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The 10 Best Places to Get an Online Personal Loan

Personal Loans

Economic times have been tough for most of us. It's often difficult to make the paycheck stretch from one pay period to another. When something unexpected happens to blow your budget for the month, it can leave you wondering what to do to fill the gap. A solution is to take out an online personal loan to get you through the rough spots. It's essential to avoid predatory loan providers so you don't end up paying hundreds in percentage points on small loans. If you need to take out an online personal loan, it's vital to compare the interest rates and go with the financial company that offers the most competitive rates. Most people with decent credit scores can save by comparing. Even if you have bad credit, but you're employed, there is a loan out there for you. Here are the 10 best places to get an online personal loan.

10. Upstart

  • Rating: 4.5
  • Minimum credit score: None
  • APR: 5.39-35.99%

Nerd Wallet recommends Upstart for people with bad or no credit. Upstart offers online personal loans from $1,000 to $50,000.It's one of the better options for applicants with short credit history. It's good for borrowers trying to build their credit. Upon approval, funds may be available within one business day. You may also use this company to consolidate debt or send a direct payment to creditors. You can also choose the payment date for your loans or change the payment date. The company charges an origination fee. You must have a minimum gross income of $12,000 with full or part-time employment for 6 months or other regular income. You must be a resident of the US with a valid street address, a bank account, and a valid email address. Loan terms range from 3 to 5 years. At 36 months a loan at 5.39% will cost you $2,285.74 for $1,000.

9. Lending Club

  • Rating: 4.5
  • Minimum credit score: 600 or higher (good to fair)
  • APR: 6.34-35.89%

Lending Club offers online personal loans for applicants with a credit score of 600 or higher. Loans range from $1,000 to $40,000. The company conducts a soft credit check when you pre-qualify and offers joint loan options if you have a co-signer. You can change the payment date to the most convenient due date. The company charges an origination fee, and you have two repayment term options. Lending Club is a reputable finance company with high ratings in the online personal loan industry.

8. Lightstream

  • Rating: 5.0
  • Minimum credit score: 660 or higher (good or excellent credit)
  • APR: 4.99-19.99%

Lightstream offers loans from $5,000 to $100,000 for people with good or excellent credit scores. The benefits of Lightstream loans are the low-interest rates with a discount of 0.5% for autopayments and no fees. On the downside, you must have a credit history of several years with no prequalification option on the website. It doesn't offer direct payment to creditors for consolidation loans. It's one of the better and lowest-interest loans for applicants with good to excellent credit.

7. Lending Point

  • Rating: 4.0
  • Minimum credit score: 600 or higher
  • APR: 7.99-35.99%

Lending Point is an online personal loan choice that is recommended for applicants with bad credit who need funds fast. The interest rate is based on your credit score. The company offers loans from $2,000 to $36.500. They conduct a soft credit check after pre-qualification and offer the option of changing your payment due date. Funds can appear in your account one day after you're approved for the loan. The APR is high, so it's not the best option for applicants with good to excellent credit ratings. It's best for borrowers with either bad credit or limited credit history. This company does not participate in co-signed or joint loans.

6. Discover

  • Rating: 4.3
  • Minimum credit score: Not indicated on the website
  • APR: 5.99-24.99%

Investopedia recommends Discover as the best online personal loan provider for debt consolidation. The APR is reasonable compared to other online personal loans and you can receive your funds as soon as one day from approval. The company issues loans from $2,500 to $35,000. They advertise that applications do not impact your credit rating so we assume that they do not make a pull on your credit score. They do not charge origination or administrative fees and they send payments to creditors on your behalf or deposit funds into your bank account. Loan terms range from 36 to 84 months.

5. Upgrade

  • Rating: 4.3
  • Minimum credit score: 550
  • APR: 5.94-35.97%

Upgrade is a lender that provides online personal loans for people with bad credit, who have a minimum credit score of 55 or better. The loan amounts range from $1,000 to $50,000. The APR is based on your credit score. The company charges an origination fee between 2.9 to 8% of the loan amount but offers discounts for autopay. They also offer direct payment to creditors. Most loan funds are released within one day of loan approval.

4. Rocket Loans

  • Rating: 4.2
  • Minimum credit score: 580
  • APR: 5.97-29.99%

Rocket Loans offers credit to applicants with a secure monthly income source and a minimum credit score of 580. Loans from $2,000 to $45,000 are available with most approved loan funds released the same day. Rocket Loans are available for applicants in most states. The company charges an origination fee between 1 to 6 percent of the loan and it does not send funds directly to creditors. They don't offer a co-signer or joint program, but they're one of the fastest loan companies for those with bad to excellent credit.

3. Loans Under 36%

  • Rating: 4.8
  • Minimum credit score: None
  • APR: 5.99-35.99%

Loans Under 36% is a lending company that provides online personal loans for people with bad credit, limited credit histories, or those with excellent credit with competitive rates. The loans offered are based on personal income and can go up to $35,000. Borrowers may choose from loan terms between 3 to 72-month repayment plans, based on the loan amount.

2. Lending Tree

  • Rating: 4.6
  • Minimum credit score: 350
  • APR: 2.49-35.55%

Top 10 Personal Loans recommends Lending Tree as one of the top loan providers compared to the sea of lenders in the finance market. It's a lender that assists borrowers with bad to excellent credit, offering the most competitive rates based on credit history. Borrowers can choose from loan amounts up to $50,000 based on personal income with loan terms from 12 to 144 months. The company offers online personal loans for those who qualify.

1. Credible

  • Rating: 4.9
  • Minimum credit score: 600
  • APR: 3.49-35.99%

Credible offers loans up to $100,000 for applicants with a stable income source and a minimum credit score of 600 or higher. Submit one application to receive multiple offers from lenders. Loan terms range from 12-84 months. Interest rates are competitive and better for those with excellent credit scores. Loans taken through Credible do not impact your credit score. The application process is simple and upon approval, funds are released within 24 hours.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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