Best Online Personal Loans for 2024
Are you looking for the best personal loans in 2024? We understand that you want to find the most affordable loan on the market. Many borrowers need help finding loans that suit their needs, especially when there are hundreds of options.
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
It can be challenging to qualify for a loan, even if you are in excellent financial standing. That’s why it’s so important to be educated on loan requirements and the countless loans on the market today.
Our team of experts gathered the ultimate list of online personal loans with low-interest rates and minimal fees, suitable for various borrowers and financial backgrounds. After reading this article, you will be prepared to decide on the best loans to apply for, as well as next steps to boost your chances for quick approval.
If you are interested in getting a personal loan in 2024, keep reading this article to learn everything you need to know. We recommend grabbing your pen and paper to take note of your top loan prospects. After this article, you can follow up and get started applying for your ideal loan.
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The 13 Best Personal Loans in 2024
SoFi
SoFi has a variety of loan options for borrowers, including different loan amounts and repayment terms. SoFi ranks as best overall for personal loans because they offer all the features borrowers would need from a high-ranking lender. They do not charge fees, and borrowers have the option to add a loan co-signer if needed. The SoFi platform has additional online perks including financial and career advising to improve your financial resilience.
Although there is no disclosed min credit score, minimum annual income requirements are $30,000. SoFi offers loan amounts from $5,000 to $100,000. Terms lengths span between 2-7 years, with a fixed annual percentage rate, APR, from 7.99% to 23.43%.
SoFi strives to help borrowers beyond simply supplying a personal loan. They offer autopay discounts and unemployment protection in case you need to postpone your loan payments. On average, funds from SoFi will be delivered in 1-3 business days, however, some large loans will have longer processing times.
If you ever have an issue with your SoFi loan, the platform has around the clock customer supports. Verified borrowers will have routine access to financial education resources, career coaches, and even estate planning consultations.
Pros
Cons
Sofi
- $5,000 – $100,000
- Est. APR: 8.99 – 25.81%
- Min. credit score: None
Happy Money
Happy Money, formerly Payoff, offers some of the lowest interest rates for personal loans. If you are trying to consolidate credit card debt and save money on interest, consider a Happy Money personal loan. Currently, their min credit score requirements are 640 with a fixed APR from 8.99%-29.99%. Term lengths range from 2 to 5 years with minimum annual income requirements of $30,000.
Happy Money has loan amounts between $5,000-$40,000 and also offers monthly FICO updates and reports payments to the major credit bureaus. These efforts are all apart of their mission to help borrowers build sustainable credit and get out of debt. Funds will typically arrive in your account between three to five business days.
Keep in mind that borrowers must also have at least three years of credit history, two operating bank accounts and no credit delinquencies or bankruptcies in the past two years.
Pros
Cons
Happy Money loan
- $5,000 – $40,000
- Est. APR: 11.25 – 29.99%
- Min. credit score: 640
Lightstream
Lightstream is used by borrowers that desire long repayment windows and lower monthly payments on their term loan. Borrowers can handle their financial planning by deciding when to receive the loan money. Lightstream has a fixed APR from 7.99%-22.49%. The loan amount ranges from $5,000 to $100,000 with term lengths of 2 to 7 years. Minimum annual income requirements with Lightstream are $50,000.
With such lengthy repayment windows, borrowers are able to benefit from low monthly minimums, ensuring that no payments are missed and further debt is not collected. Money may be available for same day delivery, depending on when you complete your Lightstream application. Borrowers will not be charged any fees, however, you must demonstrate that you have several years of strong credit history.
Pros
Cons
Lightstream personal loan
- $5,000 to $100,000
- fast and easy loan process
- incredible service
4#. Avant
Avant is a popular lender for borrowers that struggle with thin credit history or a poor credit score. The credit score minimum is lower than many other lenders, ranking in at 580 FICO or 550 Vantage. Even if you don’t struggle with poor credit, but lack a thorough credit portfolio, Avant is a great option to consider for a personal loan. The average Avant borrowers have a credit score between 580 and 700.
Avant offers personal loans between $2,000 and $35,000 with term lengths from 1-5 years. Annual income requirements are low for borrowers, with a minimum of $14,400 a year. If you don’t meet these requirements, you can also use the income from other members of your household. Interest rates at Avant are slightly high, with an average range of 9.95% to 35.95%.
