Best Online Personal Loans (The 2019 Edition)

With so many online lenders to choose from, you could easily become overwhelmed when shopping for a loan. So, we’ve done the legwork for you by exploring scores of lenders to compile a list of the best online personal loans in the marketplace.

Avant

Avant has helped over 600,00 consumers get access to cash when they needed it most. Loans are underwritten and issued by WebBank, and are between $2,000 and $35,000 with loan terms from 24 to 60 months. You can also expect to receive an APR between 9.95 and 35.99 percent.

As a borrower, you’ll be privy to the following benefits:

  • Flexible loan use as the way in which the loan proceeds are to be used isn’t dictated by the lender.
  • Access to customer service representatives seven days a week.
  • The ability to pay off your loan early without incurring a prepayment fee.

You can explore loan options by visiting their website and completing the online form. Be prepared to provide your name, address, Social security number, and answer questions about your income. If pre-qualified, you’ll be able to view the terms of your offer directly from the dashboard. Even better, there’s no impact to your credit score since it’ll only be a soft pull to your credit.

Upon approval, you’ll need to provide identification and income documentation to substantiate the claims made in the application. The loan officer will reach out to let you know which documents they need, and they can be uploaded to your account directly from the website. And once the documents have been reviewed and processed, you can expect to receive funds in your bank account in as little as one business day.

Best Egg

Best Egg also offers personal loans that can be funded in as little as one business day. Accredited and rated A+ by the Better Business Bureau (BBB), they have a streamlined application that makes it easy to get approved in a jiffy and have funded over $6b in loans for more than 450,000 customers.

You may be eligible for anywhere between $2,000 and $35,000 in loan proceeds with an APR between 5.99 and 29.99 percent. A small loan origination fee between 0.99 and 5.99 percent also applies.

Loan proceeds can be used to fund a variety of financial expenses ranging from debt consolidation, home improvement, and moving expenses, to adoption-related expenses and vacations, just to name a few.

To apply for a personal loan from Best Egg, simply complete the online application found on their website. If you are approved, income documentation can be uploaded directly from the dashboard so you can receive the funds you need in a jiffy.

You also have the option to check the terms of your loan offer with no impact to your credit score if you’re still unsure. It only takes a few minutes of your time, and you’ll quickly be able to review your results.

FreedomPlus

FreedomPlus is another leading online lender that can get you the funds you need within 48 hours. Headquartered in Arizona, they offer personal loans with competitive rates to borrowers with excellent credit along with those who’ve had some past financial missteps and are working to rebuild their credit rating.

Loan amounts range from $7,500 to $40,000 with APRs between 4.99 and 29.99 percent. There are no restrictions on how the funds can be used, which means you can use the proceeds to eliminate debt, make improvements to your home, fund your dream wedding, or pay for an upcoming trip abroad.

Furthermore, you have the option to select the day on which your payment will be due each month. And you’ll have between two and five years to pay off the outstanding balance with no prepayment penalties should you decide to pay off the loan early.

All you have to do is apply using the simple application found online to receive a customized loan offer if you meet the qualification criteria. You can also call 1-800-368-0061 to speak with a loan representative that will walk you through the process. Either way, you’ll receive a lending decision the same day. And should you decide to accept the loan offer, an origination fee of up to five percent will be applied to the loan amount.

Lending Club

Wouldn’t it be nice to explore several loan options at the tap of a fingertip? Well, look no further than LendingClub, a peer to peer lending network that can connect you with a lender that will grant you a personal loan of up to $40,000.

Loan proceeds can be used to consolidate credit card or any other type of debt, cover home improvements, pay for a big-ticket purchase, or take care of any other unexpected expense. You can explore loan options in a jiffy by answering a few questions via their online form, and your credit score won’t be impacted. Partners in the LendingClub network offer loan terms of 36 or 60 months, but the interest rate you’ll receive will be determined by your financial background, desired loan term, and credit rating.

If you qualify for a loan, the next step is to select the loan offer that works best for you and upload any supporting documentation requested by the lender directly to the dashboard. Once the loan is finalized, the funds will be deposited into your bank account within 7 days, minus the origination fee which is between one and six percent.

You’ll repay the lender for the duration of the loan term via your bank account. And there are no prepayment penalties will apply if you decide to pay the loan off early.

LightStream

Operating as a subsidiary of SunTrust Bank, LightStream offers some of the most competitive rates on the market for personal loans. Their loans are catered towards consumers with good or excellent credit and can be used to cover a variety of expenses, including those related to an automobile purchase, home improvement project, recreational vehicle, travel, medical expenses, or any other big-ticket purchase.

Loan amounts span from $5,000 to $100,000 with terms between 24 and 144 months. You can expect to receive an APR between 3.34 and 16.99, depending on your credit rating and intended use of the loan. (Quick note: if you do not enroll in the AutoPay option, your loan’s APR will be 0.50 points higher).

Unlike most personal loan products on the market, no origination fee applies. Furthermore, you won’t be hit with a prepayment penalty if you pay off the loan ahead of schedule. Another major perk is their “best loan experience guarantee,” which will grant you $100 within 30 days if you’re not completely satisfied with your loan experience.

You can explore loan terms using the online simulator to determine if what they’re offering could possibly fit your needs. Once you’re ready to apply, submit the online form and upload any necessary identifying and income documentation. Upon final approval, you could receive the loan proceeds in your bank account the same day.

