Do you need a loan but don’t want to go to a bank to get it? Banks can have a lot of hoops to jump through to get a loan, so online loans can be an easier options when it comes to getting a loan. Many online loans will approve people with average to even poor credit, since they base their decisions on criteria other than just credit score and income. These loans also tend to offer lower interest rates and quicker approvals.

Here are some of the best options for online loans:

Best Online Loans: Personal Loans

Personal loans are the most popular online loans. While banks can make you put up collateral or have impeccable credit, personal online loan sites will look at other criteria to see if you are a good fit. Online 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 online loan sites for personal loans:

SOFI LOANS REVIEW

  • Best For: Refinancing student loans. SoFi offers refinancing to those with lower credit scores (650 and above), which makes it easier for people to get financing.
  • Interest rates: These depend on the kind of loan you are applying for, but student loan refinancing rates are generally: Fixed: 4.25 percent to 7.75 percent APR. Variable: 2.97 percent to 6.15 percent APR.
  • Loan types: SoFi is best known for student loan refinancing, but it also offers actual student loans for your (or your child’s) education. In addition, it also offers mortgages and personal loans.
  • Unemployment protection: SoFi offers up to 12 months of protection from paying on your loan if you become unemployed. This is a great feature, although some lenders offer a longer period.
  • Customer Service: SoFi is best known for its customer service skills and making loans accessible to a wider range of people.
Interest Rates Loan Length Loan Amounts STL Rating
Fixed: 4.25% to 7.75% APR.
Variable: 2.97% to 6.15% APR
3 years to 7 years Minimum: $5,000
Maximum: $100,000
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UPSTART LOANS REVIEW

  • Best for: Those who can’t get approved for a personal loan. UpStart looks a wide range of factors to approve you, and is known for approving those with 40 percent to 50 percent debt-to-income ratio, which is very uncommon for a loan company.
  • Price: Interest rates for loans from UpStart range from 6.925 percent to 29.99 percent, which is pretty standard for a loan.
  • Loan length: UpStart has a shorter loan length period than many banks, at 3-5 years, although that is still a good amount of time to pay off your loan.
  • Loan amount: Your loan amount will depend on your financial history and what you are using your loan for. Loans for paying off credit card bills will tend to be lower, while business loans will tend to be higher. UpStart’s loan amounts range from $1,000 to $50,000.
  • Criteria: UpStart determines who is eligible for a loan using a range of criteria, which include your credit score, years of credit, education, area of study and employment history.
  • Check out our full Upstart review to learn more.
Interest Rates Loan Length Loan Amount STL Rating
6.925% to 29.99% 3 years to 5 years Minimum: $1,000
Maximum: $50,000
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LENDING CLUB REVIEW

  • Best For: People with average credit. Lending Club is the most popular of the online loan services. It tends to approve more loans than Prosper because it allows people with average credit to apply.
  • Interest rates: These depend on what kind of credit history you have and if any investors want to fund your loan, but rates vary from 5.99% to 32.99%.
  • Loan types: Lending Club offers personal loans to fund everything from debt consolidation to home improvement projects, and it allows for partial loans.
  • Loan Process: You fill out an application and then your loan is assigned a grade, which informs what your interest rate will be. Once your loan is posted, investors can fund a portion or all of your loan. Just like Prosper, investors have 14 days to decide to fund your loan.
Interest Rates Loan Length Loan Amounts STL Rating
5.99% to 32.99% 3 years to 5 years Minimum: $1,000
Maximum: $40,000
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PROSPER REVIEW

  • Best For: Easy application.While not the most popular online loan site, Prosper does a great job of streamlining the online loan process. 
  • Interest rates: Prosper’s interest rates depend on your financial history and whether investors are willing to fund you loan. Its rates range from 5.99% to 36%.
  • Loan types: Like Lending Club, you can borrow money for most personal needs, from credit card consolidation to home repairs, and Prosper also offers partial loans.
  • Loan process: Fill out an online application that asks you for personal details as well as how much you want to borrow and what you are going to be using the loan for. (There are certain things that you can’t use the loan for, like student loans.) You will then go into the Prosper system and your loan will be pitched out to their pool of investors. Investors then have 14 days to help fund your loan.
Interest Rates Loan Length Loan Amounts STL Rating
5.99% to 36% 3 years to 5 years Minimum: $2,000
Maximum: $35,000
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Best Online Loans: Payday Loans

Payday loans get a bad wrap, and usually for good reason. Many payday loans are either predatory or straight-up scams. If you are hard-up for cash, however, payday loans can be the only place you have to turn to. So which payday loan services can be trusted? We did some research on short-term loans and here are the best payday loan services we found:

