What is an online loan?
Online loans assist hardworking Americans to borrow money fast. Going to the bank for a loan regularly capacity losing hours (or even days!) ready to be permitted and receive funds. With an online loan, you can apply online and shortly receive an approval decision, often within minutes. You’ll additionally receive the cash quickly. An online loan should be the right choice for every person who wants fast cash and can repay the loan with normal payments. Online loans can also assist if you’re working on (re)building your credit.

What can you use an online loan for?
Whatever you need! In most cases, people take out online loans when they’re struggling to cover sudden expenses like car repairs or hospital payments or if they want greater cash for a unique event, like a down price on a car. Other people use online loans to pay off deposit card balances or consolidate debt.

How do online loans compare to loans from a standard brick-and-mortar lender?
Both online lenders and regular brick-and-mortar banks provide non-public installment loans. After you follow and are approved, an installment loan allows you to borrow a fixed quantity of cash which is delivered in a lump sum. Then, you make usually scheduled payments to repay the lump sum plus interest.

Although each alternative provides loans with similar structures, your trip as a borrower is pretty different with an online lender than with a standard lender. Here’s how it works at a standard nearby bank:

You have to go to the lender in individual and hand over paper copies of pay stubs and a lengthy listing of different non-public information.
The bank analyst then begins a credit review, which can take up to a number of days.
Next, the bank receives again you with an offer, letting you be aware of how a whole lot they’re inclined to lend you and at what interest rate.
After you’ve been absolutely approved, you get hold of the funds by wire switch or check, which may want to take a couple of days.
Things are a good deal faster and simpler when you borrow from online loan companies. To get a loan online, here’s how it commonly works:

You enter basic personal information into an online application typically much fewer statistics than what’s required by using a brick-and-mortar lender.
Thanks to technology, your online loan application can be reviewed in actual time, so approval takes simply minutes.
You’re greater probable to obtain a competitive interest rate since there are many online lenders and it’s easy to keep around.
After you’ve been wholly approved, you can get hold of money in your checking account as quickly as tomorrow.*

How are RISE online loans different?
For many people, online loans from rising are a great way to get quick money and begin building a higher tomorrow.

Here’s what makes RISE different:

Choose your terms: Once permitted for a certain amount, tell us how a lot you choose to borrow. Our loan amounts vary from $500 to $5,000 relying on your country of residence. Use our Design Your Loan feature to pick payment dates that are convenient for you.
Receive cash quickly: Applications processed and accepted before 6 pm ET is commonly funded electronically the next business day.
Build credit: We’ll supply you instantly get the right of entry to your deposit score plus free credit alerts and financial education equipment to assist you to build higher cash habits and enhance your economic future.
Progress to higher rates: We agree with a brighter financial future starts with getting entry affordable credit. That’s why we’ve dedicated ourselves to lowering our rates. So a long way we’ve dropped the charges of extra than 150,000 customers! On-time payments deserve to be rewarded.

How do you apply for an online loan from rising?
Applying for an online loan from rising is speedy and easy. Just a few matters are required to apply:

You are at least 18 years old (19 in AL)
You stay in a state we service
You have a job or everyday source of income
You have a lively and valid checking account (savings and prepaid accounts are now not accepted)
You have an email address to receive account information

After you submit your online loan application, the results will be available in a rely of seconds upon. In some cases, we may additionally want to ask for extra information or proof of income before your utility can be approved. Once approved, you choose how much you favor to borrow (based on your approval quantity and country of residence). In the event we are unable to approve your application, we’ll provide you with a cause for denial.

How can you shop for an online loan?
When purchasing the best online loan, it’s a good thought to compare the interest rate, charges, and annual percentage rates (APR). Some matters to look out for are prepayment penalties and automatic rollovers. It’s additionally a good thought to check a loan’s term and price timetable beforehand.


Investopedia’s Rating4.7

LEARN MORE Why We Chose It

SoFi offers an exceptionally low minimum APR along with flexible loan amounts and terms, making it an excellent choice for borrowers with good credit.

