Our top picks of timely offers from our partners
Personal loans have developed into a practical means of borrowing money, either small or large, and are frequently utilized to pay for a range of expensive events, including home repairs, weddings, funerals, and vacations.
Additionally, since lenders usually transfer money straight into your bank account, you can begin using it right away. They seem even more accessible now that you can apply for a personal loan online, though some banks also have physical locations if you’d rather complete the process in person.
CNBC Select lists five personal loan providers below that provide quick funding and an easy online application process. We analyzed dozens of lenders to create this list of the best personal loans, taking into account important elements like interest rates, fees, loan amounts, and the available term lengths. We also considered other features like autopay discounts, customer service, how the funds would be disbursed, and how quickly you would receive them. Read more about our methodology below.
Best personal loans that offer an online application process
This tool is provided and powered by Engine by MoneyLion, a search and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Engine by MoneyLion and it may use this information in accordance with its own privacy policies and terms of service. By submitting your information, you agree to receive emails from Engine by MoneyLion. Select does not control and is not responsible for third party policies or practices, nor does Select have access to any data you provide. Select may receive an affiliate commission from partner offers in the Engine by MoneyLion tool. The commission does not influence the selection in order of offers.
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Annual Percentage Rate (APR)
7.99%—25.99%* APR with AutoPay
- Loan purpose: home improvement, vehicle financing, debt consolidation, medical costs, and other
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Loan amounts
$5,000 to $100,000
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Terms
24 to 144 months* dependent on loan purpose
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Credit needed
Good
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Origination fee
None
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Early payoff penalty
None
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Late fee
None
See our methodology, 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.
- 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
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- Pre-approval is not offered on the website, although certain third-party lending platforms do offer pre-qualification.
As with any loan or line of credit, LightStream offers low interest rates with flexible terms to customers with good credit or above; excellent credit holders will be able to take advantage of the lowest interest rates available. Who is this for?
This lender offers personal loans for almost any purpose, with the exception of small businesses and higher education. If 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 the details of your direct deposit banking account by 2:30 p.m., you should generally receive your funds on the same day. m. ET. This is an especially appealing option for anyone in a pinch for funding, as even if you miss the deadline, you should still be able to get your funds the following business day.
Along with having some of the longest loan repayment terms on our list—24 to 144 months—LightStream also waives origination, administration, and early payoff fees.
Best for debt consolidation
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Annual Percentage Rate (APR)
11.25% – 24.50%
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Loan purpose
Debt consolidation/refinancing
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Loan amounts
$5,000 to $40,000
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Terms
24 to 60 months
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Credit needed
Fair/average, good
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Origination fee
0% to 5% (based on credit score and application)
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Early payoff penalty
None
- Late fee of 5% of monthly payment amount or $15, whichever is higher (with 2015-day grace period)
- 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
- Higher loan minimums ($5,000)
- Kindly submit a soft inquiry to view origination fees and additional information.
How Payoff is designed to help you stay motivated:
- provides borrowers with a specialized “Empowerment Science” team that is ready to answer inquiries and offer support.
- To help borrowers understand their money management style and develop better habits, free personality tests, stress assessments, and cash flow trackers are available.
- Free FICO tools help members track their progress*
*According to an analysis of Happy Money members conducted between February 2020 and August 2020, those who use a Happy Money Loan to pay off at least $5,000 in credit card debt are said to see an average 40-point increase in their FICO score. (Results may vary and are not guaranteed. ).
Happy Money provides personal loans for debt consolidation, but who’s this for? Since it doesn’t have any physical locations, clients must apply for loans and open accounts online.
Happy Money’s loans are designed specifically for debt consolidation because the company’s goal is to assist customers in permanently eliminating their credit card debt. A Happy Money loan cannot be used for major purchases, home remodeling, schooling, or other purposes.
Candidates may be eligible for a loan of up to $40,000 with terms ranging from 24 to 60 months. Remember that applying with the best possible credit score is the best way to be eligible for an interest rate that is at the lower end of the lender’s range.
