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Best Online Personal Loans

March 2024

Online personal loans provide a quick and convenient way to borrow cash. You can complete the entire application online and get an answer in minutes. After vetting dozens of online loan offerings, we've curated this list of the best online personal loans currently available.
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SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

Do you need cash to cover a surprise expense or finance a larger purchase? An online personal loan may be a helpful solution. Many online lenders offer quick credit decisions as well as next-day funding. But with so many online lenders to choose from, how do you find a good deal?
We've reviewed and compared dozens of lenders to find the best online personal loan offerings.
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Methodology

SuperMoney's list of the top online personal loans is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms. To find the best online personal loans, we recommend you analyze several key factors about each loan company. These include:
  • APR. The annual percentage rate (APR) is the amount of interest and fees you'll pay each year to borrow a loan amount. Getting a good APR could save you hundreds of dollars or more over the life of your loan. Being so, we look for loan companies that offer competitive APR ranges.
  • Fees. There are many different types of fees you may have to pay to take out a loan, including processing fees and origination fees. We look for lenders with low or no fees to help reduce the overall cost of the loans.
  • Term length. Some online lenders don't offer long-term personal loans because they're seen as more of a risk. However, different loan terms will suit different situations. We look for lenders that offer a wide range of loan terms, from one to five or more years.
  • Eligibility requirements. Another important factor is how difficult it is to get approved with a company. Some lenders are more flexible than others. However, stricter lenders often have more attractive rates and terms. We've included leading lenders that serve a range of credit classes. This way, you can find a competitive and suitable option with a credit score anywhere from fair to excellent.
  • Time to funding. The best online lenders offer same-day or next-day funding to help you access the money you need quickly. We consider how long a lender takes to fund its loans when picking our top offerings.
  • Online user experience. When it comes to online personal loans, the user experience is of the utmost importance. You don't want to get stuck with a clunky or confusing application process when you can't go in and talk to a representative. We looked for lenders with websites and application processes that are easy to navigate.
  • Customer reviews. Look for lenders that receive consistently positive feedback and have a reputation for focusing on customer satisfaction.

Common Questions About Online Personal Loans

What is an online personal loan?

Online personal loans are just like regular personal loans, except the whole application process is completed online. Online lenders typically offer fast approval decisions and next-day funding options.

Are online personal loans safe?

Legitimate online lenders have security measures to protect borrowers, such as website encryption and secure portals for uploading documents. In that sense, applying for a loan online is typically as safe as any other online banking activity, such as opening a checking account or sending someone money online. While online personal loans are generally safe when dealing reputable lenders, there are less reliable sources it is best to avoid. Here are some red flags to look out for when vetting an online lender:
  • Unsolicited emails
  • Charges upfront fees
  • Guarantees loan approvals
  • Doesn't have a physical address
  • Not a registered business in your state
  • Requests funds by wire or Western Union

What should I know before I apply for an online personal loan?

Online personal loans can help you pay for large or unexpected expenses. They often have lower interest rates and higher loan amounts than credit cards. Terms can range anywhere from one year to seven or more, depending on the lender.
The loan amount, loan term, fees, and APR you qualify for will depend on your credit and financial situation. Lenders will assess the amount of risk you present. If approved, they will make you a custom offer according to your profile.
It's a good idea to check your credit report before applying to ensure everything is accurate. If approved, the loan will be reported to the credit bureaus. As long as you make your payments on time, it can help you to establish a positive credit line.

How do I find the best online personal loan for me?

You need to shop around and compare multiple lenders to find the online personal loans with the best rates and fees. SuperMoney's loan offer engine allows you to compare the rates and terms you qualify for with multiple leading lenders without hurting your credit. You share a few personal details about your employment, income, and credit, and lenders can tell you what interest rate and loan amount you're likely to receive.
They may also give you more information about the fees they charge and what your monthly payments might be. If you get prequalified with multiple lenders, you'll be able to compare loans and determine which one is right for you based on your budget and needs.

Who has the lowest interest rates for online personal loans?

The lowest online rates typically range from 5% to 7% APR. However, lenders reserve their best rates for high-income earners with super-prime credit. So, applying with the lender that has the lowest minimum rate will not necessarily mean you get the best rate for you. The best online lenders typically have rates ranging from 6% to 36% APR. The rate you qualify for will depend on -- among other things -- your credit, debt-to-income ratio, and where you live. SuperMoney's loan offer engine allows you to get actual loan offers with personalized rates without hurting your credit.

Can I get an online personal loan with bad or fair credit?

Qualifying for personal loans with below-average credit is harder, but not impossible. You can generally find an online lender that is willing to work with borrowers who have poor credit, but expect higher interest rates. If you can't qualify, you may want to work on your credit so you can get approved in the future. Alternatively, you can consider applying with a cosigner.

What are the best online personal loans?

It depends on who is asking. The best online lender for you will depend on several factors, such as your credit, debt-to-income ratio, and where you live. The list of lenders above is an excellent place to start. SuperMoney's loan offer engine allows you to get prequalified loan offers from leading lenders without hurting your credit score.

About the Author


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SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.

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