Overall, Avant is a great option to consider for anyone that may struggle to qualify for personal loans with high credit requirements. Many borrowers are able to work with Avant’s personal loan lenders to improve their credit score while qualifying for financial compensation.
Pros
Cons
Avant loan
- $2,000 – $35,000
- 9.95% – 35.99% APR
- Min. credit score: 660
#5. Marcus by Goldman Sachs
Marcus by Goldman Sachs is one of the best personal loan lenders for debt consolidation. When you choose Marcus, you can decide between nine different repayment plans, allowing for enhanced financial planning. Additionally, borrowers can defer payments without added fees or inflated interest rates.
Many borrowers enjoy Marcus by Goldman Sachs because of the customization options, which aid in efficient debt consolidation. Since Marcus specializes in debt consolidation loans, there are a wide range of loan amounts and relatively low APR minimums starting at 6.99%. Term lengths span between 3 to 6 years, with a maximum loan amount of $40,000. Borrowers must meet the minimum annual income requirements of $35,000 and have a fair credit score.
Pros
Cons
Marcus by Goldman Sachs loan
- $3,500 to $40,000
- Est. APR: 6.99 – 24.99%
- Min. credit score: 740
#6. Best Egg
Best Egg personal loans are known their quick and seamless pre-qualification online application. They are also a great option for any borrowers that might want to cut down on excessive interest rates. Best Egg personal loan lenders offer flexible loan amounts that range from $2,000 to $50,000 with a fixed APR from 8.99% to 35.99%. Although there is no minimum annual income requirements, the minimum credit score borrowers must have is 600.
If you have excellent credit score, you may qualify for interest rates as low as 7.99%. Compared to other personal loan lenders, the cap APR from Best Egg is relatively low. On average, Best Egg term lengths are between 3 to 4 years. Borrowers can expect funds delivered as soon as the next available business day.
Pros
Cons
Best Egg Loan
- $2,000 – $50,000
- Est. APR: 8.99-35.99%
- Min. credit score 600
#7. BHG Money
BHG Money offers personal loans that are mainly targeted at individuals seeking out large loan amounts. They have a minimum loan amount of $20,000, ranging as high as $200,000, so keep in mind that these numbers may not be suitable for all borrowers.
The average APR range is between 10.49% to 29.99% with terms between 36 to 120 months. It’s not disclosed if BHG Money requires an origination fee, although you can expect a hard credit inquiry and a minimum credit score requirement of 660. For most borrowers, it can take up to 5 days to receive funding in full with BHG Money.
Pros
Cons
#8. Upgrade
Upgrade offers personal loans to a variety of borrowers, but mostly those with fair or excellent credit. Personal loans from Upgrade can be used for debt consolidation, major purchases, home improvements, credit card refinancing, and more.
Since Upgrade has such a quick application process, they are known for making loan decisions within minutes, guaranteeing fast funding for borrowers. Typically, money is available for same day or next day delivery.
The minimum credit score requirements for Upgrade is 560 with a fixed APR from 7.98% to 35.97%. Term lengths are between 2 to 7 years with loan amounts of $1,000 to $50,000. Upgrade requires all borrowers to have a minimum annual income of $30,000. If you know that you need a loan fast, Upgrade has a great reputation for supplying funds on swift timelines.
Pros
Cons
Upgrade loan
- $100 – $5,000
- Same Day Transfer
- 2 Minute Application
#9. Discover
Discover personal loans are ideal for borrowers with excellent credit that want next-day funding, especially if you need to consolidate or refinance debt. In order to qualify for a Discover loan, you must have a minimum credit score of 660, be 18 years old and a U.S citizen, as well as bring in an annual income of $25,000 or more.
Available term lengths range from 3 to 7 years, with timelines being determined based on loan amount and creditworthiness. Discover personal loans are available between $2,500 to $35,000 with an estimated APR range of 6.99% to 24.99%. Discover performs a soft pull credit inquiry on all borrowers and does not require an origination fee.
If you need next-day funding, Discover is a great option, just keep in mind that they don’t offer loan amounts suitable for all financial scenarios.
Pros
Cons
Discover loan
- $2,500 to $40,000
- Est. APR: 7.99-24.99%
- Min. credit score: 660
#10. FreedomPlus
FreedomPlus offers seamless personal loan qualification for those with an excellent credit score. Loans from FreedomPlus can be used for debt consolidation, home improvements, large purchases and more. The loan range is between $12,000 and $50,000, giving borrowers a wide range of options. APRs start at around 7.99% and go up to 29.99%, based on your personal creditworthiness.