Pros and ConsPros

  • High maximum loan amount: $100,000
  • No origination fees, late fees, or returned payment fees
  • A variety of discounts and bonuses for members


  • High minimum credit score requirement: 650
  • Large loans may take longer to process


SoFi is an online lender offering personal loans in every state except Mississippi. If your credit is good enough, 650 or higher, it’s an excellent choice thanks to its low minimum APR and lack of fees. Loan rates start relatively low, although you’ll need to take advantage of two discounts to get the lowest rate. You’ll get a 0.25% interest rate discount for setting up autopay, and another 0.25% discount for setting up direct deposit.1 SoFi allows you to pre-qualify and check your rate with no impact on your credit.

Loan amounts start higher than most lenders, ranging from $5,000 to $100,000. Minimum loan amounts may vary by state. You can choose repayment terms of 24 to 84 months, which gives you a bit longer to pay than some other companies.1 But remember that the longer you take to pay, the more you’ll pay in interest.

There are no prepayment penalties, which isn’t unusual, but SoFi stands out for not charging any late or returned payment fees, either. That doesn’t mean there are no consequences for paying late: If you fail to pay on time or in full you may default on your loan agreement, and this could have severely negative effects on your credit and overall finances.2

SoFi delivers loans faster than most, offering same-day funding for eligible borrowers. The lender states that 87% of typical loan applications signed before 7 p.m. on a business day were funded on the same day, aside from Direct Pay loans and refinancing (for a period in 2021). But loan disbursement may take several business days in other cases, and loan amounts over $20,000 may require more underwriting review time.

Satisfied borrowers report via Trustpilot that SoFi’s customer service is generally helpful, and appreciate the competitive APRs and fast funding times. Reviews tend toward the negative overall, however, and unhappy customers share difficulties qualifying for loans and slow response times from the SoFi support team.4


Investopedia’s Rating4.3

LEARN MORE Why We Chose It

Qualifying for a loan with bad credit can be difficult, but Upgrade’s low credit score requirement of just 550 and minimum loan amounts of $1,000 is good for those with less-than-stellar credit.

Pros and ConsPros

  • Low minimum credit score requirement
  • Discounts for autopay and direct payments to creditors
  • Excellent customer reviews


  • Must pay an origination fee of 2.9%–8.0%
  • No, refinance option


Unlike some lenders for bad credit, Upgrade provides relatively inexpensive loans with generous terms and perks, like low APRs, several discounts, and some extra time before payments are counted late. Borrowers with bad credit usually get higher interest rates, but Upgrade allows co-signers to help you qualify and/or get a better rate. You can get one discount for setting up autopay, and another for paying off a portion of your debt directly when consolidating. And with some extra work, you can get a 20% rate reduction by opening a new Upgrade reward checking account.

Upgrade loans come with an origination fee of 2.9%–8.0%, and if you have poor credit your fee may be on the higher end of that range. Late and returned payment fees are a bit more forgiving than average—payments made more than 15 days late will be charged up to $10, and returned payments will be charged $10 as well.

Upgrade’s minimum loan amount of $1,000 is one of the smallest among lenders we reviewed, with a maximum of $50,000. Small loan options are useful because you don’t have to borrow any more than you need, reducing the chance of getting caught with more debt than you can payback. You can choose up to 84-month repayment terms for your loan if you need it; the shortest possible term is 24 months.

You can check your pre-qualification status with Upgrade before applying, without damaging your credit score. Depending on your financial circumstances, Upgrade may offer you a secured loan as well as an unsecured loan.

Upgrade has stellar ratings on Trustpilot, with a score of 4.7/5. Most reviewers thought the loan application process was fast and easy, and just about everyone seems to think customer service is helpful and friendly.9


Investopedia’s Rating4.2

LEARN MORE Why We Chose It

Many lenders today offer next-day funding, but Rocket Loans is one of few companies to boast same-day funding for personal loans. Note, however, that not every borrower may receive the funds the same day they apply.

Pros & ConsPros

  • Same-day funding for eligible borrowers
  • Low minimum credit score requirement: 580
  • Available in most states


  • No joint applications or co-signers allowed
  • An origination fee of 1%–6%
  • Won’t send loan funds directly to creditors


If you’re facing an emergency or need to pay off creditors before the due date, you may not be able to wait a few business days to get a loan. Consider Rocket Loans, which may be able to deposit your loan proceeds in your bank account the same day you apply. But this depends on Rocket Loans’ ability to verify your personal and bank information, and any processing time by your bank, so it may take longer.10 And note that Rocket Loans won’t send funds directly to your creditors you’ll have to do that yourself.

