Best Online Loans in 2024
Are you considering an online loan for personal or emergency expenses? Online loans are some of the most widespread loan types today. However, the sheer variety of options and requirements that can be overwhelming for new borrowers.
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Best emergency loans
Best loans for bad credit
Best no credit check loans
Sofi
- $5,000 – $100,000
- Est. APR: 8.99 – 25.81%
- Min. credit score: None
Lightstream personal loan
- $5,000 to $100,000
- fast and easy loan process
- incredible service
Marcus by Goldman Sachs loan
- $3,500 to $40,000
- Est. APR: 6.99 – 24.99%
- Min. credit score: 740
Happy Money loan
- $5,000 – $40,000
- Est. APR: 11.25 – 29.99%
- Min. credit score: 640
Upgrade loan
- $100 – $5,000
- Same Day Transfer
- 2 Minute Application
Upstart loan
- $1,000 – $50,000
- Est. APR: 6.50 – 35.99%
- Min. credit score: None
Universal Credit loan
- $1,000 to $50,000
- No prepayment fees
- Fast funding
Lending Point loan
- For fair credit scores
- You can apply for prequalification
- Funds may be available by the next business day
Discover loan
- $2,500 to $40,000
- Est. APR: 7.99-24.99%
- Min. credit score: 660
Avant loan
- $2,000 – $35,000
- 9.95% – 35.99% APR
- Min. credit score: 660
Lendio loan
- Available in all states
- Wide range of funding options
- Not much information available for each funding solution
Clearview Federal Credit Union Payday Loan
- $1,000 – $5,000
- Simple application process
- Soft credit check
Compare the best loans
Whether you’re looking for a payday loan, personal loan, or business loan, we have an up-to-date list of the most preferred lenders in the United States. Plus, we gather experiences from users who have already taken out a loan so you can make your own best choice about which loan suits you.
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We understand that getting a loan can feel stressful, especially if you need it quickly for an unexpected expense or investment. Everyone deserves to have financial knowledge on their side to get educated about their personal finance decisions.
Our team of experts researched far and wide the best online loans in 2024 so you don’t have to. It’s our job to save you the stress that comes with hours of research, while restoring your peace of mind.
If you are ready to learn about the best online loans, this article is for you. Keep reading to learn everything you need to know, curated just for you by our team of financial experts.
Top 10 Best Online Loans in 2023
Sofi
Sofi personal loans can be used for personal, family or household purposes such as medical expenses, home renovations, credit card consolidation and everyday essentials. If you need a lump sum of cash to meet a large payment deadline, or support your livelihood during tough financial times, this personal loan could be a great option. Keep in mind that you can’t use Sofi loans on business expenses, real estate or education related expenses.
A typical Sofi loan ranges from $5,000-$10,000 with an estimated APR of 7.99 to 23.43%. In order to qualify for Sofi personal loans you’ll need to have a minimum credit score of 650 and an annual income of at least $45,000. On average, most Sofi borrowers have a credit score over 700 and an annual income of $100,000 or more.
Typically, you’ll receive funds from Sofi within a few days or on the next available business day post-approval. If your loan is over $20,000, you may have to wait longer to receive your payment. Overall, Sofi is known for having relatively quick turn around times.
Pros
Cons
Sofi
- $5,000 – $100,000
- Est. APR: 8.99 – 25.81%
- Min. credit score: None
Lightstream
Lightstream offers personal loans with zero or low interest rates for strong credit borrowers. Generally, the fees will depend on the specific loan amounts. All rates are quoted with Autopay and there is no origination fee on Lightstream loans.
Borrowers must have a credit score of 660, alongside several years of trackable credit history. The estimated APR is typically between 6.24% and 21.49%. Everyone will need to prove that their income is enough to pay existing debts as well as a new Lightstream loan. Keep in mind the available term lengths will run between 2 to 7 years. Typically, borrowers that need funds for a home improvement project will receive a longer repayment window.
Pros
Cons
Lightstream personal loan
- $5,000 to $100,000
- fast and easy loan process
- incredible service
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers loans with zero fees and custom repayment options, making them a great personal loan online lender for borrowers with excellent credit. f you apply for a Marcus loan you’ll need to have a minimum credit score of 660, a US bank account, and provide your social security or tax ID number.
Personal loans are available at an estimated APR of 6.99-24.99%, with payments ranging from $3,500-$40,000. The typical available term rate is between 3 to 6 years. If you need a direct line of payment to creditors with debt consolidation loans, Marcus by Goldman Sachs is a great option.
