Online lending reviews

Learn more about personal loans:. Best Egg. Federal Deposit Insurance Corporation. First Tech. First Tech Federal Credit Union. National Credit Union Administration.

Board of Governors of the Federal Reserve. Internal Revenue Service. Cookies Settings Reject All Accept All. Best Online Personal Loans for February If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies: Best Home Warranties Best Emergency Loans for Bad Credit Best Personal Loans for Bad Credit.

Company APR Credit Score est. Loan Amount More Details Best Overall. APR With Autopay Discount. Recommended Minimum Credit Score. Not Disclosed This lender does not disclose its minimum credit score requirements. Loan Amount. APR Range. Why Trust Us. Read our Full Methodology.

Best Online Personal Loans for February Expand. The Bottom Line. How to Choose. How to Apply. Why You Should Trust Us. Frequently Asked Questions FAQs. Guide to Online Personal Loans. Best Overall : SoFi Investopedia's Rating 4.

APR Range: 8. Why We Chose It. Be the age of majority in your state Be a U. citizen, permanent resident, or non-permanent resident alien Live in a state where SoFi Lending Corporation is authorized to lend Be employed, have a source of income, or have an offer of employment. Read the Full SoFi Personal Loans Review Best for Debt Consolidation : Discover Investopedia's Rating 4.

APR Range: 7. Pros No origination fee Low minimum APR Funding as fast as one business day. Cons No co-signers or co-borrowers Low maximum loan amount Requires good or excellent credit.

Be at least 18 years of age Be a U. Read the Full Discover Personal Loans Review Best for Fast Funding : LightStream Investopedia's Rating 4. Cons Requires good or excellent credit No option to pre-qualify High minimum loan amount. Good to excellent credit.

Read the Full LightStream Personal Loans Review. Best With a Co-Applicant : Upgrade Investopedia's Rating 4. Pros Low minimum credit score Accepts joint applications Rate discounts available.

Cons Charges an origination fee Charges late payment fees High maximum APR. Be at least 18 years old 19 years old in Alabama and certain other states Be a U. citizen, permanent resident, or living in the U. on a valid visa Have a verifiable bank account Have a valid email address.

Read the Full Upgrade Personal Loans Review Best for Low Minimum Credit Requirement : Upstart Investopedia's Rating 4. APR Range: 6. Pros No minimum credit score Low minimum APR Funding as soon as one business day. Cons Steep origination fee High maximum APR Maximum repayment term of 5 years.

Be at least 18 years of age Have a verifiable name, date of birth, and Social Security number Have a U. address Have a valid email address Have a job, an accepted offer, or another verifiable source of income Have a U.

bank account. Read the Full Upstart Personal Loans Review Best for Fair Credit : Best Egg Investopedia's Rating 3.

Pros Low minimum credit score Funding as fast as one business day Can have loan funds sent directly to creditors. Cons Charges an origination fee Limited loan amount and term options High maximum APR.

citizen or permanent resident currently living in the U. Have a credit score of at least Have a verifiable personal checking account Have a valid email address Have a physical address Live in any state besides Iowa, Vermont, West Virginia, or U.

Read the Full Best Egg Personal Loans Review Best for Secured Loans : Regions Investopedia's Rating 4. APR Range: 9. Pros Offers both secured and unsecured loans Low minimum loan amount No origination fee Same-day funding. Cons Only available in 15 states Secured loan amounts limited by account balance Limited to existing Regions customers.

Be a Regions customer for at least six months Live in Alabama, Arkansas, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, South Carolina, Tennessee, or Texas.

Read the Full Regions Personal Loans Review. Best for Small Loans : First Tech Federal Credit Union Investopedia's Rating 4. Pros Low minimum loan amount Co-signers allowed No origination fees. Cons Short loan terms required for small loan amounts Credit union membership required Strict eligibility requirements.

