Best Online Personal Loans of April 2024

LightStream is an online-only lender offering competitive interest rates for unsecured loans between $5,000 and $100,000 with APRs of 6.99% to 25.49%. Loan terms range from 24 to 84 (or up to 144 months for home improvement loans), the longest repayment terms offered. But you must have good credit to excellent credit (at least 670) to qualify, so it might not be a realistic fit for everyone.

Apply for a personal loan on LightStream’s website and in most cases, receive a decision within the same business day. You’ll get 0.50% off your quoted rate if you set up AutoPay during your application. If approved, you will need a valid Mastercard or Visa credit card for verification purposes, although you won’t be charged.

After you’re approved, you can e-sign your paperwork. Once you set up your bank account to receive the money, the loan process is complete. If you complete your part before 2:30 p.m., you can be funded the same day.Also, LightStream is the only lender we recommend that guarantees its “loan experience.” If you’re not satisfied with the application process, they’ll give you $100 after filling out a questionnaire.

SoFi is an online lender with a straightforward application process, same-day funding and no required fees. Borrow from $5,000 to $100,000 with terms from two to seven years. SoFi offers interest rates from 8.99% to 26.31% APR along with some discounts.

On the customer service front, SoFi also offers career coaching, free investment management, and social events for its members. It’s also the only lender on this list to offer unemployment protection, which can pause your payments if you lose your job. SoFi will even help you find new employment.

You can check your rates online with SoFi in as quickly as 60 seconds with no effect on your credit score. If you like your rate, you can continue your application. SoFi’s loan application is easy to use and you’ll get an approval fast, usually within the same day. If you e-sign your paperwork and indicate where your funds should be sent before 2:30 p.m., you’ll likely be funded the same day.

PenFed is a credit union with options for online personal loans. The credit union offers loan amounts that range from just $600 to $50,000, and interest rates are lower than what you can find from most other lenders with an APR range of 7.99% to 17.99%. This maximum annual percentage rate is lower than that of any other lender on the list, which can help you save thousands of dollars throughout your loan term.

PenFed has set up their application to be as easy as possible. Check your rate online without affecting your credit score, and receive multiple loan offers. Choose the one you want, then PenFed will automatically create a membership into the credit union for you, so you’ll have access to all the benefits of membership into the country’s second-largest credit union. PenFed offers approval as fast as the same day, and after you sign your loan, you can get funded in 1-2 business days.

Online personal loans from Discover offer competitive interest rates. The lowest available APR, 7.99%, is one of the lowest on the list. Personal loans range from $2,500 to $40,000, with APRs up to 24.99%, and terms last three to seven years for additional flexibility. Discover offers free perks for customers, including credit monitoring and online privacy protection – which can give you assistance in removing your personal information from up to 10 websites at no additional cost. It’s a helpful offer, especially from an online lender.

Some online personal loan lenders only work with borrowers in select states, but Discover’s online personal loans are available nationwide. If you’re struggling to find providers in your state, Discover might be a feasible option. 

First, check your rate with no impact on your credit score. If you like your rate, continue your online application, decide how much you’d like to borrow and your terms, and find out if you’re approved quickly, usually the same day. Once you’re approved, use your mobile phone or computer to accept your loan. Sign your loan documents and set up your funding and you’re all set. Because Discover is fully online, they have a robust customer service department with U.S.-based agents to help with any questions you might have.

Upstart connects borrowers with banks and other lenders as an online lending platform. Their range of interest rates is the widest on our list, from 7.8% to 35.99% APR*. Personal loan amounts range from $1,000 to $50,000**, and terms are for three or five years. There aren’t any penalties if you pay off your balance early, but you might have to pay an origination fee.

Upstart considers education*** and work history for loan approval and lends to people with credit scores as low as 300, so you might have a better chance of qualifying for a loan with Upstart over other companies if you have subpar credit.

Upstart (along with Upgrade) is unique among our recommended lenders as it does not directly fund loans, but instead offers a lending marketplace where you receive offers from several lenders for a personal loan and you can choose your favorite. Check your rate within five minutes with no impact on your credit score****.

To apply, you’ll provide information about your education, work experience and how the loan will be used. Most applications are approved within the same day and once you sign and accept your loan terms, funding can happen within 24 hours*****.

U.S. Bank offers online personal loans, but the loans are best suited for existing customers. Non-customers must have a higher credit score to qualify and will receive access to lower loan amounts and shorter terms. On the other hand, customers can borrow up to $50,000, and terms range from 12 to 84 months with interest rates ranging from 8.24% to 24.99% APR.

If you’re a customer, U.S. Bank offers the fastest funding on our list. U.S. Bank’s online application takes just a few minutes to complete. You can apply with a co-borrower, and you’ll need your Social Security number, address and employment details. Once you’re approved, which can be as fast as a few minutes, you can benefit from funding within a few hours.

Online personal loans from Upgrade have two- to seven-year repayment terms, and you can borrow from $1,000 to $50,000. APRs are high, at 8.49% to 35.99%, but there are extensive rate discounts.  Origination fees of 1.85% to 9.99%, which are taken directly out of your loan proceeds, will unfortunately offset your savings. Upgrade offers discounts for autopay, direct pay for debt consolidation loans and opening a new account. They also have a discount for active-duty military

Upgrade has an online platform where it presents multiple offers from its lending partners, the only lender apart from Upstart to present offers from multiple lending institutions. You can check your rate with no impact on your credit score, then choose one of the offers you’ve qualified for. Fill out an application online, accept a loan offer and designate where you want funds to be sent. Funds will be deposited within one business day.