Best Online Loans in 2023
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THE BEST OF ALL
Best Online Loans in 2023
Compare personal loans online from multiple lenders to find the one with the most favorable rates and features.
By Annie Millerbernd
and Ronita Choudhuri-Wade
February 6, 2023
A majority or all of the items featured on this page are provided by our partners who pay us. This can affect which products we review and where and how the product appears on an article. But this doesn’t affect our assessments. Our views are our own. Here’s a list and .
Online loans can be a practical and quick option to borrow money. They typically offer annual percentage rates from 6 to 36% and the prices range from $1,000 to $100,000.
A key benefit that online lending offers is the ability to apply for a pre-qualification and view personalized rates before applying. Also look for lenders that offer perks like rate discounts, flexible payment options and the ability to access credit score information for free.
Here’s how lenders from online compare their pros and cons of online personal loans and how to apply for one.
The best option for Online loans with excellent credit.
Online loans are the best option for good credit.
The best online loans to consolidate credit cards.
The best online loans with fair credit.
The best online loans for bad credit.
The best online loan for same-day funding.
: Best online loan for debt consolidation.
Online loans are a convenient and fast way to borrow money. They generally have annual percentage rates from 6% to 36%, and prices range from $1000 to $100,000.
The main benefit of online loans is the ability to pre-qualify and see personal rates prior to applying. Additionally, look for lenders that offer benefits such as rate discounts as well as flexible payment options, and access to credit scores for free.
Here’s how lenders from online compare their pros and cons of personal loans online and how to apply for one.
: Best for Online loans for excellent credit.
Online loans are the best option with good credit.
: Best for online loans for credit card consolidation.
: Best for online loans with fair credit.
The best online loans that are suitable for bad credit.
: Best for online loans to fund same-day.
: Best online loan for debt consolidation.
The Best Online Loans for 2023 from Our Partners
Lender
NerdWallet rating The ratings of NerdWallet are determined by our editorial team. The scoring formulas take into account multiple data points for every financial service and product.
Est. APR
The amount of the loan
Min. credit score
Find out more
SoFi on the SoFi website.
View details
The best for Online loans for good and excellent credit
7.99 – 23.43%
$5,000 – $100,000
None
on SoFi’s site
View more information
LightStream on LightStream’s website
View details
The best for Online loans for good and excellent credit
6.99 – 23.99%
Rates quoted are with AutoPay.
$5,000 – $100,000
Example of a loan An example of a four-year, $20k loan at A 13.9 APR of 13.9 percent would cost you $546 in monthly payments. You’d pay $6,208 in total interest on that loan.
660
on LightStream’s website
View details
Upgrade on the Upgrade website.
View the full details
Best for Online loans for fair credit
8.49 – 35.97%
$1,000 – $50,000
560
on the Upgrade’s website
View more information
Happy Money on Happy Money’s website
View the full details
Best for Online loans for credit consolidation of cards
7.99 – 29.99%
$5,000 – $40,000
640
on Happy Money’s website
View details
Universal Credit is available on Universal Credit’s website
View the full details
Best for Online loans for bad credit
11.69 – 35.93%
$1,000 – $50,000
560
on the Universal Credit website.
View details
LendingPoint on LendingPoint’s website
View the full details
Best for Online loans for same-day funding
7.99 – 35.99%
$2,000 – $36,500
600
on the LendingPoint website.
View more information
Discover(r) Personal loans available on Discover’s website
View details
Best for Online loans for debt consolidation
6.99 – 24.99%
$2,500 – $35,000
660
on Discover’s website
View the full details
Our recommendation for Online loans for good and excellent credit
on the website of SoFi.
View details
SoFi 5.0 NerdWallet’s ratings are compiled through our team of editors. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates as well as customer satisfaction and ethical lending practices.
Est. APR 7.99 + 23.43 percent
The loan amount is $5,000 to $100,000.
Min. credit score None
on SoFi’s website
View the full details
on LightStream’s website
View more information
LightStream 5.0 The ratings of NerdWallet are determined by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including the impact on credit score, fees and rates as well as the customer’s experience and responsible lending practices.
Est. APR 6.99 Est. APR 6.99 – 23.99% Rates are calculated in conjunction with AutoPay.
The loan amount is $5,000 to $100,000. Loan example: A four-year loan of $20,000 with an 13.9 APR of 13.9 percent will cost you $546 monthly installments. You’d be paying $6,208 total interest on that loan.
Min. credit score of 660
on the LightStream website
View the full details
Our choice of online loans for people with fair credit
on the Upgrade’s website
View details
Upgrade 5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score rates and fees, customer experience and ethical lending practices.