Borrowers must have a minimum credit score of 620 and a minimum annual income of $40,000. You can expect to see repayment terms between 2 to 5 years on average. The approval process with FreedomPlus can be quick, with same-day approval and next day funding options available.
Since there is no prepayment penalty with FreedomPlus, it’s a great option for borrowers that have a high credit score and strive to pay their loan off early. On the downside, FreedomPlus does charge origination fees of 1.99% to 4.99%.
Although FreedomPlus doesn’t have the lowest interest rates out of all personal loans, they are a competitive option if fast-funding is a high priority.
Pros
Cons
#11. LendingClub
LendingClub isn’t a direct lender they are a peer-to-peer lending platform. In sum, they operate as a broker by helping investors connect with potential borrowers. Personal loans from LendingClub can be used for a variety of purposes, ranging from $1,000 to $40,000.
Borrowers can choose repayment terms of three or five years, with an expected APR range of 8.3% to 36%. Since LendingClub allows joint loans, you can apply with a co-borrower to enhance your chances of approval for low-interest personal loans. All borrowers must have a minimum credit score of 600 or above. You can expect to receive funds within two days post-approval.
Keep in mind that LendingClub does charge both late fees and origination fees. Origination fees are between 3% to 6% and late payment fees will be 5% or $15, depending on which is the higher amount.
Pros
Cons
LendingClub
- $1,000 to $40,000
- Est. APR: 9.57-35.99%
- Min. credit score 600
#12. Lending Point
LendingPoint is known for being relatively flexible with their qualification requirements, welcoming borrowers that might struggle with their credit score or credit history. They also offer smaller loan amounts, which can be beneficial if you only need financial assistance for a one-time investment, home renovation, or debt consolidation.
There are no application or prepayment fees with LendingPoint, however, some states will charge you a large origination fee. Applicants must have a minimum annual income of $35,000, although the rest of the requirements are flexible. Loan amounts range from $2,000 to $36,500 with terms between 24 to 72 months.
As mentioned previously, the origination fee can fall between 0-8% depending on your region. Typically, lenders will perform a soft credit pull to check if you meet minimum credit requirements of 580 or above. After establishing your creditworthiness, your APR will be determined between 7.99%-35.99%.
If you have a lower credit score, or want a smaller loan, LendingPoint may be a great option to consider.
Pros
Cons
Lending Point loan
- For fair credit scores
- You can apply for prequalification
- Funds may be available by the next business day
#13. Upstart
Upstart is a great personal loan lender for anyone that has thin credit history. In some cases, your application may not be approved if you struggle with an extremely low credit score, or lack the experience to have an established credit score. However, since they perform a soft credit inquiry, you have more potential for approval and quick funding.
Upstart loans can be as low as $1,000 or as high as $50,000. The typical APR range is between 6.50% and 35.99%. Borrowers can decide on repayment terms of 36 months or 60 months. Depending on your credit history, you can expect origination fees to be between 0%-8%.
Pros
Cons
Upstart loan
- $1,000 – $50,000
- Est. APR: 6.50 – 35.99%
- Min. credit score: None
How Does a Personal Loan Work?
A personal loan is a lump sum of money given to borrowers from lenders. Typically, personal loans can be used for a variety of personal spending purposes including debt consolidation, home improvement, travel, bills, large purchases, and more.
Keep in mind that every lender will have different requirements, so check with your financial institutions about what you are allowed to use your loan money on. Personal loans can be required from a credit union, bank, or online lenders.
In all cases, you will submit an application with your identity and credit information. Both your interest rate and loan amount will be determined by your creditworthiness and desired requirements, outlined in the application. Personal loan interest rates may vary if you have a fixed rate loan agreement.
Sometimes your lender will look at your existing debt to calculate a debt-to-income ratio. For this reason, all borrowers should see if their prospective lenders perform a soft or hard credit inquiry. Similar to interest rates, debt payment obligations will vary from lender to lender.
Once you reach a loan agreement and look over the personal loan eligibility details, the money will be deposited into your savings or checking account. Personal loans feature repayment terms which can be paid off on a monthly basis.
