Best Online Loans in April 2024

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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.
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Online loan lenders at a glance

Achieve: Best for debt consolidation

APR range8.99% - 35.99%
Loan amounts$5,000 - $50,000
Loan terms24 to 60 months
Origination fee1.99% - 6.99%
Minimum credit score620

 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

Discover: Best for excellent customer service

APR range7.99% - 24.99%
Loan amounts$2,500 - $40,000
Loan terms36 to 84 months
Origination feeNone
Minimum credit score720

 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

LendingPoint: Best for fair-credit loans

APR range7.99% - 35.99%
Loan amounts$2,000 - $36,500
Loan terms24 to 72 months
Origination feeUp to 10%
Minimum credit score660

 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

LightStream: Best for fast funding

APR range6.99% - 25.49% (with autopay)
Loan amounts$5,000 - $100,000
Loan terms24 to 84 months
Origination feeNone
Minimum credit scoreNot specified

 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

Prosper: Best for excellent-credit loans

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms24 to 60 months
Origination fee1.00% - 7.99%
Minimum credit score560

 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

SoFi: Best for joint personal loans

APR range8.99% - 29.99% (with discounts)*
Loan amounts$5,000 - $100,000
Loan terms24 to 84 months
Origination fee0.00% - 7.00% (optional)
Minimum credit score680

 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

Upgrade: Best for small personal loans

APR range8.49% - 35.99% with autopay
Loan amounts$1,000 - $50,000
Loan terms24 to 84 months
Origination fee1.85% - 9.99%
Minimum credit score580

 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

Upstart: Best for bad-credit borrowers

APR range7.80% - 35.99%
Loan amounts$1,000 - $50,000
Loan terms36 and 60 months
Origination fee0.00% - 12.00%
Minimum credit score300

 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 

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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.

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:


 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.


 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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.

*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.