Best Online Loans & Lenders

Why go with a loan instead of using credit cards? Online loans are in many cases a better option than credit cards because they can offer lower rates as well as greater funding than some credit cards. An exception to this is often payday loans. Generally, payday loans come in with a higher interest rate and lower amount of funding than many credit cards. Payday loans can be helpful to people who don’t qualify for a credit card but need a little bit of money to carry them through a rough patch.

We’ve compiled information on the best loan websites and lenders offering personal, payday and business loans all in an effort to help you find a good fit for your circumstances. You can read reviews about each of the online loan companies, find out how the lenders work, learn what sets them apart, and get a good idea about which one is right for you.

Personal loans are the most popular of online loans. While banks can make you put up collateral or have the highest credit score, sites that offer online personal loans will look at other criteria to see if you are a good fit. The best online personal loans also tend to have lower minimum loan amounts, so if you only need a small loan, you don’t have to borrow more than you need. Here are our favorite sites for personal online loans:

• Student loans and refinancing student loans: SoFi
• Loans for those having a hard time qualifying elsewhere: Upstart
• Low interest rates: Prosper, LendingClub
• Low APR and flexible payback: PersonalLoans.com

How Does SoFi Work?

SoFi is a wealth management and lending company that prides itself on offering lower interest rates for lenders. They’re able to keep costs low by having low overhead, operating only digitally and being selective about membership. They pass on those savings as lower interest rates to customers who use their online loans.

SoFi’s online loan offerings include:

• Student loan refinancing
• Mortgage lending
• Mortgage refinancing
• Personal loans
• Parent loans
• Parent PLUS refinancing

SoFi also offers wealth and asset management.

What Makes SoFi Stand Out?

SoFi’s claim to being the best provider is partly because they see their members as people who want to achieve financial greatness; they see themselves as a product in helping members achieve that goal. Their CEO even takes time to personally respond to many customer service inquiries.

They also eschew the traditional practice of seeing members as just a number. They see their customers as more than just a FICO credit score, and instead select members based on where they’re at now, their education level, and where they want to go in their careers. If you do, however, want to improve your FICO score in order to get a better loan, you can try one of the best credit repair companies to help.

SoFi also offers many unique services for its members, including unemployment protection, wealth advisement and career strategist sessions for new graduates.

Common SoFi Reviews

“My experience with SoFi has been wonderful. They had competitive rates, excellent customer service and an easy process using the latest technologies—I was able to e-sign most of my mortgage documents right from my phone. The SoFi mortgage consultant was fantastic. She went above and beyond in terms of customer service and responsiveness – we really felt like she was there to help.” –Kyle Lui, mortgage lender

“Not only was the SoFi personal loan interest rate really attractive, but the process was so easy and the turnaround was extremely fast, enabling me to meet a tight payment deadline. This loan is allowing me to take advantage of an amazing opportunity without spending a fortune on interest in the process.” –Susan Devine, personal lender

“I tell everyone about SoFi—it’s the easiest thing. Before, I had three different loans and it was frustrating. Now I pay one, and I’m saving 2% in interest every month.” –Dr. Jared Pool, student loan refinancer

Is SoFi for Me?

SoFi is one of the best options for people with a strong financial history and balanced monthly income and expenses. Educational and career experience is a bonus.

SoFi is also good for people who want to manage their lending experience online, and aren’t interested in having face-to-face, in-person interactions with a lending advisor.

How Does UpStart Work?

UpStart is a company offering a good option to help consumers refinance existing debt or borrow new loans to pay for personal and educational expenses. Its approach is rooted in new technology that uses machine learning and artificial intelligence to identify risk and match qualifying consumers with good loan options.

UpStart’s financial products include:

• Refinancing: credit card and student loan debt, debt consolidation
• Lending: medical and personal expenses, large purchases like a home or car, student loans, entrepreneurial expenses
• Peer-to-peer lending

In addition to offering consumer loans and refinancing, UpStart also uses a software-as-a-service model to license its technology to banks, credit unions and other financial technology companies.

What Makes UpStart Different?

UpStart is great when it comes to technology. UpStart is the first online lender platform to use artificial intelligence and machine learning to automate borrowing. Its engineers have built software that learns from itself and improves over time to make lending faster and easier for UpStart, and thus more affordable for its customers. This software is better able to identify risk, meaning Upstart doesn’t rely solely on (and customers aren’t entirely beholden to) FICO credit scores.

Common UpStart Reviews

UpStart prides itself on having the industry’s highest consumer ratings, according to its website. While its written customer reviews online are mixed, its ratings on some leading financial sites remain high. These include:

• 4.0 out of 5.0 stars on NerdWallet
• 4.5 out of 5.0 stars on MerchantMaverick
• 4.8 out of 5.0 stars for application process on Credit Karma
• 5.0 out of 5.0 stars for customer service on Credit Karma

Is UpStart for You?