Some personal loans have an origination fee borrowers will pay after loan approval. Others will have prepayment penalties, which means you will be charged for paying off your loan early. Another thing to look out for is late fees, which means you will be charged for missing a payment.
If fees are a concern for you, there are personal loans available that are free of added fees. Similarly, some personal loans we mentioned on this list will allow for cost-free payment deferment.
Personal loans are some of the more flexible loan types that allow for a variety of applications, and even boast a variety of benefits, depending on the lender you choose. We recommend using this list as a basis to conduct your own research based on your personal needs and requirements.
Types of Personal Loans
When you are looking into personal loans, there are two main types: secured loans and unsecured loans. A secured personal loan requires some level of collateral which is given to the lender if borrowers are unable to meet a payment date. Collateral is used to reduce risk on the lenders side, ensuring that all debt is covered regardless of the borrower. You can secure a personal loan with cash assets, for example, a savings account or certificate of deposit (CD).
On the other hand, unsecured personal loans require zero collateral for borrowers to receive loan funds. In general, banks, credit unions, and online lenders will offer both unsecured and secured personal loans. Banks will stick to secured loans more often than not since they don’t want to assume unnecessary risk. When there is increased risk, borrowers can expect to pay higher interest rates for loans.
How to Qualify For Low-Interest Personal Loans
Every borrower wants to receive the most affordable personal loan that suits their financial needs. Luckily, there are plenty of ways to improve your chances of getting approved and receiving your funds quickly. Following the steps below can help you qualify for low-interest personal loans.
- Do your research. Don’t be afraid to take some time to explore multiple options, compare loans, and decide on what’s best for you. We recommend making a list of what you desire out of a personal loan. Next to that list, write down your requirement information such as annual income and credit score. Use those lists to find a loan that aligns with both categories of your needs.
- Find the discounts. There are plenty of lenders that will offer discounts when you enroll in autopay programs, or meet certain deadlines on time. Additionally, other lenders will offer discounts if you open a savings account with them. Contrary to popular belief, there are opportunities out there to save money if that is a priority for you.
- Check out credit unions. In some cases, credit unions will offer lower cost loans because there are a non-profit organization. All borrowers should explore options from online lenders, banks and credit unions.
- Consider pre-approval. Before you apply for a loan, you can submit for pre-approval, which checks if you qualify before you go through the entire application. This can save you time so you don’t have to go through a hard credit inquiry, only to get rejected later on. In this case, you can quickly find a loan that better suits your needs.
- Don’t apply for more than you need. When you are applying for a loan, you’ll want to calculate ahead of time an estimation of how much money you need. By applying for a loan on the lower side, you can get approved faster and have smaller monthly payments and interest.
- Work on your debt. Everyone has a debt-to-income ratio which accounts for your amount debt vs. your annual income. Before applying for a loan, you should work on decreasing your debt and boosting your credit score. This can significantly increase your chances of being eligible for more loans.
- Look up your credit score. Nearly all lenders have a minimum credit score requirement, as you will see in this article. When you know your credit score ahead of time, you will have a clear understanding of what loans you can qualify for and if you need to work on boosting your credit.
What Are No-Interest Loans?
Typically, ‘no-interest’ loans will be financing options from auto dealerships or retailers. Although they are called no interest loans, you will still have to pay added fees that may come in different forms than typical annual percentage rates. This may include origination fees, prepayment penalties, late payment fees, or interest charged as a late penalty.
Regardless of the loan you are taking out, you will want to take a look at all of these extra fees as they can add up quickly. In some cases, a credit card with a 0 percent introductory APR can be a more affordable option than a loan. However, it all depends on your situation.
What is Considered a Low Interest Loan?
Loan interest rates will vary depending on your credit score, so a low interest rate is relative to the loan and status of your financial history. On the lower end, some lenders have interest rates around 2.49%.
These interest rates will likely be offered to candidates with an excellent credit score of 720 or above. In general, anything below 20% is considered a decent interest rate that is on the lower end.
Frequently Asked Questions about Personal Loans
There is no fixed credit score to qualify for a loan amount. Credit score requirements will always depend on the lender you choose. For example, are you applying for a loan from a bank, a credit union or an online lender? Does your lender cater to poor credit scores or excellent credit holders? Every lender will have different minimum credit score requirements for their personal loans.
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 Personal Loan Suits Your Situation Best?
Compare the best loans in the table above.