Be a First Tech member, which means meeting one of the following criteria: Have a family member or household member who is a First Tech member Work for or have a family member who works for a partner company or the state of Oregon Work or live in Lane County, Oregon Belong to the Computer History Museum or the Financial Fitness Association.

Read the Full First Tech Federal Credit Union Personal Loans Review Compare the Best Online Personal Loans for February Average Origination Fee. Late Fee. Time to Receive Loan.

Approvals often take minutes, and funds are available in as little as three business day. What we like: Best Egg has a fast turnaround time, with some loans gaining approval and funding in one business day.

Most borrowers, however, should expect at least a few business days before they see the funds deposited into their accounts. We also like that Best Egg offers some of the lowest starting annual percentage rates APRs among competitors.

Borrowers with excellent credit could pay as little as 8. In my 40 years of professional real estate experience, which includes real estate development, I have never had a lending experience better than Best Egg. Things to consider: Best Egg charges an origination fee between 0. Your origination fee is deducted from the money you borrow.

Best Egg also has fairly high requirements to qualify for its best interest rates. Marcus by Goldman Sachs is an online platform from the established investment bank Goldman Sachs.

Marcus offers personal loans at fixed interest rates with no loan origination fees. Funds should be deposited within one to four business days. What we like: Marcus advertises loans with no fees ever, including late fees, sign-up fees and prepayment fees.

You can also get a rate discount of 0. You can apply for a personal loan online and receive your loan options in just a few minutes. Marcus also offers a reward — the opportunity to defer one monthly payment — for making twelve consecutive payments in full and on time.

As of February , Marcus by Goldman Sachs is offering personal loans by invitation only. Rates and loan terms may have changed. LendingClub provides personal loans, small business loans and auto financing. It's an online marketplace that connects borrowers to a network of lenders to help them select the right loan for their individual needs.

If your loan is approved, you could receive the funds in as little as 48 hours. If you choose a loan for debt consolidation, LendingClub can pay your creditors directly. What we like: LendingClub allows co-applicants, or co-borrowers, on personal loans.

Applying for a loan together with an individual who has excellent credit could not only increase your chances of approval but also lower your interest rate. And, while you may receive approval within 24 hours, funding could take another two days.

If you need same-day cash, you may need to look elsewhere. The starting APR for a LendingClub personal loan is 9. However, LendingClub states that its average APR is Each lender has its upsides and downsides.

Best Egg and Marcus offer some of the lowest starting APRs for those with excellent credit. For someone with average or good credit, Prosper and Best Egg have lower credit score requirements.

Before you begin the application process, you should assess your loan needs and financial situation. For example, if your goal is debt consolidation, first add up all your credit card balances to find how much you need to borrow to pay those off.

You can get three free credit reports a year one from each of the credit bureaus. Once you know how much you need to borrow and what your credit score is, you research the lending options available to you.

Be sure to consider the fees associated with the loan like origination fees , the average APR annual percentage rate for your credit score and any perks included with the loan. Prosper, Best Egg, LendingClub and Marcus all let you check your rate online before you commit. Once you sign, you should receive the funds within a few business days, depending on how fast your lender and bank can process the funds.

If speed is a factor, look for lenders with lending and funding processes that match your timeline and shop accordingly. Building credit takes time, but having great credit can make things go faster. That means they may not need additional documentation, like pay stubs and bank statements, to qualify.

While the approval decision may be fast, the actual transfer of funds may still take time. Finding a co-signer with excellent credit can up your chances of getting approval.

You may also need to explore secured loan options, which are loans backed by collateral assets of value like cars and homes. Secured loans are loans backed by collateral. Vehicles and houses are often put forth as collateral, but a savings account balance or a retirement account can also be used.

In general, secured personal loans tend to have lower interest rates than unsecured loans. However, the lender doesn't disclose many of its eligibility requirements and loan details.

Navy Federal personal loans are best for current members of the credit union and borrowers who meet the membership requirements. Sezzle offers buy now, pay later loans that allow you to pay down a purchase in four payments over six months. Upstart is an online lender founded by former Google employees and lends to those with fair credit.

LightStream has no fees for personal loans and offers very competitive rates. Its loans can be used for nearly anything, including debt consolidation. If you prefer to do business at a brick-and-mortar bank, TD Bank could be a good fit for your personal loan needs.

Best Egg is an online lender known for offering borrowers low rates and quick funding, often in as little as one business day. It charges origination fees and requires fair credit. Avant offers fast funding and flexible payment options.

Rocket Loans has fast funding, although it does charge origination fees. American Express offers personal loans to card members who qualify. Municipal Credit Union offers low rates on personal loans, but you must become a member to qualify.

Personify is known for offering loans to people with below-average credit. With over brick-and-mortar locations, Santander Bank offers personal loans that come with low fees and flexible repayment options. For borrowers who are in need of money as soon as possible, securing a Citi personal loan may be a good option.

First Tech offers a range of unsecured and secured personal loan amounts to members and employees of big tech companies. Laurel Road is a digital banking platform from KeyBank. It offers financial services to anyone, but its services are tailored to meet the needs of healthcare and business professionals.

Apple Pay Later is a buy now, pay later option housed within the Apple Wallet. Klover allows you to access a portion of your earnings before your next paycheck. Klarna is a financing tool that breaks up purchases into four equal installments.

The best online personal loan options we found are from Prosper, Best Egg, Marcus by Goldman Sachs and LendingClub. Methodology: To choose our Compare online loan companies. Read full reviews of online lenders at U.S. News to find out what to expect.. Make sure you consider lender ratings from the SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers. Upstart uses a nontraditional underwriting method

Bankrate personal loan reviews



Online lending reviews - Many online lenders offer competitive interest rates, fast funding and the option to check your rates without impacting your credit score The best online personal loan options we found are from Prosper, Best Egg, Marcus by Goldman Sachs and LendingClub. Methodology: To choose our Compare online loan companies. Read full reviews of online lenders at U.S. News to find out what to expect.. Make sure you consider lender ratings from the SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers. Upstart uses a nontraditional underwriting method

We evaluated data from more than 70 lenders on 31 factors, including APRs, loan amounts, terms, fees, customer experience, and more. SoFi is one of the top personal loan lenders, and for good reason.

As an added bonus, SoFi offers unemployment protection, meaning you can pause your payments if you lose your job through no fault of your own.

SoFi is headquartered in San Francisco and also has offices in Healdsburg, California, and New York City. In addition to personal loans, it offers online checking and savings accounts, investment options, and more. Not only does Discover offer low interest rates—far lower than most high-interest debt like credit cards—but it can also send your loan funds directly to your creditors.

Regardless of whether you go that route or have the money sent to your bank account, loan funding can take just one business day. Discover, headquartered in Greenwood, Delaware, began as a credit card company in LightStream is a great option if you want your personal loan fast.

This lender offers fast funding—depending on when you apply, you could have the funds in your bank account the same day. LightStream also offers some of the highest loan limits, longest loan terms, and lowest interest rates of any lender on our list. Lightstream, with offices in Atlanta, is a division of Truist Financial Corporation, which also owns Truist Bank.

Upgrade might be a good option if you either have a lower credit score or need a co-applicant to help you qualify. Although Upgrade has high maximum APRs, it offers several ways to lower your rate, including by setting up autopay, using your loan to pay off existing debt, or using your car as collateral.

Upgrade, headquartered in San Francisco, is a financial technology company that works with partner banks to issue personal loans.

Upgrade was founded in Upstart is the best option for someone who has a low credit score that may prevent them from qualifying for a personal loan elsewhere. Upstart has no minimum credit score to qualify.

Best Egg offers personal loans to borrowers with credit scores as low as , meaning many people may qualify. Regions Bank stands out among other personal loan lenders in that it offers both secured and unsecured personal loans. Headquartered in Birmingham, Alabama, Regions dates back to As an added bonus, First Tech allows for co-signers, meaning if your credit score is too low to qualify, you may still get a loan by applying with someone else.