You might be a good UpStart customer if you have a full-time job with regular income and little to no personal credit history. You might also be a good candidate if you’re looking for a loan or refinancing plan quickly; UpStart’s time to funding is typically one to three business days.

UpStart offers a unique loan for people to attend their coding boot camps; UpStart may be for you if you’re looking to explore a career in programming and also need financial support for education expenses.

How Does Prosper Work?

You can think of Prosper as sort of a middleman between you, the borrower and the investors who actually provide money for the loans as an online investment opportunity. These types of loans are referred to as peer-to-peer loans. Investors agree to provide an amount of money to a borrower and receive interest in return as the money is paid back. Prosper takes a 1 percent origination fee of the loan amount.

If you are interested in applying for a loan from Prosper, you need only to provide some information online. Prosper will run a soft credit check, which won’t affect your credit score. Your credit will determine the interest rate you can receive on a loan, which can range anywhere from 5.99 percent to 35.99 percent APR, though most loans are granted with rates at the lower end.

A bank statement or other supporting documents might also be required before the loan is approved. Approval can be granted in as little as 24 hours, and always within a week. Once approved, the cash is deposited into your bank account.

How Is Prosper Different?

Many people are attracted to Prosper because of the low-interest rates on the loans, as well as how quickly you can receive the loan. Fixed payments on loans also mean there is no danger of the rates rising at any point during the life of the loan, and aside from the origination fee, there are no other hidden fees.

You also have the option to pay back the loan early without any penalty, and easy rate terms of three to five years provide you with a payment schedule that you can handle.

Common Prosper Reviews

The majority of Prosper reviews state that it is an excellent source for quick loans at low rates. Many borrowers are happy with the rates they received and how quickly the loan was approved. Reviewers state that using Prosper for online loans saves a lot of time and hassle going to banks or other lenders, and saves a lot of money on credit card interest payments as well.

Is Prosper Right for You?

Prosper is an ideal source for loans for anyone needing cash quickly for a variety of reasons, such as home repairs, paying off high-interest credit cards or even purchasing inventory for a small business.

How Does Lending Club Work?

Because the money for Lending Club’s online loans comes from investors, the loans are known as peer-to-peer loans. This structure keeps the interest rates on the loans much lower than for those received through other sources.

When seeking a loan through Lending Club, the first step is to fill out a short online form. With the information you provide, Lending Club will perform a soft credit check that won’t affect your credit score.

Your credit score determines whether you can be approved for the loan amount and what interest rate you will pay. A low credit score does not necessarily mean you will be turned down for a loan, but you will be given a grade based on your possible risk of defaulting on the loan.

Once you have been approved, you will need to provide a few more details, such as your Social Security number. You may also need to provide a bank statement or other supporting documents.

Loans are typically granted for 36 months, but can choose a shorter time frame if you wish. There will also be a small fee based on the size of the loan.

What Makes Lending Club Special?

The low interest rates on Lending Club’s online loans can save you a significant amount of money. There are no penalties for prepayment and no hidden fees.

Additionally, the rates are fixed, meaning they will never go up, even if you miss a payment (although there will likely be late fees).

The speed with which you can receive funding is another reason people think of Lending Club as a source for the top online loans. The money can be deposited into your account in as little as 24 hours and typically in less than a week.

Common Lending Club Reviews

Because of the ease of applying for a loan, the fact that all loans are typically 100 percent funded, the low rates and the easy payback terms, Lending Club garners a lot of great reviews.

Is Lending Club the Loan Site For You?

Lending Club is a great option for a loan for several reasons. You can use the loan to pay off high-interest debts, purchase inventory and supplies for a small business, make home repairs and renovations, or even fund a family vacation at a much lower interest rate than you would pay if you used a credit card.

How Does CashAdvance Work?

Short-term, low-value loans are the name of the game when it comes to the CashAdvance formula. This online lender claims to offer good loans of $1,000 or more in record time. The creators of this innovative service focused on streamlining every phase of the lending process by utilizing a fully automated online system. When you need to obtain a limited amount of cash within one business day, you may want to turn toward this program to acquire those funds.

To qualify, you simply apply through their secure website using an online form that is processed as soon as you hit submit. Your information remains protected by three encryption agencies while the company reviews your financial status and returns a prompt decision. To avoid wasting your time with the application process, you should verify that you meet their qualification requirements before applying. In short, you must be employed for at least 90 days, make over $1,000 a month and have a valid checking account open in your name.

If you are struggling with debt, you can also opt for a debt relief company. Our top picks including Freedom Debt Relief and its competitor Accredited Debt Relief.

