Best Online Loans in December 2024

You might think that the only online loans for bad credit are payday loans. That’s not always so. As long as you have a credit score of at least 300 , Upstart’s partners may be willing to work with you. Certain college students and graduates might not need a credit score at all.

Upstart is an online lending platform that connects borrowers with partner lenders. Although some of Upstart’s partners have loose eligibility requirements, prepare for a high origination fee. Typically, the worse your credit, the higher this fee will be.

Upstart funded more than 13,000 online personal loans through the LendingTree marketplace in 2023.

Before considering Upstart, make sure that you meet its borrowing requirements. At minimum, here’s what you need to get an online loan through Upstart:

• Age: Be 18 or older
• Administrative: Have a U.S. address, personal banking account, email address and Social Security number
• Employment: Have a job or job offer that starts within six months, or have regular income
• Credit-related factors: Debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
• Credit score: 300 (unless you are enrolled in an eligible college degree program or are a college graduate)

If you have excellent credit, LightStream offers one of the lowest starting rates on the market. It’s so confident that you’ll be happy with your loan that it has a customer satisfaction guarantee. It also doesn’t charge any fees and offers Rate Beat, a rate-matching program.

LightStream is an online lender owned by Truist, one of the largest banks in the country. Unlike many lenders, LightStream doesn’t let you prequalify for a personal loan. That means it will run a hard credit hit when you check your eligibility, potentially dropping your credit score by a few points.

LightStream funded more than 4,000 online personal loans through the LendingTree marketplace in 2023.

Before considering LightStream, make sure that you’re eligible. LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

• A credit history with at least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
• Stable income and the ability to handle paying their current debt obligations
• Savings, whether in a bank account, investment account or retirement account

Discover lets eligible borrowers temporarily postpone past-due payments or reduce their payments in case of financial hardship. For a permanent solution, some borrowers can even extend their repayment terms. This will result in a lower monthly payment (but more overall interest).

Discover offers personal loans to borrowers with strong credit. You can finalize your loan online, and as long as all goes smoothly, you could get your money the following business day. If you don’t qualify, you can’t add a co-borrower to boost your odds of loan approval.

Discover funded more than 2,500 online personal loans through the LendingTree marketplace in 2023.

Know what benchmarks you must hit before you apply for a personal loan online. For Discover, these include:

• Age: Be at least 18
• Citizenship: Have a Social Security number
• Administrative: Have a physical address, an email address and internet access
• Income: Minimum income of $40,000 (individually or as a household)
• Credit score: 720

Most personal loans start at $1,000. With First Tech, you can borrow as little as $500. First Tech Federal Credit Union also offers a wide range of loan repayment terms, with the shortest being six months. Paying your loan off fast (no matter the size) can help you pay less interest over time.

First Tech conducts most of its business online. It has physical branches in a handful of states, but it serves members nationwide. If you don’t live near a branch, you can schedule a phone call with a representative for help. Otherwise, you can apply for and manage your loan entirely online and via mobile app.

Before considering a First Tech loan, make sure that you qualify to join the credit union. To join First Tech, you must:

• Work for a partnering employer
• Be related to a current First Tech member
• Live in Lane County, Ore.
• Become a member of the Computer History Museum or Financial Fitness Association (First Tech will pay for your first year of membership, and you don’t have to maintain membership to keep your First Tech account)

You can borrow up to $100,000 with SoFi. And as long as you apply before 7 p.m. EST on a business day, you’ll likely get your money that same day. Some lenders offer same-day funds but generally have a shorter cut-off time (2 p.m. EST, for example).

SoFi is a direct online lender that specializes in a range of financial products, including online loans. It also has a unique origination fee structure. Instead of a mandatory origination fee, it will give you the choice to pay one to get a lower rate. Ask for offers that include and don’t include an origination fee to see which deal works out in your favor.

SoFi funded more than 6,500 online personal loans through the LendingTree marketplace in 2023.

You can check your eligibility without hurting your credit (either on SoFi’s website or on our loan marketplace). The minimum requirements to borrow from SoFi are:

• Age: Be the age of majority in your state (typically 18)
• Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
• Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
• Credit score: 680

When you apply for an online loan, you usually have to upload documents like proof of identity or employment. Rocket Loans verifies your information electronically. This can help you avoid the dreaded paperwork scramble.

Rocket Loans is an online-only lender that provides funding between $2,000 and $45,000. It might not have the lowest rates if you have excellent credit. But with a rate cap at 29.99% (with autopay), Rocket could be a good choice if you have a few blemishes. It accepts scores as low as 620.

Rocket Loans funded about 400 online personal loans through the LendingTree marketplace in 2023.

To qualify for Rocket Loans, you’ll need to meet the following requirements:

• Citizenship: Must be a U.S. citizen
• Income: Minimum annual income of $24,000
• Residency: Can’t live in Iowa, Nevada or West Virginia
• Credit score: 620

Achieve offers three interest rate discounts.

By adding a second person to your application, you could get a discount (assuming that person has good credit). Achieve also gives a discount on certain debt consolidation loans, as long as you let it pay your creditors directly. Finally, proving you have a healthy retirement savings could also snag you a lower rate.

Formerly known as FreedomPlus, Achieve has offered online personal loans since 2013. You don’t need to worry that your fair credit means an automatic denial — it only requires a 620 score. You might, however, face an annual percentage rate (APR) as high as 29.99%.

Achieve funded more than 18,000 online personal loans through the LendingTree marketplace in 2023.

Achieve doesn’t shed much light onto its borrower requirements. Other than a credit score of at least 620, it may ask you to provide the following documents and information:

• Proof of income
• Social Security number
• Government-issued ID
• Employment status

Opening a Rewards Checking account while getting an online loan through Upgrade could net you some awesome benefits. For instance, you could qualify for a lower rate on future Upgrade products and earn up to 2.00% cash back for using your debit card.

To get all of the banking benefits through this offer, you must get at least $1,000 a month in direct deposit. But even if you don’t, Upgrade doesn’t charge overdraft fees or maintenance fees and offers up to 1.00% cash back for using your debit card.

Upgrade is a financial technology company that partners with banks that provide personal loans. Upgrade also facilitates new checking and savings accounts through Cross River Bank.

If you aren’t looking to open a new checking account, Upgrade could still be a solid choice — especially if you have fair credit. Upgrade’s partners have a low credit score minimum (580), and you can add a second person to your loan to get a lower rate. The company also offers secured loans, which are typically easier to qualify for.

Upgrade funded more than 14,000 online personal loans through the LendingTree marketplace in 2023.

To qualify for a loan through Upgrade, you must meet the requirements below:

• Age: Be at least 18 years old (19 in some states)
• Citizenship: Be a U.S. citizen or permanent resident or live in the U.S. with a valid visa
• Administrative: Have a valid bank account and email address
• Credit score: 580