First Tech is headquartered in Beaverton, Oregon, and dates back to when it was formed by employees of Hewlett-Packard and Tektronix. Be a First Tech member, which means meeting one of the following criteria:. There is no shortage of excellent personal loan lenders for every situation.

SoFi is our favorite overall lender thanks to its high minimum loan amounts, lack of loan fees, unemployment protection, and more. However, SoFi has a high minimum loan amount, and you may need good credit to qualify. For example, Upgrade, Upstart, and Best Egg are great options for borrowers with less-than-ideal credit.

Meanwhile, First Tech offers loan amounts lower than any other lender on our list. If an online borrowing experience isn't your sole consideration, see our selections for the 10 best personal loans , which features lenders and loans for most every need.

An online personal loan is one of the most flexible types of loans available. Personal loans can be used for nearly any purpose, from debt consolidation to home improvements to weathering a financial storm.

Personal loans also have the benefit of affordable interest rates. Though your interest rate depends largely on your APR, rates can start significantly lower than other types of debt, such as credit cards.

This makes personal loans a great tool for consolidating high-interest debt. Paying for home improvements and large purchases were the next two most common reasons. Online lenders also have the benefit of accessibility. Rather than having to visit a bank branch to apply, an online personal loan means you can apply in just minutes in the comfort of your own home.

There's a bunch of reasons why you may consider an online loan over a loan from a traditional brick-and-mortar lender. One of the primary advantages of online loans is convenience.

Borrowers can apply for a loan from the comfort of their homes at any time, eliminating the need to visit a physical bank branch. The online application process is typically streamlined, allowing users to fill out forms on their own time.

Applicants can also submit documents electronically. Because everything is transmitted electronically, online loans may have a faster approval process compared to traditional loans.

In addition, online lenders frequently operate with lower overhead costs than traditional banks, allowing them to offer competitive interest rates as they have less expenses they need to cover.

Borrowers may also have more luck leveraging online lenders, as online lenders are not necessarily confined to a geographical area. A borrower may be able to find better or broader loan terms by turning to the internet as opposed to only relying on lenders within it's nearly physical residence.

There's also unquestionably some downsides to turning to an online lender as opposed to a traditional lender. One of the biggest risks is that the quality of customer service can vary among online lenders. You may not get a direct loan service administrator , and it may be more difficult to have questions fielded by one specific customer service representative.

While online lenders often offer competitive rates, individuals with lower credit scores may still end up with higher interest rates compared to those with excellent credit. Be mindful that turning to an online loan may not preclude from secure favorable loan terms in itself. Sharing personal and financial information online can pose security risks.

Borrowers need to make sure they are using secure and reputable lending platforms that employ encryption and other security measures to protect sensitive data.

Note that digital application processes require you to enter your personal information such as your social security number and personal financial information. Last, there is a personal preference element to online loans.

For some, folks may prefer the convenience of online loans at the expense of face-to-face interactions with loan officers.

On the other hand, some individuals prefer the personal touch and direct communication offered by traditional banks.

Online loans may lack the personalized guidance and assistance that a physical branch provides, which can be a drawback for those who value in-person relationships.

Other loan qualifications may include a maximum debt-to-income ratio or a minimum amount of income. We started touching on this in the last section, but let's dive into the main differences between receiving a personal loan from an online lender as opposed to a traditional, in-person lender.

The application process for online personal loans is typically conducted over the internet. Borrowers can complete applications, submit documents, and receive approvals electronically.

Though you may be guided to an online application from a brick-and-mortar lender, you also have the option to do an in-person visit. In-person visits to a physical bank or lending institution may actually be required, and you may need to fill out paper applications and provide physical copies of supporting documents.

Traditional brick-and-mortar lenders often have office hours, and borrowers may need to visit a physical branch during operating hours which may be inconvenient from a scheduling or logistic perspective. Online loans may have quicker approval processes, and funds can be disbursed faster, sometimes within a day or even hours after approval.

