Looking for a fast, flexible loan you can apply for from home? Online loans make it easy to borrow money over the internet, often with lower rates and faster funding than traditional banks.
In this guide, we’ll break down the best online loans in 2025, explain how internet loans work, and show you how to choose the right lender for your needs.
Table of Contents
Where can you apply for a loan online?
Credible
Best Marketplace
Why Credible is one of the best
Credible isn’t a lender on its own. It’s a referral service that lets you compare multiple lenders by receiving prequalified rates1. It works with online personal loan partners, including several we mention on this list, such as SoFi and Upstart.
It’s a handy way to compare multiple lenders at once, but you’ll need to vet each prequalified offer. Credible, in turn, earns money through referral fees if you accept a loan offer with one of its partners.
| Rates (APR) | 6.99% – 35.99% |
| Loan amounts | $1,000 – $200,000 |
| Repayment terms | 1 – 10 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 580
- Minimum income: Not disclosed
- States: Loan partners may not be available in all states
Repayment terms
Credible loans have repayment terms ranging from 1 to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early.
SoFi
Best for Good Credit
Why SoFi is one of the best
If you’re looking for the lowest rates on an online personal loan, it’s hard to do much better than SoFi. And the benefits don’t stop there. You’ll pay zero fees for anything (even late payments), and you can get your money as soon as the same day you apply if you’re approved before 7 p.m. Eastern.
SoFi offers an extensive package of financial benefits you won’t get with any other lender. Its Member Rewards program allows you to earn points for certain SoFi financial activities, which you can redeem toward loan payments.
| Fixed rates (APR) | 8.99% – 29.99% with all discounts |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
SoFi personal loans feature terms from 2 to 7 years. If you enroll in autopay, you’ll receive a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early.
Upgrade
Best for Fair Credit
Why Upgrade is one of the best
Upgrade doesn’t earn the highest customer satisfaction scores, ranking below average in this category by independent reviewer J.D. Power in 2025. However, it offers a shot at lower rates than many other lenders charge borrowers with less-than-stellar credit.
You can also apply with a co-borrower or put up a vehicle you own as collateral to secure better approval adds or lower rates. But if you do either of these, be careful: If you default, your co-borrower will be stuck with the bill, or Upgrade can repossess your car.
| Rates (APR) | 8.49% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 580
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upgrade loans have repayment terms from 2 to 7 years, and your monthly due date is adjustable to fit your budget. A short-term financial hardship program is available if you’re temporarily unable to manage payments.
LightStream
Best for Excellent Credit
Why LightStream is one of the best
LightStream is one of the fastest lenders out there, offering true same-day funding by depositing your loan funds via a wire transfer if you’re approved and request your funds before 2:30 p.m. Eastern. Many other lenders—even those advertising same-day funding—disburse funds via ACH deposit, which tends to be slower.
LightStream is also one of the most affordable lenders—but if you happen to find cheaper rates elsewhere, it offers a program that will beat the rate of any competing offer by 0.10% APR. However, LightStream doesn’t offer the ability to prequalify without a hard credit pull, so this lender is best suited for borrowers who know their credit score and are confident they’ll be approved.
| Rates (APR) | 7.49% – 25.49% |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 12 years |
Eligibility requirements
- Soft credit check? No
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down.
Upstart
Best for Little to No Credit
Why Upstart is one of the best
Upstart is unique among lenders because it developed its own artificial intelligence (AI)-based model that evaluates each applicant on up to 1,500 different factors, allowing it to issue instant loan decisions in most cases.
If you have a credit score, Upstart will consider it. But if you don’t yet have a credit score, Upstart’s proprietary AI model allows it to approve some applicants with no credit score if they’re qualified in other areas, such as working in a high-earning career or studying at a prestigious school.
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Repayment terms | 3 or 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: None
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upstart doesn’t offer as many loan terms as other lenders; you’ll pay your loan off over 3 or 5 years. You have the option to change your monthly payment due date and prepay your loan in part or in whole at any time, with penalty fee.
Many lenders offer online personal loans. Check out our picks for the best personal loan lenders for more about these lenders and others.
How do internet loans work?
- Apply online: Submit your application in minutes.
- Prequalification: See potential offers without hurting your credit score.
- Approval and funding: Many lenders fund loans within one to two days.
- Repayment: Make fixed monthly payments over your chosen term.
Pros and cons of online loans
Pros
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Fast approval and funding
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Easy online application
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Competitive rates for qualified borrowers
Cons
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High rates for poor credit
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Risk of scams if using unverified lenders
Online personal loans require you to provide your data digitally, which can be a concern for those uncomfortable sharing private information online. Some borrowers prefer in-person service at traditional banks, valuing face-to-face interactions over potentially better rates and convenience. Another difference is funding time: Online loans often have a faster turnaround than traditional banks.
How to apply for online personal loans
- Check your credit score.
- Compare lenders. Use prequalification to see rates.
- Gather documents. These include your ID, income verification, and bank info.
- Submit application.
- Review offers and sign.
- Receive funds.
Risks of online loans and how to avoid them
- Scams: Only use verified, licensed lenders.
- High fees: Avoid lenders charging more than 36% APR.
- Data privacy: Never apply over public Wi-Fi; ensure sites use HTTPS.
FAQ
Are online loans safe?
Yes, if you choose reputable lenders. Check reviews, licensing, and security measures before sharing personal information online.
Do online loans require collateral?
Most are unsecured, meaning no collateral is needed. Some lenders offer secured options with lower rates.
Can I get an online loan with bad credit?
Some lenders approve borrowers with fair or thin credit, but rates will be higher. Always compare offers before accepting.
About our contributors
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Written by Lindsay VanSomerenLindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies.