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Best Online Loan Companies of February 2025: Reviews, Fees, and Comparisons

An online loan works like this: You apply to borrow a certain amount of money. The lender will show which offers you qualify for based on factors such as your credit score, debt-to-income ratio, and ability to repay the loan. The best online personal loans will offer a variety of term lengths and low interest rates.

Some lenders have minimum credit score requirements that might make you ineligible for one of their loans. Others may allow you to get a loan with a poor credit score but could saddle you with high interest rates as a result.

If you're going to borrow money with an online loan, make sure you understand how much it will cost you each month, and that you have a plan to pay it back.

Best Online Loan for Large Loan Amounts: LightStream Personal Loan

LightStream's online loans are best for those with good credit. While you can qualify for a loan with a minimum score of 660, you won't be able to take advantage of LightStream's lower rates without a score of around 800. The lender also has slightly more stringent eligibility requirements than some of our other top picks, including several years of credit history, stable income, and few or no payment delinquencies on your credit report.

If you're looking to borrow a large sum of money, LightStream's maximum loan amount of $100,000 is significantly higher than most of the other lenders on our list. Its minimum APR is one of the lower on our list of top picks, reducing the overall cost of your loan.

Best Online Loan for Good Credit: SoFi® Personal Loan

SoFi® has the highest minimum credit score requirement of any lender on our list. You'll need at least a credit score of 680 to get one of its personal loans online. But if you do qualify, you may like the lender's low rates, high range in loan amounts, and unique perks.

Even if your credit history isn't immaculate and you aren't eligible for SoFi's lowest rate, the company's maximum APR is the lowest on our list. SoFi offers a higher maximum online loan amount than most other lenders, allowing you to take out up to $100,000.

Additionally, the company has no origination fees required and has no late payment penalty, lowering the overall cost of your loan.

Best Online Loan for Lower Credit Scores: Avant Personal Loan

Avant is one of the easier lenders to qualify for on our list. Its minimum credit is just a guideline, not a requirement, but most borrowers who get Avant's personal loans online have a credit score between 600 and 700. However, you can likely get a lower rate elsewhere if you have a high credit score. The best 0% APR credit cards may also offer a lower APR, provided you're eligible. 

If you are looking for a smaller loan, Avant's $2,000 minimum is lower than most comparable lenders. Avant funds online loans quickly — if the company approves your loan by 4:30 p.m. CT Monday through Friday, funds are often put into your account by the next business day.

Avant also has excellent customer service hours, with its phone line open at least 13 hours every day of the week. The lender also has a strong mobile app, which is something not all lenders offer. 

Best Online Loan for Credit Card Consolidation: Payoff Loan™

Happy Money® could be another good option for an online loan if you have a lower credit score, as its minimum requirement of 640 is relatively low. If you have a good credit score, the company also offers one of the lowest APRs of lenders on the list. 

Happy Money's Payoff online loans are specifically designed to help borrowers eliminate high-interest credit card debt. This means you are limited in what you can use your loan for — you should choose a different lender if you aren't aiming to consolidate credit card debt. 

The company doesn't charge any prepayment fees or late fees, but may charge an origination fee between 0% to 5%. Happy Money also has one of the slowest money transfer times of any online loan company, as it takes between two to five business days to have money deposited in your account. 

Best Online Loan for Small Loan Amounts: Upstart Personal Loan

You may qualify for an online loan more easily with Upstart than with some of the other lenders on our list — the minimum credit requirement for Upstart is 300. As a result, if your credit score is low, you might end up paying a high APR and could potentially get a better deal elsewhere. 

Upstart offers the smallest loan amount of all the lenders on our top picks, so if you just need a little cash to tide you over, this could be the lender for you. Additionally, the company usually funds loans within one business day, which is useful if you need your money fast. 

Online Loans: Convenience and Smart Solutions

Advantages of Online Lending

Online lenders can stand out from their brick-and-mortar counterparts by providing convenience and competitive rates. The qualification and application process is typically very streamlined, allowing you to apply and get your loan funded entirely online. Many online lenders also offer very quick turnaround times, with some able to get you your money either the same day or the day after it's approved.

Types of Loans Available Online

In addition to personal loans, many online lenders offer a range of other types of loans. These include student loans, business loans, and auto loans.

You can also find home loans like mortgages and home equity lines of credit online through providers such as Rocket Mortgage.   