Est. APR 8.49 – 35.97 percent
Loan amount $1,000 – $50,000
Min. credit score 560
on the website of Upgrade.
View more information
Our top choice for online loans for credit card consolidation
on Happy Money’s website
View the full details
Happy Money 4.5 NerdWallet’s rating is decided by our editorial team. The scoring algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.
Est. APR 7.99 – 29.99 Percent
The loan amount is $5,000 to $40,000
Min. credit score 640
on the Happy Money website.
View more information
Our pick for Online loans for bad credit
on the Universal Credit website.
View details
Universal Credit 4.5 NerdWallet’s ratings are decided by our editorial team. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including the impact on credit score fees and rates, customer experience and ethical lending practices.
Est. APR 11.69 + 35.93 percent
Amount of loan: $1,000 – $50,000
Min. credit score 560
on Universal Credit’s site
View more information
Our choice for Online loans for same-day funding
on the LendingPoint website.
View details
LendingPoint 4.5 NerdWallet’s ratings are determined by the editorial staff of our website. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, including impact on credit score, rates and fees, the customer experience and responsible lending practices.
Est. APR 7.99 — 35.99 Percent
Amount of loan $2,000 – $36,500
Min. credit score of 600
on the website of LendingPoint.
View the full details
Our pick for Online credit for debt consolidation
on the Discover website.
View the full details
Discover(r) Personal loans 5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on the factors we believe to be a good choice for consumers, such as impact to credit score rates and fees, customer experience and responsible lending practices.
Est. APR 6.99 – 24.99 percent
Loan amount $2,500 – $35,000
Min. credit score 660
on Discover’s website
View the full details
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Pros and cons of online lending
It’s a good idea to weigh your options before deciding whether to go with online lenders versus in-person lender such as an institution like a credit union or bank. Certain features can differ from lender to lender but here’s a general overview of how you should expect from online loans:
Pros
Convenience: You can complete the entire loan process -from pre-qualification all the way to signing the loan from your computer , or in some instances, your phone. The most reputable online lenders offer mobile apps that you may utilize in order to control your loan.
No-risk estimates: Most online lenders allow you to pre-qualify in just a few minutes, and you can preview the estimates without affecting your score on credit. (All lenders require a before you finalize a loan.)
Simple and quick shopping: Since each online lender uses its own underwriting method, the rates can differ among lenders. Comparison websites permit borrowers to submit one application and see loan offers from multiple lenders. This is much easier than credit unions or banks that may only service loans in person or require that you visit their branches when you apply.
More than just credit score: Some online lenders look beyond the credit rating and your score in making an approval decision. They might consider your work or education background, or ask to examine some of your bank account transactions to understand your financial behavior. There are many different ways to review an application can of getting a loan if you’re new in the credit world or you have poor score.
Debt help: With some online lenders, borrowers can opt to have the loan money sent directly to creditors using a , taking away the hassle of paying for individual credit cards.
Cons
More expensive than credit unions and some banks: On average, loans from online lenders aren’t as affordable as loans from . If there is a connection with a bank, it may have better rates than lenders who are online. Compare rates from multiple lenders both offline and online before taking the loan online.
No face time Some lenders online have physical locations, but most of them only offer loans online. This could be an issue if you ever want to talk to an agent face-to-face.
The smallest loans are not available: Online loans less than $500 can be difficult to come by at rates less than 36 percent. A lot of online lenders offer loan minimums from $1,000 to $2,000. Some credit unions may be capable of providing loans for smaller amounts starting at $250.
Predators lurk: Reputable online lenders compete with the predatory lenders on online. The reputable lenders will verify your credit and your ability to pay back, and they generally have APRs that top out at 36%. typically don’t verify credit, but have to take on the risk by having an APR that is well above 100%.
>> MORE:
Are online loans safe?
The safety of online loans is contingent on the kind of lender. Always do your homework and select reputable lenders.
If you’re searching for online personal loans, these have lower rates and more manageable repayment terms, even if your credit is poor. A lot of lenders can fund loans up to $1,000 within a day after making an application.
No-credit-check payday loans and online payday loans
You can also find online lenders that offer and payday loans. Although they appear to be easy options that don’t require credit checks, these types of loans could be extremely risky with rates as high as triple three digits.
The loans that are not based on credit do not look at your credit score and could be very expensive. The loans typically range between $100 and several thousand dollars . They are repaid in fixed amounts over a period of time.
