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Best Personal Loans With No Origination Fee

July 2024

Personal loans with no origination fees appeal to borrowers who don't want extra costs. And who does? This is our list of the best personal loans without this pesky fee.
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If you need to finance an expense that you can't afford out-of-pocket, a personal loan can be a great solution. However, some personal loans come with fees hidden in the fine print. Origination fees can cost you up to 10% of the value of the loan. Fortunately, there are personal loans that don't charge an origination fee. Here is our list of the best-rated personal loans with no origination fee.
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Methodology: Top-rated personal loans with no origination fee

We reviewed over 90 lenders and filtered for lenders that don't charge an origination fee. SuperMoney's list of the best personal loans with no origination fees is dynamically generated based on SuperMoney's algorithms and community feedback.

Common Questions on Personal Loans with No Origination Fee

What is an origination fee?

An origination fee is a one-time cost which you'll typically pay upon receiving the loan. Most lenders deduct your origination fee from your balance. So if you choose a lender with an origination fee, make sure you take this into account when selecting the amount you want to borrow.

Do the best personal loans ever charge a loan origination fee?

Although it is generally best to avoid lenders with an origination fee, it's more important to check the overall APR. Lenders that charge an origination fee may still be less expensive (i.e. have a lower APR) than lenders that don't charge an origination fee but have higher interest rates.

How much do origination fees cost?

Typically, origination fees cost between 1% and 8% of the total loan amount. However, some lenders charge up to 10% of the loan amount. The average origination fee is around 5%. On a $10,000 loan, a 5% origination fee would cost you $500.

Are personal loans with no origination fee always cheaper?

Not necessarily! The biggest cost associated with your loan is its interest rate. As such, a loan which charges a 4% origination fee and a 10% interest rate is still cheaper than a loan with no origination fee that charges 24% APR. When choosing a loan, always consider the overall cost as well as upfront cost. Do the math and take the offer that will be the most affordable overall.

What other hidden fees might I encounter when taking out a personal loan?

When searching for the best personal loans with no origination fee make sure you don't ignore other fees, such as the following:
  • Application fee.
  • Closing fee.
  • Processing fee.
  • Nonsufficient funds fee.
  • Prepayment fee.
  • Late payment fee.
  • Annual fee.
Check the list of most-recommended personal loans with no origination above to see which one offers the best deal to you.

How do I know if a lender charges an origination fee?

The list above only shows lenders that don't charge an origination fee, so it's a great place to start. SuperMoney's comparison tools also allow you to filter out lenders that charge this fee. If you use SuperMoney's personal loan offer engine, the origination fees are also listed in the quote you receive after preapplying for a given loan. However, if you're unsure, it's wise to call your lender and confirm which fees they charge.

Getting started

Ready to find the perfect loan with no origination fee? You can compare these lenders and more in SuperMoney's list of top rated personal lenders. Compare APRs, available loan amounts, and loan terms side-by-side to find the best deal for you. And remember to compare at least three offers before you commit to a loan!

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