Pros
Cons
Marcus by Goldman Sachs loan
- $3,500 to $40,000
- Est. APR: 6.99 – 24.99%
- Min. credit score: 740
4#. Happy Money
If you are a borrower with a decent credit history that needs to consolidate credit card debt, Happy Money is a reliable option. Borrowers must have a minimum credit score of 640 and a minimum credit history of 3 years and 2 accounts. Your max debt to income ratio must be less or equal to 55% with no minimum annual income and zero filed bankruptcies over the last two years.
Happy Money provides personal loans that range from $5,000 to $40,000 with an estimated APR of 7.99% to 29.99%. There is an origination fee between o%-5% with available term lengths of 2 to 5 years.
Pros
Cons
Happy Money loan
- $5,000 – $40,000
- Est. APR: 11.25 – 29.99%
- Min. credit score: 640
#5. Upgrade
Upgrade is a great loan for anyone with a poor credit score, as their credit minimum is 560. Borrowers can apply through the simple online loan application process, and await loan approval based on their credit check. The average Upgrade loans range from $1,000 to $50,000 with an estimated APR of 7.96% to 35.97%. Keep in mind that Upgrade does have extra fees, for example, origination fees range from 1.85% to 8.99%, failed payment fee is $10 and there is a late fee or $10.
In order to apply online, you must meet the minimum credit score requirements, have at least one open bank account to track history, and have a maximum debt-to-income ratio of 75% including the loan application you submitted. The minimum length of credit history allowed is two years or 24 months. The good news is that there is no minimum annual income. Upgrade accepts money you make from alimony, Social Security, child support, retirement or something else.
Pros
Cons
Upgrade loan
- $100 – $5,000
- Same Day Transfer
- 2 Minute Application
#6. Upstart
Upstart personal loans can range between $1,000 to $50,000 and may be a good option for borrowers with a poor credit score or thin credit history. Upstart is known for funding quickly to your savings or checking account, although your loan amount will depend on credit score, income, and the information provided in your loan agreement.
There is no minimum credit score required however borrowers will need to make at least $12,000 a year to qualify. You must also have a full time job or be starting one within six months. Make sure to gather this information beforehand so you can ensure fast funding if that’s a priority for you.
Upstart may charge origination fees between 0-10% and there are only two repayment options of three or five years. Borrowers can expect a late fee of 5% of the past due amount or $15, whichever is the greater value. Similarly, the returned check fee is around $15.
Upstart has some of the best personal loans if you struggle with finding online lenders that accept borrowers with minimal credit history. Even if you have excellent credit, there is an opportunity to qualify for maximum loan amounts for big purchases.
Pros
Cons
Upstart loan
- $1,000 – $50,000
- Est. APR: 6.50 – 35.99%
- Min. credit score: None
#7. Universal Credit
Universal Credit’s personal loans are known for offering competitive rates and bad credit flexibility for borrowers. The loan amount will be between $1,000 to $50,000 with annual percentage rates between 11.69-35.93%. Borrowers are required to have a credit score minimum of 560 and at least one checking account tied to their credit history.
The minimum length of credit history is 2 years with a max debt-to-income ratio of 75%, including the loan you are applying for. There is no annual income requirement for Universal Credit personal loans. Additionally, repayment terms will range between 3 to 5 years.
Pros
Cons
Universal Credit loan
- $1,000 to $50,000
- No prepayment fees
- Fast funding
#8. Lending Point
Lending Point is a great option for getting personal loans if you need same-day funding. Although their rates are high, they are comparable to other competitors we’ve touched on today. Lending Point is known for being flexible with low credit scores and repayment terms, so borrowers may be eligible if you they have a poor credit report. The average loan amount is $2,000 to $36,500 with APR of 7.99%-35.99%.
Borrowers will need a minimum credit score of 600 with a credit history of at least 6 months and maximum debt-to-income ratio of 50%, excluding mortgage. Lending Point’s repayment terms are between 2 to 5 years, with origination fees between 0-8%.
Pros
Cons
LendingClub
- $1,000 to $40,000
- Est. APR: 9.57-35.99%
- Min. credit score 600
#9. Discover
Discover personal loans are typically a same-day decision and can be used for financial emergencies, unexpected expenses, fertility treatments, medical bills, adoption and more. Most online lenders don’t allow you to use personal loans for business expenses. However, Discover personal loans can be allocated for small business investments or even a car loan.