Online are a fast way to secure loans for less than $1,000, especially if you don’t have good credit. Once you’ve received your money, payday lenders typically draw directly from your bank account for payments. But these loans are not affordable, with rates of up to 400%. This could cause customers to owe more interest than the original loan.
Both no-credit-check and payday loans should be considered only as an option last resort after you’ve exhausted all other options .
How do you obtain online loans for bad credit
There are ways to qualify for online loans for borrowers who have good or bad credit. For instance, you could add a cosigner to your loan request to increase your eligibility or get a lower rate or higher amount of loan. The person who co-signs is accountable for the loan amount as well as any charges if you fail to repay.
>> MORE:
It is also possible to apply for a secured loan which requires collateral, such as your car or a savings account, to guarantee the loan. However, you may lose the collateral in case you fail to pay with the repayment.
If you don’t need the money right away You can consider steps to before applying.
>> MORE:
How to shop for an online loan
Here are a few questions to ask yourself as you search for online loans.
What is my credit score? Know your credit score before starting an application. It can give you an idea of the amount a loan may cost you and impact your budget. Some online lenders will consider other aspects, like your education history or profession along the credit scores and your history.
Are the APR lower than 36 percent? The total of the interest rate and all fees is known as the , and the APR you get depends upon your credit. Consumer advocates and financial experts agree that 36% APR is the acceptable limit for a loan to be affordable for the borrower. If a lender online has rates higher than 36%, it could be hard to manage the monthly payment even if they are able to fit into your budget.
Use a to estimate approximate rates and monthly payments for the personal loan.
Have I looked into online loan features? Some online lenders offer options like flexible payment times, an option to refinance an existing personal loan or the possibility of adding an additional co-borrower or cosigner. Take note of these features when you are looking for an online loan.
How do you get an online payday loan
Pre-qualify. Check rates with multiple online lenders and compare offers to determine the most affordable interest rate. The involves a soft credit checkthat doesn’t impact your credit score.
Select a lender and loan option. Select the loan option online that has the interest rate, monthly payments as well as the amount of the loan and the time that best fit your budget and financial requirements.
Collect loan documents. Upload the required documents, which may include the form of identification as well as documents proving income, like the pay stub, W-2 or pay slip.
Complete the application form and submit. Once you’ve understood and read the details of the loan, . If you’re approved, you could be able to receive your loan within one or two days subject to the lender.
The last update was on February 6, 2023
Methodology The review process of NerdWallet examines and scores personal loans from greater than 35 institutions. We collect over 45 data points from each lender, talk to company representatives and compare the lender to others who have the same target market or offer a similar personal loan. NerdWallet editors and writers carry out a full fact check and review each year. We we also conduct updates every year when needed.
Our stars are awarded points to lenders that offer features that are friendly to consumers, including soft credit checks that allow you to pre-qualify with competitive interest rates and no charges, transparency of rates and terms, flexibility in payment methods, speedy time to fund, easy customer service, and reporting of payments to credit bureaus as well as financial education. We also consider the regulatory actions taken by agencies such as Consumer Financial Protection Bureau. Consumer Financial Protection Bureau. We assess these elements according to our evaluation of which are most important to consumers and how they affect the consumer’s experience.
This methodology applies only to lenders who set the interest rate at 36%, which is the maximum rate that most financial experts and consumer advocates agree on as the minimum acceptable for a loan to be affordable. NerdWallet is not compensated for our star ratings. Read more about our and our .
For a recap of our choices… The NerdWallet’s Top Online Loans for 2023 : The best online loans with excellent and good credit : Best for Online loans with excellent and good credit : Best for online loans for fair credit Best Online loans for credit card consolidation : Best for Online loans that are suitable for bad credit : Best for Online loans that allow for immediate funding: Ideal for Online loans for debt consolidation
Commonly asked questions What is the most effective online loan?
The helps you reach a money goal like paying off debts or covering a large expense without causing financial strain. Rates and terms of interest generally are determined by your income and creditscore, and various lenders provide certain features that are important to you, like payment flexibility and access to your credit score.
How do I obtain an online loan quickly?
Some lending sites specialize in . Some of these lenders can get the money to you the same business day after you’ve been approved. Other lenders will be able to fund the loan within one or two business days. Compare rates from a variety of lenders to choose the one with an annual rate that is the least.
Do I have the option of getting online a loan without a co-signer?
Yes, some online lenders offer the ability to add someone who may have a better credit rating or income to your loan applicationincreasing your odds of getting approval.
About the authors Annie Millerbernd is a private loans writer. Her writing has appeared in The Associated Press and USA Today.
Ronita Choudhuri is the Personal Loans manager for NerdWallet.
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