What Makes CashAdvance Stand Out?

CashAdvance stands out by putting the lending process in your hands by returning a list of lenders once you qualify for the loan. You can review the fees and conditions for each lender to find the one that meets your expectations. By selecting a lender from the list, the requested funds will be delivered to your bank account within one business day. If you cannot identify the lending terms and fees that you want, you can simply cancel the transaction without penalty.

Common CashAdvance Reviews

CashAdvance supporters cite the quick application process and minimal need for financial information as a huge reason they choose this lending service. Their rapid decision process and nearly immediate delivery of funds also give supporters a reason to celebrate this company. The fact that borrower information remains secure while applying for the online loans makes this company a great bet for those in need of funds fast.

Is CashAdvance for Me?

If you need a small loan and meet the lending qualifications, then CashAdvance likely offers one of the best online loans to pursue for your situation. You must be willing to carefully review the terms and fees for each offered lender to ensure you can meet their conditions without worry. Otherwise, your loan could end up in default and prevent the acquisition of other lending products in the future. Consider this loan program whenever you need emergency funds delivered to your bank account in just one day.

How Does CashNetUSA Work?

CashNetUSA is an online lender that helps consumers in need of fast short- and long-term lending solutions. In some cases, CashNetUSA is a direct loan provider. In other instances, CashNetUSA serves as a loan broker, helping its customers find third-party lenders for their needs and financial status.

The company’s products include:

• Payday loan: a short-term lending option that’s repaid upon your next payday.
• Installment loan: a medium-term loan that’s repaid in installments over the course of four to twelve months.
• Line of credit: a longer-term funding solution with several repayment options that extend beyond shorter-term payment and installment loans.

What Makes CashNetUSA Unique?

CashNetUSA’s claim as the top loan solution is based on its speed. They boast a quick online process and near-immediate access to funds. Their application process takes only a few minutes online and doesn’t affect your traditional credit score. Algorithms determine whether you qualify for a loan instantly during the application process. Then, funding is available as early as the next business day.

Is CashNetUSA the Right Choice for You?

You might be a good candidate for one of CashNetUSA’s online loans if you’re in need of a loan in the next day or two, and you want a fast digital experience.

To be eligible to become a CashNetUSA customer, you must be 18 years or older, have been employed for at least one month, have an active checking account, and be a U.S. citizen or permanent resident. CashNetUSA’s product offerings are different for every state. To see if they offer the loan type you need in your state, visit their website.

How Does PersonalLoans.com Work?

The creators of PersonalLoans.com designed their system to offer the top short-term loans available today. The system offers loan products from a variety of lenders that meet your precise expectations. Upon selecting a lender, you can quickly receive the requested loan funds to fulfill your personal or professional needs. Once you are matched with a lender and complete their application process, you will receive your funds within a week at most.

PersonalLoans.com allows you to quickly acquire loan funds from an approved lender. You have to fill out the online application to help the system identify the lending programs that meet your unique needs. In moments, you have the opportunity to review the loan terms and fees to select an online lender from the list. You will then travel to the lender’s website to fill out a loan application. Once you are approved, you can receive up to $35,000 from the selected lender.

What Makes PersonalLoans.com Different from Others?

The PersonalLoans.com platform matches borrowers with lenders of all kinds. The offered lending programs include peer-to-peer, personal installment and bank loans. You must indicate your level of need and loan purpose to receive a unique list of lenders to choose from on your journey toward the acquisition of rapid funds. The matching service is provided to you at no extra charge to help lesser-known lenders reach their target audiences.

Common PersonalLoans.com Reviews

Borrowers love the pre-approval process offered through PersonalLoans.com. This process allows you to find out if you will likely qualify for the loans before completing the application for the lender in question. Borrowers enjoy comparing the loan terms on the listing page to easily select a lender that meets their expectations. Although the system indicates up to a week’s wait for the approved loan funds, some borrowers have received their deposits within just a single day.

Will PersonalLoans.com Meet Your Needs?

If you need moderately-sized online loans fast, PersonalLoans.com can fulfill that need in record time. You must be willing to move through the pre-screening process to identify your ideal lender. Although an additional application step is required, the entire process is designed to be completed within 20 minutes. With your options listed during the pre-screening process, you are sure to find the program that will best support your personal and professional endeavors by going through PersonalLoans.com.

How Does OnDeck Work?

The OnDeck lending program allows you to secure up to $500,000 in loan funds by completing a simple online application. You can even acquire smaller loans and lines of credit using the same application process. The loan structure benefits small to large companies looking to maneuver through down periods without impeding their business operations. If you are trying to keep your business afloat during hard times, OnDeck offerings may offer you the support you need.