As online lenders collect information digitally, your information may be more efficiently input and processed into underwriting models. On the other hand, brick-and-mortar loans may take longer due to manual review of hand-prepared documents and the need for certain documents to be transmitted in-person.

To be clear, customer service may vary from lender to lender regardless of whether they have in-person or online presence. Very broadly speaking, online loan facilitators often provide help or information through online channels such as e-mail, social media , chat support, and phone.

Many of these options are also available through in-person lenders, though face-to-face interactions is another customer service function. The Internal Revenue Service encourages tax filers to submit their returns online, as they claim " e-file standards keep information safe and protected".

Switching over to personal loans, you may feel the same way. However, others may not feel comfortable transmitting personal information over the internet and would prefer to submit paper-based documents for their loan application.

Personal loans offer plenty of benefits and can be used for many different situations. However, depending on your creditworthiness, financial situation, and what you need the money for, there may be better options.

Here are a few to consider:. Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a online loan providers. We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs.

Investopedia launched in , and has been helping readers find the best online loan companies since The easiest loan to get online depends on your credit score and other factors. Several lenders offer loans to borrowers with bad credit , making it easy to get approved.

Depending on your financial situation, your personal loan application could be approved instantly. However, if your application is more complex or is missing information, approval could take a bit longer.

Once your loan is approved, you could receive the funds anywhere from the same business day to several business days later. Your chances of personal loan approval are best if you have good or excellent credit. However, plenty of lenders offer loans to borrowers with fair or poor credit. You can check with each individual lender to determine their minimum credit score.

The Fed's Feb. That is based on data through November Collateral is generally not required for most online personal loans, as they are unsecured loans. Unlike secured loans that require borrowers to pledge assets like a home or car, unsecured online personal loans provide financing based on the borrower's creditworthiness and income.

During the application process for an online personal loan, borrowers typically need to provide documents such as proof of identity, income verification, and sometimes bank statements. The specific documentation requirements can vary by lender, and providing accurate information is essential for a smooth application process.

Be mindful to ensure that you only upload personal, sensitive documents to secure sites provided directly by the lender. Yes, online personal loans can be used for various purposes, including debt consolidation, home improvement, medical expenses, travel, and more.

There's usually no distinction between how online personal loans can be used compared to traditional personal loans, and lenders often do not stipulate how unsecured personal loans are used.

We researched and reviewed 70 lenders to find the best online companies you see above on this list. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend.

Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision:. Achieve , Affinity Federal Credit Union , Alliant Credit Union , American Express , Avant , Axos Bank , Bankers Healthcare Group, Best Egg , Bethpage Federal Credit Union , Blue Federal Credit Union , Boatloan.

com, Boeing Employees' Credit Union , CapexMD, Citibank , Connexus Credit Union , Discover , Dividend Finance, ENT Credit Union , Fig Loans, First Tech Federal Credit Union , Future Family, GoodLeap, Greenstate Credit Union , Happy Money , Hiway Credit Union , Lake Michigan Credit Union , Laurel Road , LendingClub , LendingPoint , LendingUSA , Liberty Federal Credit Union , LightStream , Lyon Financial, Mariner, Money Key, Mountain America Credit Union , NASA Federal Credit Union , Navy Federal Credit Union , Netcredit , Old National Bank , OneMain Financial , OppLoans , Patelco Credit Union , PenFed , Personify Financial , PNC Bank , Prosper , Reach Financial , Regions , Reprise , Rocket Loans , Santander , Service Federal Credit Union , SoFi , Southeast Financial, Summit Credit Union , SunPower, TD Bank , Teachers Federal Credit Union , Trident Funding, Truist , U.

Bank , Universal Credit , Upgrade , Upstart , USAA , Vantage Recreational Finance, Wells Fargo. To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies.

We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more.

To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted.