If you are borrowing money form Discover, you’ll need a minimum credit score of 660 and a household income of $25,000 a year. Co-signers and co-applicants are not allowed. Keep in mind that Discover will check the applicant’s credit history, credit activities and other inquiries on your record.
Discover loans will range from $2,500 to $35,000 with APR range of 6.99% to 24.99%. If you need to loan for debt consolidation, Discover will offer direct payment to the creditors. After your loan acceptance, you can pay fixed monthly payments within your repayment period. The interest rate will depend on your financial history.
Pros
Cons
Discover loan
- $2,500 to $40,000
- Est. APR: 7.99-24.99%
- Min. credit score: 660
#10. Avant
Avant strives to supply personal loans for a variety of borrowers, specifically those with fair credit. The minimum credit score is 580 with a loan minimum amount of $2,000 ranging up to $35,000. The APR range is between 9.95% to 35.99% with loan terms up to 60 months. Avant targets borrowers with low-to-medium annual incomes, so there minimum incomer requirements are $20,000. However, the average borrowers income will range between $40,000 to $100,000.
Avant personal loans can be used for car payments, auto repairs, medical bills, vacation, renovations, travel and more. Borrowers can’t use their personal loans for business expenses, but they can refinance their loans with another loan, possible at a lower APR. Typically, borrowers will receive their funds on the next available business day.
Pros
Cons
Avant loan
- $2,000 – $35,000
- 9.95% – 35.99% APR
- Min. credit score: 660
#11. Lendio
Lendio is an online loan marketplace that connects borrowers with the best lenders for their unique needs. Borrowers can go online and complete a short application including your personal information, credit background, and loan guidelines. Lendio will supply you with a variety of loan options that suit your ideal loan amount, repayment terms and interest rates.
Lendio offers term loans from $5,000 to $2 million with repayment periods from 1 to 5 years. Borrowers can also apply for a commercial mortgage loan between $250,000 to $5 million with repayment terms from 20 t0 25 years. Finally, Lendio offers invoice financing up to 90% of receivables with repayment terms of 1 year.
Pros
Cons
Lendio Business Loan
- $500 – $750,000
- Credit score: 680 or higher
- AVG. Monthly revenue: at least $6K
#12. Bluevine
Bluevine is the best business loan option if you need fast funding, as they offer same-day funding with lines of credit. Borrowers can go online to submit information about their business and Bluevine will make a final decision on your application within hours. For people that need funding that day, you can pay a small wire fee to get the funds sent to your account within one to two hours. Otherwise, funds will be delivered the next day using ACH transfer.
Bluevine’s interest rates start below 5%, which is a low rate compared to other online lenders. If you need quick funding or are just looking for a reliable business loan, Bluevine is a great place to start.
Pros
Cons
Bluevine business loan
- Credit lines up to $250,000
- Decisions as fast as 5 minutes
- 625+ FICO score
What is an Online Loan?
Online loans allow you to complete the borrowing process online, including rate comparison, loan amounts, requirements, and credit guidelines. Instead of having to go directly to a bank branch, borrowers can complete an online loan application with approval and funding as quick as the next day from a third party lender.
When you need financial help for a personal expense, online loans can be a great option. Many online loans will allow you to use the money for a variety of needs, including medical, home, travel, car and debt expenses. It’s important to get clear on what you will be using your online loans for to ensure your online lender doesn’t have any requirements you need to be aware of.
Online loans can include payday loans, installment loans, auto title loans, car loans, home equity lines of credit, student loans, small business loans and more.
How Does an Online Loan Work?
Once you decide on a personal loan or online loan you want to apply for, you will fill out the requirements on the lenders site. This usually will include information about your credit history, annual income, loan needs, debt history and more. After your loan is approved you will need to pay off the amount borrowed plus additional fees and charges set in place by the lender.
If you don’t make your repayments within the specified time frame, your lender may report a late payment to a reporting agency. Missing loan payments could influence your credit score and make it difficult to get approved for loans in the future.
How Fast Can I Get an Online Loan?
The timeline of your loan approval and lender will influence how fast you can get a loan. Once you are approved, you can typically expect to see loans within 24 hours. However, some lenders will offer same day funding and other will take up to a week to disperse funds. If quick funding is important to you, make sure to research your lenders beforehand to understand their payment policy.
Additionally, you can expedite the process by gathering all pertinent information beforehand and ensuring you meet requirements. If possible, consider working on your credit score a few months before applying for a loan to ensure you get the best deal and the lowest rates.