CASHADVANCE.COM REVIEW

  • CashAdvance.com is one of the more trusted names in payday loans, and works the same as Trusted Loan Network in that it aggregates lenders to help match the best one for you. They offer a wide range of loans and have some of the lowest APRs in the payday loan business. CashAdvance.com also does not require a credit check, but you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day.
Loan Amount APR When You Get Funds Eligible States STL Rating
$100-$1,000 14%-1564%
based on credit score,
length of loan, etc.
Next Day 37 best credit repair

CASHNETUSA REVIEW

  • CashNetUSA is one of the biggest names in short-term loans. If you are looking for just a little cash (between $500-$1000), this is a good loan company to look at. The interest rates are really high, but if your loan amount is low, like $100, you are only going to pay about $15 in interest, no matter the length of repayment. CashNetUSA does require a credit check, and you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day. Here’s our full CashNetUSA review.
Loan Amount APR When You Get Funds Eligible States STL Rating
$100-$1,000 207%-805%,
based on credit score,
history, etc.
Next Day 30 best credit repair

PERSONALLOANS.COM REVIEW

  • PersonalLoans.com isn’t a traditional short-term lender, it works more like a traditional loan. Like Trusted Loan Network, PersonalLoans.com aggregates offers from a range of lenders and banks so that you get the best possible offers. Unlike payday loan services, PersonalLoans.com will check your credit score to determine your eligibility. They generally don’t offer loans to anyone who has a score below 580. On the plus side, PersonalLoans.com’s APRs are generally a lot lower since they are more like traditional loans, and let you determine your payback schedule with your lender.
Loan Amount APR When You Get Funds Eligible States STL Rating
$1,000-$20,000 Varies based on credit score, other factors Varies 50 best credit repair

Best Online Loans: Business Loans

Traditionally, entrepreneurs went to the bank when they wanted a loan to start their new business. More and more, young start-up enthusiasts are turning to online business loans to help them fund their dream project. Here are some of the top online loans for business:

KABBAGE REVIEW

  • Best For: Flexible spending options. Kabbage grants their users a line of credit that they can borrow against, so it’s better for businesses who aren’t looking for all their money at once.
  • Interest rates: Interest rates (which they call fees) only fluctuate for the first 2 months from 1-13.5%, depending on your credit, and then are only 1% for the fourth months after, so you aren’t paying a ton on interest.
  • Loan process: Link your financials to Kabbage (bank account, PayPal account, Amazon, Etsy, eBay, etc.) and you can be approved for a line of credit within a few seconds, which makes Kabbage one of the easier loan services to get approved for. You generally get approved for a lower line of credit (depending on your financial situation) and then can work your way up to a higher line of credit based on on-time payments.
Interest Rates Loan Length Loan Amounts STL Rating
First 2 months: 1% to 13.5%
Last 4 months: 1%
6 months each Minimum: $100
Maximum: $100,000
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ONDECK LOANS

  • Best for: Those turned down for traditional loans. OnDeck takes into account the full financial story of your business, which may make it easier for some to be approved for a loan.
  • Price: The price will vary based on the size of your loan, but interest rates range from 19.99 percent to 39.99 percent, and there is an additional origination fee of 2.5 percent.
  • Loan amounts: Since OnDeck offers business loans, loan amounts are generally pretty significant, ranging from $50,000 to $250,000. How much you are approved for depends on your financial history.
  • Loan length: OnDeck offers loans from 12 months to 24 months, so you will have a good amount of time to pay back the loan.
  • Qualifications: Your business must have been running for at least a year. You also need to have a $100,000 annual revenue and at least one owner with a credit score of 500 or greater.
Interest Rate Loan Length Loan Amount STL Rating
19.99% to 39.99% 12 months to 24 months $50,000 to $250,000 optionshouse review

ABLE LENDING REVIEW

  • Best For: Large business loans or crowd-funded loans. Able Lending has a unique approach when it comes to lending. It offers Growth loans, which can range up to $1 million, which is much more than you can get with other online loans, but you will need to raise some money from backers first. Able also has a Friends and Family option that allows you to fully fund a loan from personal backers.
  • Interest rates: The APR for Able Growth loans usually ranges between 8% and 25%. If you want to get even better rates or don’t qualify for a combined loan, you can opt for full funding from your friends and family. For this, the APR can be as low as 3%.
  • Loan process: Able Lending first asks for personal and business information. Then, you get pre-approved. This takes 10 to 15 minutes altogether. Then, Able Lending analyzes your business to determine a final offer. Once the final offer is sent, you start raising backer support. Depending upon your offer, you’ll need to raise anywhere from 10% to 50% of the total loan amount for Able Growth loans (Able Lending provides the rest), or 100% for friends and family loans. Once that’s complete, you sign and wait for funding, which takes up to seven days.
Interest Rates Loan Length Loan Amounts STL Rating
Growth loans: 8% to 25%
Friends/Family loans: Start at 3%
1 to 5 years Minimum: $25,000
Maximum: $1,000,000
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