Happy Money doesn’t impose early payoff penalties or late payment fees if you choose to settle your debt sooner than you had planned, but there is an origination fee that is determined by your application and credit score.
Best for larger loan amounts
- Annual Percentage Rate (APR)8. 99% to 25. 81% when you sign up for autopay.
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Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
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Loan amounts
$5,000 to $100,000
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Terms
24 to 84 months
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Credit needed
Good to excellent
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Origination fee
No fees required
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Early payoff penalty
None
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Late fee
None
- There are no fees associated with origination, early payoff, or late payments.
- Unemployment protection if you lose your job
- DACA recipients may submit an application with a reliable co-borrower who is a U.S. S. citizen/permanent resident by calling 877-936-2269.
- is able to hold multiple SoFi loans concurrently, if state laws allow.
- Acceptable as proof of income is an offer of employment to begin within the next ninety days.
- Co-applicants may apply
- Applicants who are U. S. To be eligible, visa holders must have more than two years left on their current visa.
- No co-signers allowed (co-applicants only)
Whos this for? SoFi is a very good option if you think you’ll need to borrow much higher amounts of money for larger expenses because it allows applicants to apply for as little as $5,000 and as much as $100,000. Other lenders will usually only offer up to $50,000 in loan amounts.
Unlike other lenders who typically only offer fixed rates, SoFi lets you choose between variable and fixed APRs. Throughout the course of your loan, variable rates may rise or fall, so you may be able to save money if the APR decreases. However, it’s crucial to keep in mind that the APR may also rise noticeably. However, fixed rates ensure that you pay the same interest rate for the whole term of the loan, which can help you plan your repayment more easily.
Like other lenders, SoFi offers a 0. Take advantage of a 25% discount on your APR when you sign up for autopay! There are no late fees or payment penalties. After you sign your agreement and apply for and are approved for a SoFi personal loan, your funds ought to be available in a few days.
Best for quick funding
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Annual Percentage Rate (APR)
9.95% to 35.99%
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Loan purpose
Debt consolidation, major expenses, emergency costs, home improvements
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Loan amounts
$2,000 to $35,000
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Terms
12 to 60 months
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Credit needed
Poor/Fair
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Origination fee
Administration fee up to 9.99%
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Early payoff penalty
None
- After the ten-day grace period, there is a $25 late fee for each payment.
To find out if you qualify for a personal loan offer, click this link. See our methodology, terms apply.
- 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
- 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 is this for? Avant can usually provide loans as soon as the following business day after you are approved, which is a great reason to submit an online application right away. With personal loan amounts starting at $2,000 and going up to $35,000, the lender is a good option for people who need to borrow a modest sum of money.
Though keep in mind that the higher your credit score, the more likely you are to get the best possible rate. Avant is one lender that will consider applicants with less-than-ideal credit scores, including those with credit scores under 600. Check to see if you are pre-qualified for a rate at the lower end of the APR range before applying for this loan.
Be aware that there is an origination fee of up to $4 even though there are no penalties for repaying your loan early. 75 percent and a late fee of up to 25 percent after the 2010-day grace period
Best for a lower credit score or no credit history
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Annual Percentage Rate (APR)
5.20% – 35.99%
- Loan purposes include credit card refinancing, debt consolidation, home remodeling, weddings, relocation, or medical expenses.
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Loan amounts
$1,000 to $50,000
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Terms
36 and 60 months
- Credit required: A minimum credit score of 300 on one credit report (although applicants with extremely poor credit histories may still be accepted).
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Origination fee
0% to 12% of the target amount
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Early payoff penalty
None
- Late Fee: The higher of 15% of the outstanding amount or $15, whichever is higher
- Open to borrowers with fair credit (minimum 300 score)
- Accepts applicants without a credit score or with insufficient credit history
- No early payoff fees
- 99% of personal loan funds are disbursed the following business day following the completion of all necessary paperwork prior to the fifth of the month. m. Monday through Friday.
- High late fees
- Origination fees range from 200% to 10%0% of the target amount, automatically deducted from the loan before it is delivered to you.
- The loan agreement can be requested on paper for $10; eSigned virtual copies are free of charge.