To apply for a loan from OnDeck, you just need to head over to their website or pick up the phone. You can complete the short online or phone application in just 10 minutes and receive a decision within one day’s time. To qualify, you must meet the eligibility restrictions, which include a close look at your credit score. If you have a credit score of over 675 and show the means to repay your loan, you will likely qualify to receive the requested funds.

What Makes OnDeck Different from the Rest?

The most impressive aspect of OnDeck is the sheer speed of delivery for the requested funds. From filling out the loan application to receiving the funds, you will only have to wait up to three days. Once you qualify for the funds, you sign the contracts online using a digital signature process to initiate the receipt of the requested loan. This level of service allows you to promptly respond to downturns in your business sales without interrupting or ceasing your daily operations.

Common OnDeck Reviews

The speed and efficiency of the OnDeck loan process is cited most often by business owners who receive funds from this lender. Their incredible level of customer service often comes up next. Their loan officers even check back with you throughout the lending process to ensure their service met or exceeded your expectations. Borrowers recommend quick repayment of the loan to keep the total paid interest minimized.

Is OnDeck the Best Option for You?

If your company regularly experiences periods of low cash flow, you may benefit from OnDeck. Their program allows you to secure the funds you need quickly and conveniently, so you can continue your regular operations. You just need to commit to paying the funds back weekly to fulfill the loan repayment requirements by the deadline. If used correctly, the online loans from this company can prove to be a great resource in keeping your company afloat during tough periods.

How Does Kabbage Work?

Kabbage is a small business online loan provider that offers lines of credit up to $150,000 for qualifying customers. It claims to provide the best option for small businesses by offering convenient access to funding and quick, no-cost applications.

The company believes that small business loans should be easy to access and simple to manage. It promises a simple monthly fee structure and no hidden costs. This has already helped support small businesses with $3 billion in loans.

What Differentiates Kabbage?

Kabbage not only looks at your credit score, but also assesses your business performance when determining your qualifications and funding level.

The company uses its revenues to offer entrepreneurial scholarships and makes contributions to nonprofit organizations.

It is also recognized for its end-to-end customer support and commitment to providing a quality user experience through a convenient digital app, and meaningful voice and email support.

Common Kabbage Reviews

“Kabbage is the first alternative lender I’ve seen with great terms. Unlike with some other lenders, I knew exactly what my payments would be up front.” – Cristina, Accountingprose

“With my first short-term loan from Kabbage, I funded a campaign to reach my year-end goals without having to tap into my cash flow.” – Margaret, The Anroma Group – SocializeLA.com

“Kabbage gave me the extra working capital I needed during a slow period to purchase holiday inventory and to cover payroll as I hired new staff.” – Amy, The MacSpa

Kabbage also has an A+ rating with the Better Business Bureau and is backed by a Trustpilot rating of 9.2.

Is Kabbage What You Need?

A Kabbage loan might be right for you if you’re running a small business and need a loan of $150,000 or less to take that business to the next level. To qualify for a small business loan with Kabbage, you have to meet the following minimum qualification requirements:

• You’ve been in business for at least one year
• You’ve seen business revenue of $50,000 in one year or $4,200 per month for the last three months
• You can repay your loan in six to 12 months

How Does Able Lending Work?

Able Lending has stepped up to the lending plate with a winning formula. You have to fund a part of the loan before you can get the rest of it. Once you crowdfund a portion of the loan money, you qualify for the remainder, delivered as a one to three-year loan product. This innovative loan program breaks away from the banking formula to free up loan funds for those who may not meet those strict requirements.

You must complete the application online to begin the qualification process for Able Lending. To qualify for their lending program, you must own a business that has been in operation for at least six months. You must also meet the strict revenue requirements, which likely totals less than one million dollars made each year. This lender utilizes a strong algorithm to confirm that your financial history proves you pose little risk of default and have the means to pay back the loan.

What Makes Able Lending Stand Out?

Able Lending asks you to crowdsource the first 25 percent of the funds. You can source the initial funds from your family, friends or community members by organizing fundraising campaigns or simply asking for donations. Once you go through the qualification process, you are given time to find at least three backers who will offer you at least $1,000 each.

Common Able Lending Reviews

Able Lending supporters tend to celebrate the unique lending process that allows them to obtain funds they might not otherwise qualify for through traditional programs. The fair repayment terms and low interest rates add another layer of benefits for borrowers. By sourcing the initial funds from their surrounding network, business owners report the development or growth of a strong backing from their community, family and friends.

Is Able Lending for Me?

If you do not qualify for traditional loan products, Able Lending could be a good choice. You must be comfortable requesting the initial funds from your supporters. In addition, it is important that you are able to repay the loan in full by the end of the set term. If you can fulfill the requirements, Able Lending may be a good option.