All personal loans from Rocket Loans have the same APR range, and the same terms (36 or 60 months). But when applying you’ll be asked to explain why you need the loan; you can choose from debt consolidation, home improvement, auto services, and others, which could include personal expenses or travel, for instance. 

You’ll pay a one-time origination fee of 1%–6%, and this fee is deducted from the loan proceeds, so take this into account when specifying how much money you’d like to borrow. Late payment fees are $15, but you’ll get a grace period of 10 days after your due date before payments are actually counted late. Take note that payments made after 2 p.m. ET will be counted on the next business day, which isn’t typical. Returned payments will also be charged $15 each.

Rocket Loans is widely accessible, offering personal loans in 47 states; Nevada, Iowa, and West Virginia are excluded.13 You can check your rate before applying without damaging your credit, and if approved, you can take advantage of a small discount by setting up autopay for your loan payments. You won’t be able to change your due date.

On the consumer review site Trustpilot, Rocket Loans has an almost perfect score with an “Excellent” 4.9/5 star rating. Happy customers speak well of just about everything to do with the loan process, from the application to the funding times to the customer support.14 These reviews stand out all the more when you consider how poorly most banks fare.


Investopedia’s Rating4.3

LEARN MORE Why We Chose It

Discover checks all the boxes if you need a debt consolidation loan: reasonable APRs, quick funding, and payments sent directly to creditors.Pros & ConsPros

  • No origination or administrative fees
  • Will send payments to creditors or deposit them in a bank account
  • Next-day funding


  • No joint applications or co-signers allowed
  • Relatively low maximum loan amount
  • No discounts available


If you’re struggling to pay down multiple debts or credit cards with high-interest rates or you’re overwhelmed by monthly payments, consolidating your debts with a single personal loan, ideally at a lower interest rate, could save you money and give you peace of mind. Discover offers convenient debt consolidation loans that can help you gain some control over your finances.

If your credit score and/or income have improved since you originally took on the debt, a debt consolidation loan could be a wise move. Discover allows you to check your rate without hurting your credit, giving you a chance to see if applying would be worthwhile. Although the maximum loan amount is relatively small, at $35,000, this may be plenty for many borrowers. If it’s not enough, you may still benefit by refinancing a portion of your debt with Discover. Loan terms range from 36 to 84 months.

Loan proceeds can be sent as soon as the next business day after approval, either directly to your creditors or deposited in your bank account. Take note that Discover personal loans can’t be used to pay off secured debt, Discover credit cards, or post-secondary education.

Discover’s personal loans are available in all 50 states and Washington, D.C. The lender doesn’t disclose a specific credit score requirement, but it does require an income of at least $25,000 to be considered for a loan. You can apply online or by calling (866) 248-1255. Interestingly, Discover offers a money-back guarantee if you decide you don’t want the loan within 30 days, return the money by check, and the loan will be canceled. You’ll get a full refund for any interest charges.

Like many big banks, Discover’s customer reviews are decidedly not good. Trustpilot gives it 2.0/5 stars, with 75% of reviews giving the lender a “Bad” rating. Although some people are simply upset they weren’t approved, and many of the complaints are about credit cards, many others voice concerns about unhelpful customer support.

Comparing Online Personal Loan Lenders

With so many online lending platforms to choose from, it can be difficult to identify the provider that best fits your borrowing needs. Consider these factors when comparing online personal loan lenders:

