Best Online Loans in August 2024

One of the best things about online loans is their convenience. You don’t need to leave your home, and most loans are sent as direct deposit. And with LightStream, you could get your money the same day you apply.

If LightStream approves you before 2:30 p.m. 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 be OK with a small hit to your credit score to check rates.

Read our full LightStream personal loan review.

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
• A record of on-time payments.

Upstart (another lending platform) has flexible eligibility requirements.

Not only does it have a low minimum credit score requirement (300), but it’s also possible to qualify with no credit at all. Don’t think that Upstart only offers bad credit loans, though. You could get a respectable 7.80% annual percentage rate (APR) if you have a strong credit profile.

That said, going with Upstart does come with sacrifices. It only offers two repayment terms: 36 or 60 months. And of all the lenders on this list, Upstart charges the highest maximum origination fee. Remember — the worse your credit, the higher your origination fee will probably be.

Read our full Upstart personal loan review.

Outside of its credit requirements, you must meet the following to be eligible for an Upstart loan:

• Be at least 18
• Have a minimum annual income of $12,000
• Have an email address, Social Security number and personal bank account
• Be employed, have a job offer with a start date within six months or have another form of regular income
• If you don’t have credit, Upstart requires that you have at least an associate’s degree. If you don’t, you must be enrolled in an associate’s degree program (or higher) at an accredited school.

Discover can be flexible if you run into trouble. It might let you temporarily pause your payments or make partial payments. Or you could also permanently extend your loan term. Making your loan longer could lower your monthly payments (but will likely increase your overall interest).

Still, make sure to stay in touch if you’re facing difficulties. Discover might charge you an expensive late payment fee if it doesn’t know that you need help.

Read our full Discover personal loan review.

LendingPoint uses AI to evaluate your creditworthiness. That means, compared to some lenders, it reviews a larger and more varied set of data points. In other words, you’re more than your FICO Score.

But getting a fair credit loan with LendingPoint does have drawbacks. Namely, its high origination fee. An origination fee is an upfront fee that the lender will take from your loan proceeds before sending it to you. And the lower your credit score, the more likely (and more expensive) your origination fee usually is.

Read our full LendingPoint personal loan review.

LendingPoint’s minimum credit score isn’t the only goal post you have to meet. This online lender also requires a:

• Minimum annual income of $35,000
• Verifiable bank account that’s in your name
• Social Security number
• Government-issued ID

You must also be at least 18. LendingPoint loans are not available in Nevada or West Virginia.

Upgrade is a lending platform that can help you review loan offers from partner lenders. Unlike a lot of loans online, Upgrade offers secured loans.

If you’re willing to use your car as collateral, you could get a discounted APR. That also means that if you fall behind, Upgrade can repossess your ride. Still, if you’re positive you won’t run into repayment problems, the risk could be worth it.

Like a lot of other online loans, Upgrade’s origination fee could be quite high (depending on your credit score).

Read our full Upgrade personal loan review.

Upgrade requires a credit score of at least 580 (you can add a co-borrower if your score is on the low side). You must also:

• Be the legal age in your state
• Be a U.S. citizen, permanent resident or a valid visa holder
• Have a verifiable bank account and email address

Thanks to low fixed interest rates, personal loans are a popular choice for consolidating credit card debt.

Achieve has competitive rates for debt consolidation loans, and it offers an APR discount if you use at least half of your loan funds to pay off existing debt. You also have to let the company pay your creditors directly.

However, Achieve loans start at $5,000. 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.

To get an online loan with Achieve, you must have a credit score of at least 620, and:

• Provide proof of income
• Send proof of identity
• Have a Social Security number

Achieve will also review other financial details, such as your employment status and debt-to-income ratio.

As a peer-to-peer lender, Prosper can be easier to qualify for (hence its 560 minimum credit score). That’s because individual investors fund your loan, and those investors might not have the same requirements that a bank would.

At the same time, Prosper might not be ideal if you need money fast. Most borrowers get their loans within three days. However, if investors don’t provide at least 70% funding within 14 days, Prosper will cancel your loan.

Read our full Prosper personal loan review.

Aside from a credit score of at least 560, applicants must have a personal bank account and a Social Security number. Also, Prosper loans aren’t available in Iowa or West Virginia.

When you borrow from SoFi, you become a member — and membership comes with perks.

Making wise financial decisions can get you points to redeem toward cash and statement credits on the mobile app. Members can also get free financial planning advice and discounted flights, hotels and rental cars. And since SoFi allows joint loans, your co-borrower can get in on the action.

Still, SoFi’s optional origination fee is something to consider. You don’t have to pay it, but you won’t qualify for the lowest rate. Ask for an offer with and without the fee so you can see which one works more in your favor.

Read our full SoFi personal loan review.

With a minimum credit score requirement of 680, not everyone will qualify for a SoFi loan. You also can’t borrow if you aren’t:

• The age of majority in your state
• A U.S. citizen or able to meet certain immigration or residency requirements
• Employed or starting a job within 90 days (unless you get sufficient income elsewhere)