We grouped those factors into four broad areas:. Learn more about how we evaluated personal loans in our complete methodology. Learn more about personal loans:. Best Egg. Federal Deposit Insurance Corporation. First Tech. First Tech Federal Credit Union. National Credit Union Administration. Board of Governors of the Federal Reserve.

Internal Revenue Service. Cookies Settings Reject All Accept All. Best Online Personal Loans for February Debt help: With some online lenders, borrowers can opt to have the loan money sent directly to creditors with a debt consolidation loan , removing the burden of paying off individual credit cards.

More expensive than credit unions and some banks: On average, loans from online lenders are not as cheap as those from credit unions. And if you already have a relationship with a bank, it may offer you lower rates than online lenders.

Compare rates from multiple lenders online and offline before you take out an online loan. No face time: Most online lenders only service loans digitally.

This can be a challenge if you ever want to speak to a representative face-to-face. Predators lurk: Reputable online lenders compete alongside predatory online lenders. Online loans pros. Online loans cons. Fast and convenient application process.

Most online lenders let you pre-qualify to preview estimated rates. Easy to comparison shop between lenders. Manage your loan online. Rates may be higher than rates from credit unions and some banks.

No in-person customer service. Can be hard to distinguish reputable lenders from predatory online lenders. Borrowers with bad credit scores of or lower may qualify for a rate on the high end of a lender's range or be approved for a lower amount when compared to borrowers with good or excellent credit scores above They may consider factors like cash flow, employment and education history, which can help chances of approval.

There are ways bad-credit borrowers can strengthen an application for an online loan:. Joint loan. Add a co-signer or co-borrower to the loan application to boost your eligibility or get a lower rate or higher loan amount.

This person is responsible for the loan amount and any fees if you fail to repay. Secured loan. A secured loan requires putting up collateral, like your car or a savings account, to help guarantee the loan. However, you risk losing the collateral if you default on the loan.

Build your credit. However, both of these types of loans can be predatory and expensive, with rates in the triple digits. Payday lenders typically withdraw repayments directly from your bank account on the due date. No-credit-check loans are usually for a few thousand dollars or less and are repaid in fixed amounts over a few weeks to several months.

We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details.

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.

We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. NerdWallet does not receive compensation for our star ratings.

Read more about our ratings methodologies for personal loans and our editorial guidelines. The safety of online loans depends on the type of lender.

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, and different lenders offer features that may be important to you, like payment flexibility or access to credit scores.

Yes, some online lenders offer co-sign loans that allow you to add someone who might have a higher credit score or income to your loan application — boosting your chances of approval.

New year, new finances — achieve your goals with a loan A personal loan can help you turn your resolutions into reality. GET STARTED. Popular lender pick.

Visit Lender. on Discover's website. Check Rate. on NerdWallet. View details. Fast funding. Top 3 most visited 🏆. on SoFi's website. Rate discount. on Best Egg's website.

Secured loans. Wide range of loan amounts. on Upstart's website. Flexible payments. on Upgrade's website. on Happy Money's website. on LightStream's website. Our pick for Online loans overall. NerdWallet rating. APR 8. credit score None. Our pick for Online loans for excellent credit. APR 7.

credit score Our pick for Online loans for good credit. Our pick for Online loans for credit card consolidation.

Your chances of Cashback Comparison Chart loan approval leneing best if you have Flexible loan criteria Assistance with loan repayment excellent credit. Lendint loan Online lending reviews reviewa a lendng lien on a lendin vehicle no more than ten years old, that meets our value requirements, titled in your revews with valid insurance. Rveiews can get funding as soon as next day with U. Upgrade's personal loan offering stands out due to its wide range of rates and loan amounts. See our guide to the best quick personal loans if this is a top consideration for you. Approved borrowers receive loan funds in a lump sum and pay back the loan in fixed monthly installments over the loan term, typically two to seven years. By applying first through the network you can avoid the frustration of denial as you will only be presented with financial institutions that can cater to your needs.

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