Personal Loans

Best No-Fee Personal Loans

no-fee personal loans

You want to take out a personal loan to pay for the kitchen remodel of your dreams, consolidate some debt or to cover the cost of mom’s medical bills. With interest and fees piled on top, that loan might cost you.

But what if we told you there are lenders who have no-fee personal loans? No origination fees. No late fees. No prepayment fees. No kidding. These lenders know that you just need money for an important expense in your life and you don’t want to be saddled with unnecessary costs.

We started the legwork by giving you valuable information on no-fee lenders below, but you should still look into each one and compare to see which one is best for you.

LendingTree

A great place to start your search for a no-fee personal loan is with LendingTree. You can select the loan amount you need, among other things, to receive a list of potential lenders. You can then compare each lender’s rates and fine print to decide which one is right for you.

Compare Offers

By clicking “Compare Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

LightStream

LightStream is the online consumer lending division of SunTrust Bank. It offers unsecured no-fee personal loans from $5,000 to $100,000 for consumers who have good to excellent credit. LightStream offers loans that can be used to pay off medical bills, finance your new in-ground swimming pool, or allow you to go back to school.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

LightStream weighs more than just credit score numbers into its approval decision. While you must have a score defined as “good or better,” you must also have a few years of good credit history with major credit cards or debt such as a mortgage or car payment. Paying your debts on time with few delinquencies, having a stable income and saving money in stocks, bonds or a savings account are all factored in to its final decision.

Pros

  • It’ll beat competitors’ rates: LightStream will beat an APR from another lender by 0.10 percentage points, but there are conditions. The lender’s APR must not be supported by any third-party arrangements and the interest rate offer must be generally available to all of its customers who share a similar credit risk profile. The Rate Beat program is effective if you are approved by the other lender and provide this information to LightStream.
  • Autopay discount: LightStream does offer customers an autopay discount of 0.50 points if you request it before the funding of the loan is complete.

Cons

  • The interest rate that LightStream quotes includes autopay, so if you do not choose to use it, your interest rate will be 0.50 points higher.
  • Although it weighs more than just a credit score, you must still have a minimum score of $5,000
    $100,000 or you might have difficulty getting a LightStream loan.

LightStream’s no-fee personal loans are competitive with other lenders, but offer the opportunity to borrow much more.

SoFi

Less than 10 years old, SoFi was founded in August 2011 and is based out of San Francisco, California. The online financial company provides no-fee personal loans starting at $5,000 in most states to a maximum of $100,000. You can use the money to pay off your higher-interest credit card debt or invest in a home remodeling project, like a new bathroom.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

SoFi no-fee personal loans are available at a fixed rate, from 5.99% APR to 17.88%¹ APR, if you use its autopay feature. Loan terms options are from two to seven years.

Pros

  • Unemployment protection: In this day and age, it’s nice to have your finances protected in case you lose your job. SoFi offers unemployment protection if you lose your job through no fault of your own. Although interest will still be accrued, SoFi will suspend your monthly loan payments and provide you with job placement assistance during this time.
  • SoFi doesn’t charge late fees, but you can also earn a 0.25% discount on your rate if you use its ACH program and have payments deducted automatically each month.

Cons

  • SoFi Personal Loans are not available to residents of Alaska, Arizona, Arkansas, Connecticut, Florida, Georgia, Hawaii, Massachusetts, Mississippi, Nebraska, New Hampshire, New Jersey, New York, New Mexico, North Carolina, Ohio, Utah, Virginia, West Virginia and Wisconsin.
  • SoFi personal loans cannot be used to fund real estate or for business purposes, investments, purchases of securities, post-secondary education and short-term bridge financing.

SoFi is a strong lending company that offers no fees and the ability to borrow a large sum of money to help you gain financial footing.

Earnest

Want to fund your once-in-a-lifetime honeymoon to Fiji or finally take some cooking classes at a world family culinary? You might want to take out a loan with Earnest, a San Francisco-based online lender that offers no-fee personal loans from $5,000 to $75,000.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

To be approved for an Earnest loan, you must have a credit score of at least 680 or above. You must be paying any revolving or installment debt that you have, and must not have had collections or bankruptcies in the last three years. Earnest also requires that borrowers have enough of savings to cover at least two months’ worth of expenses, including housing.

Pros

  • With no prepayment fees, you can increase your monthly payment at any time in order to pay your loan off faster.
  • Although you cannot use the loan for the purchase of real estate, it can be used to put a down payment on a rental apartment or house.

Cons

  • The only fee that Earnest charges is $8 if your payment is returned for any reason.
  • Earnest currently does not provide personal loans to residents of Alabama, Delaware, Kentucky, Nevada or Rhode Island.
  • Earnest claims that for all loan documents executed in Florida, a stamp tax of 0.35% (for example $21 on a loan of $6,000) is levied by the state government.

If you have a good credit score and a solid financial background of paying loans on time, you should be able to find a low-interest, no-fee loan with Earnest.

Marcus by Goldman Sachs

Marcus by Goldman Sachs®, a brand of Goldman Sachs Bank USA, has been around since 1869 and offers fixed rate personal loans from $3,500 to $40,000.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

Personal loans with Marcus by Goldman Sachs have an annual percentage rate range from 6.99% to 28.99%² for those with very good credit and repayment options from 36 to 72 months.

Pros

  • Exploring your loan options with Marcus by Goldman Sachs will not impact your credit score.
  • The company allows you to change your payment due date up to three times during the life of your personal loan.
  • Marcus by Goldman Sachs offers an on-time payment reward. This means that after 12 or more consecutive monthly payments that are paid in full and on time, you can defer a payment.

Cons

  • Depending on your credit score, your APR could be as high as 28.99%, so shop around for your best options.
  • You may not refinance an existing student loan with a Marcus loan.

 

Methodology

Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers looking for $10,000 with excellent credit who hold a college degree. They were narrowed to the top picks per credit range based on lowest APR. Only lenders with no fees were considered. MagnifyMoney is a subsidiary of LendingTree.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

¹ Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

² Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

 

Get personal loan offers from up to 5 lenders in minutes