- Must have a Social Security number
Who’s this for? While a higher credit score can help you get a better personal loan interest rate, some lenders, like Upstart, also make it simpler for applicants with no credit history or very little credit history to be approved. The website states that candidates with a credit history should apply with a minimum credit score of 300, but candidates without a credit history are also accepted. A potential borrower may occasionally have a lower credit score due to extremely little credit activity, and occasionally they may not even have a credit score due to a lack of credit history.
You can apply for loans as low as $1,000 and as much as $50,000. While there are no penalties for paying off your balance early, Upstart charges an origination fee of up to 12% of the borrowed amount and a late fee of 15% of the past due balance, whichever is greater.
Loan terms vary from 36 to 60 months for balance repayment, which makes it a desirable choice for borrowers who believe they will need more time to pay back the entire loan.
CNBC Select examined dozens of U.S. personal loans to identify the best personal loans. S. Personal loans with no origination or sign-up fees, fixed-rate annual percentage rates, and adjustable loan amounts and terms to meet a variety of financing needs are available from major credit unions and banks, both online and in physical locations.
We considered the following characteristics while selecting and ranking the top personal loans for people with excellent credit:
- No origination or enrollment fees: The majority of the lenders on this list impose upfront fees on borrowers in order to process their loans.
- Fixed rate APR: While variable rates fluctuate over the course of a loan, a fixed rate APR locks in an interest rate for the term of the loan, preventing monthly payments from changing and making budgeting easier.
- Flexible terms and minimum and maximum loan amounts: Every lender on the list offers a range of financing options that you can tailor to your monthly spending plan and the length of time you have to repay your loan.
- No early payoff penalties: Borrowers who pay off their loans early are not penalized by these lenders.
- A simplified application procedure: We took into account whether or not each lender provided rapid online application processing and same-day approval decisions.
- Customer service is available by phone, email, or secure online messaging for each loan on our list. Additionally, we selected lenders who offer an online advice center or resource hub to help clients learn about personal loans and money management.
- Fund disbursement: The loans on our list quickly transfer funds to your checking account via an electronic wire transfer or by sending you a paper check. As we mentioned earlier, some lenders allow you to make direct payments to your creditors.
- Discounts for autopay: We listed which lenders will reduce your annual percentage rate (APR) by zero if you sign up for autopay. 25% to 0. 5%.
- Creditor repayment limitations and loan amounts: The lenders on this list offer loans with amounts ranging from $500 to $100,000. Even though each lender lists their own maximum loan amounts and payment restrictions, going through the pre-approval process can help you get a better idea of what your interest rate and monthly payment will be for the loan amount you want.
After examining the aforementioned characteristics, we ranked our suggestions in order of best fit for small loans, next-day funding, debt consolidation and refinancing, and overall financing needs.
A fixed rate APR ensures that your interest rate and monthly payment will stay the same for the duration of the loan after you accept your loan agreement, even though the rates and fee structures advertised for personal loans are subject to change in line with the Fed rate.
Remember that your creditworthiness and credit history determine your loan amount, APR, and monthly payment. Lenders will therefore perform a hard credit inquiry and request a complete application, which normally includes identity verification, proof of income and address, and other necessary personal and financial data.
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FAQ
Can you apply for personal loan online?
If you would like in-person assistance, you can apply online with a bank or credit union and visit a nearby branch as many lenders with physical locations also have an online presence.
What is the easiest online loan to get approved for?
Payday loans, installment loans, and loans from lenders who focus on subprime borrowers are usually the easiest online loans to obtain with bad credit. These loans have lower requirements or frequently don’t require a credit check, but they have expensive fees and interest rates.
Who is the easiest to get a personal loan from?
CompanyForbes Advisor RatingLoan amountsUpgrade4. 0$1,000 to $50,000LendingPoint4. 0$2,000 to $36,500Universal Credit3. 5$1,000 to $50,000Upstart3. 5$1,000 to $50,000.
Read More :
https://www.cnbc.com/select/personal-loan-online-applications/
https://www.nerdwallet.com/best/loans/personal-loans/online-loans