Partner Disclosures
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements. † Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Partner Disclosures
*Trustpilot TrustScore as of June 2024. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 6.99% APR has 36 scheduled monthly payments of $152.83. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: crt resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855- 282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Partner Disclosures
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,008 for a term of 36 months, with an interest rate of 11.74% and a 6.00% origination fee of $1,140 for an APR of 16.09%. In this example, the borrower will receive $17,868 and will make 36 monthly payments of $629. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 8.91% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of Oct 10, 2024 and are subject to change without notice. Unless otherwise specified, loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of Consumer Affairs and is not responsible for the products and services provided by Consumer Affairs. Loans are subject to credit approval and sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
Are you in search of the best online loan? Whether you’re consolidating high-interest debt, financing a major purchase or covering an unexpected emergency, the convenience of online loans can be a financial lifesaver.
We’ve done the legwork to find you the best personal loans with easy online applications and lightning-fast funding times. Say goodbye to endless searching and hello to the five best online loan lenders to help you reach your financial goals.
When it comes to online personal loans, you want a trusted company that offers competitive annual percentage rates (APRs) with low caps, an easy-to-use website and good reviews from borrowers. The best online personal loan options we found are from Best Egg, Upgrade, Prosper and LendingClub.
The best lender for you will depend on your credit score, how much you need to borrow, and the fees you're willing to pay.
Prosper stands out for individuals with excellent credit who want to capitalize on the lowest possible APRs. If your credit score is 640 or above, Prosper's APR range starting at 7.95% and more moderate origination fees of 2.41% to 5% can result in overall cost savings on your loan.
At the same time, Best Egg is a strong option if you're looking for low origination fees, and Upgrade or LendingClub could be good if you have lower credit.
Getting pre-qualified is the best way to see which lender offers the best terms for your situation.
| Company | Customer rating | APR range | Min. credit score | Max. loan amount | Origination fees (part of APR) | |
|---|---|---|---|---|---|---|
| 4.8 | 8.99% to 35.99% | 700 | $50,000 | 0.99% to 8.99% | Compare Offers |
| 3.8 | 9.99% to 35.99% | 700 | $50,000 | 1.85% to 9.99% | Compare Offers |
| 1.8 | 8.99% to 35.99% | 600 | $50,000 | 1% to 9.99% | Compare Offers |
| 2.7 | 9.06% to 35.99% | Not disclosed | $65,000 | 3.00% to 8.00% | Compare Offers |
» MORE: How to manage your money
Before you begin the application process, you should assess your loan needs and financial situation. For example, if your goal is debt consolidation, first add up all your credit card balances to find how much you need to borrow to pay those off. If you’re using the funds for a home improvement project, you may want to get quotes from various contractors so you have a good idea of the potential costs.
It’s a good idea to know your credit score and check your credit report for inaccuracies before applying for a personal loan.
Once you know how much you need to borrow and what your credit score is, you research the lending options available to you. Be sure to consider the fees associated with the loan (like origination fees), the average APR for your credit score and any perks included with the loan. Prosper, Best Egg, LendingClub and Upgrade all let you check your rate online before you commit.
When you’ve decided which loan best suits your needs, you can apply online and generally receive a decision within a day or so. If you’re approved, you’ll receive the loan terms and an agreement to sign. Once you sign, you should receive the funds within a few business days, depending on how fast your lender and bank can process the funds.
Applying for an online loan usually requires the same set of documents as in-person loans. Here's a standard list of what you might need:
» MORE: How do personal loans work?
Online personal loans offer you the convenience and speed that traditional banks often can't match. You can apply from the comfort of your home, get a decision quickly and receive funds in your account in a matter of days or even hours.
But the ease of access can lead to hasty decisions, and some online lenders may have higher APRs or origination fees than what you’d find at banks.
Many online loan lenders have lower credit score minimums than traditional lenders, so it’s possible to get an online loan with bad credit. You can also increase your chances of approval with these options:
No-credit-check loans and online payday loans may seem like a lifeline if you have poor credit, but tread carefully. These loans typically don't require a credit check — which can be appealing if you have credit issues—but they come with extremely high fees and APRs in the triple digits. Always prioritize safer, more affordable borrowing options when possible.
For example, a payday loan might require repayment in full in just a few weeks, usually on your next payday. If you can't pay, you might have to take out another loan, incurring more fees and interest. This cycle can quickly become unsustainable and lead to a situation where the amount you owe far exceeds the original loan amount.
Online personal loans can be safe if you borrow from a reputable lender. Always research lenders, read reviews, and verify their credentials before applying. Take time to understand the fees and interest rates you're agreeing to before you accept an offer. Make sure you comfortably handle the monthly payment.
Many lenders have short questionnaires you can fill out on their websites to pre-qualify and view potential loan offers without impacting your credit score. You’ll usually provide some basic financial information, like your credit score, loan amount and anticipated term, and then they’ll give you a preliminary offer. You can use online comparison tools or visit lender websites individually to compare your options.
The easiest loans to get approved for are often payday loans or short-term, high-interest loans, which are accessible even with poor credit. But their ease comes at a cost: They typically have exorbitant APRs and can lead to a dangerous cycle of debt. Explore all other options — including online personal loans from reputable lenders like Prosper, Best Egg, LendingClub and Upgrade — before resorting to these high-risk financial products.
The best online loans offer easy online applications, quick funding, and competitive terms. If you need a loan, your next step is to get pre-qualified with top lenders to see which one offers the best terms for your specific financial situation.
Pre-qualification is a simple, quick process that can give you a clear picture of your options without affecting your credit score. Armed with this information, you can choose the loan that will best help you achieve your financial goals.
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
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