Types of Online Personal Loans
Secured Personal Loans
A secured personal loan require you to offer your assets for collateral in case you can’t pay off the loan amount. If you have a low credit score this can be beneficial, however, you can lose your expensive assets so make sure you don’t take on more debt than you can handle.
Debt Consolidation Loans
A debt consolidation loan is used to pay off outstanding debt balances quickly while saving on interest. When you consolidate your debt, you only have to tend to one repayment process instead of juggling multiple. This type of loan is beneficial if you can find a debt consolidation loan with a lower interest rate than what you are currently paying off.
If you decide to pay off your credit card bills, you’ll want to keep your balance at zero instead of continuing to use the credit card. These loan types can be risky if you get stuck in a debt cycle and never allow yourself to catch up financially.
Fixed Rate Loans
Fixed rate loans have a set interest rate that stays the same throughout the entire repayment period. Every month borrowers will pay off the same amount of money for the duration of the entire loan term. The majority of personal loans are fixed rate loans, which is advantageous as you can budget accordingly every month to meet payment deadlines.
Personal Line of Credit
A personal line of credit operates similarly to a credit card where you have access to funds on an as-needed basis. The perk of personal lines of credit is that you only pay interest on the amount you withdraw, instead of the entire lump sum.
Unsecured Personal Loans
An unsecured personal loan doesn’t require any collateral and your personal assets won’t be at risk. If you have good or excellent credit, consider opting for an unsecured personal loan. In this case, the lender will take on more risk than the borrower so you will likely pay more in interest.
Co-signed and Joint Loans
A co-signed or joint loans allows borrowers to sign with another borrower to help meet qualification standards. In this case, the individual you sign with accepts responsibility in case you can’t meet repayment deadlines.
This is a common loan type between parents and their kids, or family members that might be going through financial hardship. A joint loan is where both parties are able to access the funds, which is more commonly found in marriages or partnerships. The second individuals co-signing the loan will need an excellent credit score to boost the changes of loan approval.
Variable Rate Loans
Variable rate loans are the opposite of fixed rate online loans as the interest will fluctuate every month. Depending on the lender guidelines, the interest rate could go up or down over time. This loan type is only recommended for short term loans, as you don’t want to commit to volatile payments over a long period of time. These loan types sometimes have lower interest rates overall than fixed rate loans.
Buy Now, Pay Later Loans
Buy now, pay later loans allow you to make a purchase without paying the entire price upfront. The overall balance is divided and paid off overtime, usually on a monthly, weekly or biweekly basis.
The most popular places to find these loans today is on online applications like Afterpay, Klarna, and Affirm. As long as you show that you are capable of repaying the loan amount, you can qualify for these lending agreements with a low credit score. In most cases, a soft credit check will be performed for qualification.
Pros and Cons of Personal Loans
Pros
Cons
How to Qualify for a Personal Loan From Online Lenders
If you want to qualify for online loans for online lenders, you need to apply for loans where you meet the requirements. There are a variety of online loans today that cater to different borrowers. For example, if you have bad credit or a poor credit history, make sure to look for loans that appeal to that target market.
It’s fairly simple to qualify for personal loans as long as you gather all the correct information, do your research, and choose your online lenders wisely. Exploring the options we reviewed in this article is a great way to narrow down your options and figure out where you should apply for loans.
Frequently Asked Questions about loans
In this article, we outline the top 10 online personal loans based on our expert research. While there are a variety of personal loan companies available today, these are the best options on the market. We recommend going to each of their websites to see more information and decide on the best option for you.
It’s difficult to borrow money immediately unless you have a personal credit card or line of credit. Most loans will take at least a day to disperse into your account, however, you can look for loans with same-day funding if that’s a priority for you.
The quickest way to borrow money is through banks, online lenders, credit unions, cash advances, cash advances from a credit card, buy now pay later apps, 401k retirement account or family and friends.
Yes, you can get a loan without a job, however, some loans require that you bring in a minimum income from a variety of sources. If you don’t have a job, look for loans that allow you to get your income from other places like social security, savings, etc.
A loan is the money that is given to a borrower from a lender. The lender is the person, bank or institution that issues a loan to a borrower. Lenders claim responsibility for any money not paid off if there is no collateral involved, and will take next steps to report and manage the loan if there are any repayment issues.
A loan lender can be a bank, credit union or third party company. An online lender, however, is usually a non-bank entity that has been approved to issue loans, credit cards, and lines of credit. The evolution of online lenders has made it possible for people to find loan solutions without having to travel to a brick and mortar company.
What Type Of Loan Suits Your Situation Best?
Compare the best loans in the table above.