And in the event you find a lender that will offer you a more competitive interest rate, LightStream will lower your APR by .10 percentage points if you meet select criteria, thanks to the Rate Beat Program.

Marcus by Goldman Sachs

Marcus by Goldman Sachs is another enticing loan option that allows borrowers to secure some of the lowest rates on the market without paying fees. This means you won’t pay loan origination, prepayment or late fees.

You may be eligible for up to $40,000, and APRs start at 6.99 percent. Loans can be used to consolidate debt or cover home improvement, wedding, moving, or vacation costs.

When analyzing your loan application, the lender will evaluate your creditworthiness, income, and intended use for the loan proceeds to determine how much you qualify for. (Quick note: the lower APRs are reserved for applicants with stellar credit ratings seeking shorter loan terms. You can also expect to pay a higher APR is you wish to repay over an extended period of time).

To explore what loan options may be available to you through Marcus, by Goldman Sachs, simply complete the online form. It’ll only take a few minutes, and there is no impact on your credit score. But be prepared to input your desired loan amount, monthly payment, the reason for the loan, and income information. You can also call 1-844-MARCUS1 to get started if you’d prefer to speak to a loan officer.

Payoff

Loans from Payoff are intended for one specific use: to eliminate credit card debt. You may elect to borrow between $5,000 and $35,000 for a loan term from two to five years. Even better, they offer fixed interest rates as low as 5.65 percent.

A loan origination fee of up to five percent may apply, but you’ll never pay any fees associated with late payments, check processing, returned checks or early payoffs.

To qualify for a Payoff loan, you should have:

  • A FICO score of at least 640
  • A debt-to-income ratio that’s 50 percent or lower
  • At least three years of positive credit history
  • Two trade lines in good standing
  • No more than one installment loan initiated within the past 12 months
  • No delinquent accounts on your credit report
  • No past due accounts
  • No accounts that have reached a past due status of 90 days or more within the past 12 months

When you check your rate, Payoff will only conduct a soft pull. So, your credit score won’t be impacted. You should also know that Payoff customers have increased their FICO Score by up to 40 points by using the loan proceeds to pay off credit card debt. And you’ll have access to a monthly update of your FICO Score, free of charge, so you’ll be able to see your progress in real-time.

Prosper

Established in 2005, Prosper was a pioneer in the peer-to-peer lending industry. Prosper has helped over 869,000 consumers borrow the funds they need to pay down debt, make that big-ticket purchase, or cover life’s unexpected expenses.

They offer loans from $2,000 to $40,000 with 3 and 5-year terms. Interest rates vary by creditworthiness and your financial background, as determined by your Prosper Rating. There are no prepayment penalties, and you can check your rate online without impacting your credit score.

SoFi

SoFi takes customer service to the next level with the perks that accompany their personal loan products. Not only do they have customer service representatives standing by to assist you seven days a week with your loan needs, but they also offer unemployment protection in the event you lose your job. Even better, they’ll connect you with their Career Advisory Group to help you find a new job so you’ll back on your feet in record time.

You can also rest assured that you’ll never pay any fees when you take out a loan from SoFi. So, there are no loan origination fees when the loan proceeds are disbursed and you won’t have to pay a prepayment penalty should you decide to pay the loan off early. Best of all, you won’t incur late fees if you miss a payment.

They offer fixed rate loans between $5,000 and $100,000. You can also expect an APR from 6.99 to 14.99 percent when you enroll in AutoPay, and you’ll have between three and seven years to repay what you owe.

To get started with the loan application process, complete the online form. Your credit score won’t be impacted, and there’s no pressure to move forward with a loan offer if the terms don’t work for you.

Upstart

When you apply for a personal loan with Upstart, they look beyond your FICO score to gauge your creditworthiness. They have helped over 140,000 access the cash they need, and you, too, can apply for consideration for with no impact to your credit score.

Upstart offers loans between $1,000 and $50,000, and the funds can be used to consolidate debt and cover expensive medical procedures. Borrowers also use funds to pay for weddings, moving expenses, and home improvement projects.

You should also expect to receive an interest rate between 7.98 and 35.99, depending on your unique financial situation and credit history. And you’ll have three or five years to repay what you owe without incurring a prepayment penalty if you pay back the loan before the term lapses.

Even better, you can receive loan proceeds directly to your bank account within one business day. However, a three-day window applies if you intend to use the funds to cover educational expenses.

Are Online Lenders the Best Option?

While you always have the option to take out a personal loan with a brick and mortar financial institution, online lenders may be worth a shot. For starters, you are afforded the opportunity to conveniently explore several lenders and loan options in a flash without leaving the comforts of your home.

Furthermore, the entire process can be handled electronically. Simply complete the online application, upload any supporting documentation the lender requests, and receive the loan proceeds directly to your bank account. And some lenders even offer you the luxury of viewing pre-qualified offers with no impact to your credit score.

Plus, some online lenders go the extra mile by offering you monthly credit score updates and tools to help you improve your financial situation. This means you’ll have even more resources to help you reach your financial goals faster.

The Bottom Line

By doing business with an online lender, you’ll receive loan offers almost instantly and you won’t have to wait several days or weeks to get the cash you need. But be sure to only entertain offers from reputable lenders to protect your hard-earned cash and credit rating.

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