Personal loans can be a useful financial tool when facing large or unexpected expenses — such as weddings, funerals, home repairs, or emergency medical bills. And when you can apply and receive the funds entirely online, it makes the process faster and more convenient.
However, it’s important to choose the right lender — not just the first one you find online. To help you avoid wasting time or money, CNBC Select evaluated dozens of lenders based on factors like interest rates, fees, loan amounts, funding speed, and customer experience.
Below are five online lenders that stand out for offering fast, accessible, and secure personal loans.
1. LightStream – Best for Long Repayment Terms and Fast Funding
Who should consider it: LightStream is ideal for borrowers looking for low-interest rates and highly flexible repayment options. It’s especially suitable for those planning larger loans that require more time to pay off.
Why it stands out:
- You can choose repayment terms as long as 240 months (20 years), giving you more flexibility in managing monthly payments.
- If your loan is approved, and you electronically sign your agreement and verify your bank account by 2:30 p.m. ET on a banking day, you can get your funds the same day.
- No branch visit required — everything is handled online.
- If you miss the same-day deadline, you’ll typically receive funds the next business day.
Loan amounts: $5,000 to $100,000
Loan terms: 24 to 240 months
Fees: No origination, late, or early payoff fees
2. Happy Money – Best for Debt Consolidation
Who should consider it: If your primary goal is to pay off high-interest credit card debt, Happy Money’s Payoff Loan™ is built just for that.
Why it stands out:
- Specifically created to help consumers consolidate and reduce credit card debt.
- Borrowers who use the loan often see their FICO score increase by up to 40 points, according to the company.
- No late fees or prepayment penalties — making it easier and cheaper to manage your loan if you choose to pay it off early.
- There is an origination fee, which varies depending on your credit profile.
Loan amounts: $5,000 to $40,000
Loan terms: 24 to 60 months
3. SoFi – Best for Large Loans and Rate Options
Who should consider it: SoFi is a great option for borrowers needing high loan amounts — up to $100,000 — and who want flexibility in how they manage their interest rates.
Why it stands out:
- You can choose between fixed or variable APRs, which is rare. A variable rate might help you save money if market rates drop.
- No late fees or early payoff penalties.
- Sign up for autopay and get a 0.25% APR discount.
- Funds are typically disbursed a few days after loan approval and agreement signing.
Loan amounts: $5,000 to $100,000
Loan terms: 24 to 84 months
4. Avant – Best for Quick Funding with Lower Credit Scores
Who should consider it: Avant is a strong choice for people with fair or poor credit who still need personal loan funding quickly.
Why it stands out:
- Loans can be issued as soon as the next business day after approval.
- You can borrow as little as $2,000, making it great for moderate financial needs.
- Accepts applicants with credit scores below 600.
- Offers a 10-day grace period on late payments.
- You can check if you prequalify with a soft credit check that doesn’t impact your score.
Loan amounts: $2,000 to $35,000
Loan terms: 24 to 60 months
Fees:
- Up to 9.99% origination fee
- Late fee of up to $25 after 10-day grace
- No early repayment penalties
Drawbacks: No co-signer options, no direct payments to creditors for debt consolidation, and interest rates can reach 35.99% APR.
5. Upstart – Best for Borrowers with Little or No Credit History
Who should consider it: If you’re new to credit or have a very low credit score (even as low as 300), Upstart might be your best option.
Why it stands out:
- Accepts borrowers with little to no credit history — even those without a traditional FICO score.
- Fast funding — 99% of borrowers receive their funds by the next business day if paperwork is completed before 5 p.m. (Monday–Friday).
- Offers loans as low as $1,000 for small needs and up to $50,000 for bigger expenses.
- No penalty for early loan repayment.
Loan amounts: $1,000 to $50,000
Loan terms: 36 or 60 months
Fees:
- Origination fee: 0%–12% (deducted from your loan)
- Late fee: $15 or 5% of past-due amount
- $10 fee for requesting paper documents
Quick Comparison Table
| Lender | Loan Amounts | APR Range | Credit Score | Best For |
|---|---|---|---|---|
| LightStream | $5,000–$100,000 | Competitive (varies) | Good to Excellent | Long terms, same-day funding |
| Happy Money | $5,000–$40,000 | Varies | Fair to Good | Credit card debt consolidation |
| SoFi | $5,000–$100,000 | Fixed & Variable | Good to Excellent | Large loan amounts |
| Avant | $2,000–$35,000 | 9.95% – 35.99% | Fair to Poor (under 600) | Quick funding, moderate loans |
| Upstart | $1,000–$50,000 | 7.8% – 35.99% | 300+ or no score | Little or no credit history |
Can I Get a Loan with a 450 Credit Score?
Yes, but your options will be limited. Lenders like Upstart and Avant are more open to applicants with low or no credit scores. However, expect to receive higher interest rates and less favorable terms. You may also need to consider adding a co-signer or improving your credit score before applying.
Bank vs. Online Lender: Which Is Better?
Online lenders tend to offer:
- Faster application and funding processes
- More flexible credit requirements
- Smaller minimum loan amounts
- Fully digital experiences
Traditional banks may offer:
- In-person customer service
- Potential discounts if you’re an existing customer
- Larger loan options for well-qualified borrowers
Choose the one that matches your credit profile, funding needs, and desired turnaround time.
Pros and Cons of a Personal Loan
Pros
- Get your money as a lump sum to use however you need
- Can be used for almost any purpose
- Wide range of lenders and loan types
- A co-signer can improve approval chances
Cons
- Lower credit scores may mean higher interest or require collateral
- May include fees: origination, late, application, or early repayment
- Not all lenders offer low minimum loan amounts
Why Trust CNBC Select?
CNBC Select is committed to providing accurate, unbiased financial content. Their team reviews each lender’s terms, fees, and customer experience in detail — completely independent of advertisers. They use transparent methodology to help you make the best personal loan decisions for your situation.
Bottom Line:
These five online lenders offer convenience, fast access to funds, and flexible terms — even if your credit isn’t perfect. Whether you’re looking to pay off debt, cover a major expense, or need a small emergency loan, there’s likely a lender here that fits your needs.
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