  • APR range: Personal loan APRs generally range from 2% to around 35% or higher, with the most competitive rates reserved for the most qualified applicants. Where possible, pre-qualify with lenders to see the rate you’re likely to qualify for before applying and undergoing a hard credit inquiry. 
  • Loan amounts: Depending on the lender, online personal loan amounts start as low as $500 and extend up to $100,000. Consider how much you need to borrow and choose a lender that’s willing to extend as much—or as little—as you can comfortably afford to repay. Many lenders offer online payment calculators to help determine the monthly cost of various loan amounts. 
  • Repayment terms: Loan terms are generally between 12 and 60 months. However, some lenders offer lengthier or more flexible terms than others. Keep in mind that shorter repayment terms result in larger monthly payments, and choose a lender with terms that fit your budget. 
  • Ease of application: Online lenders have convenient application processes that don’t require visiting a branch in person. Still, some lenders have more rigorous applications than others. What’s more, minimum qualification requirements vary by lender, so it’s important to choose a provider that’s likely to approve your application. 
  • Funding speed: If you need the money quickly, compare loan options based on each lender’s standard funding speed. While some offer same-day funding, next-day disbursements are more common and others take several business days to process. Keep in mind that the time it takes to receive funds can depend on your financial institution. 
  • Lender reputation: Before committing to a lender, read online reviews and, where possible, talk to friends and family who’ve already worked with that financial institution. Reviews can offer valuable insight into how long the approval process takes, the quality of the lender’s customer support team, and whether average borrowers actually qualify for competitive rates.

How to Apply for a Personal Loan Online

The application process for online personal loans is lender-specific. However, most lenders follow the same general application and underwriting process. Follow these basic steps to apply for a personal loan online:

  1. Complete an online application. Navigate to the lender’s website and start an application by providing necessary information such as employment and income details, Social Security number, loan purpose, and how much you intend to borrow. Depending on the lender, this may involve pre-qualifying to see the rate you might receive, which usually doesn’t require a hard credit check. 
  2. Review and accept the loan offer. Some online lenders provide multiple loan offers based on the information provided as part of pre-qualification. After pre-qualifying, select an appropriate loan offer to continue your application and verification process. 
  3. Await verification and approval. Once you choose a loan offer, the lender will conduct a deeper review of your application and begin the verification process. This is generally the point at which a lender performs a hard credit inquiry, which will appear on your credit reports and can impact your credit score. You may need to submit additional documentation to verify your income and employment.
  4. Receive funds. After verifying your loan application, the lender will disburse loan funds to the account specified in your application or directly to your creditors. Depending on the lender, funds may be available as soon as the same day, while other providers may take several business days to disburse funds. From there, most lenders let customers manage their accounts through an online portal or mobile app.

What Are the Benefits of Getting an Online Personal Loan?

Just like a traditional loan, online personal loans can provide cash when it’s needed most. However, online loans offer many advantages over borrowing from a brick-and-mortar lender. The main benefits of getting an online personal loan include:

  • Ability to quickly pre-qualify for a rate without a hard credit inquiry
  • The convenient online application process
  • Less strict qualification requirements
  • Competitive rates and fees
  • Accelerated approval and funding times

Is It Safe to Get a Personal Loan Online?

Getting a personal loan online is as safe as getting financing from a traditional bank, as long as the lender has a secure website and is otherwise reputable. Before submitting personal information online, prospective borrowers can confirm that the lender has an up-to-date SSL certificate, and all data is adequately protected via encryption. Applicants can also read reviews and look up complaints lenders have received from agencies such as the Consumer Financial Protection Bureau.

Can You Get an Online Personal Loan With No Credit Check?

Finding an online loan with bad credit can be difficult. If you’re searching for bad credit loans, you may find lenders that advertise “no credit check loans” or “guaranteed approval.” Any such promises should be a red flag. According to the Federal Trade Commission, a lender that isn’t interested in your credit score or history might be running an advance-fee loan scam.

Can I Get a Personal Loan Online Instantly?

Many online lenders offer instant approval (if you can qualify) when you apply for financing. However, instant loan approval isn’t the same as instant access to your loan proceeds.

Once you qualify for a loan, the lender may require you to complete some additional steps. For example, you may need to send documentation verifying your identity and income. Some lenders offer next-day or even same-day loan disbursement, but the time it takes to get your loan depends on many factors, including the lender’s ability to verify your information and your own bank’s processing time.

How We Chose the Best Online Personal Loans

Our team evaluated 38 lenders and collected 1,520 data points before selecting our top choices. We weighed more than 20 criteria and gave a higher weight to those with a more significant impact on potential borrowers. 

The top picks were selected based on factors like membership requirements (weighted 15%), average fixed APR (weighted 15%), and average origination fees (weighted 10%).