Online Personal Loan Lender Trustworthiness

Whether you're interested in taking out a $5,000 loan or a $20,000 loan, finding the right lender can help improve your experience and increase the likelihood of success with your online personal loan application. We've only selected providers of online loans with no public controversies in the last three years. We've also compared each institution's Better Business Bureau score.

The BBB, a non-profit organization focused on consumer protection and trust, measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company's score:

LenderBBB Grade
LightStream Personal LoanA
SoFi Personal LoanA+
Avant Personal LoanA+
Payoff Personal LoanA
Upstart Personal LoanA+

All of our top picks for online loans are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible. 

What Makes an Online Loan the 'Best'?

Finding the Best Fit for an Online Loan

To find the best choice for your individual situation, take stock of the factors that are most important to you before you apply for a personal loan online.

Competitive Rates and Fees

Many borrowers prioritize the lowest loan interest rate when choosing a lender. You can find a very wide range of APRs between lenders. Since the interest rate determines how much you'll ultimately repay, it's important to compare online loans offered by a wide range of lenders.

You'll also want to make sure you understand any fees the lenders charge, including application fees, origination fees, and late fees. These can add a significant amount to the total cost of your loan. Many online lenders charge low fees or none at all.

Speed and Convenience

Borrowers may find it faster and easier to take out a loan from an online lender. Many offer a prequalification process, which enables you to get an idea of the interest rate, terms, and other features of a loan you might qualify for without any impact on your credit score. Online lending platforms also frequently have useful loan calculators and other tools you can use to research before you apply for an online loan. The best online personal loan lenders also tend to have very fast funding times, with some able to get the money into your account the same day your application is approved.

Customer Experience

Remember that with an online lender, there's very little human contact during the loan application process. And when you do have questions or need assistance, it often comes from automated chatbots. If you have a lot of questions and prefer the human touch to address concerns about your individual situation, you might be better off applying for a loan in person at a bank or credit union.

FAQs About Online Loans

Is it difficult to apply for loans online? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

No, it is not difficult to apply for loans online. Online lenders focus on user-friendly applications. Many offer pre-qualification to check your potential rates with no impact on your credit score.

What is an online lender? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Online lenders provide many of the same products and services that you will get from a bank or credit union and are subject to the same oversight and regulations. The main difference is that online lenders do not have physical locations and conduct transactions exclusively on the internet.

How quickly can I get money from an online loan?  Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You can get your online loan funded as soon as the same day. For instance, with a US Bank personal loan you could get funding in as little as a few hours if you're already a US Bank customer. See our guide to the best quick personal loans if this is a top consideration for you.

Are online lenders trustworthy? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

It's as safe to take out a loan from a reputable online lender as it is from a bank or credit union. Online lenders are must meet the same lending rules as their brick-and-mortar counterparts and are equally trustworthy. Make sure you're on the lookout to avoid personal loan scams.

What is a good online loan company? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The best personal loans online are from lenders with low interest rates, low or no fees, and a wide range of borrowing amounts and term lengths. These include LightStream, SoFi, Avant, Happy Money, and Upstart.

Why You Should Trust Us: How We Chose the Best Online Loans

Our mission is to assist smart people in making the best decisions possible with their money. With that in mind, we compared dozens of online loans across five key categories, digging into the fine print so you don't have to. We evaluated several factors to determine the best lenders, including:

  • Annual percentage rates: The lower the interest rate you have to pay on your online loan, the better. So we focused on lenders who have solid rates for people with fair or better credit histories.  
  • Loan term length: We looked for online loans with a variety of repayment lengths. 
  • Loan amount range: We know some people are looking for a small amount of cash, while others are looking to take out a substantial amount. We found lenders with a variety of minimum and maximum loan amounts to best fit your needs.  
  • Minimum credit score: If you have a good credit score, you may be eligible to take out an online loan from some lenders and may not qualify with others. We picked lenders with a range of minimum credit scores so you have options no matter your credit history.
  • Trustworthiness: Borrowing from an honest lender is often a top priority for many people. We made sure each lender had an A or above grade from the Better Business Bureau to provide the most transparent lenders possible.

See our full ratings methodology for online loans and personal loans » 

SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.

OneMain Financial Personal Loan disclosure: You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant's state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant's name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees. Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.

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