan than with a traditional lender. This is because online lenders tend to have more flexible requirements than banks or credit unions. However, online lenders may charge higher interest rates than traditional lenders.

On this page

Pros and cons of personal loans online
How to apply for a personal loan online
How to compare online loans
How we chose the best personal loans online
Frequently asked questions

Pros and cons of personal loans online

Like any financial product, personal loans online have their benefits and drawbacks. Consider the pros and cons below to decide if an online loan is right for you:

Pros

Saves time. Instead of driving to a bank or credit union, you can apply for an online loan from the convenience of your home, any time during the day or night.

Easy to compare. Prequalifying for online loans usually only takes a few minutes, and if you use LendingTree’s personal loan marketplace, you could receive up to five loan offers from lenders at one time.

May be easier to qualify for. Generally, personal loan requirements for online lenders are easier to meet than those of a bank or credit union. This means that a wider variety of borrowers might be able to get a personal loan when they’d otherwise be denied.

Cons

Sometimes have higher APRs. As a general rule, the easier it is to qualify for a loan, the higher the APR. Many banks and credit unions offer low average APRs because they only lend to current account holders.

Less guidance. If you apply for a loan at a bank or credit union, a loan officer or other representative will be there to walk you through the process. With an online loan, you may have to handle the application more independently.

Could find an unscrupulous lender. Most personal loan lenders are legitimate, but you may be more likely to run into a personal loan scam when applying online — especially when searching for loans for bad credit.

How to apply for a personal loan online

Knowing what to expect when applying for your first personal loan online could empower you to make the wisest financial decision. While the application process will vary from lender to lender, here’s a look at the general steps you’ll take:

Check your credit (and your budget): Before you apply for a loan, you should check your credit score to determine which lenders may be the right fit. You should also crunch the numbers to see how a loan would affect your budget. Just one missed payment can drop your credit score by 180 points, so it’s essential to only borrow what you can afford to pay back.
Prequalify: Prequalification can help you see whether you’re likely to be eligible for a loan before actually applying. Prequalification doesn’t hurt your credit score, so it’s a low-stakes way to shop around for a loan with the best terms. During this process, the lender will ask for some basic personal and financial information.
Compare: Once you’ve prequalified for a handful of lenders, you can compare loans. Take note of APRs, fees and other factors to choose the best offer.
Apply: When you’ve narrowed down your best loan offer, it’s time to fill out a loan application. At this point, the lender will run a hard credit check and request documents like pay stubs and a copy of your driver’s license. Some lenders make approval decisions in just a few minutes, while others may take several days. Either way, the lender will let you know whether you’re approved for the loan and when you can expect your funds.
Repay: Your first loan payment will usually be due 30 days after the lender sends you the funds. Sticking to your repayment schedule is critical for maintaining your credit score. However, if you’re having trouble keeping up with payments, contact your lender right away as they may be able to help.

Online loan requirements

When you apply for an online loan, you’ll need to meet lender requirements such as credit score, debt-to-income ratio and credit history. You may also have to provide documentation such as a government-issued ID, your mortgage or rental agreement and proof of income. This may require sending your lender W-2s, bank statements and pay stubs to show you can afford to pay the loan off.

How to compare online loans

Accepting the first online loan offered to you could be a surefire way to land yourself in a contract with unfavorable terms. Before agreeing to anything, prequalify for multiple loans and compare the following metrics:

APRs: Annual percentage rates (APRs) reflect the cost of your loan, including interest and applicable fees. The lower the APR, the less expensive the loan. Lenders grant the lowest APRs to borrowers with excellent credit since this segment is the least likely to default.
Fees: Many loans come with an origination fee, an upfront fee the lender typically deducts from your loan funds. Although less common, some personal loans have a prepayment penalty, a fee that’s charged for paying your loan off early. You should also pay attention to late fees and check payment fees.
Funding timeline: Funding timelines vary across lenders. If you need funds fast, be sure to apply for a lender that offers same-day or next-day loans.
Loan amounts: Personal loans online range in size. Many start at around $1,000, and depending on the lender (and your credit score), you might be able to borrow as much as $200,000. Be sure your lender offers the amount you need before applying.
Repayment terms: A loan’s repayment term is the amount of time you have to repay the money you borrowed. A longer term provides a lower monthly payment, but you’ll ultimately pay more in interest. A shorter term means a higher monthly payment, but with less interest paid over time.
Customer reviews: If you run into any issues with your loan, the last thing you’ll want to deal with is poor customer service. Read customer reviews before committing.

See Personalized Offers

How we chose the best online loans

We reviewed more than 28 lenders to determine the overall best eight online personal loans. To make our list, lenders must offer a fully online loan application process with competitive APRs. From there, we prioritize lenders based on the following factors:

Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

They can be, but it’s important to fully vet your lender and know the signs of predatory lending before giving out any sensitive information. Read LendingTree’s lender reviews to get a feel for what the company has to offer, and read customer reviews to hear other borrowers’ experiences with the lender.

No. You can often find no-credit-check loans online, but you can find them in the “real world,” too. For instance, payday loans are a form of no-credit-check loan and are available at brick-and-mortar locations. Personal loans online, on the other hand, are personal loans that you get online.

The fastest way to borrow money online could be by using a paycheck advance app like EarnIn or by taking out a no-credit-check loan. However, the convenience of these types of loans may come with high APRs, and they can ultimately land you in a cycle of debt. If you have at least fair credit, it’s worth the wait that sometimes comes with a standard personal loan online. And depending on the lender, you may even get funds the same day you apply.

Best Online Loans in June 2024

Compare multiple offers within minutes

How Does LendingTree Get Paid?

Best online personal loans

How Does LendingTree Get Paid?

Pricing Disclosure

Online loan lenders at a glance

Achieve: Best for debt consolidation

Discover: Best for excellent customer service

LendingPoint: Best for fair-credit loans

LightStream: Best for fast funding

Prosper: Best for excellent-credit loans

SoFi: Best for joint personal loans

Pricing Disclosure

Upgrade: Best for small personal loans

Upstart: Best for bad-credit borrowers

What is an online loan?

Difference between an online loan vs. bank loan

Pros and cons of personal loans online

Pros

Cons

How to apply for a personal loan online

Online loan requirements

How to compare online loans

How we chose the best online loans

Frequently asked questions

Are personal loans online safe?

Are online loans and no-credit-check loans the same?

How can I borrow money instantly?